The high-speed, low-cost Ethereum Layer 2 scaling solution 'MegaETH' has officially launched its native token MEGA on Thursday after months of market hype.

According to CoinGecko data, as of the time of writing, MEGA is priced at about $0.1564, with a market cap of $174 million and a fully diluted valuation (FDV) of $1.54 billion. Despite a price drop of around 30% since the opening, such price fluctuations are normal during the illiquid phase of a new token launch.

Unlike the traditional 'scheduled linear unlock' model, MegaETH has adopted an experimental 'Key Performance Indicator (KPI) token unlock mechanism' this time. The network's development must meet specific KPI targets to release more tokens into the market.

These KPI metrics are tightly linked to the overall health and growth performance of the MegaETH ecosystem, including the total value locked (TVL) in the network and the circulating supply of the native USD stablecoin, 'USDm'. Moreover, the overall computational efficiency, transaction speed, and even the degree of decentralization of MegaETH itself within the entire Ethereum ecosystem are also included in the 'assessment' scope.

Once these development milestones are achieved, the system will release more MEGA supply, and MEGA holders who choose to stake their tokens will receive corresponding rewards; the longer the staking period, the richer the share of rewards they can claim.

The total supply cap of MEGA is 10 billion tokens, with the initial release being only 1.129 billion tokens. What’s most noteworthy is that as much as 53% (around 5.3 billion tokens) has been reserved for the aforementioned 'KPI Unlock Reward Program', binding the project's development closely with community interests.

In the remaining distribution, venture capital (VC) firms account for 14.7%; the team and advisors take 9.5%; another 7.5% will be allocated to the token foundation and ecosystem reserves; while the tokens previously released through public sale channels constitute 5% of the total supply (about 500 million tokens).

Currently, exchanges including Coinbase and Binance have announced support for MEGA trading.

"MegaETH token is officially live! Pioneering the 'KPI Unlock Mechanism', tokens can only be claimed when performance benchmarks are met." This article was first published on (Block客).