MStableChain: Towards Multi-Native Stablecoins in EVM-Compatible Blockchain for Stable Fee and Mass Adoption

TL;DR

MStableChain introduces a blockchain system that uses multiple stablecoins as native tokens for transaction fees, ensuring fee stability and payment flexibility while maintaining EVM compatibility for mass adoption.

Contribution

It proposes a novel multi-stablecoin native token system with mechanisms for fee stability, EVM compatibility, and on-chain governance, addressing limitations of single-coin fee models.

Findings

Provides stable transaction fees in a prototype system.

Demonstrates high effectiveness and usability.

Ensures compatibility with existing EVM-based applications.

Abstract

Traditional blockchain systems, such as Ethereum, typically rely on a \emph{single volatile cryptocurrency for transaction fees}. This leads to fluctuating transaction fee prices and limits the flexibility of users' payment options. To address these issues, we propose MStableChain, which leverage multiple stablecoins as native tokens for transaction fee settlements, thus ensuring stable transaction fees and flexible payment options. To address the challenges of mass adoption and practicality, we propose several core designs. To maintain compatibility with the Ethereum Virtual Machine (EVM) for mass adoption while supporting multiple native stablecoins, MStableChain employs a multi-currency units, multi-type RPCs mechanism. This mechanism enables the system to handle multiple stablecoins without altering the EVM or requiring changes to user applications. Furthermore, an oracle-based gas fee adjustment mechanism is proposed to manage exchange rates between different stablecoins, ensuring equitable transaction costs across various currencies. The system also introduces a secure, on-chain voting-based management protocol for the administrative functions related to these stablecoins. Experimental results from a prototype implementation demonstrate that MStableChain provides stable transaction fee prices, high effectiveness, and good usability.