Gasの‌価格GAS

OpenLedger’s $OPEN token is designed as an AI-blockchain infrastructure layer where contributors, developers, and validators are rewarded fairly through a “Proof of Attribution” mechanism. With a capped supply of 1 billion tokens and only a portion currently circulating, the token sits at the intersection of AI and decentralized networks. Its role covers gas fees, governance, model deployment, and rewarding participants, making it central to the project’s ecosystem. Key Drivers (Pros) That Could Push $OPEN Higher Growing Demand for AI Infrastructure: As AI becomes more essential, transparent systems that ensure data attribution and contributor rewards will be in demand. OpenLedger’s model could solve this. Controlled Tokenomics: With only part of its supply circulating, scarcity could push value upward if adoption grows. Ecosystem Growth: Developer incentives and community-driven adoption can fuel real-world use cases, driving usage of $OPEN. AI + Web3 Macro Tailwinds: Interest in combining AI with blockchain creates favorable conditions for infrastructure tokens like $OPEN. Community and Governance Strength: Strong participation and transparent governance could attract long-term users and contributors. Risks (Cons) That Could Limit Growth Intense Competition: Other AI-blockchain projects may capture market share. Regulatory Challenges: Data privacy and attribution could bring scrutiny. Technical Hurdles: Scaling inference, cost, and reliability may be challenging. Token Unlock Pressure: Large unlocks over time may create sell pressure. Adoption Pace: Without sufficient developer and user growth, utility demand may lag. $OPEN Price Predictions by 2026 Scenario What Happens Possible Price Range Bullish Strong adoption, many AI models deployed, enterprise use, healthy governance, managed unlocks. $3 – $6 Moderate (Base Case) Moderate adoption, steady ecosystem growth, balanced unlocks and demand. $1 – $2.50 Bearish Weak adoption, high competition, technical or regulatory setbacks, heavy token selling. $0.20 – $0.80 Most Likely Outcome By 2026, the most realistic case is moderate adoption, with $OPEN,trading in the $1.50 – $3.00 range if execution remains steady and usage grows. However, should the project secure strong partnerships and achieve large-scale AI adoption, the bullish scenario could play out. Conclusion $OPEN is positioned at the convergence of AI and blockchain, offering transparency, attribution, and fair rewards for contributors. Its capped supply and infrastructure role give it solid fundamentals, but competition, regulation, and execution risks remain. If adoption accelerates and demand for AI attribution grows, $OPEN could establish itself as a leading infrastructure token by 2026.

𝐔𝐒𝐃𝐦 𝐚𝐧𝐝 𝐌𝐞𝐠𝐚𝐄𝐓𝐇: 𝐖𝐡𝐚𝐭 𝐈𝐬 𝐓𝐡𝐞 𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞? TL;DR USDm is issued on Ethena’s USDtb rails and backed primarily by tokenized U.S. Treasuries (BlackRock BUIDL via Securitize). The reserve yield is programmatically routed to cover MegaETH sequencer OPEX, so gas can be priced at cost while keeping fees stable as throughput scales. Integration is deep across wallets, paymasters, and apps on @megaeth_labs. USDT0 and cUSD remain first-class assets. ------ 📌 𝐓𝐡𝐞 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐒𝐭𝐚𝐜𝐤 1. Economic layer → Reserves: USDm v1 uses the USDtb reserve model: ~target 90% BUIDL (tokenized short-duration Treasuries) held via Securitize, plus liquid stables for redemptions. It has 24/7 atomic swaps between USDtb and BUIDL, which tighten settlement and transparency. → Yield source: BUIDL’s T-bill yield accrues on reserves such that yield is earmarked to fund sequencer costs on MegaETH. 2. Issuance → Issuer rails: Ethena provides the stablecoin stack (contracts, treasury operations, reserve disclosures). USDm adapts its collateral mix over time. → Compliance/custody: USDtb has a clear path toward compliance (GENIUS Act notes with Anchorage) and institutional integrations. 3. Execution & Settlement → Chain integration: MegaETH bakes USDm into paymasters, wallets, DEX routes, oracles, and app services. Gas can be paid cheaply while USDT0 and cUSD remain supported routes. → Sequencer OPEX link: Reserve yield flows to a funding sink that offsets the L2’s sequencer costs. This inverts the usual fee-margin model and lets MegaETH run the sequencer at cost. 📌 𝐌𝐞𝐜𝐡𝐚𝐧𝐢𝐜𝐬 1. Reserve backing and mint/redeem → Backing: USDm v1 is economically equivalent to USDtb units sitting on BUIDL, with a liquidity sleeve in stablecoins to support redemptions. Reserve composition is adjustable by policy. → Mint/redeem path: On issuance, assets routed through venues become USDtb exposure. Atomic swap rails allow moving between USDtb and BUIDL 24/7, improving settlement finality and liquidity management. Redemptions unwind the path in reverse. 2. Yield routing to L2 costs • Computation: Net portfolio yield of reserves → USDm Reserve Yield Account → periodic transfer to Sequencer OPEX bucket. Gas prices can then track data and compute costs rather than a markup. Why? As data costs change and throughput scales, fee volatility doesn’t need to be pushed to users to protect L2 margins. 3. Onchain, Ethena’s USDtb/USDe contracts provide ERC-20 interfaces and policy hooks. MegaETH then integrates paymaster support and router/oracle paths for USDm. ------ 📌 𝐈𝐧𝐭𝐨 𝐌𝐞𝐠𝐚𝐄𝐓𝐇 𝐀𝐫𝐜𝐡𝐢𝐭𝐞𝐜𝐭𝐮𝐫𝐞 MegaETH’s execution architecture is heterogeneous: ✔️ One active sequencer ✔️ Full nodes, ✔️ Replica nodes (apply diffs without re-execution), and ✔️ Prover nodes. It targets ~10 ms latency and 100k+ TPS, secured by Ethereum and paired with EigenDA for data availability. The USDm design complements this by de-linking fee revenue from user surcharges and pinning it to reserve yield. ------ 📌 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐑𝐨𝐥𝐞𝐬 1. MegaETH (MegaLabs): → Integrates USDm into wallets, paymasters, gas accounting, indexers, and routing. → Maintains a fee policy that prices gas at cost, funded by USDm yield. → Preserves competing stablecoin routes (USDT0, cUSD) to avoid lock-in. 2. Ethena → Operates the stablecoin stack and reserve policy for USDtb. Provides issuance, risk, disclosures, and protocol governance. 3. Securitize / BlackRock → BUIDL custody/transfer, investor compliance, and tokenized fund operations that underpin USDtb’s reserve quality and liquidity rails. ------ 📌 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 → Fee Stability at Scale: Yield covers sequencer OPEX as usage rises, so MegaETH avoids hiking fees to defend margins. → Institutional Reserve quality: BUIDL and Securitize add a clear operational framework and integrations across CeFi/DeFi. → Adaptable Reserve Policy: Ethena’s stack allows shifting collateral mix (e.g., to include USDe exposure) if conditions change. ------ 📌 𝐑𝐢𝐬𝐤𝐬 𝐚𝐧𝐝 𝐎𝐩𝐞𝐧 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 (𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 𝐚𝐧𝐝 𝐏𝐨𝐥𝐢𝐜𝐲) → Reserve yield vs. OPEX mismatch: If short-rate yields compress or DA costs rise, yield may not fully cover sequencer costs, forcing policy changes or supplemental revenue. → Counterparty/compliance dependencies: Reliance on BUIDL/Securitize and associated investor frameworks introduces offchain and regulatory dependencies. → Smart-contract surface: USDtb, paymasters, routers, and OPEX routing add integration risk. I expect audits and management. → Liquidity pathing: Deep liquidity for USDT0 and cUSD will coexist. This means USDm needs competitive venue support to minimize routing slippage in practice. → Governance clarity: Who will manage reserve-mix changes for USDm, and how OPEX distributions are parameterized? This matters a lot to users and integrators. You can also check a simplified explanation of USDm, written by @St1t3h:

RT @nancy_c813: 又有新东西和大家分享，@Bitget_zh 与Ondo Finance合作，上线了美股、ETF 103种资产，当然热门币种苹果、特斯拉、微软、Google、NVIDIA这些都有，还零 gas费，直接用USDC就行。 这次bitget升级等于打破…

Monad Genesis: The initial total supply of the Monad native Gas token is 1,000 billion.

◽ A PROTOCOL DESIGNED TO FIX ORACLE INEFFICIENCIES The Switchboard Protocol represents a new wave in oracle technology, designed to deliver secure, verifiable, and on-demand data to blockchain applications. Oracles remain vital to decentralized ecosystems because they bridge the gap between smart contracts and real-world information, enabling automation that would otherwise be impossible. However, traditional oracles have long faced problems such as slow data updates, limited customizability, and centralization risks. Switchboard addresses these inefficiencies by using Trusted Execution Environments (TEEs) for security and a carefully designed incentive system powered by $SWTCH, making it more adaptable and resilient for the next stage of decentralized adoption. ◽ ON-DEMAND FEEDS WITHOUT COSTLY INTERMEDIARIES At its core, Switchboard introduces an on-demand oracle model that reimagines the typical pull-based approach used by many networks. Most oracle systems rely on intermediate data layers and continuously streaming nodes, which increase operational costs and complexity while still requiring users to bear gas fees. Switchboard eliminates this inefficiency by fetching data only when it is explicitly requested, ensuring freshness without constant overhead. Its permissionless model means anyone can define custom feeds, while the system’s on-chain data feeds act as verifiable references that are updated only when needed. This balance between resource efficiency and real-time responsiveness makes the protocol attractive for developers who need reliability without excessive cost. ◽ EXPANDING BEYOND PRICE FEEDS INTO NEW POSSIBILITIES Unlike older oracles that are limited to delivering market prices, Switchboard expands into diverse use cases. Developers can build ephemeral feeds that exist only for a short-term purpose, such as an event-specific dataset. They can also aggregate data from multiple sources to increase redundancy and accuracy, which is crucial in high-stakes environments like DeFi. In addition, the protocol allows confidential handling of sensitive information through secure data delivery methods. Randomness generation is another highlight, providing verifiable and fair randomness through confidential runtimes, making it suitable for lotteries, NFT mints, or gaming. To further enhance flexibility, Switchboard supports execution of custom workloads inside TEEs, allowing untrusted code to run securely and report results on-chain without risking data leakage. ◽ FASTER AND FAIRER PRICING IN DEFI LENDING The advantages of Switchboard’s architecture are clearly seen in decentralized finance, where speed and accuracy directly impact financial outcomes. Consider a lending platform that integrates Switchboard for price feeds: when a borrower initiates a request, the platform uses the Switchboard SDK to request real-time asset prices. The request is then routed to a gateway that selects oracles based on their stake and past performance. These oracles retrieve the data, sign it with the latest block hash, and return the verified results, which are embedded directly into the transaction. Once the transaction is processed on-chain, the signatures are validated and the updated prices are applied. This streamlined workflow minimizes latency, eliminates stale data issues, and ensures borrowers and lenders interact under accurate and fair terms, a critical feature for DeFi protocols where market volatility can quickly result in financial risk. ◽ BRIDGING ORACLE REGISTRIES FOR A MULTI-CHAIN FUTURE Beyond single-chain efficiency, Switchboard’s registry model positions it for seamless cross-chain operations. Each oracle node is uniquely identified by its public key, stake, and TEE-secured signer, forming a transparent registry of trusted participants. This registry can be bridged to other blockchains, allowing oracles to be recognized across networks like Solana and Arbitrum. For example, a user on Solana could request a price update that includes a block hash from Arbitrum, and then verify the result against the synchronized registry on both chains. If the registry is missing or mismatched, it can be updated through bridging layers to ensure continuity. This design allows Switchboard feeds to be validated across multiple ecosystems, making it a backbone for multi-chain applications that require trustworthy data without rebuilding infrastructure from scratch. ◽ INCENTIVES TIED TO PERFORMANCE AND GOVERNANCE The protocol’s long-term sustainability is underpinned by $SWTCH, its native Solana SPL token with a capped supply of one billion. Switchboard leverages Jito’s Node Consensus Network for restaking, where oracle operators and stakers both play active roles. Participants deposit tokens into vaults and receive Vault Receipt Tokens (VRTs) that reflect their stake, with svSWTCH serving as both the receipt token for $SWTCH and a governance instrument for network-wide decisions. Oracles are required to maintain a minimum svSWTCH balance to handle workloads, ensuring they have economic skin in the game. Workload distribution is based on a combination of stake value and performance metrics such as uptime and latency, incentivizing reliable operators. Fees from user interactions are collected in the chain’s native token, such as SOL, and are distributed at the end of each epoch. A subsidy pool in $SWTCH further supplements these rewards, providing additional incentives for early adopters and stakers while securing the network’s reliability. ◽ MARKET ACTIVITY SIGNALS VOLATILITY AND UNCERTAINTY The $SWTCH token is currently experiencing notable volatility in its trading performance. The token recently traded at $0.13467, reflecting a steep 22.84% decline in 24 hours. Trading volumes have been extremely high, with nearly 70 million $SWTCH exchanged in a single day, equivalent to $10.39 million in turnover. The market capitalization sits at $23.56 million, with a fully diluted value of $137.31 million. With 171.6 million tokens circulating, the circulation rate is around 17%, leaving a significant portion of supply yet to be unlocked. Technical indicators reinforce the bearish pressure: prices are trading below short-term moving averages, RSI levels are hovering in the mid-40s, and the MACD shows weakening momentum. The token’s price also recently touched both its all-time high of $0.2036 and its all-time low of $0.1226 within a single week, a strong signal of heightened speculation. While these swings point to risk, they also highlight early-stage market discovery, where rapid shifts are common as liquidity and adoption gradually stabilize.