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Crypto Token Offerings Surge in 2025, but Capital Flows to Just Five Projects
Crypto token offerings generated billions of dollars in 2025, yet fundraising activity across the sector was anything but evenly distributed. Instead of broad participation, investor capital clustered heavily around a small group of high-profile projects, underscoring a growing preference for well-branded launches with strong narratives and recognizable backers.
In total, just five token sales raised nearly $2.92 billion, highlighting how demand gravitated toward a select few standout offerings.
MegaETH Redefines ICO Demand
Leading the pack was MegaETH, an Ethereum layer-2 project that delivered the largest token sale of the year. Its October ICO drew nearly $1.4 billion in bids, despite being capped at $50 million, resulting in an oversubscription of almost 28 times. This surge pushed MegaETH’s fully diluted valuation to approximately $27.8 billion.
Strong visibility within the Ethereum ecosystem, combined with backing from Vitalik Buterin and Joe Lubin, fueled immediate momentum, with the full $50 million raised in just five minutes. High testnet throughput and over 100,000 completed KYC checks further reinforced demand.
PUMP Token Raises $600 Million in Minutes
Close behind, pump.fun’s PUMP token raised $600 million in under 12 minutes. Around $500 million came directly from the token sale, implying a $4 billion fully diluted valuation, while an additional $100 million was raised off-chain through a centralized exchange.
World Liberty Financial Gains Spotlight
World Liberty Financial, a DeFi project backed by Donald Trump, secured roughly $590 million across multiple rounds. Strategic investments from Justin Sun and Web3Port added further momentum.
Monad and Aztec Complete the Top Five
Monad, an EVM-compatible layer-1 blockchain, raised $269 million, exceeding its target, while Aztec Network closed the top five with a $61.3 million community-focused token sale powered by Uniswap-based auctions.
