MegaETH Token Auction Sells Out in Minutes, Draws $1.3 Billion

TLDR

• MegaETH’s MEGA token sale closed with over $1.3 billion committed, 27.8 times oversubscribed beyond its $50 million cap
• zkPass privacy protocol raised $67 million in allocation requests within minutes, surpassing its $2 million target
• Momentum decentralized exchange sold out in under an hour, raising $82 million against a $4.5 million goal
• MegaETH’s public auction closed at $0.0999 per token, creating a fully diluted valuation of $999 million
• Token launches are scheduled for January 2026, with special allocation mechanisms determining final distribution

Three crypto projects drew massive retail interest this week as token sales for MegaETH, zkPass, and Momentum exceeded their fundraising targets by substantial margins. The three offerings combined attracted over $1.4 billion in commitments from investors seeking early access to emerging blockchain protocols.

MegaETH, an Ethereum layer-2 network, opened its initial coin offering on Monday and reached its fundraising cap within minutes. The project offered 5% of its 10 billion token supply with a raise cap just under $50 million. By Thursday’s close, the auction had received over $1.3 billion in commitments, making it 27.8 times oversubscribed.

The final auction price settled at $0.0999 per MEGA token. This pricing gives the project a theoretical fully diluted valuation of $999 million based on the initial token supply. Most participants will receive refunds as the project limited total invested capital to its $49.9 million target.

A special allocation mechanism will determine which users receive tokens. The system considers past engagement in MegaETH and Ethereum communities, along with whether participants selected lock-up periods. The project’s white paper lists January 2026 as the token launch date, when MEGA will become tradeable on centralized and decentralized exchanges.

Privacy Protocol Sees Strong Demand

zkPass launched its ZKP utility token sale on Monday with a $2 million target. The offering surpassed this goal within minutes and has since received over $67 million in allocation requests. Three days remain in the sale period.

The protocol functions as a decentralized oracle that converts private data from websites into verifiable proofs for blockchain or Web3 applications. The system preserves privacy by not exposing underlying raw data. The ZKP token enables settlements within the zkPass ecosystem, verification processes, and protocol participation.

Sui-Based Exchange Exceeds Goals

Momentum, a decentralized exchange built on the Sui blockchain, sold out its MMT token offering in under an hour on Monday. The project raised over $82 million from users, representing 1,739% of its initial $4.5 million target.

The MMT token has a total supply of 1 billion and serves dual purposes as both a governance and utility token. Holders can access features within the Momentum ecosystem and receive incentives for participation.

Mainnet Launch Timeline

MegaETH plans to launch its mainnet by the end of 2025, according to project documentation. The launch will unlock partial functionality including real network transactions, a blockchain explorer, and support for decentralized applications. The project claims it will achieve 100,000 transactions per second with near-instant finality.

Participants who accepted a 12-month vesting term received a 10% bonus in the public sale. The same vesting requirements apply to all U.S. clients for regulatory compliance. During the vesting period, MEGA holders cannot sell their tokens on public exchanges.

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