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MegaETH, an Ethereum layer-2 scaling network aimed at delivering fast and low-cost transactions for consumer-facing on-chain projects, launched its native token on Thursday after months of anticipation.
At the time of writing, MEGA was trading at $0.156, valuing the token at a $176 million market capitalization and a $1.56 billion fully diluted valuation. The token had fallen by approximately 30% since the morning launch, according to CoinGecko data, a pattern that is common for new token launches when initial liquidity is limited.
MegaETH’s founding team said it is using a performance-based token rollout approach. Instead of releasing tokens steadily over time, the project set network key performance indicators (KPIs) that must be met before additional MEGA tokens are unlocked.
The KPIs include:
As these milestones are reached, more of MEGA’s supply will be unlocked. MEGA holders who stake tokens with the network are set to receive rewards, with those who lock their tokens for longer periods receiving a larger share of the total rewards allocated.
There will ultimately be 10 billion MEGA tokens in circulation. As of launch, 1.129 billion tokens have been released. More than 5.3 billion tokens have been earmarked for MegaETH’s performance-dependent unlock rewards program.
Token allocation also includes:
In addition, 500 million MEGA tokens—5% of the project’s total supply—were sold in a public sale.
Major exchanges including Coinbase and Binance have announced they will support trading for the new token.
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