The initial coin offering (ICO) of the MegaETH project, which aims to build a real-time blockchain infrastructure, made a splash in the crypto market by receiving 3 times more demand just 30 minutes after the launch.
The sale, which launched on Monday morning and will remain open for 72 hours, saw total demand exceed $150 million, according to MegaETH’s information page.
With bids at the maximum price level of $0.099, the project’s current implied fully diluted value (FV) is approximately $3.05 billion.
MegaETH had previously received support from prominent figures in the crypto world such as Vitalik Buterin and Joe Lubin in a $20 million seed investment round led by Dragonfly.
According to the project website, a one-year mandatory lockup period applies to accredited investors, while this period is optional for participants outside the US. Additionally, once MegaETH’s mainnet launches, Fluff holders and users who apply for allocation during the Echo or Public Sale will be able to receive additional token rewards for active app usage within the ecosystem.
In MegaETH’s previously published whitepaper, it was stated that the team would only receive a 9.5% token share.
*This is not investment advice.