MegaETH's MEGA Token Debuts With $1.5B Valuation, $490M TVL Flips Monad

According to Decrypt, MegaETH launched its native MEGA token on Thursday morning, achieving a $1.5 billion fully diluted valuation at debut. The Layer-2 network's TVL surged to $490 million, surpassing Monad to become the leading DeFi chain by this metric.

Participants in the 2025 ICO saw approximately 70% returns. MegaETH's token structure ties 53.3% of the 10 billion total supply to network performance milestones rather than fixed schedules. The first unlock triggered Thursday after 10 ecosystem apps each recorded 100,000 on-chain transactions within 30 days on April 23. The network's native stablecoin, USDM, reached $270 million in market cap following the launch.