MegaETH opens MEGA trading following seven-day launch countdown

MegaETH has officially launched its MEGA token, concluding a seven-day countdown that was initiated after the network achieved its first performance milestone with significant on-chain usage. The token's launch was triggered by the activation of 10 "Mega Mafia" applications, which met the initial Key Performance Indicator (KPI) requirement by demonstrating real user interaction with the protocol's USDM stablecoin system. The MEGA token has a fixed supply of 10 billion, with a notable 53.3% allocated to KPI-based rewards, directly linking token emissions to network performance. Trading for MEGA has commenced on prominent exchanges such as Binance, KuCoin, and Bitget. MegaETH is an Ethereum scaling network designed for consumer-facing applications, with its ecosystem closely integrated with USDM, a stablecoin co-developed with Ethena. The circulation of USDM saw substantial growth, increasing from approximately $63 million to over $300 million in the period leading up to the launch. The protocol plans to use revenue generated from USDM activity to buy back MEGA tokens, establishing a feedback loop that connects network usage with token demand. Data from Bubblemaps indicates that out of 8,360 wallets that received $MEGA, 50% are still holding, 40% have sold their entire allocation, and 10% have taken partial profits, with the token currently holding a fully diluted valuation of $1.6 billion.

(Source：Crypto Briefing)