The Ethereum Layer 2 blockchain is preparing a community-focused token sale as ICOs regain popularity.
MegaETH, an Ethereum-compatible ‘real-time’ blockchain, appears to be planning an initial coin offering (ICO).
This potential public token sale would take place on Sonar, a self-hosted token launch platform created by crypto investor Jordan “Cobie” Fish, who is also a co-founder of Lido. “The First Real-Time Blockchain. Built for you. Owned by you. Register now,” MegaETH’s team shared on X earlier today.
ICOs – which are a way for crypto projects to raise funds – are making a comeback in 2025, with MegaETH’s move showing a shift toward community-focused, transparent sales to drive user engagement and ecosystem growth.
According to the project’s website, the registration window is open from today to Oct. 27. While MegaETH says details of a “potential crypto-asset offering” will be announced soon, it emphasized that registration does not guarantee allocation or constitute a sale. No terms of the potential deal have been disclosed.
Registration is open to anyone who completes identity verification on the Sonar platform, excluding MegaETH employees and users from prohibited areas. Individuals from the U.S. must also meet accredited investor requirements and will be subject to a 12-month lockup, MegaETH’s website notes.
MegaETH Moves
Earlier this year, MegaETH announced plans to distribute its tokens through a new ICO model built around a soulbound NFT mint for its pioneer collection, The Fluffle. MegaETH said the NFT model was chosen to reward genuine community participation rather than speculative farming, The Defiant previously reported.
“A simple points program tied to an airdrop often creates perverse incentives—especially when deployed by a blockchain—driving inauthentic behavior and ‘farming,’ which raises questions about real value creation and leaves everyone dissatisfied,” the announcement noted.
This latest announcement also follows MegaETH Labs’ recent launch of MegaUSD (USDm), a native stablecoin developed in collaboration with Ethena Labs using its Stablecoin-as-a-Service stack.
“$USDM aligns incentives across stakeholders, letting users and apps enjoy the lowest fees possible while routing scalable value back to MegaETH,” MegaETH said in a post on X on Sept. 8.
MegaETH initially raised $10 million through Echo in December 2024.
