MegaETH, an Ethereum (ETH) layer-2 network, launched its native MEGA token Thursday at a $1.56 billion fully diluted valuation, tying most of its supply to network performance.

MEGA Token Generation Event Details

The token went live following a months-long countdown that started after 10 applications incubated through MegaETH's Mega Mafia program met transaction thresholds, according to coverage from Decrypt and The Block.

MEGA traded at $0.156 shortly after launch, giving the token a $176 million market cap.

The price had fallen roughly 30% from its morning debut, a pattern often seen during early listings with thin liquidity. Of the 10 billion total MEGA supply, only 1.129 billion tokens have entered circulation so far. Over 5.3 billion tokens sit reserved for the project's performance-based unlock program.

Both Coinbase and Binance have confirmed support for the new token.

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Vitalik Buterin Backing And Network Targets

The launch model breaks from standard vesting schedules. Additional MEGA tokens will only release when the network hits milestones tied to total value locked, the circulating supply of the USDM stablecoin, and overall throughput.

Stakers who lock tokens for longer periods receive a larger share of rewards.

Venture investors hold 14.7% of the supply, while the team and advisors received 9.5%. A foundation reserve covers 7.5%, and 5% sold through a public auction. MegaLabs counts Vitalik Buterin and Joe Lubin among its backers, alongside Dragonfly, Kraken Ventures, and Wintermute.

MegaETH's mainnet went live in February 2026 and currently holds about $89 million in total value locked. The network targets 100,000 transactions per second with 10-millisecond block times.

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