MegaETH’s ICO Revival: Sonar Registration Sparks Community-Focused Token Sale

For years, the crypto world has struggled to rebuild trust after the initial coin offering (ICO) craze of 2017 lost steam. That early wave burned out because of unclear rules, heavy speculation, and too many projects that failed to deliver on their promises. Many assumed ICOs were a thing of the past. Yet, quietly and without hype, a new version of the model is starting to surface. MegaETH has sparked fresh attention by opening registration for a token sale through Sonar, a launch platform created by Jordan “Cobie” Fish. What makes this move stand out is not nostalgia for old ICOs, but the fact that the structure is very different from what the industry saw in previous cycles.

Instead of allowing tokens to be sold without oversight or transparency, the Sonar approach focuses on identity, accountability, and meaningful participation. The goal is to give contributors more responsibility and to discourage anonymous speculation and fast exits. This signals a shift away from chaotic presales and toward something more deliberate and credible. Registration for the MegaETH token sale started on October 13, 2025, and will remain open until October 27. Many observers believe this launch could become the first real test of a more responsible and mature version of the ICO model one shaped less by hype and more by structure, clarity, and community involvement.

MegaETH positions itself as a “real-time blockchain” compatible with Ethereum. Its claim is speed and user ownership, not hype or exclusivity. The project already raised $10 million through Echo in December 2024, created its native stablecoin MegaUSD (USDm) with Ethena Labs, and laid out a structure for ecosystem incentives. The choice of Sonar as a launchpad adds another layer. Sonar is not a traditional presale site. Built to promote transparent token sales without the heavy influence of private venture capital, it emphasizes fairness and community engagement. Participants must complete identity verification. Those located in restricted jurisdictions are excluded, and U.S. participants must be accredited investors and comply with a 12-month lockup period. Employees of MegaETH cannot participate at all.

The system is designed to slow speculation and prevent a race for short-term exits. Instead of rewarding those who farm for token allocations, the platform integrates mechanisms that focus on building participation over time.

Soulbound Incentives and Community Mechanics

One of the most notable differences is MegaETH’s incorporation of soulbound NFTs through a collection known as The Fluffle. These tokens cannot be traded and function as digital proof of authentic participation. They are tied to a points system that avoids the “earn-and-dump” mentality common in airdrop farming. In a public statement shared in early September 2025, the MegaETH team criticized traditional airdrop systems for encouraging artificial use and draining long-term value. Soulbound rewards instead aim to recognize real supporters while discouraging opportunists. This approach signals a shift away from incentives that attract superficial engagement.

The table below summarizes how the MegaETH sale framework contrasts with earlier ICO mechanics:

 

Feature	Older ICO Models (2017–2021)	MegaETH Sale via Sonar (2025)
Participant Access	Often unrestricted or private	KYC-based, global with exclusions
U.S. Involvement	Frequently unclear	Accredited only, 12-month lockup
Incentive Design	Airdrops, fast flips	Soulbound NFTs and contribution points
Community Role	Loosely defined	Structured, verifiable participation
Token Distribution	Speculative presales	Curated, regulated sale process

Sonar’s involvement carries weight because of its creator. Jordan “Cobie” Fish, widely known for his role in co-founding Lido, is associated with decentralized initiatives that reject aggressive venture dominance. The platform is self-hosted and promotes accountability as a way to repair reputational damage left by presale-driven launches. This renewed format arrives at a time when sentiment around early token access has shifted. Instead of two-tier systems where VCs receive favorable terms and communities get leftovers, Sonar is positioning itself as a reset point. Whether this model scales depends on adherence to transparency, enforcement of participation rules, and global accessibility.

Implications for the Broader Crypto Landscape

If MegaETH’s token sale concludes successfully under these parameters, it may influence how future fundraising evolves. Several outcomes become possible:

Crypto networks may adopt stricter alignment between contribution and allocation. Participants who engage through community channels, development, or governance may receive more weight in distribution models.

Regulated yet open-access token launches could challenge VC-dominated private rounds. Instead of deals occurring behind closed doors, projects might blend compliance with inclusivity using identity verification and structured lockups.

Soulbound participation rewards may reduce volatility and wash trading. Binding recognition to community involvement instead of token flipping could change the way value flows in early-stage ecosystems.

Real-time blockchain infrastructure paired with community financing may attract developers, especially as MegaUSD and ecosystem tooling mature.

A Revival With New Rules

The deadline of October 27, 2025, is not just a date on the calendar. It marks the first real test of a new approach to token sales one that tries to fix the mistakes of past ICOs without shutting people out. The MegaETH launch on Sonar is not using the ICO model for nostalgia. Instead, it is treating it as a structure that can be rebuilt in a smarter and more responsible way.

Whether this inspires a wider comeback of community-driven token launches will depend on what happens after the sale begins. Success will require careful execution, clear oversight, and a positive response from the public once tokens are distributed. If the approach works, 2025 may not be remembered as a repeat of old speculation but as the moment ICOs were reshaped to fit a more regulated and purpose-driven market.

What happens next will decide if this is a one-time experiment or the beginning of a long-term change in how tokens are introduced to the public.