MegaETH launches mainnet on 9/2, the MEGA token will only be TGE upon reaching KPIs

MegaETH is scheduled to launch its mainnet on February 9th, but the MEGA token will only undergo TGE after the ecosystem achieves certain KPI milestones.

The project states that the stablecoin USDM — developed in partnership with Ethena and indirectly backed by BlackRock's BUIDL fund through USDtb — will generate yield from collateral assets. This revenue will be periodically used to buy back MEGA tokens, forming a “growth app → USDM expansion → increased token buyback” mechanism.

Unlike many projects, over 50% of the MEGA supply will only be unlocked when at least one of three conditions is met: the 30-day average USDM supply reaches $500 million; at least 10 applications process over 100,000 transactions and 25,000 wallets; or 3 applications generate $50,000 in fees daily for 30 consecutive days. When KPIs are achieved, the token will undergo TGE after 7 days.

After the mainnet, MegaETH also plans to test Proximity Markets — a mechanism that allows market makers and applications to bid for positions near the sequencer to reduce latency, optimize execution, and create additional demand for MEGA tokens.