MegaETH Debuts MEGA Token at $1.56 Billion Valuation

MegaETH, an Ethereum layer-2 network, launched its native MEGA token on Thursday at a $1.56 billion fully diluted valuation.

The token went live after a months-long countdown that started when 10 applications incubated through MegaETH's Mega Mafia program met transaction thresholds.

MEGA traded at $0.156 shortly after launch, giving the token a $176 million market cap.

Over 5.3 billion tokens are reserved for the project's performance-based unlock program, which releases additional MEGA tokens when the network hits milestones tied to total value locked, circulating supply of the USDM stablecoin, and overall throughput.

MegaETH's mainnet went live in February 2026 and currently holds about $89 million in total value locked. The network targets 100,000 transactions per second with 10-millisecond block times.