MegaETH ICO Oversubscribed, Attracts $350M in Hours
- MegaETH’s initial coin offering attracted $350 million in pre-deposits within hours, resulting in a “hypothetical” fully diluted valuation of $7 billion.
- The Ethereum layer-2 network became oversubscribed in just five minutes after opening its ICO auction.
- Over 100,000 users completed know-your-customer procedures ahead of the ICO, which is selling only 5% of the total token supply.
- In the first two hours, according to Arkham Intelligence, $285 million was committed by participants, with each address contributing up to $186,282 USDT.
- Once allocations are finalized based on past engagement with MegaETH and Ethereum communities, MEGA’s FDV will be adjusted to $999 million.
The MegaETH ICO has generated significant interest due to its fast transaction speeds and positive testnet reviews earlier this year. The oversubscription reflects strong demand for Ethereum scaling solutions amidst increasing network congestion concerns.
MegaETH’s initial coin offering highlights the growing interest in layer-2 solutions for Ethereum scalability issues, as evidenced by the rapid accumulation of $350 million in pre-deposits and high user engagement during its launch phase. (Source)
