Layer 2 Ethereum project MegaETH raised $450 million in a token sale that attracted nearly nine times its fundraising goal within hours of going live.
Blockchain analytics firm Arkham revealed that 819 wallets pledged the maximum amount, sending $186,000 worth of USDT to the MegaETH sales address, with the total number of investors reaching 14,491.
Backed by Ethereum co-founders Vitalik Buterin and Joe Lubin through parent company MegaLabs, MegaETH aims to deliver sub-millisecond latency and 100,000 transactions per second, performance that rivals traditional web applications while maintaining Ethereum compatibility.
A weighted allocation system taking into account prior community engagement and blocking commitments will determine final token distributions once the auction ends in two days. MEGA tokens, which will be erc-20 tokens, will support the network when exchanges launch in January 2026.
Santiment analyst Brian Q said the demand demonstrated investors’ growing appetite for Ethereum’s lightning-fast expansions. “This is the closest thing to on-chain performance at the web level,” he said.
Brian countered the bullish sentiment by adding that “such aggressive and synchronized buying can be a wake-up call” and that too many buyers “can amplify speculative pressure,” potentially increasing the risk of a sharp reversal upon 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 in its September debut to $0.344, suggesting early investors are locking in profits and demand is struggling to keep supply flowing.
