The recent token sale events for the zkPass protocol, decentralized exchange Momentum, and the Ethereum layer-2 network MegaETH have attracted significant interest from retail investors, leading to oversubscriptions.

zkPass Sees Rapid Success

The zkPass protocol launched its ZKP token sale on Monday and exceeded its $2 million goal within minutes, currently receiving over $67 million in allocation requests with three days remaining.

The zkPass claims to be a decentralized oracle protocol that converts private data from websites into verifiable proofs onchain or in Web3 applications without revealing the original data.

ZKP Token Illustration

Source: Crazydrops (Translation: Crazydrops)

The token acts as a utility token in the zkPass ecosystem for settlement purposes, verification, and protocol participation.

MegaETH’s Auction Exceeds Expectations

MegaETH’s initial coin offering (ICO) for the MEGA token reportedly sold out quickly after its opening Monday, closing with over $1.3 billion in commitments—an oversubscription rate of 27.8 times.

The ICO utilized 5% of the total token supply, capped just under $50 million. Following the auction, a specific allocation mechanism will determine each user’s share of the MEGA token.

MegaETH Token Auction

Source: MegaETH (Translation: MegaETH)

Momentum Breaks Records

Momentum, a decentralized exchange on the Sui blockchain, launched its MMT token sale on Monday, raising over $82 million in under an hour—1739% above its initial target of $4.5 million.

This token has a total supply of 1 billion and serves as both a governance and utility token for access and incentives within the ecosystem.

See related articles about this unprecedented market activity, highlighting the growing interest and investment in cryptocurrency projects.