MegaETH to open pre-deposit window for USDm stablecoin next week
Quick Take USDm will be minted through Ethena’s USDtb system, giving the new stablecoin a reserve structure similar to one used by existing institutional-grade offerings. The pre-deposit program carries a $250 million cap, with individual deposits uncapped.
USDm is issued on Ethena’s USDtb rails through Ethena’s Whitelabel system, a structure MegaETH says will eventually allow stablecoin reserve yield to help offset sequencer operating costs once the chain is live.
The program carries a $250 million cap, with individual deposits uncapped and processed on a first-come, first-served basis.
However, participation is tightly constrained. Users must have completed KYC verification during MegaETH’s recent MEGA token sale last month — a sale that drew more than $1.39 billion in maximum bids. Residents of numerous jurisdictions, including the U.S., U.K., China, and Russia, are barred entirely.
Only USDC on Ethereum will be accepted, and deposits are locked until the mainnet launch. Participants "will get consideration towards the Rewards Campaign," MegaETH's FAQ states .
MegaETH describes itself as a real-time, Ethereum-secured Layer 2 built to support extremely low-latency, high-throughput applications — a design that relies on stable, predictable sequencer costs, which USDm is intended to help achieve.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Has the four-year cycle of Bitcoin failed?
The various anomalies in this cycle—including waning sentiment, weakening returns, disrupted rhythms, and institutional dominance—have indeed led the market to intuitively feel that the familiar four-year cycle is no longer effective.
At an internal Nvidia meeting, Jensen Huang admitted: It's too difficult. "If we do well, it's an AI bubble," and "if we fall even slightly short of expectations, the whole world will collapse."
Jensen Huang has rarely admitted that Nvidia is now facing an unsolvable dilemma: if its performance is outstanding, it will be accused of fueling the AI bubble; if its performance disappoints, it will be seen as evidence that the bubble has burst.
After a 1460% Surge: Reassessing the Value Foundation of ZEC
Narratives and sentiment can create myths, but fundamentals determine how far those myths can go.
The demise of a DAT company
The $1 billion Ethereum DAT plan led by Li Lin and others has been shelved due to the bear market, and funds have been returned. This "going with the flow" approach may reflect consideration of investor sentiment.
Trending news
MoreCrypto prices
More
