MegaETH has officially launched its MEGA token, marking the end of a seven-day countdown triggered when the network demonstrated sufficient real on-chain usage to meet its first performance milestone.
According to Bubblemaps, of the 8,360 wallets that received MEGA allocations, half continue to hold, 40% have fully sold, and 10% have taken partial profits. The token currently sits at a $1.6 billion fully diluted valuation.
8,360 wallets received their $MEGA allocation: • 50% are still holding
• 40% sold everything
• 10% partially sold Token sits at $1.7B FDV Bottom in?
The launch was initiated once 10 "Mega Mafia" applications went live and met the initial KPI requirement, showing genuine user interaction tied to the protocol's USDM stablecoin system.
The token design features a fixed total supply of 10 billion MEGA tokens, with an unusually large 53.3% allocated to KPI-based rewards rather than standard vesting schedules, tying token emissions directly to network performance rather than time-based unlocking.
MEGA immediately began trading on major exchanges including Binance, KuCoin, and Bitget.
MegaETH is an Ethereum scaling network focused on real-time, consumer-facing applications. Its ecosystem is closely linked to USDM, a native stablecoin co-developed with Ethena. In the lead-up to launch, USDM's circulation expanded from about $63 million to over $300 million.
The protocol states that revenue generated through USDM activity will be used to accumulate MEGA tokens, creating a feedback loop between network usage and token demand.