MegaETH launched its native MEGA token on Thursday, along with a significant airdrop and ICO unlock. The Ethereum Layer-2 network, designed to be the fastest EVM-compatible blockchain, aims for 100,000 transactions per second, 10-millisecond block times, and sub-millisecond latency-roughly 5,000 times faster than Ethereum mainnet. Live since February, it has sustained throughput backing those claims.
Built for real-time applications like onchain games, social apps, and high-frequency DeFi, MegaETH has raised $470 million in total funding from backers including Vitalik Buterin, Joe Lubin, and Dragonfly Capital.
The token structure is distinct: of the 10 billion MEGA tokens, 53.3% unlock only upon hitting specific performance milestones, not a fixed calendar. The first milestone-10 ecosystem apps each recording 100,000 on-chain transactions in 30 days-was hit on April 23, triggering Thursday's launch. The next unlock requires $500 million in circulating supply of USDM, the network's native stablecoin. This ensures the majority of supply cannot hit the market until MegaETH proves real user activity.
At its current $1.7B FDV, ICO participants from 2025 have a quick 70% return. MegaETH has flipped Monad in DeFi TVL at $490 million, entering the top 15 chains. Its mUSD market cap jumped 60% to $270 million.
In other news, X head of product Nikita Bier shared data showing crypto is the most frequently muted topic on the platform’s “For You” feed, ahead of politics and the Iran conflict. The data comes from X’s new snooze feature.
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