MegaETH is continuing to receive capital commitments that are far exceeding the cap of $50 million. The bids have reached six times the supply available and the valuation has risen to a hypothetical $6 billion.
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- MegaETH’s MEGA token sale has reached nearly $300,000,000 in bids, against a cap of $50,000,000. This implies a value close to $6 Billion.
- As accredited investors bid USDT and Ethereum, the sale was oversubscribed by 6 times.
- MegaETH has announced that allocations will be made based upon lockups, social criteria and the onchain. Settlement and refunds are due by November.
MegaETH held a public MEGA token auction on Ethereum’s mainnet. The sale was scheduled to last 72 hours, and would only end after the bids were settled and allotment criteria had been applied. MegaETH reported that the auction has reached its cap, with approximately $296,000,000 in bids at the highest price. website At press time
It is still technically possible to bid at the $0.0999 price, even though all tokens have been sold. The demand for the tokens created by this sale was 5.9x greater than supply.
MEGA Token eligibility, settlement mechanics and design
The auction is being used to channel this overwhelming demand. Participants are only accredited U.S. investors and international buyers who bid. USDT Ethereum’s mainnet is a network of computers.
MegaETH has said that participants are restricted to only one wallet. The measure is designed to stop Sybil attacks as well as promote more fair distribution within accredited investor pools.
In exchange for 10% off, investors may choose to lock their entire allocation of tokens for a year. The lockup for U.S. Participants is compulsory, while it’s optional for everyone else. This creates a strong incentive to align with the long term.
It is not based on first-come-first-served. MegaETH, however, will review all bids following the close of the bidding window on October 30. A final decision is expected by Nov. 5. Project has stated that it will consider “social and onchain criteria” The lockup vote can be used to suggest a more nuanced strategy that rewards longstanding supporters of the community and Ethereum users who are historically active.
After allocations have been set, the settlement phase starts. This gives buyers committed to buying some flexibility. If they feel the terms or price no longer makes sense, allocated bidders have until November 19 to withdraw their bids in full. Users who choose to leave the pool forfeit their share of potential profits to others. Participants who are not allocated will be refunded the following day. Those who have kept their bids in tact should receive their discounts and return excess capital by November 21.
Its whitepaperOnly 9.5% of 10 billion MEGA tokens is allotted to the team. This figure, by industry standards, is remarkably modest. Seventy-three percent of the token supply (70.3%) is set aside for reserves, the ecosystem, and stake rewards. Venture capital investors own 14.7%.
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Source: crypto.news
