MegaETH Debuts Performance-Tied MEGA Token

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

The token generation event followed a months-long countdown after 10 applications incubated through MegaETH's Mega Mafia program met transaction thresholds.

MEGA traded at $0.156 shortly after launch, giving the token a market cap of $176 million. The price had fallen roughly 30% from its morning debut due to thin liquidity.

The total MEGA supply is 10 billion, with only 1.129 billion tokens entering circulation so far. Over 5.3 billion tokens are reserved for the project's performance-based unlock program.