At a Glance
- Recent token sales for privacy protocol zkPass, decentralized exchange Momentum, and Ethereum layer-2 network MegaETH have seen significant oversubscription from retail investors.
- zkPass’s ZKP token sale surpassed its $2 million target within minutes, attracting over $67 million in allocation requests.
- MegaETH’s MEGA token auction closed with over $1.3 billion committed, significantly exceeding its initial offering goal.
- Momentum’s MMT token sale sold out in under an hour, raising over $82 million, representing a 1739% oversubscription.
- These events highlight strong retail demand for emerging projects in the cryptocurrency space.
Retail Investors Flock to Oversubscribed Crypto Token Sales
This week has witnessed intense interest from retail investors eager to participate in emerging cryptocurrency projects, evidenced by heavily oversubscribed token sales for platforms including the privacy protocol zkPass, the decentralized exchange Momentum, and the Ethereum layer-2 network MegaETH.
The zkPass protocol initiated the sale of its utility ZKP token on Monday. Within mere minutes, it surpassed its $2 million objective, and with three days still remaining in the offering, it has garnered allocation requests exceeding $67 million.
zkPass describes itself as a decentralized oracle protocol. Its core function is to transform private data held on websites into verifiable proofs on-chain or within Web3 applications, crucially without exposing the underlying raw data.
The ZKP token itself is designed as a utility token, enabling settlements within the zkPass ecosystem, facilitating verification processes, and allowing participation in the protocol’s governance.
MegaETH Token Auction Exceeds Expectations
MegaETH’s initial coin offering (ICO) for its MEGA token also reportedly sold out rapidly after its launch on Monday. By the time the auction concluded on Thursday, the sale was oversubscribed by a remarkable 27.8 times, with commitments totaling over $1.3 billion.
The ICO represented 5% of the total 10 billion token supply, with a cap set just under $50 million. Following the auction’s closure, a special allocation mechanism will be employed to determine individual user allocations, as detailed in the auction’s frequently asked questions.
Considerations for determining MEGA token allocations will include past engagement within the MegaETH and Ethereum communities, as well as whether a lock-up option was selected by participants.
The project’s white paper lists the token launch date as January 2026. Following the launch, the MEGA token is slated to be tradable on centralized exchanges and decentralized exchanges operating on the MegaETH network.
Momentum DEX Token Sale Sees Massive Demand
Meanwhile, Momentum, a decentralized exchange operating on the Sui blockchain , launched its MMT token sale on Monday. The sale concluded in under an hour, demonstrating significant investor enthusiasm.
Upon completion of the token sale, Momentum had raised over $82 million from participants, achieving an oversubscription rate of 1739% against its initial target of $4.5 million.
With a total supply of 1 billion tokens, MMT functions as both a governance and utility token, providing users with access and incentives within the Momentum ecosystem.
Expert Summary
The recent token sales for zkPass, MegaETH, and Momentum underscore a strong appetite from retail investors for promising new projects in the crypto space. The substantial oversubscriptions highlight a potential trend of increased retail participation in early-stage token offerings.