MegaETH MEGA Token Sale: $1.18B Commitments and Sybil Attack Controversy

2025-10-31 09:16:09

MEGA token sale for MegaETH, the Ethereum Layer-2 powerhouse, has exploded with over $1.18 billion in commitments, oversubscribed in minutes and igniting debates on fair allocation in DeFi’s $150 billion+ TVL ecosystem.

Explosive Demand: $1.18B Oversubscription

MegaETH’s MEGA token auction attracted massive interest, with $1.18 billion pledged shortly after launch, reflecting Ethereum L2’s scalability hunger. The $999 million FDV event, raising $500 million of 10 billion supply, drew 15,000 addresses—92% retail—highlighting 2025’s alt-L2 frenzy. MEGA’s real-time 100,000 TPS vision, backed by $87 million funding from Dragonfly and Vitalik Buterin, fueled FOMO, with FDV surpassing competitors like Blast.

Auction Scale: $1.18B commitments; $500M raised.
Participation: 15,000 addresses; 92% retail.
FDV: $999M; 5% ICO allocation.

Sybil Controversy: Bubblemaps Exposes Multi-Wallet Tactics

Blockchain analytics firm Bubblemaps flagged Sybil attacks, with clusters of addresses linking to single entities bypassing caps. “Over 20% of commitments came from coordinated wallets,” Bubblemaps reported, sparking “fair launch” debates. MegaETH’s team vowed audits, but critics warn of 30% supply concentration risks.

2025 Outlook: $5B-$10B MEGA Potential

Analysts predict MEGA at $5-10 billion valuation by year-end, capturing 10% L2 market share. Changelly forecasts $0.50-$1.00; CoinDCX $0.80. Bull catalysts: Mainnet Q4 2025; bear risks: Sybil fallout testing $0.30 support.

For investors, how to buy MegaETH via compliant platforms ensures entry. How to sell MegaETH and how to cash out MegaETH offer liquidity. Sell MegaETH for cash and convert MegaETH to cash enable fiat conversions.

Trading Strategy: Momentum Plays with Stops

Short-term: Long above $0.40 targeting $0.50, stops at $0.35 (13% risk). Swing: Accumulate dips, staking for 15% APY. Watch $0.45 breakout; below $0.35, exit.

In summary, MegaETH’s $1.18B MEGA token sale blends hype with Sybil concerns, positioning it for DeFi’s L2 revolution.

ETH1.71%

BLAST0.15%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.