MegaETH Opens $1M-to-$999M Auction, Letting Investors Decide Its Worth

TLDR:

• MegaETH will auction 5% of MEGA tokens starting October 27 through Sonar on Echo with a $1M starting FDV.
• The public sale follows $30M in private funding from Dragonfly, Vitalik Buterin, and over 3,000 Echo users.
• Investors can bid up to $186,282 in the English auction, with priority for early community members.
• MegaETH aims to make public buyers the largest network stakeholders through its real-time blockchain model.
  

The real-time blockchain project MegaETH is preparing to launch a public sale that gives investors the final say on price. The sale opens October 27 through Sonar on the Echo platform. It starts at a $1 million fully diluted valuation (FDV) and caps at $999 million. 

The offering will use an English auction format, allowing bids to determine the final valuation. MegaETH said the sale marks a new phase in building a blockchain owned and shaped by its community.

Community-Focused Sale on Echo’s Sonar

According to MegaETH Labs, 5% of the total $MEGA supply will be offered during the sale. 

Participants can commit up to $186,282, while at least 5,000 users are guaranteed a baseline allocation starting at $2,650. The team said the auction will prioritize long-term supporters, including active community members and early contributors.

MegaETH confirmed the sale uses a “bimodal allocation” system to balance fairness and commitment. It combines wide token distribution with deeper allocations for core supporters. 

If oversubscribed, the team will favor those showing on-chain participation or community engagement.

Echo, founded by Cobie, previously hosted MegaETH’s private round, which attracted over 3,000 participants. That event brought in more than $10 million within minutes. This new round follows that same participatory model but opens access to the broader crypto public.

Backers Include Vitalik Buterin and Dragonfly

MegaETH has already raised $30 million from investors including Dragonfly Capital and Ethereum co-founder Vitalik Buterin. The project, described as the “first real-time blockchain,” aims to enable instant and scalable transactions by optimizing Ethereum’s execution layer.

Namik Muduroglu, a contributor at Mega Labs, said the sale reflects a shift from traditional airdrops toward ownership-based participation. 

In a post on X, he explained that true community members are those who believe in the protocol and hold its asset. He compared the model to Reddit’s IPO allocation that allowed its users to invest on equal terms with institutions.

MegaETH intends for the public sale to make non-insider investors the largest collective stakeholder group in the network. The company said this structure builds a more engaged base of both users and investors.

A Shift in How Crypto Projects Distribute Ownership

Muduroglu noted that MegaETH’s approach is a response to the short-term behavior seen in many airdrop campaigns. Instead of rewarding transient users, the team aims to attract contributors who will stay active beyond the sale. 

He said that those who demonstrate conviction by purchasing and using $MEGA will define the network’s next chapter.

MegaETH’s launch through Echo’s Sonar is scheduled for October 27, opening what the team describes as the final step before mainnet. Participants are required to register ahead of time to confirm eligibility.

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