MegaETH’s highly anticipated $MEGA token sale sold out within minutes on Monday, reaching its $49.95 million cap and drawing over $306 million in total commitments, more than six times the intended raise. According to data from the Echo Sonar platform, bids quickly pushed the token to its ceiling price of $0.0999, implying a fully diluted valuation (FDV) of $999 million.
The auction, structured as an English-style public sale, opened to retail participants at 1 p.m. UTC and offered 5% of the total $MEGA supply.
More than 5,000 participants took part in the event, which aimed to “price the network by its users,” prioritizing long-term engagement over large institutional bids.
This is MegaETH’s second oversubscribed raise, following last year’s record-breaking sale on Cobie’s Echo platform.
The network, branded as a “real-time blockchain,” continues to draw attention for its stablecoin-based fee model designed to remove reliance on traditional gas fees.
According to on-chain intelligence firm Arkham, more than $285 million was committed within just two hours of the sale opening, with 819 wallets each sending the maximum $186,282 USDT to MegaETH’s sale address.
Timeline after open bidding
Following the initial sale, the next phase runs from October 30 to November 5, during which allocations will be calculated and refunds sent to non-winning participants.
Between November 5 and 19, bidders who wish to withdraw will be able to reclaim their funds before final allocations are set from November 19 to 21. Following that, $MEGA distribution will occur automatically to winning wallets on Ethereum mainnet, with locked tokens released a year later.
MegaETH’s public sale sets up the next phase of its rollout, the mainnet rewards campaign. Participants from both the Echo and public sale rounds will receive bonus tokens once the network launches, based on their engagement within the ecosystem.
Taken together, the quick sellout and detailed post-sale roadmap highlight continued attention toward community-funded blockchain models focused on real-time, scalable operations.
Also read: MegaETH Launches USDm Stablecoin to Lower Fees and Boost Growth
