MegaETH officially opens ICO with FDV of nearly 1 billion USD
MegaETH , Ethereum's Layer-2 scaling project, has officially announced details of its public Token Sale (ICO) that will take place on October 27, 2025 on the Sonar platform - a Capital platform developed by crypto KOL Cobie with the Echo ecosystem, recently acquired by Coinbase in a deal worth $375 million - lasting for 72 hours.
The project chose the English auction format ( public auction, the highest bidder wins and buys the item at the final price they offer ), with a ceiling price of 0.0999 USD/ Token, corresponding to 999 million USD FDV (fully diluted valuation).
Initial price: $1M FDV
— MegaETH (@megaeth_labs) October 22, 2025
Max price: $999M (no unicorn valuations allowed)
Users can commit up to $186,282 through an English auction.
Details
Total Token supply: 10 billion MEGA, of which 500 million Token (5%) are sold publicly.
Format: English Auction – users bid between 0.0001–0.0999 USD/ Token; whoever bids higher will have a chance to receive the allocation.
Payment: USDT on Ethereum Mainnet.
Order limit: Minimum 2,650 USD, maximum 186,282 USD per person.
Participants can choose to Token Lockup for 1 year to get a 10% discount on the purchase price, mandatory for US investors.
Registration and identity verification (KYC) through Sonar is mandatory.
Banned countries include: Afghanistan, China, Russia, North Korea, Syria, Venezuela, the United Kingdom, and more than 20 others.
Why is this news important?
MegaETH is a rare layer-2 project backed by big names in the industry, including Vitalik Buterin , that is expected to improve on-chain transaction performance and scalability.
Choosing a public auction instead of a fixed price demonstrates transparency and a free market mechanism in Token allocation.
The extremely low starting price ($0.0001/ Token, equivalent to $1 million FDV) gives the community an opportunity to participate early, while the cap of nearly $1 billion FDV reflects high expectations from the market.
This sale comes just days after Coinbase acquired the Echo ecosystem (including Sonar) for $375 million, making MegaETH the first ICO project on Coinbase.
MegaETH has raised $30 million to date from investors including Dragonfly and Ethereum co-founder Vitalik Buterin.
Community reaction and potential consequences
The community appreciates the transparent auction, but is also concerned that the ceiling price of nearly 1 billion USD FDV is quite high, creating speculative risks.
Many investors expect the auction mechanism and allocation criteria based on on-chain activity records and social media will prioritize real users, rather than just serving whales.
The project also commits to having a rewards campaign after the MegaETH mainnet launch, opening up opportunities to receive additional Token for users who interact early in the ecosystem.
Conclude
MegaETH ICO is a notable event for the Ethereum community and the crypto market at the end of 2025.
The way the auction is organized is public, combined with the lock-up element to encourage long-term investment, demonstrating the team's sustainable vision.
If successful, MegaETH will follow the previous Plasma (XPL) to bring back the ICO trend.
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