blockworks.co
The initial coin offering for MegaETH, a project dedicated to building a real-time blockchain, drew significant interest Monday morning.
The ICO, which is open for 72 hours, is 3x oversubscribed, according to MegaETH’s info page. The project shows more than $150 million worth of bids at the $0.099 max price and an implied FDV of $3.05 billion at the time of publication.
MegaETH’s venture backers include Vitalik Buterin and Joe Lubin, who participated in a $20 million seed round led by Dragonfly, as Blockworks previously reported.
Per MegaETH’s site, the accredited investors have a mandatory year lock-up with a 10% discount, though the lock-up is “optional for non-US participants.”
“Once the MegaETH mainnet goes live, eligible users (Fluffle holders and anyone who attempted to get allocation in the Echo or Public Sale) have an opportunity to receive additional tokens after actively using apps in the MegaETH ecosystem,” the site noted.
A whitepaper previously showed that MegaETH’s team would only receive a 9.5% allocation.
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