MegaETH Pre-Market Valuation Reaches $6 Billion

Upcoming Ethereum Layer 2 network MegaETH unveiled the terms for its third community-led raise today, coinciding with the launch of MEGA pre-market perpetuals on Hyperliquid.

The raise will begin at an initial valuation of $1 million, with participants bidding on the valuation via an English auction capped at $999 million. If the raise is oversubscribed, which it is expected to be, the team will prioritize allocations to the “existing MegaETH community alongside those who illustrate long-term alignment through social activity, onchain behavior and lockup preferences.”

The initial coin offering (ICO) style raise will be conducted via Sonar, the ICO arm of Echo, which was founded by crypto investor Jordan “Cobie” Fish, and acquired by Coinbase earlier this week.

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