MegaETH’s MEGA token went live on Thursday, closing out a seven-day countdown triggered after the Ethereum scaling project met its first performance milestone.
In a post on X, the team said simply, "MEGA — Now Trading," adding that all tokens would be distributed to users by 7 a.m. ET.
MegaETH had said the token generation event would only begin once the network demonstrated sufficient real onchain activity.
Last Wednesday, the project said 10 "Mega Mafia" apps were live and had cleared the first KPI threshold, triggering the final countdown to launch.
The token structure is one reason the launch drew attention.
The Block’s previous coverage also noted the network’s fixed 10 billion token supply and the unusually large share linked to future KPI-based staking rewards.
MegaETH has tied 53.3% of the total supply to performance-based KPIs rather than standard time-based vesting.
The first target required 10 live apps demonstrating what the team called "a functioning core loop with real user interactions" tied to USDM, the protocol’s native stablecoin, co-developed by Ethena.
Meanwhile, trading has opened quickly across major venues in a coordinated effort following the TGE.
Binance said it would list MEGA and begin spot trading at 11:00 UTC with a seed tag applied. KuCoin and Bitget announced the same start time for MEGA spot trading on their platforms, while other platforms have also shared listing plans.
MegaETH is an Ethereum scaling network pitched as a high-performance execution layer for real-time, consumer-facing onchain applications.
As of last week, MegaETH had about $62.9 million of USDM in circulation, or roughly 13% of the way toward its stated KPI target of reaching $500 million in native stablecoin supply. This has now grown to over $300 million amid the MEGA TGE, which MegaETH CSO Namik Muduroglu told The Block has been a "very intense" experience.
The MegaETH Foundation has previously said it would use USDM revenue to accumulate MEGA tokens, adding another economic link between network usage and the token itself.
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