MegaETH's MEGA Token Launches with Performance-Based Rewards

MegaETH, an Ethereum layer-2 network, has launched its native MEGA token at a $1.56 billion fully diluted valuation. The token's price had fallen roughly 30% from its morning debut to $0.156 shortly after launch, giving it a $176 million market cap.

The MEGA token generation event was the result of a months-long countdown that started after 10 applications incubated through MegaETH's Mega Mafia program met transaction thresholds. Over 5.3 billion tokens are reserved for the project's performance-based unlock program, which will release additional tokens when the network hits milestones tied to total value locked, circulating supply of the USDM stablecoin, and overall throughput.

Both Coinbase and Binance have confirmed support for the new token. 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.