The market on Polymarket is betting that the probability of MEGA's FDV exceeding US$2 billion will rise to 87% one day after its launch.
Written by 1912212.eth, Foresight News
MegaETH, the Ethereum scaling solution developed by MegaLabs, announced a public offering on Echo's Sonar platform. Foresight News previously detailed its financing history and valuation logic in its article, "MegaETH Valuation Game: A Good Time to Enter or Impending Risk?" The official function of the MEGA token will be announced soon. MegaETH recently completed a cash buyback of 4.75% of the company's equity from its seed round investors.
This article will introduce the details of its public offering and the rules for participation.
The public sale will have 500 million tokens, with a starting price of $0.0001
The total supply of MegaETH is 10 billion, of which 500 million (5%) will be offered for public sale. Payment will be in USDT, with a maximum purchase amount per person of $186,282 and a minimum of $2,650. The starting price is $0.0001 (for a $1 million FDV) and the maximum price cap is $0.0999 (for a $999 million FDV).
Investors with verified US addresses are required to lock up their positions for one year and receive a 10% discount. Non-US participants can choose whether to lock up their positions.
According to Hyperliquild perpetual contract data, MEGA is currently priced at $0.44. If calculated based on the highest public offering price of approximately $0.1, this still represents a roughly 4x return.
Polymarket is betting that the probability of MEGA's FDV exceeding $2 billion one day after its launch has risen to 87%. If calculated based on $2 billion, the return is still about 1 times.
As of October 23, zkSync's FDV was $690 million, OP's FDV was $1.808 billion, and Arbitrum's FDV was $3.033 billion.
Social media wallet addresses and NFTs can help increase allocations
Verify your identity and wallet address on Sonar. Before the sale ends, bidders can opt in for a 1-year lock-up discount, but once submitted, they cannot opt out. Once the price reaches the cap of $0.0999, bids can continue at this price due to oversubscription.
Bids close after 72 hours and the final price is determined. Bids at or above this price will take up the full allotment.
In the event of oversubscription, a special allocation mechanism will be implemented. Bids and additional information demonstrating past involvement in MegaETH and the Ethereum community (social media, GitHub, other wallet addresses, etc.) will help determine allocations. MegaETH's Fluffle NFT can be used to increase allocations, and the current floor price on Opensea is 0.7 ETH.
If you don’t meet the on-chain and social criteria, choosing to lock up may help you get your allocation.
Official bidding on October 27
From October 15th to 27th, users will need to complete their Know Your Customer (KYC) registration, wallet address verification, and (for US investors only) accreditation. The public bidding period will run from October 27th to 30th, beginning at 9:00 PM Beijing Time and lasting 72 hours. Bidders will need to stake USDT on the Ethereum mainnet to reserve MEGA tokens. The bidding process will follow an English auction format with a ceiling price of $0.0999.
An English auction is an open ascending bid auction. All participants see the current highest bid and have the opportunity to bid higher. At the start of the auction, a starting price is set, typically low to attract more participants. Participants can then bid, and each bid must be higher than the current highest bid. The bid increment for this auction is $0.0001. The advantage of this auction is that it allows the market value of an asset to be discovered through a competitive bidding process.
Allocations will be calculated between October 30th and November 5th. Once calculated, unsuccessful bidders will receive a full refund. Winning bidders from November 5th to 19th who wish to forgo their allocation can withdraw their bids in full during this period and receive a full refund in USDT to their wallet address on the Ethereum mainnet.
The abandoned tokens will be distributed to the selected winning bidders between November 19th and 21st. Unused/unallocated funds will be refunded. Winning bidders who chose a 1-year lockup period will receive 10% of their purchased tokens as a reward.
Once the MegaETH mainnet launches, eligible users (Fluffle holders and anyone who attempted to obtain an allocation in the Echo or public sale) will have the opportunity to earn additional tokens after actively using applications in the MegaETH ecosystem.
When MEGA tokens become available, they will be automatically distributed to the wallet address. For users who choose or need to accept the 1-year lock-up period, they will receive the tokens one year after that date.
KYC verification
Currently, the official website claims that users in China are prohibited from participating in this sale. In addition, users in Afghanistan, Belarus, Bosnia and Herzegovina, Burkina Faso, Cameroon, Central African Republic, China, Cuba, Democratic Republic of the Congo, Ethiopia, Eritrea, Iran, Iraq, Lebanon, Libya, Mali, Myanmar, North Korea, Palau, Russia, Somalia, Sudan, Syria, Ukraine, the United Kingdom, Venezuela and Yemen.
However, there are still many ways to solve the proof of address problem in the Twitter community.
Users need to complete authentication on the public offering platform Echo. The investor questionnaire section is the platform's qualification review. Users need to emphasize their rich experience and high annual income when checking the box, otherwise they will be directly rejected.
Secondly, users also need to complete KYC certification on MegaETH. Identity addresses and social media accounts can be bound to increase the allocation weight.
Then you will enter the process of submitting your identity proof, and facial recognition will be performed after the upload is completed.
After completing facial recognition, the next step requires uploading proof of address. If you receive an email indicating failure, you'll need to upload additional proof. During the payment process, you may still be required to undergo a second facial verification or be asked to submit proof of address within the past 90 days. Users should closely monitor official announcements.
