MegaETH ICO sees massive 8.9x oversubscription

Ethereum layer-2 network MegaETH’s initial coin offering reportedly “sold out” within minutes and is now oversubscribed by about $400 million, as users scramble to get an allocation of its MEGA token. 

The Ethereum layer-2 network opened the auction for its MEGA token on Monday with a raise cap of just under $50 million, but the auction has since seen more than $450 million in commitments in just a matter of hours.

In total, the initial coin offering (ICO) will allocate 5% of the total 10 billion token supply, with a maximum bid amount of…