Three KPIs, any one triggers TGE — and $500M USDM circulation is a softer bar than $50k daily fees across 3 apps for 30 straight days. Stablecoin deposits chase yield campaigns; sustained fee revenue needs real paying users. Expect TGE to fire on mercenary USDM inflows well before fee economics stabilize — unlocks landing on a chain that's still pre-PMF.

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