Token sale events for privacy protocol zkPass, decentralized exchange (DEX) Momentum, and Ethereum layer-2 network MegaETH have seen massive oversubscriptions this week, indicating strong retail investor interest in emerging cryptocurrency projects.
zkPass Token Sale Exceeds Expectations
The zkPass protocol initiated the sale of its utility ZKP token on Monday. It surpassed its $2 million target within minutes, and with three days remaining in the offering, it has already received over $67 million in allocation requests.
zkPass describes itself as a decentralized oracle protocol. It transforms private data held on websites into verifiable proofs on-chain or within Web3 applications, crucially without exposing the underlying raw data. The ZKP token functions as a utility token, enabling settlements within the zkPass ecosystem, facilitating verification processes, and allowing participation in the protocol.
MegaETH’s Token Auction Closes with $1.3 Billion Committed
MegaETH’s initial coin offering (ICO) for its MEGA token also reportedly sold out within minutes of opening on Monday. By the time the auction closed on Thursday, the token sale was 27.8 times oversubscribed, with over $1.3 billion committed.
The ICO represented 5% of the total 10 billion token supply, with a raise cap of just under $50 million. Following the auction's conclusion, a "special allocation mechanism" will determine each user's allocation, according to the auction's frequently asked questions.
Factors such as past engagement in the MegaETH and Ethereum communities, and whether a lock-up period was selected, will be considered when deciding which users receive an allocation of the MEGA token. The token launch date is listed as January 2026 in the project's white paper, and it is expected to be tradable on centralized exchanges and decentralized exchanges operating on MegaETH.
Momentum Token Oversubscribed by 1739%
Momentum, a decentralized exchange built on the Sui blockchain, launched the sale of its MMT token on Monday, selling out in under an hour. After the token sale concluded, it had raised over $82 million from users, representing a 1739% increase over the initial target of $4.5 million.
The token has a total supply of 1 billion and serves as both a governance and utility token, providing access and incentives within the Momentum ecosystem.