MegaETH Unveils MEGA Token with Performance-Based Unlock Model

MegaETH, an Ethereum (ETH) layer-2 network, has introduced its native MEGA token. The token went live after a months-long countdown that started when 10 applications incubated through MegaETH's Mega Mafia program met transaction thresholds.

The launch model breaks from standard vesting schedules, as additional MEGA tokens will only release when the network hits milestones tied to total value locked, circulating supply of the USDM stablecoin, and overall throughput. Stakers who lock tokens for longer periods receive a larger share of rewards.

Venture investors hold 14.7% of the supply, while the team and advisors received 9.5%. A foundation reserve covers 7.5%, and 5% sold through a public auction. MegaLabs counts Vitalik Buterin and Joe Lubin among its backers, alongside Dragonfly, Kraken Ventures, and Wintermute.