MegaETH launches MEGA token after KPI milestone

MegaETH's MEGA token went live Thursday after a seven-day countdown triggered when the network met its first performance KPI. In a post on X the team wrote “MEGA — Now Trading” and indicated that all tokens would be distributed to users by 7 a.m. ET. Binance, KuCoin and Bitget opened MEGA spot trading at 11:00 UTC.

The KPI required 10 live “Mega Mafia” apps to show a functioning core loop with real user interactions tied to USDM, the project's native stablecoin developed with Ethena. Ahead of the launch, about $62.9 million of USDM was in circulation, roughly 13% of MegaETH's stated target of $500 million in native stablecoin supply. The MegaETH Foundation plans to use USDM revenue to accumulate MEGA tokens.

Related: What is MegaETH?

MEGA has a fixed supply of 10 billion tokens. A 53.3% share of that supply is reserved for performance-based staking rewards rather than time-based vesting. Exchanges coordinated listings around the token generation event; Binance applied a seed tag at launch and other platforms listed or announced listing plans.

MegaETH positions itself as an Ethereum scaling execution layer for high-performance, consumer-facing onchain applications that require real-time interactions. The project's launch criteria tie token distribution to measurable onchain activity and stablecoin circulation.

Trading began on major venues immediately after the token generation event and the team indicated distribution deadlines would be met.