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The Ethereum L2 project MegaETH recently announced a significant innovation with the launch of a new stablecoin, USDm. MegaETH is reportedly supported by Vitalik Buterin. This stablecoin is co-developed by Ethena and is backed by tokenized U.S. Treasury bonds. Unlike traditional stablecoins, the revenue from USDm will be directly used to subsidize sequencer fees on L2, thereby significantly reducing user costs and creating a new business model.

USDm is built on the USDe infrastructure of Ethena. Its reserves are invested in BlackRock's tokenized U.S. Treasury bonds with a market value of $2.2 billion, providing stable returns for USDm holders. The yield from this stablecoin will be used to offset the gas costs generated by sequencer transactions, significantly reducing transaction fees for users on L2, making the use of Ethereum L2 more economical. Although the U.S. GENIUS Act may prohibit institutions from issuing yield-bearing stablecoins, this has instead generated demand for projects like USDe and USDS. MegaETH has launched USDm at this time, seizing this market opportunity and injecting new vitality and gameplay into the Ethereum L2 ecosystem.

In the past year, the total fees for Ethereum L1 reached 1.1 billion USD. Although there has been a decline since February, Gas fees remain a focal point for users. MegaETH, through its revenue-generating stablecoin model that subsidizes sequencer fees, is expected to provide a referable economic model for other L2 projects, reducing user participation costs and enhancing the scalability and attractiveness of L2. Lower transaction costs will encourage developers to build more complex and richer DeFi applications, further driving innovation in the Ethereum ecosystem.

MegaETH introduces a revenue-generating stablecoin model, USDm, which brings a highly promising innovative business model to the Ethereum L2 ecosystem. When users conduct transactions, the actual Gas fees paid will be significantly lower than the standard levels, greatly reducing the threshold and transaction costs for using L2. This has immense value in attracting new users and enhancing the activity of the L2 network. USDm subsidizes internal costs through external revenue, creating a brand new and more attractive economic cycle that has the potential to change the profitability model and user incentive mechanisms of L2.

USDm relies on Ethena's USDTb infrastructure and invests in BlackRock's tokenized US Treasuries BUIDL. This combination leverages mature RWA strategies to provide a relatively stable and compliant source of yield for stablecoins, which is more robust than purely relying on DeFi protocol yields and may attract more scrutiny from regulators. MegaETH seizes this opportunity to combine compliant RWA yields with L2 subsidies, filling a market gap, especially in an era where compliance is becoming increasingly important.

The collaboration between Ethena and MegaETH, which introduces yield-bearing stablecoins through USDm and applies it to L2 fee subsidies, is likely to be viewed as a form of regulatory arbitrage. It takes advantage of specific U.S. laws that limit institutions and yield stablecoins, offering products that the market needs through possibly non-U.S. registered entities, innovative cooperation structures, or circumvention of institutional definitions. This practice is not uncommon; in the field of financial innovation, exploring and utilizing regulatory frameworks is the norm. On one hand, it drives innovation within compliance boundaries in the industry; on the other hand, it may prompt regulators to further tighten or refine relevant laws to address cross-border arbitrage and new forms of financial products. This is a reflection of the ongoing tug-of-war between regulation and innovation.

If the returns from USDm can perfectly cover transaction costs, making users almost unaware of fees when using L2, then the core competitive points of L2 will shift from low cost to scalability and user experience. In this ideal scenario, users will prioritize networks with better user experiences. For ordinary users, what they perceive is not the specific number of TPS, but the speed of transaction confirmations, the smoothness of wallet operations, the response time of DApps, and other intuitive experiences. An L2 that is highly scalable but has a complex user interface and cumbersome operations will be far less attractive than a network that, while slightly less scalable, has a user-friendly interface, smooth interactions, and quick responses. When monetary costs are no longer the main consideration, users will place more importance on time costs and learning costs. They will choose a network that allows them to complete operations in the fastest and simplest way. In this new model, user experience will become the trump card in the competition for L2.