Megaeth的USDM Stablecoin：革命性的第2層費用？

Megaeth的創新USDM Stablecoin旨在通過將收入從用戶費用中脫成收入，承諾較低的成本和更大的應用設計自由來破壞2層的景觀。

MegaETH's USDm Stablecoin: Revolutionizing Layer 2 Fees?

Megaeth的USDM Stablecoin：革命性的第2層費用？

MegaETH is shaking things up with its new USDm stablecoin, designed to finance network operations through reserve yields rather than relying on transaction fees. This partnership with Ethena promises lower fees and a more expressive design space for applications. Let's dive in!

Megaeth正在用其新的USDM Stablecoin搖晃一切，旨在通過儲備收益率為網絡運營提供資金，而不是依靠交易費用。與Ethena的這種合作夥伴關係承諾較低的費用和更具表現力的設計空間。讓我們潛入！

The Problem with Traditional Layer 2 Fees

傳統第2層費用的問題

Most Layer 2 networks rely on sequencer fees to generate revenue. As throughput scales and data costs compress, this model can become volatile. MegaETH argues that this creates a misalignment between ecosystem growth and fee revenue. Nobody likes paying extra fees, especially when they feel unpredictable.

大多數第2層網絡都依靠Sequencer費用來產生收入。隨著吞吐量量表和數據成本壓縮，該模型可能會易變。 Megaeth認為，這在生態系統增長與收費收入之間造成了不對對準。沒有人喜歡支付額外的費用，尤其是當他們感到不可預測時。

USDm: A New Approach to Blockchain Economics

USDM：一種新的區塊鏈經濟學方法

USDm aims to solve this problem by shifting the burden away from users. Instead of charging transaction fees, MegaETH uses yield from institutional-grade reserves, primarily held in BlackRock’s tokenized treasury fund (BUIDL), to cover network expenses. This allows MegaETH to keep fees near cost while maintaining operational sustainability. Think of it as a progressive blockchain economy where everyone wins.

USDM的目的是通過將負擔轉移到用戶中來解決此問題。 Megaeth沒有收取交易費用，而是利用主要在BlackRock代幣化財政基金（BUIDL）的機構級別的收益率來支付網絡費用。這使Megaeth可以在維持運營可持續性的同時保持費用接近成本。將其視為每個人都獲勝的進步區塊鏈經濟。

The Ethena Partnership

Ethena合作夥伴關係

MegaETH's partnership with Ethena is a strategic move. Ethena brings its expertise with USDe, the third-largest USD-denominated crypto asset, and its institutional-grade USDtb infrastructure to the table. USDtb boasts a significant circulation and represents a pioneering effort in regulatory compliance. This collaboration ensures transparent reserves and predictable yields.

Megaeth與Ethena的合作夥伴關係是一個戰略舉動。 Ethena將其專業知識帶入了USDE，即以USD為基礎的第三大加密資產及其機構USDTB基礎設施的專業知識。 USDTB擁有大量的循環，代表了監管合規性的開創性努力。這種合作確保了透明的儲備和可預測的收益。

Lower Fees, More Possibilities

較低的費用，更多的可能性

According to MegaETH co-founder Shuyao Kong, USDm means lower fees for users and a more expressive design space for applications. Predictable, sub-cent fees make it possible to launch entirely new product categories that require ultra-low costs. Imagine a world where micro-transactions are actually viable – that's the potential here.

根據Megaeth的聯合創始人Shuyao Kong的說法，USDM意味著用戶的費用較低，並且為應用程序提供了更具表現力的設計空間。可預測的次級費用使得啟動需要超低成本的全新產品類別成為可能。想像一個世界，微交易實際上是可行的，這就是這裡的潛力。

A Contrarian View

逆勢觀點

While the promise of low fees is enticing, it's worth asking if this model is sustainable in the long run. While USDm v1 reserves are primarily allocated to BlackRock's tokenized U.S. Treasury fund through Securitize, it is still a relatively new model. Can reserve yields consistently cover operational costs, especially in fluctuating markets? Only time will tell.

儘管低費用的承諾正在吸引人，但值得詢問該模型從長遠來看是否可持續。儘管USDM V1儲備主要是通過證券化分配給貝萊德式的美國財政基金的，但它仍然是一個相對較新的模型。保留收益率是否可以始終如一地支付運營成本，尤其是在波動的市場中？只有時間會證明。

The Future of Layer 2?

第2層的未來？

MegaETH's USDm stablecoin represents a bold attempt to rethink Layer 2 economics. By decoupling revenue from user fees, it could pave the way for lower costs, greater application design freedom, and a more sustainable ecosystem. Whether it succeeds remains to be seen, but it's certainly a development worth watching. Who knows, maybe one day we'll all be using USDm to pay for our morning coffee (virtually, of course!).

Megaeth的USDM Stablecoin代表了重新考慮第2層經濟學的大膽嘗試。通過將收入與用戶費用取消，它可以為較低的成本，更大的應用設計自由和更可持續的生態系統鋪平道路。它是否成功還有待觀察，但這肯定是值得一看的發展。誰知道，也許有一天我們都會使用USDM為我們的早晨咖啡付費（實際上，當然是！）。