MegaETH Launches 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 launch model breaks from standard vesting schedules, with additional tokens releasing when the network hits milestones tied to total value locked, circulating supply of the USDM stablecoin, and overall throughput.

MegaETH has reserved 5.3 billion MEGA tokens for its performance-based unlock program, which rewards stakers who lock tokens for longer periods.

The project's backers include Vitalik Buterin and Joe Lubin, alongside venture investors such as Dragonfly, Kraken Ventures, and Wintermute.