USDm, issued by a separate stablecoin issuer that MegaETH states is not the MegaETH Foundation or MegaLabs, is a yield-bearing stablecoin that serves as the native U.S. dollar (USD) unit of account for the MegaETH layer 2 network [S1].

USDm is pegged to the U.S. dollar (USD) and issued on Ethena's USDtb rails, where reserves are primarily invested in BlackRock's tokenized U.S. Treasury fund (BUIDL) via Securitize, alongside liquid stablecoins for redemptions, with the underlying USDtb rails targeting an approximately 90% allocation to BUIDL [S1]. Reserve yield is not passed to tokenholders; it is programmatically directed to cover sequencer operations, enabling at-cost gas, and to fund the MEGA token buyback [S1][S2].

MegaETH discloses that USDm does not come from the MegaETH Foundation or MegaLabs but from a separate issuer not named on its own domains [S1]. The MegaETH Terms of Use disclaim regulated-instrument status, stating none of the Tokens constitute an investment contract, security, commodity, swap, derivative, or financial instrument [S3]. General Terms of Use require users to be at least eighteen years old with legal capacity and prohibit access by persons in comprehensively sanctioned jurisdictions or on sanctions lists such as the Specially Designated Nationals and Blocked Persons List [S3]. Reserves include liquid stablecoins for redemptions [S1].

USDm is the native stablecoin of MegaETH Mainnet, the high-performance layer 2 protocol on Ethereum that settles to Ethereum L1 and launched April 30, 2026 [S2][S3]. Users obtain USDm by converting USDC to USDm at a 1:1 rate via the MegaETH bridge [S1]. The USDtb rails support 24/7 atomic swaps between USDtb and BUIDL to tighten settlement [S1].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://www.megaeth.com/blog-news/megaeth-introduces-usdm" },
    { id: "S2", url: "https://www.megaeth.com/token" },
    { id: "S3", url: "https://www.megaeth.com/terms-of-use" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

Decouples execution, sequencing, and verification into specialized roles to maximize hardware utilization. Settles to Ethereum as an L2. Run via a single sequencer model with stateless validation. Uses an EVM-compatible execution environment.

MegaETH is an Ethereum Layer 2 blockchain that targets 100,000+ transactions per second and sub-10ms block times. Its architecture separates sequencers, executors, and verifiers to maximize hardware efficiency and uses an in-memory state structure called SALT (Small Authentication Large Trie) to eliminate disk I/O during execution.

Founded by Shuyao Kong and Namik Muduroglu. MegaETH Labs leads protocol development; the network is intended to be operated by independent sequencers, executors, and verifiers.

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Blockchains (L2)

MegaETH

MegaUSD (USDm) is a U.S. dollar stablecoin issued by MegaETH.

USDm has been issued on public blockchains since December 2025 and is native to Ethereum and MegaETH.

MegaUSDUSDm