How is MegaETH's public sale allocation distributed?

By: blockbeats|2025/11/10 18:30:01

Source: MegaETH

Handling a 28x oversubscribed sale with over 53,000 participants is not as easy as it sounds. In my previous article, I mentioned that our sale focused primarily on two groups:

· Those who were early active members of the MegaETH community

· Those whom we believe will be long-term supporters of MegaETH

A few days before the sale ended, @artemis_onchain (our data lead) and I met in Istanbul to start extensive simulations. We tried many different methods to "perfectly" measure each person's contribution, but quickly realized that in such a short period, this was not feasible as "contribution" is a multidimensional concept.

So we decided to break down the issue into two parts:

· Fairly distributing to existing community members

· Establishing a data-driven scoring and allocation system for long-term investors

The following part of this article will detail how we achieved these two goals and the outcomes we eventually reached.

How is MegaETH's public sale allocation distributed?

Allocation to Existing Community Members

For the first allocation pool — our existing community, we took the most traditional approach: manual allocation.

Relying on our existing community infrastructure, including @Heisenbruh and our mod network, we compiled a list covering members who have continuously been deeply involved since MegaETH emerged from stealth mode.

This list includes those:

· Who early joined and remained active

· Who helped shape the project's culture and values

· Who supported us during bear markets and quiet periods

· Who provided feedback, signals, and energy before there was a token for speculation

It should be noted that most of these individuals did not opt for vesting. We believe this is perfectly fine. Their contribution has already been rewarded through time, attention, and trust. In our view, they have already "put in the work".

In the spirit of transparency, we hereby disclose the list of sales participants that we believe represent the core community from the past few years.

We acknowledge that this list is not perfect, and some people are definitely missing. If you are one of them, I am truly sorry.

Apart from these community members and selected application developers with a one-year lockup, the rest were not personally selected by the team.

Even among this group selected by the team, not everyone received a full allocation, and the disparity is quite significant.

Due to the scale of the sale and market demand constraints, we had to make some trade-offs. However, we believe that this approach, while respecting those who have supported us all along, also avoids turning the entire sale into a mere popularity contest.

Compared to the results of algorithmic automatic allocation, these users generally have higher allocations. Except for the aforementioned application developers, most participants' shares are non-lockup.

Measuring Long-Term Investors

The second allocation pool is aimed at users who participated in the sale through a public process and those who may become long-term holders of MegaETH.

In this part, we hope to adopt a more systematic approach. We have designed a scoring mechanism that takes into account the following dimensions:

· On-chain activity

· Social signals and organic exposure

· Specific interactions with MegaETH

· Whether the participation is seen as a long-term commitment (e.g., willing to lock up for a year)

Our goal is not to reward "score-grinding players" but to identify true believers as much as possible.

Evaluation Metrics

We use four different metrics in our overall scoring system:

1. Moni Score

The Moni Score is used as both:

· A foundational screening criterion

· A component of the social score

For example:

· My Moni Score is approximately 7,000

· @artemis_onchain's Moni Score is approximately 300

Based on this distribution, we consider setting the Moni Score at 50 to be a reasonable lower threshold in most cases. It is not a perfect measure of user quality, but it remains a useful reference point in distinguishing between completely dormant accounts and those with some level of activity.

For alternative approaches to social validation, we also discuss and implement them later in the text.

2. On-chain Activity Score

The On-chain Activity Score consists of multiple dimensions, each with different weights. The overall design is as follows:

· Early Participation (15%): Represents early adopters and willingness to take risks

· OG Status (15%): Long-term participation in the entire crypto ecosystem

· Asset Holding (15%): Serves as a reference for financial investment and "skin in the game" participation

· NFT Activity (7.5%): Manifestation of current on-chain activity, especially through NFT participation

· Recent Activity (15%): Focuses not only on past participation but also on recent on-chain behavior

· MegaETH-related Behavior (32.5%): Includes CAP Score, MEGA NFT holdings, and participation records directly related to MegaETH, such as specific testnet behavior

3. Social Score

The Social Score combines multiple dimensions:

· Moni Score

· Kaito Data

· Other reference information (such as [ ] and Ethos) used for manual review

We did not rely on a single metric but instead used a combination of multiple tools. This approach helped us effectively filter out obvious bots and low-quality spam accounts, while also better identifying participants who genuinely engage with the community.

4. Mega Score

The Mega Score is specifically tailored to MegaETH's participation signals, including:

· CAP Score

· Holding of MEGA NFTs

· Specific testnet behaviors

We used the Mega Score in two main ways:

1. As part of the on-chain activity score

2. As a basis for certain filtering thresholds to ensure that genuine MegaETH participants are not crowded out of the allocation range by generic on-chain "Farmers"

Why Vesting Is Important

We placed significant emphasis on whether to choose to vest $MEGA for one year.

In our view, being willing to vest for a year in a highly volatile market is a testament to strong conviction. No one can predict what will happen tomorrow, and choosing to vest for a year is an expression of: "I am not here for short-term trading; I am here for long-term participation."

Participant Screening and Allocation Process

After completing the scoring, we still need to decide on two things:

1. Who can enter the allocation list

2. How to convert the score into actual allocation quotas

We have divided the process into two categories:

· Vesting Participants

· Non-vesting Participants

Lockdrop Participant Selection Method

For users opting for lockdrop, they must meet any of the following conditions to be considered:

· Moni Score above 50

· On-chain score above 200

· Mega Score indicating ownership of more than one Fluffle NFT

In other words, you need to have at least one of the following:

· Basic social activity

· Clear on-chain behavioral signals

· Strong MegaETH participation history

After applying these filtering criteria, approximately 29.4% of the lockdrop addresses entered the allocation list, totaling around 1,000 addresses.

Once a wallet passes the filtering, its allocation amount will be determined based on the final score, which combines on-chain and social signals. We have adopted a segmented continuous curve approach, ensuring the minimum allocation while rewarding high-score users more.

The specific allocation logic is as follows:

· Top 5%: Linear decrease, allocation ratio from 100% to 95%

· Next 3% (5%-8%): Rapid decrease, from 95% to 55%

· Following 7% (8%-15%): Continued decrease, from 55% to 35%

· Remaining 85%: Exponential decay, with a minimum allocation of 25%

Non-Lockdrop Participant Selection Method

Non-lockdrop addresses must meet any of the following conditions to enter the allocation list:

· Moni Score > 200

· Social Score > 200

· On-chain Score > 300

· Mega Score > 68 (meaning holding at least one Fluffle)

If you are active on-chain, have a strong social signal, or have a significant participation record on MegaETH, you are eligible to participate, and you do not need to meet all conditions simultaneously.

The actual screening results are as follows: out of 49,976 non-staking participants, a total of 5,031 wallets passed the screening, with an admission rate of approximately 10.1%. Even with the lowest allocation threshold, the competition is very fierce. We trust the judgment of our algorithm and are well aware that even if some users have significant activity and holdings on MegaETH, if other metrics are weak, they may not be selected. However, this is a fair mechanism, and we respect the results.

In the screened list, we rank wallets based on a comprehensive score and determine their allocation ratio accordingly.

The higher the ranking, the higher the allocation ratio. As the ranking decreases, the allocation ratio gradually decreases. Once a certain ranking is reached, the curve flattens out, and the remaining users receive a uniform minimum allocation.

Micro Bid Protection and High Score Mechanism

We have noticed that some micro bidders are on par with large bidders in the rankings. To ensure fairness, we have implemented a mechanism: no participant's actual allocation amount shall be lower than the allocation of the 5 adjacent addresses in the ranking.

For example, @thedefinvestor is ranked in the top 15 among non-staking participants, but their bid is not high. Based on the percentage allocation, they should have received a smaller amount. However, their neighbor is a full bid participant who received a higher allocation.

To confirm @thedefinvestor's high ranking performance, we have increased their allocation to a level close to that of their neighbor. This is also the source of some 100% allocation ratios.

Case Study 1: Low Social Score, High On-Chain Score

@cp0xdotcom has almost no presence on Twitter, has never posted any tweets about MegaETH, hence having a low social score. However, they are still ranked in the top 20 of all participants and have received 92% of their staking bid.

Their advantages include:

· Over 8 years of on-chain history

· Gas consumption of 194 ETH

· Early participant in multiple contracts that later gained widespread adoption

· Interacted with 3,490 unique contracts

· Been active on the mainnet for 164 out of the past 180 days

· No NFTs and no MegaETH-related activity

His case illustrates that even without social activity or MegaETH endorsement, as long as one performs well on-chain, they can still achieve a high ranking.

Case Two: Low on-chain score, high social score

@nics_off is almost the opposite of the above case. His wallet's on-chain history is less than two years, with only 1.5 ETH gas spent and interactions with about 150 contracts, resulting in a low on-chain score. However, his social score is remarkably high:

· High Twitter engagement

· Ranked 13th on the Kaito MegaETH leaderboard

· Shared a large amount of high-quality MegaETH content

These factors have placed him at 17th position among non-staking participants, receiving the highest allocation ratio (20%) in that category.

His case also demonstrates that having a large following alone is not sufficient; a good social score is a weighted combination of Moni and Kaito, where the quality of MegaETH-related content is far more important than the number of followers.

We see many similar cases at the top of the leaderboard, with some notable examples being:

· @barthazian: Ranking first among all users, excelling in all metrics

· @0xMaxBT: Revered as a MegaETH testnet legend, being the only one to complete all testnet contract interactions (out of 53,000 participants)

Sybil Attack Prevention Mechanism

We have implemented multiple layers of Sybil protection:

1. Sybil cluster reports from the community and external teams (such as Bubble Maps and Echo) serve as direct filtering criteria

2. Our scoring system itself is unfriendly to Sybil attacks. To earn a high score, a wallet must have genuine and trustworthy on-chain activity, as low-quality associated addresses usually do not pass through

3. We have found that some wallets or social media accounts are linked to multiple KYC submissions. Once such a pattern is identified, all related requests will be invalidated.

4. For wallets that have already been allocated, we will continue to conduct Sybil checks. If any malicious behavior is discovered, we reserve the right to issue refunds.

This article is contributed content and does not represent the views of BlockBeats.

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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