MegaETH Launches MEGA Token With Performance-Based Rewards Tied To Network Milestones

MegaETH, an Ethereum layer-2 network, has launched its native MEGA token. The token debuted at a $1.56 billion fully diluted valuation and tied most of its supply to network performance. This launch model breaks from standard vesting schedules, where additional tokens will only release when the network hits milestones tied to total value locked, circulating USDM stablecoin supply, and overall throughput.

The MEGA token traded at $0.156 shortly after launch, giving it a $176 million market cap. The price had fallen roughly 30% from its morning debut due to thin liquidity. Over 5.3 billion tokens sit reserved for the project's performance-based unlock program.

MegaETH has confirmed support from top exchanges Coinbase and Binance. The network holds about $89 million in total value locked, with a target of 100,000 transactions per second and 10-millisecond block times. Stakers who lock tokens for longer periods receive a larger share of rewards under the performance-based unlock program.