MegaETH opens MEGA trading following seven-day launch countdown

MegaETH officially launched its $MEGA token on Thursday, completing a seven-day countdown that began after the network demonstrated enough real onchain usage to meet its first performance milestone.

According to Bubblemaps, out of 8,360 wallets that received $MEGA, half continue to hold, 40% have sold their entire allocation, and 10% have taken partial profits. The token now sits at a $1.6 billion fully diluted valuation, per CoinGecko.

8,360 wallets received their $MEGA allocation:

• 50% are still holding
• 40% sold everything
• 10% partially sold

Token sits at $1.7B FDV

Bottom in? pic.twitter.com/dEx3a1Gmzq

— Bubblemaps (@bubblemaps) April 30, 2026

The launch was triggered once 10 “Mega Mafia” applications went live and satisfied the initial KPI requirement, showing real user interaction tied to the protocol’s USDM stablecoin system.

The token design is a central feature of the project, with a fixed total supply of 10 billion $MEGA tokens and an unusually large share, 53.3%, allocated to KPI-based rewards rather than standard vesting schedules. This ties token emissions directly to network performance instead of time-based unlocking.

$MEGA immediately began trading on major exchanges including Binance, KuCoin, and Bitget.

MegaETH is an Ethereum scaling network focused on real-time, consumer-facing applications, and its ecosystem is closely linked to USDM, a native stablecoin co-developed with Ethena. In the lead-up to launch, USDM’s circulation expanded rapidly from about $63 million to more than $300 million.

The protocol states that revenue generated through USDM activity will be used to accumulate $MEGA tokens, creating a feedback loop between network usage and token demand.