Catenaa, Saturday, November 01, 2025-Ethereum Layer 2 protocol MegaETH’s public token auction sold out in minutes, raising $49.95 million as demand exceeded supply by more than three times.
The MEGA token sale, originally scheduled for 72 hours, was capped at 5% of the project’s total supply, giving the token a fully diluted valuation of $999 million.
Investors were able to lock allocations for a 10% discount. Individual bids ranged from $2,650 to $186,282. The sale was conducted using Tether (USDT) on the Ethereum mainnet.
MegaETH positioned MEGA as the economic engine for its sequencer rotation and proximity market features.
About 70% of the 10 billion token supply is reserved for the team, ecosystem, and staking rewards, while 14.7% is allocated to venture capital investors. The team also conducted a 4.75% token repurchase from early investors earlier this month.
The oversubscribed sale reflects strong investor interest in Ethereum Layer 2 infrastructure and MegaETH’s novel approach to scalability and decentralized market mechanisms.
Analysts noted that the rapid sale demonstrates heightened confidence in protocol-level solutions and the growing appetite for Layer 2 investment opportunities.
MegaETH’s auction success is a significant milestone for Layer 2 adoption, signaling robust demand for tokens tied to network infrastructure rather than speculative trading.
