Rebeca Moen
Nov 02, 2025 16:52
MegaETH’s public sale and x402 protocol adoption mark significant trends in the crypto market, showcasing advancements in Ethereum Layer-2 solutions and internet-native micropayments.
MegaETH’s Successful Public Sale
The highly anticipated MegaETH public sale concluded on October 30, 2025, attracting significant attention in the crypto space. According to Dune Digest, the event drew over 53,000 bidders who committed a staggering $1.39 billion, far exceeding its $49.9 million hard cap. Notably, 10% of the bidders placed the maximum bid of approximately $186,000. The majority of the funds, 91%, were placed in the unlocked option, with the remaining 9% opting for locked bids. Allocations are expected to be finalized by November 5, with subsequent refunds and distributions.
This follows MegaETH’s previous $10 million raise on Echo in December 2024, which was the largest on the platform, selling out in under three minutes. MegaETH is pioneering an Ethereum Layer-2 blockchain touted as the first ‘real-time blockchain,’ aiming to address Ethereum’s scalability issues. The project’s hype is fueled by its bold claims and a successful $20 million seed round in June 2024, supported by notable figures such as Ethereum co-founder Vitalik Buterin, Dragonfly Capital, and ConsenSys founder Joseph Lubin. MegaETH plans to launch its mainnet in Q4 2025.
x402 Protocol’s Rising Popularity
Coinbase’s x402 protocol, designed to enable seamless internet-native micropayments, is gaining momentum. The protocol revives the unused HTTP 402 ‘Payment Required’ status code and has seen rapid adoption by tech giants including Coinbase, Cloudflare, Google, and Visa. The protocol’s volume surged to over $800,000 per day at its peak, totaling $3.9 million in volume and 3.6 million transactions this month, primarily on EVM chains. Solana contributed an additional $47,000 across 44,000 transactions.
Facilitators, infrastructure providers handling signature verification and settlement, have been pivotal in this growth, with the Coinbase Developer Platform leading in transaction processing. This surge has sparked discussions on x402’s role in powering the ‘agentic Web3 economy,’ potentially enabling machine-to-machine commerce where AI models autonomously charge and pay for services.
Phantom’s CASH Stablecoin Launch
Phantom’s launch of the USD-backed stablecoin CASH on Solana signifies a shift in wallet functionalities toward becoming comprehensive payment platforms. Since its debut in late September 2025, CASH has reached a supply of $76 million across over 3,000 holders, with daily transfers often exceeding $50 million. CASH is the first stablecoin issued through Stripe’s Open Issuance platform, allowing platforms to retain 100% of the net revenue generated.
Through Phantom, users can fund accounts, send funds via usernames, engage in DeFi, or spend globally with a Visa-compatible virtual card. This follows Phantom’s earlier integration of perpetual futures trading, highlighting wallets’ evolving role as full-stack financial platforms.
Pump.fun’s Strategic Acquisitions
Pump.fun, a leading Solana memecoin launchpad, acquired the multichain trading terminal Padre, enhancing its trading infrastructure and expanding its reach to Ethereum, BNB Chain, and Base. Padre, launched in July 2024, had processed over $1.1 billion in volume and generated $10.9 million in fees. This acquisition underscores Pump.fun’s ambition to dominate the memecoin ecosystem by integrating advanced trading features and diversifying revenue streams.
Farcaster’s Ecosystem Growth
Farcaster’s recent activities have bolstered its ecosystem, starting with the acquisition of Clanker, a memecoin launchpad on Base. Clanker hit an all-time high in trading volume, and its integration with Farcaster has generated significant fees, enhancing Farcaster’s treasury. Additionally, Farcaster opened free account signups, removing the previous fee, and launched the viral Warplet NFT mint, attracting 37,000 new subscribers and generating substantial revenue.
Image source: Shutterstock
Source: https://blockchain.news/news/megaeth-1-39b-sale-x402-protocol-crypto-market
