Ethereum layer-2 network MegaETH has secured $450 million in a token sale that attracted nearly nine times its target within hours. Data from Arkham shows 819 wallets committed the maximum allocation, with 14,491 participants overall.
MegaETH is backed by Ethereum co-founders Vitalik Buterin and Joe Lubin through MegaLabs and aims to deliver sub-millisecond latency and up to 100,000 transactions per second while maintaining Ethereum compatibility.
A weighted distribution model based on community participation and lock-ups will determine final token allocations when the sale ends. MEGA tokens are set to trade as ERC-20 assets beginning January 2026.
Analysts say interest reflects investor appetite for ultra-fast Ethereum scaling solutions, though some warn of speculative risk.
Santiment noted parallels to hype-driven launches like Plasma, whose XPL token fell sharply after debut. MegaETH’s success underscores rising competition among performance-focused L2 networks as demand for Web-scale blockchain infrastructure accelerates.
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