Token sale events for privacy protocol zkPass, decentralized exchange Momentum and Ethereum layer-2 network MegaETH have been massively oversubscribed this week, as retail investors clamor to get a slice of emerging crypto projects.
The zkPass protocol launched the sale of its utility ZKP token on Monday and surpassed its $2 million target within minutes. The offering still has three days to go, but has received over $67 million worth of allocation requests.
zkPass bills itself as a decentralized oracle protocol that takes private data held on websites and transforms it into verifiable proofs onchain or in Web3 apps, without exposing the underlying raw data.
The token itself is a utility token that can be used for settlements within the zkPass ecosystem, verification, and participation in the protocol.
MegaETH’s token auction closes with $1.3 billion committed
MegaETH’s initial coin offering for its MEGA token also reportedly “sold out” within minutes after opening on Monday, and by the time it closed on Thursday, the token sale was 27.8 times oversubscribed with over $1.3 billion committed.
The ICO was for 5% of the total 10 billion token supply, with a raise cap of just under $50 million. Now that the auction is over, a “special allocation mechanism” will be used to decide each user’s allocation, according to the auction FAQ.
Past engagement in the MegaETH and Ethereum communities, and whether a lock-up was selected, will all be taken into account to decide which users receive an allocation of the MEGA token.
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The token launch date is listed as January 2026 in the project’s white paper, and it will be tradeable on centralized exchanges and decentralized exchanges operating on MegaETH.
Momentum token oversubscribed by 1,739%
Meanwhile, Momentum, a decentralized exchange built on the Sui blockchain, launched the sale of its token MMT on Monday, selling out in under an hour.
After the token sale ended, it had raised over $82 million from users, 1739% over the initial target of $4.5 million.
It has a total supply of 1 billion and serves as both a governance and utility token, providing access and incentives within the ecosystem.
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