thedefiant.io
Highly anticipated Ethereum Layer 2 network MegaETH is set to finalize its ICO allocations tomorrow, and on Nov. 25, the chain will open a pre-deposit bridge for all users who registered for the ICO via Sonar.
While not confirmed, users are speculating that depositors will earn points towards the upcoming MegaETH rewards campaign, which will distribute an additional 2.5% of the MEGA supply to early users. According to the website, “Pre-depositors will get consideration towards the Rewards Campaign.”
MegaETH’s ICO made waves when it attracted $1.4 billion in commitments last month, competing for a $50 million allocation at a $999 million market capitalization.
There is no deposit limit per wallet, so the pre-deposit bridge cap is likely to fill quickly.
USDC deposits will be used to mint the MegaETH native stablecoin, USDm, and, from then on, depositors will be able to use USDm “without restrictions or conditions”. USDm is built in collaboration with Ethena.
While the broader crypto market has struggled, MEGA's pre-market valuation has fallen roughly 30% to $3.7 billion on Hyperliquid. The derivative reached as high as $5.3 billion at the beginning of the month.
