MegaETH is the ultimate competition of high-performance chains, supported by significant individuals and institutions in the blockchain field such as Vitalik, Joseph Lubin, and Dragonfly. It boasts extremely low latency (only 10 milliseconds) and high performance (TPS up to 100,000), providing the infrastructure for high-performance scenarios (transactions, payments, etc.) akin to the iPhone moment.
Most L2 profit models add extra profit margins on top of sorting fees and gas fees. However, this also creates a conflict between users and public chains: users need to pay more for the chain to become more profitable.
To achieve scalable growth for Dapps (e.g., high online), the potential for new scenarios (e.g., high-frequency quantitative trading, etc.), and low network fees is a killer tool for auxiliary growth. Just as Memecoins require low network fees, although they originated in the ETH ecosystem, their ultimate growth occurred in the Solana ecosystem. The reason is that Memecoins have a much greater thirst for speed than other traditional DeFi types. With the emergence of forms like CLOB (Central Limit Order Book), more high-performance scenarios are also pursuing extreme speed, such as high-frequency trading on-chain.
The model relying on sorting income has become increasingly unstable and difficult to maintain long-term due to technological advancements (increased throughput, decreased data costs). Raising fees to protect profits directly suppresses innovation and growth.
MegaETH has partnered with Ethena to launch a brand new native stablecoin, USDm, aimed at unifying the network incentive mechanism. This allows MegaETH to operate sorters at cost price, bringing the lowest usage fees to users and developers.
Through USDm, MegaETH shifts the funding source of the network from "users paying transaction fees" to "financial returns," thereby supporting network growth.
Today, MegaETH officially releases USDm, a native stablecoin designed to support various innovative applications on MegaETH. USDm is issued through Ethena's stablecoin framework (see below) and is designed to be deeply integrated into MegaETH's wallets, applications, and on-chain services.
"USDm means users can enjoy lower fees, while application developers have a broader design space. MegaETH is pleased to collaborate with Ethena to create a win-win situation for all participants in the ecosystem."
Reserves and Returns
USDM v1 is issued based on Ethena's USDtb track, with reserves primarily invested in BlackRock's tokenized U.S. Treasury fund BUIDL through Securitize, while retaining some liquidity stablecoins to meet redemption demands, thus providing transparent, institutional-level reserve support and predictable return foundations.
Flexibility of Reserves
Ethena's stablecoin framework has long-term scalability, allowing MegaETH to flexibly adjust the collateral composition of USDM, incorporating other existing or future Ethena products (such as USDe). USDM v1 will launch based on USDtb, but its underlying design allows the reserve structure to be dynamically adjusted with market conditions.
Operating Expense Coverage
The returns from the underlying reserves will be directly used to cover the operating costs of the sorters. This allows us to price gas at operational cost, maintaining low and stable fees for users and developers without relying on additional profit margins. This benefits major scenarios in blockchain such as high-frequency quantitative trading and payments.
Realignment of Incentive Mechanisms
As costs rise due to network growth, we do not need to raise fees for users to maintain sustainability. The more network activity, the more prosperous the ecosystem; the returns from the stablecoin, in turn, provide funding support for the network. When transaction fees are stable and below one cent, many application categories that were unfeasible under "costing several cents per operation" conditions will become viable.
Currently active stablecoins on MegaETH, such as USDT0 and cUSD, remain first-class citizens in the ecosystem, widely used in wallets, payment agents, DEX, and money markets. Among them, USDT0 serves as the standard USDT representation on MegaETH, and we will continue to maintain its deep liquidity, oracle coverage, and optimal execution routing, allowing developers and users to choose the most suitable assets based on their needs.
Why Choose Ethena?
Ethena is the protocol behind USDe, which is the third largest and fastest-growing dollar-denominated crypto asset in history. Currently, Ethena's TVL exceeds $13 billion, with a user base among the largest in DeFi protocols, and has integrated with several top centralized exchanges and mainstream DeFi applications. Ethena demonstrates the ability to scale quickly and securely, becoming the third-largest dollar issuer in the crypto space.
Ethena's reserve-backed stablecoin channel USDtb has achieved rapid adoption and institutional application. Currently, the circulation scale of USDtb is approximately $1.5 billion, and as the first stablecoin expected to comply with the GENIUS Act, it is working with Anchorage Digital Bank to advance. The reserves of USDtb are primarily invested in BlackRock's tokenized U.S. Treasury fund BUIDL through Securitize (target allocation approximately 90%).
At the same time, Ethena and Securitize have achieved 24/7 atomic swaps between USDtb and BUIDL, further enhancing settlement efficiency and transparency.
We are excited to collaborate with Ethena to bring a top-tier DeFi user experience to MegaETH.
About Ethena
Ethena is the protocol behind USDe, which is the third largest and fastest-growing dollar-denominated crypto asset in history. Ethena's TVL currently exceeds $13 billion, with one of the largest user bases among DeFi protocols, and has integrated with several top centralized exchanges and mainstream DeFi applications.
About MegaETH
MegaETH is the first real-time blockchain secured by Ethereum and driven by a highly optimized execution environment and heterogeneous architecture. It achieves streaming throughput, with extremely low latency (only 10 milliseconds) and high performance (TPS up to 100,000). Developers can scale applications through real-time state streams, while users can experience instant transactions while fully retaining Ethereum's composability.
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