Megaeth的USDM Stablecoin：革命性的第2层费用？

Megaeth的创新USDM Stablecoin旨在通过将收入从用户费用中脱成收入，承诺较低的成本和更大的应用设计自由来破坏2层的景观。

MegaETH's USDm Stablecoin: Revolutionizing Layer 2 Fees?

Megaeth的USDM Stablecoin：革命性的第2层费用？

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摇晃一切，旨在通过储备收益率为网络运营提供资金，而不是依靠交易费用。与Ethena的这种合作伙伴关系承诺较低的费用和更具表现力的设计空间。让我们潜入！

The Problem with Traditional Layer 2 Fees

传统第2层费用的问题

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.

大多数第2层网络都依靠Sequencer费用来产生收入。随着吞吐量量表和数据成本压缩，该模型可能会易变。 Megaeth认为，这在生态系统增长与收费收入之间造成了不对对准。没有人喜欢支付额外的费用，尤其是当他们感到不可预测时。

USDm: A New Approach to Blockchain Economics

USDM：一种新的区块链经济学方法

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的目的是通过将负担转移到用户中来解决此问题。 Megaeth没有收取交易费用，而是利用主要在BlackRock代币化财政基金（BUIDL）的机构级别的收益率来支付网络费用。这使Megaeth可以在维持运营可持续性的同时保持费用接近成本。将其视为每个人都获胜的进步区块链经济。

The Ethena Partnership

Ethena合作伙伴关系

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与Ethena的合作伙伴关系是一个战略举动。 Ethena将其专业知识带入了USDE，即以USD为基础的第三大加密资产及其机构USDTB基础设施的专业知识。 USDTB拥有大量的循环，代表了监管合规性的开创性努力。这种合作确保了透明的储备和可预测的收益。

Lower Fees, More Possibilities

较低的费用，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.

根据Megaeth的联合创始人Shuyao Kong的说法，USDM意味着用户的费用较低，并且为应用程序提供了更具表现力的设计空间。可预测的次级费用使得启动需要超低成本的全新产品类别成为可能。想象一个世界，微交易实际上是可行的，这就是这里的潜力。

A Contrarian View

逆势观点

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.

尽管低费用的承诺正在吸引人，但值得询问该模型从长远来看是否可持续。尽管USDM V1储备主要是通过证券化分配给贝莱德式的美国财政基金的，但它仍然是一个相对较新的模型。保留收益率是否可以始终如一地支付运营成本，尤其是在波动的市场中？只有时间会证明。

The Future of Layer 2?

第2层的未来？

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代表了重新考虑第2层经济学的大胆尝试。通过将收入与用户费用取消，它可以为较低的成本，更大的应用设计自由和更可持续的生态系统铺平道路。它是否成功还有待观察，但这肯定是值得一看的发展。谁知道，也许有一天我们都会使用USDM为我们的早晨咖啡付费（实际上，当然是！）。