MegaETH Public Sale Raises Over $700M Amid Crypto Market Turbulence
MegaETH’s token sale achieved $1.39 billion in bids with high oversubscription, later refunding $335,000 to participants whose bids fell below the $999M FDV threshold.
ETH
Summary
MegaETH concluded its public token sale with $1.39 billion in bids from over 50,000 participants, achieving a 27.8x oversubscription at a $0.0999 bid price. On October 31, the project refunded $335,000 to 36 participants who bid below the $999 million fully diluted valuation threshold. Allocation reviews continue until November 5, after which additional refunds for unallocated bids will be processed. The strong demand underscores investor confidence in Ethereum scaling solutions.
Terms & Concepts
- Fully Diluted Valuation (FDV): The value of a cryptocurrency project assuming all possible tokens are in circulation, calculated by multiplying the current token price by the total supply.
- Ethereum Layer 2: A secondary framework built on top of the Ethereum blockchain designed to improve scalability and reduce transaction fees.
- Token Sale: A fundraising method where a blockchain project sells its tokens to investors, often to raise capital for development and operations.