MegaETH, an emerging Layer 2 network built on Ethereum, has announced the details of its third community-centric fundraising round. The initiative coincides with the introduction of MEGA pre-market perpetual futures on the Hyperliquid exchange, placing a significant spotlight on the project’s valuation and investor interest.
The latest funding round adopts a unique pricing mechanism, starting with a baseline valuation of $1 million. Prospective investors will participate in an English auction format, which caps the maximum valuation at $999 million. In cases where demand surpasses the auction cap, the MegaETH team has expressed commitment to prioritizing its existing community members. Allocation preference will be given to participants demonstrating strong long-term alignment through active social engagement, consistent on-chain behavior, and willingness to adhere to token lock-up conditions.
This Initial Coin Offering (ICO) will be conducted through Sonar, the ICO-focused platform operated by Echo. Echo was founded by well-known crypto figure Jordan “Cobie” Fish and was recently acquired by Coinbase, enhancing the credibility and infrastructure supporting the raise.
Shortly after the fundraising announcement, Hyperliquid launched a new market for MEGA perpetual contracts, creating the first derivative products tied to MegaETH’s valuation. The pre-market trading activity on Hyperliquid propelled MEGA’s valuation to approximately $6 billion, with the fully diluted valuation (FDV) currently around $5.2 billion. This surge has attracted significant attention from the crypto community, highlighting strong market confidence ahead of the official token launch.
If the ICO concludes at the upper valuation limit of $999 million, early Sonar participants could expect a theoretical fivefold return based on the pre-market pricing. Investors from MegaETH’s initial fundraising rounds with Echo stand to see substantially higher gains, estimated to be around 23 times their original investment. Additionally, holders of the project’s soulbound NFT series, called Fluffles, which represent 2.5% of MegaETH’s total token supply, could realize nearly ten times returns based on current valuations.
These figures underscore the rapid growth in MegaETH’s market value since its community-first fundraising approach began. The project’s structured allocation strategy, combined with derivative market development, aims to foster sustained investor engagement and alignment with the network’s long-term vision.
As MegaETH’s ICO unfolds and trading activity continues on Hyperliquid, industry participants will closely monitor how the network progresses toward its launch and broader adoption within the Ethereum ecosystem.
