The Ethereum scaling solution, MegaETH, is making waves by offering 5% of its total MEGA tokens in a three-day public auction starting on October 27th. What sets this sale apart is the starting valuation at just $1 million, a price so low that many initially thought it was an error.
Hosted on Sonar, the crowdfunding platform recently acquired by Coinbase, this auction follows the “English Auction” format. The price will gradually increase based on demand over 72 hours, reaching a ceiling of $0.0999 per token, nearly close to a billion-dollar valuation.
MegaETH Details Upcoming MEGA Token ICO
A total of 500 million MEGA tokens will be up for sale from a total supply of 10 billion. Participants will need to bid between $2,650 and $186,282 each to secure an allocation, payable exclusively in USDT on the Ethereum network.
MegaETH introduces an innovative feature where buyers can lock their tokens for a year to receive an immediate 10% discount on the final price. In case of oversubscription, longstanding members of the MegaETH community will be given priority, ensuring a minimum of 5,000 participants for the base allocation.
This dual approach, combining broad accessibility with recognition of contributors, embodies what MegaLabs co-founder Namik Muduroglu describes as a “bimodal allocation” – a way to reward true believers while avoiding the speculative nature of traditional airdrops.
“Airdrops Have Never Made Sense”
In a statement shared on X, Muduroglu explains that free token distributions have never truly aligned the interests between a project and its community. Hence, this radically different strategy: only distribute to those who show genuine conviction by buying and using the token from the start.
This philosophy aligns with a broader trend of seeking a new model of community distribution after the excesses of purely opportunistic airdrops, despite some successes like Hyperliquid. By focusing on financial commitment, MegaETH hopes to attract a more stable and engaged user base in protocol development.
A Real-world Test for Decentralized Tokenomics
This public sale, open to accredited US and non-US investors, serves as a significant test for transparency and community participation in Web3. If successful, the auction model could inspire other Ethereum projects looking to blend fairness, engagement, and on-chain distribution.
With a minuscule starting valuation and a substantial yet respectful ceiling, MegaETH plays a bold card: that of reconciling crowdfunding and on-chain meritocracy. An experiment that could redefine the birth of tokens in the Ethereum ecosystem.
