The Ethereum layer-2 project MegaETH has successfully raised $450 million during a token sale, surpassing its fundraising goal by nearly nine times within hours of launching.
Blockchain analytics company Arkham reported that 819 wallets contributed the maximum investment, sending $186,000 worth of USDT to MegaETH’s sale address, with a total of 14,491 investors participating.
Supported by Ethereum co-founders Vitalik Buterin and Joe Lubin through their parent company MegaLabs, MegaETH is set to achieve sub-millisecond latency and process up to 100,000 transactions per second, providing performance that competes with traditional web applications while remaining compatible with Ethereum.
A weighted allocation system considering prior community participation and lock-up commitments will guide the final token distribution once the auction concludes in two days. The MEGA tokens, structured as ERC-20 tokens, will facilitate the network when trading is initiated in January 2026.
Santiment analyst Brian Q noted that the demand reflects a growing investor interest in ultra-fast expansions of Ethereum. “This is the closest we’ve come to web-level performance on-chain,” he stated.
However, Brian cautioned against the overly optimistic sentiment, adding that “such concentrated buying can serve as a warning sign,” and that an influx of buyers could heighten speculative pressure, potentially increasing the risk of a sharp downturn at launch.
The cryptocurrency market had a negative reaction to the announcement of Plasma, a stablecoin-focused blockchain that generated similar levels of excitement. Plasma’s native XPL token has dropped from $1.67 at its launch in September to $0.344, indicating that early investors are taking profits and demand is struggling to keep pace with the increased supply.
