MegaETH Foundation to use USDM stablecoin revenue to fund MEGA token buybacks

The MegaETH Foundation announced it will use revenue generated by its native stablecoin, USDM, to accumulate MEGA tokens through routine purchases. USDM, developed in partnership with MegaLabs and Ethena, earns yield on reserves backed by Ethena's USDtb, which is collateralized by BlackRock’s BUIDL fund. This move is part of several pre-mainnet announcements for the project, which decoupled its token launch from its mainnet event. Furthermore, MegaETH outlined three key performance indicators (KPIs)—including $500 million in 30-day time-weighted USDM in circulation—that, upon achievement, will trigger the MEGA token generation event seven days later. The foundation also plans to launch a beta for its novel "proximity markets" post-mainnet, which uses a bidding system for heavy users to secure sequencer-adjacent positions, aiming to reduce latency and create demand for MEGA.

(Source：The Block)