Ethereum layer-2 project MegaETH has pulled in $450 million in a token sale that drew nearly nine times its fundraising goal within hours of going live.
Blockchain analytics firm Arkham revealed that 819 wallets committed the maximum amount and sent $186,000 worth of USDT to MegaETH’s selling address, bringing the total number of investors to 14,491.
Backed by Ethereum co-founders Vitalik Buterin and Joe Lubin via parent company MegaLabs, MegaETH aims to deliver sub-millisecond latencies and 100,000 transactions per second, performance that rivals traditional web applications while maintaining Ethereum compatibility.
A weighted allocation system that takes into account past community engagement and lock-up commitments will determine the final token distribution when the auction closes in two days. MEGA tokens, which will be erc-20 tokens, will support the network when trading goes live in January 2026.
Santiment analyst Brian Q said the demand showed a growing investor appetite for ultra-fast Ethereum extensions. “It’s the closest yet to web-level performance on the chain,” he said.
Brian balanced the bullish sentiment by adding that “such aggressive, synchronized buying can be a red flag” and that too many buyers “can amplify speculative pressure,” potentially increasing the risk of a sharp reversal at launch.
The crypto market reacted poorly to the launch of Plasma, a stablecoin-focused blockchain that had similar levels of hype. Plasma’s native XPL token has fallen from $1.67 at its debut in September to $0.344, suggesting early investors are locking in profits and demand is struggling to keep up with the flood of supply.
