A new wave of IPO frenzy! MegaETH's oversubscription reached 27 times, raising $1.3 billion, while zkPass and Momentum surged to $140 million.

This week, the crypto market ushered in a new round of IPO fever, with the MegaETH, zkPass, and Momentum token sales garnering huge retail interest, attracting a total of more than $1.4 billion in investment commitments. Among them, the MEGA token auction of Ethereum Layer-2 network MegaETH reached its $50 million fundraising cap in a matter of minutes, and ended up being oversubscribed by 27.8 times, with more than $1.3 billion in committed funds. In addition, privacy protocol zkPass and Momentum, a decentralized exchange on Sui, also significantly exceeded their respective fundraising targets.

MegaETH Flash Subscription: Over 28 Times Oversubscription, Raising More Than 1.3 Billion USD

MegaETH as an Ethereum Layer-2 network, its MEGA Token Initial Coin Offering (ICO) attracted unprecedented retail attention and capital commitments.

• Oversubscription 27.8 times: The MegaETH token auction started this Monday and reached nearly $50 million in fundraising limits within minutes. By the close of Thursday, the committed funds exceeded $1.3 billion, reaching 27.8 times the fundraising limit.
• Valuation Lock: The final auction price is set at 0.0999 USD per MEGA Token. Based on its initial token supply of 10 billion, the project's theoretical fully diluted valuation (FDV) is approximately 999 million USD.
• Allocation Mechanism: Due to severe oversubscription, most participants will receive refunds. The project will determine which users receive tokens through a special allocation mechanism, which will consider participants' past involvement in the MegaETH and Ethereum communities as well as whether they opted for a lock-up period.
• Token Listing Time: MEGA token is scheduled to be released in January 2026, at which point it will be available for trading on both Centralized Exchange and DEX.

Other star projects: zkPass and Momentum are equally unstoppable.

In addition to MegaETH, the other two emerging blockchain protocols zkPass and Momentum have also demonstrated impressive market demand, attracting nearly 140 million USD in investment commitments.

• zkPass Privacy Protocol: The ZKP token sale target for zkPass is $2 million, which was surpassed within minutes, with over $67 million in allocation requests received as of the time of publication. The protocol utilizes decentralized oracles to convert private data on the website into verifiable zero-knowledge proofs for blockchain and Web3 applications, while protecting the privacy of the original data.
• Sui Ecosystem DEX Momentum: A Decentralized Exchange Momentum built on the Sui blockchain, its MMT Token sold out in less than an hour. The project successfully raised over $82 million, achieving 1,739% of its $4.5 million target. The total supply of MMT tokens is 1 billion, serving both governance and utility purposes.

Mainnet Outlook: MegaETH Aims for High Throughput Layer-2 Infrastructure

The mainnet launch plan of MegaETH will be the focus of its next stage of development, with the project promising to provide high-performance Layer-2 solutions.

• Mainnet Launch Time: According to the project documents, MegaETH plans to launch its mainnet by the end of 2025, at which point some features will be unlocked, including network transactions, a block explorer, and support for DApps.
• Performance Goals: The project claims to achieve a throughput of 100,000 transactions per second with near-instant finality.
• Lock-up Requirements: In order to comply with regulatory requirements, all U.S. customers' tokens are subject to a 12-month lock-up period. Participants who choose the lock-up period receive a 10% reward during the public sale. During the lock-up period, MEGA holders cannot sell their tokens on the open market.

Conclusion

The fervent performance of the MegaETH, zkPass, and Momentum token sales clearly conveys the market's huge demand and optimism for high-performance Layer-2, privacy technology, and emerging ecosystems (such as Sui). The over-subscription multiple of MegaETH exceeded 27 times, marking another milestone in the retail enthusiasm for new crypto market launches. With the official listing of these project tokens and the deployment of their mainnet, they are expected to bring substantial innovation and liquidity to Ethereum and the entire altcoin ecosystem.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The crypto market is highly volatile, and investors should make cautious decisions.