Project Overview

The MegaETH Public Sale (October 27-30, 2025) became one of the most significant decentralized auctions in the Web3 ecosystem. Over a 72-hour English Auction with a price ceiling, more than 53,000 bidders committed $1.39B, resulting in 27.8× oversubscription.

This project captures the complete data story of how the sale unfolded - from real-time bidding behavior to wallet-level insights - using custom SQL models, on-chain analytics, and a structured three-phase analysis framework.

Short Description

This project analyzes the full 72-hour bidding phase of the MegaETH public sale using a custom-built Dune dashboard and an in-depth research report. It uncovers how 53,420 participants engaged across locked and unlocked bidding options, how momentum shifted through the Early, Mid, and Final phases, and how the auction achieved $1.39B in commitments.

The work combines real-time data engineering, auction modeling, wallet analytics, and narrative storytelling to produce one of the most comprehensive public sale analyses in Web3.

Key Insights From the Analysis

1. Explosive Early Momentum

• 6,600+ bids and $216M committed in the first hour
• The sale hit its $50M target in under 5 minutes
• 22,266 bids placed in the first 24 hours
• ~97% of participants placed only one bid on Day 1

2. Strategic Mid-Phase Adjustments

• Bidders shifted from speed to strategy between hours 24–48
• Majority stayed with a single bid; only a small segment revised based on live competition
• Unlocked volume dominated (91.5%), but locked bidders showed higher conviction with larger per-bid commitments

3. Final-Hour Surge

• $635M committed during the final 24 hours
• $72M added in the last hour alone
• High revision frequency among top bidders