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MegaETH launches the MEGA token buyback mechanism, with the native stablecoin USDm driving the on-chain revenue flywheel to take shape
BlockBeats News, May 8. According to official information, the MegaETH Foundation announced that it completed its first MEGA token buyback on May 7, using all net proceeds generated by USDM up to the end of April, marking the official entry of its token economic model into the buyback phase.
At present, the circulating supply of USDm is approximately $480 million. The related proceeds will continue to be used for MEGA token buybacks. In the future, through DeFi protocols, the platform will gradually realize a programmatic, automatically executed on-chain buyback mechanism.
The underlying assets of USDm mainly consist of tokenized U.S. Treasury bonds, managed through collateralization via the BlackRock BUIDL Fund. All real profits generated will be fully redirected back to MEGA buybacks, thereby preventing value from flowing to external stablecoin issuers.
According to DeFi Llama data, the total DeFi TVL on MegaETH has reached $727.4 million. Over the past 30 days, 7 days, and 24 hours, the cumulative revenue generated by applications on MegaETH has been $1.21 million, $437,000, and $610,000 respectively, placing it among the top networks by public-chain application revenue.