Behold! The Ethereum Layer-2 network MegaETH, in a move so bold it could make the Patrician of Ankh-Morpork faint, launched its Initial Coin Offering (ICO) on October 27 and oversubscribed within five minutes. According to the project’s sale platform, this feat attracted $360.8 million in commitments at a ceiling price of $0.0999 per token-roughly the cost of a single loaf of bread in the Discworld, if the loaf were sentient and had a grudge.
The hypothetical fully diluted valuation (FDV) now sits at $7.2 billion, though the official post-allocation FDV will be a modest $999 million once final distributions are calculated. One might say it’s like trying to measure the height of a golem while it’s still arguing with itself about its own existence.
100,000+ users KYC’d. Over 70,000 Twitter users.$MEGA Public Sale kicks off tomorrow at 1pm UTC/ 9a EST.
More dates and details to stay informed [thread]
– MegaETH (@megaeth_labs) October 26, 2025
The 72-hour English Auction is selling 500 million MEGA tokens, representing 5% of the total 10 billion token supply. Over 100,000 users completed KYC procedures ahead of the sale, proving that patience is a virtue only when you’re waiting for a blockchain to confirm your transaction.
On-chain analytics firm Arkham Intelligence reported that within the first two hours, 819 addresses committed the maximum individual amount of $186,282 in USDT to the MegaETH sale address. That’s enough to buy a very expensive hat for the Discworld’s most indecisive wizard-or fund a small war in the City Watch.
Allocation Based on Community Engagement
Because the auction reached its ceiling price with demand far exceeding supply (a problem the Discworld’s Bank of Ankh-Morpork would envy), MegaETH will determine final allocations by assessing participants’ past engagement with the MegaETH and Ethereum communities. This involves both social and on-chain methods, as outlined in the project’s MiCA whitepaper. One might call it “auditing your soul… with code.”
US-based participants are required to lock their tokens for one year-a year-long nap, effectively-while non-US participants can choose optional lockups that may improve allocation chances. A true test of loyalty, or as some might call it, “a trap disguised as a reward.”
MegaETH gained attention following its testnet launch in March 2025, which aims to achieve 100,000+ transactions per second with block times under 10 milliseconds. The project completed a $20 million seed funding round in June 2024, which is either impressive or a cry for help, depending on who you ask.
Some testnet users reported that the network’s transaction execution speed makes Ethereum feel “instant”-a term used loosely, like describing a snail as “fast” if it were racing a golem.
The Token Generation Event is estimated to occur in January 2026, at least 40 days after the sale concludes. This oversubscribed sale coincides with other major DeFi fundraising events in 2025, including Andre Cronje’s recent $200 million round. One might say the crypto world is having a “very special episode” of financial chaos.
The MEGA token launch will enter a market facing significant supply pressure from upcoming token unlocks totaling over $650 million across various altcoin projects. It’s like throwing a party where everyone brings a firework and a grudge. 🤝🔥
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2025-10-28 00:58