THE USE OF STABLECOINS AS TRANSACTION FEES IN HELA (HLUSD)
Do you know that for HeLa to ensure transaction fee pricing does not fluctuate based on the volatility of the native token, Hela proposes to use stablecoins for transaction fee settlement.
Since the actual processing of users’ transactions occurs at the execution layer, the settlement of transactions via stablecoin also occurs at the execution layer (by default within the official runtime).
Hela uses a gas fee model similar to that of Ethereum, where the gas fee consumed per transaction is related to the complexity of the transaction. The gas fee is in turn converted equivalently to stablecoin for settlementTherefore, Hela implements stablecoin support at the lowest level of the execution layer, making them a native token of the official runtime.By default, the stablecoin used by Hela is HLUSD (HelaUSD), a fiat-collateralized stablecoin anchored to the U.S. dollar 🔥.
Moreover, HLUSD is backed by "off-chain" reserves of FIAT currency - the "collateral". A regulated company is responsible for controlling the FIAT funds and minting or burning the HLUSD tokens in the runtime accordingly.
To bring to your notice,HeLa design a dual
token mechanism in the official runtime. Specifically, HLUSD exists as a native token in the official runtime, while HELA will be stored in the form of ERC20 tokens in a system-level smart contract.In conclusion, in Hela, HELA tokens
are produced on the consensus layer, while HLUSD is minted in the execution layer (the official runtime).
In addition, in Hela, HELA tokens
are produced on the consensus layer, while HLUSD is minted in the execution layer (the official runtime).
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