TL;DR
- MegaETH has opened registration for its ICO on Sonar, requiring identity verification. Registration is set to close on October 27, 2025.
- The sale will use USDT on the Ethereum mainnet and may follow an English auction format with a price cap and a 10% discount for those opting for a one-year lockup.
- MegaETH launched the USDm stablecoin with Ethena Labs and is preparing its ICO to strengthen liquidity and expand its Layer 2 network on Ethereum.
MegaETH has opened registration for its initial coin offering (ICO) on Sonar, the platform created by investor and Lido co-founder Jordan “Cobie” Fish.
The project, an Ethereum-compatible Layer 2 network focused on real-time transaction processing, aims to organize a community-driven public sale.
How the MegaETH ICO Will Work
The registration phase is already open and will run until October 27, 2025, according to MegaETH’s official website. To participate, users must complete identity verification on Sonar. Project employees and users from restricted jurisdictions are excluded. U.S. residents must meet accredited investor requirements and agree to a mandatory 12-month lockup period.
MegaETH clarified that registration does not guarantee allocation or constitute a token sale. Final terms—such as token valuation and allocation sizes—have not yet been published. However, preliminary documents indicate that future purchases will be conducted in USDT on the Ethereum mainnet. The sale is expected to follow an English auction format with a fixed ceiling price, and users who choose a one-year lockup will receive a 10% discount on the final token price.
Rewarding Genuine Users
The platform will also allow participants to improve their allocation chances in case of oversubscription by submitting additional profile information, such as social media accounts, GitHub profiles, or wallet addresses. MegaETH emphasized that the goal is to prioritize authentic users and discourage speculation linked to point programs and farming schemes that dominated previous market cycles.
Earlier in 2025, the project unveiled a token distribution model tied to a soulbound NFT collection called The Fluffle, designed to reward genuine community participation. In September, MegaETH also launched MegaUSD (USDm), a stablecoin developed with Ethena Labs using its Stablecoin-as-a-Service infrastructure, aimed at lowering fees and routing value back to the ecosystem.
MegaETH raised $10 million in December 2024 through Echo, and its upcoming ICO aims to reinforce the liquidity and reach of its network ahead of its full rollout as a scalability solution for Ethereum
