MegaETH, an Ethereum layer-2 blockchain project backed by co-founder Vitalik Buterin, has seen its total value locked approach $600 million following the launch of its MEGA token.
The token generation event on April 30, 2026, came after the mainnet went live in February. Despite a 55% first-day price drop from $0.38 to $0.17, the project has raised roughly $108 million through venture funding, NFTs, and public sales. The TVL surge, driven by performance-based benchmarks, underscores sustained investor interest in MegaETH's utility and long-term potential.