Namik

And the answer there is the hidden tax of table yields that come in stable coins, right?

Everyone who has a dollar on-chain, right, especially after Genius, is not getting the yield for that dollar.

So if you're holding USDT or USDC, right, on like Ethereum L1, someone somewhere is internalizing a table yield, right, on your behalf.

What we basically said is, hey, we're going to have like this native stable coin, USDM,

And when applications use USDM, we earn the TIPO yield for that, right?

That goes into the mega balance sheet, let's say.

And what that does is it allows us to, like, grow...

the chain, reinvest into the chain in a way that doesn't necessarily harm end users.

You know, one can argue that end users should be getting their yields, right?

But I think then you just have to ask yourself, well, what kind of reasons are people coming onto your chain for?

Someone who's stablecoin farming should not be stablecoin farming on MegaEve.

They should not be parking their stablecoins on MegaEve.

They should be doing that on EFL1.

EFL1 is more secure than Mega.

You're coming on the Mega because there's cool apps on Mega.

You're coming on the Mega because you want to do something unique on Mega.

And then having to deal with this hidden tax, which you wouldn't have been earning anyways, I think is a very reasonable trade-off.

So the way Mega makes money is via these table yields.

It doesn't hurt apps.

It doesn't hurt users.