MegaETH initial coin offering 3x oversubscribed less than 30 minutes post-launch
The project’s ICO page showed more than $150 million in bids at $3 billion FDV
Christopher Fanelli/Shutterstock and Adobe modified by Blockworks
The initial coin offering for MegaETH, a project dedicated to building a real-time blockchain, drew significant interest Monday morning.
The ICO, which is open for 72 hours, is 3x oversubscribed, according to MegaETH’s info page. The project shows more than $150 million worth of bids at the $0.099 max price and an implied FDV of $3.05 billion at the time of publication.
MegaETH’s venture backers include Vitalik Buterin and Joe Lubin, who participated in a $20 million seed round led by Dragonfly, as Blockworks previously reported.
Per MegaETH’s site, the accredited investors have a mandatory year lock-up with a 10% discount, though the lock-up is “optional for non-US participants.”
“Once the MegaETH mainnet goes live, eligible users (Fluffle holders and anyone who attempted to get allocation in the Echo or Public Sale) have an opportunity to receive additional tokens after actively using apps in the MegaETH ecosystem,” the site noted.
A whitepaper previously showed that MegaETH’s team would only receive a 9.5% allocation.
“MegaETH’s public sale could offer outsized returns for early buyers,” 0xResearch’s Kunal Doshi and Shaunda Devens wrote last week. “This is the third round open to the community, after the Echo community round (priced similarly to VC investors including Dragonfly and Vitalik) and the Fluffle NFT round, which implied roughly a $532 million FDV. This follows MegaETH’s recent buyback of around 4.75% equity and token-linked warrants from early pre-seed investors.”
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Michael McSweeney before publication.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
