Key Takeaways
- MegaETH’s token auction closed with almost $1.4 billion in total commitments.
- Due to the ICO’s oversubscription, MEGA now has a hypothetical fully diluted valuation of $27.8 billion.
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MegaETH, the Ethereum layer 2 project backed by Vitalik Buterin and Joe Lubin, on Thursday completed its initial coin offering with nearly $1.4 billion in total bids, oversubscribed 27.8 times against its $50 million raise cap.
The oversubscription has boosted MEGA’s fully diluted valuation to around $27.8 billion. The token plays a core part of MegaETH’s strategy, involving novel infrastructure features like sequencer rotation and proximity markets.
The Ethereum layer 2 network’s ICO drew immense interest, likely aided by its high-speed transaction capabilities demonstrated in a recent testnet launch, with over 100,000 users completing KYC procedures ahead of the event.
MegaETH raised around $50 million within just five minutes after its ICO started on October 27. Participants were restricted to verified individuals using Tether’s USDT, with purchase limits set and incentives offered for year-long commitments.
