The two hottest recent IPO projects are Megaeth and MMT. Both projects' KYC and tokens have been depleted, and I don't want to participate anymore, just casually expressing my doubts.

1. Megaeth, high valuation, complex. The final allocation from Megaeth is based on on-chain behavior plus linked Twitter and Discord accounts, not allocated based on funds. The final distribution will definitely be above 2650 USD, either above 2650 or a 0 allocation. The KYC for Megaeth is very difficult, and most of the methods taught on Twitter for passing KYC have been eliminated, but currently, over 100,000 KYC approvals have been granted for Megaeth. The valuation is inflated; it has been speculated to 0.4 USD in the pre-market, with a target valuation of around 2-3 billion USD compared to ARB/OP, and the premium space has almost been exhausted. The new project will be launched at 21:00 tonight on the MegaETH official website, with a limited time of 72 hours. The ICO adopts an auction model, and the final expected valuation is 999 million USD (i.e., each MEGA is $0.0999).

According to its white paper, the presale tokens will be 100% unlocked at TGE, expected after January 2026. It's a long time, and no one can guarantee the market conditions at that time.

The endorsements from Dragonfly, Cobie, and Vitalik are certainly eye-catching, but the official website has yet to publish a complete technical white paper. The term 'high-performance L2' has been heard for two years, from Blast to Scroll, none have landed at 100,000 TPS.

2. MMT, the tokens have no actual earnings support, no platform income dividends, no staking value support, purely relying on task points and airdrop incentives to generate hype, repeated pua. Once the IPO stage ends, lacking continuous capital inflow, the price can only be supported by emotions. The founding team of the project is an old team that started up on Sui, originally created a wallet called msafe but failed to launch a token and then started this DeFi project, also binding AI narratives. In reality, MMT does not have any real AI models or algorithmic advantages. The public FDV is 250 million to 350 million USD, currently trading at 0.6 USD off-market, with a short lock-up period for the team and early investors. Once TGE starts, old funds will exit first, and new funds will take the last turn. Considering the project's popularity and the people hyping it on Twitter, the over-subscription is estimated to be at least 10 times or more. Small funds have little to gain, while large funds should be cautious considering the previous theft of @nemoprotocol, where the pool collaborating with MMT, suiUSDT - USDC, was drained of 556,000 USD.