Ethereum founder Vitalik Buterin pointed out that cheap stablecoin transactions are one of the important values that cryptocurrencies can currently provide. At the same time, Vitalik also praised the Ethereum Layer2 network Codex, which focuses on stablecoin-related applications. (Background: Vitalik's latest long article: Open Source as a third way to mitigate technological centralization is being underestimated) (Background: "1-hour withdrawal" is more important than decentralization! Vitalik's L2 strategic thinking has changed) Haonan, co-founder of Codex, the Ethereum Layer2 network focusing on stablecoin-related applications, posted on the X platform, detailing the project Codex. This article was also recognized by Ethereum founder Vitalik Buterin, who retweeted it and pointed out that cheap stablecoin transactions are one of the important values that cryptocurrencies can currently provide: Cheap stablecoin transactions have always been one of the most important sources of large-scale value that crypto provides today. I am pleased to see @codex_pbc joining the arena as an L2 and explicitly considering the synergy with Ethereum Mainnet from day one. Cheap stablecoin transactions continue to be one of the most important sources of large-scale value that crypto provides today. Excited to see @codex_pbc joining the arena as an L2 and thinking explicitly about synergy between itself and ethereum L1 from day one. — vitalik.eth (@VitalikButerin) September 5, 2025 Below is the full translation of Haonan's article introducing Codex: The Stablecoin Special Forces of Ethereum Codex is currently the only stablecoin chain built on Ethereum. Some people describe us as "the stablecoin special forces of Ethereum", while others call us Ethereum's "Tron terminators". We chose Ethereum because it currently has the most assets and stablecoins. Ten years of robust security, deep liquidity, and zero downtime records make Ethereum (rather than other alternative L1 public chains) the top choice on Wall Street. Currently, multiple competitors are trying to challenge Ethereum's position as the default platform for stablecoins. For example, Plasma based on Bitcoin settlement, Circle's Arc, and Stripe's Tempo are alternative L1 public chains that attempt to replace and attack Ethereum. We are confident that Ethereum and Codex will defeat these competitors. We will strengthen and continue Ethereum's long-term dominance in the stablecoin field. Ethereum will be the foundation for most stablecoins, and Codex will be their liquidity venue. We have achieved product-market fit, with a monthly growth of about 10 times. Our approach is detailed below. A business development team focused on stablecoins Our only goal is to make stablecoin transactions cheap, efficient, and seamlessly integrated with the traditional economy. Our business development (BD) team is 100% focused on engaging with fintech companies, payment service providers, and companies in emerging markets. We have in-depth knowledge of these markets and focus solely on stablecoin liquidity, with no other business. Although stablecoins are highly anticipated, they are not yet economically viable for many transaction channels. Existing fiat payment service providers can balance speed and cost through pre-financing. This means that to transfer all payment volumes to the stablecoin track, at least one mechanism is needed to quickly compress on/off ramp costs, making more transaction channels economically viable. In addition, there are countless user experience (UX) issues that cannot be detailed here. We are not hesitant to delve into these markets to personally understand customer needs. For example, to gain deeper insights into the Southeast Asian timber industry, we spent several days on-site with local operators. In that jungle, there was no Uber available. We had to take helicopters and riverboats, with our hands covered in dirt and our boots soaked. A research and engineering team focused on stablecoins Our goal is to surpass Tron. Our current priority is to eliminate the line between fiat and cryptocurrency. To this end, we are willing to tackle tedious banking, licensing, and engineering issues that other public chain teams have not focused on. Ironically, many stablecoin liquidity issues are bottlenecked by underlying bank transactions, which operate at SWIFT speeds (days). Our goal is to reduce the exchange friction, cost, and latency between fiat and stablecoins to zero. Codex addresses this issue from multiple angles. One of our current key approaches is Avenue, our new stablecoin facility that provides the cheapest, fastest, and simplest exchanges between stablecoins and fiat, as well as between stablecoins. In the future, we believe additional functions are needed, such as atomic withdrawal transactions and risk-free fiat delivery. A tight feedback loop To succeed, these two components must be tightly integrated to form an efficient feedback loop: A business development team focused on stablecoins, responsible for achieving transactions and providing insights; A research and engineering team focused on stablecoins, capable of agile action and taking risks on high-innovation projects. Pure observers of on-chain data might think that current general L2 public chains have a large number of transactions. But industry insiders know that most of these transactions are bot spam related to Decentralized Finance (DeFi). We have spent thousands of hours conversing with facilitators, initiators, and intermediaries of emerging stablecoin systems: the real stablecoin payment activities conducted through general L2 or most alternative L1 public chains are minimal. We believe that the speed of running a rapid feedback loop is crucial. The guardian saint of Codex is John Boyd. We believe that "operating at a faster pace than the opponent... can cause the opponent to collapse internally, unable to understand or respond to what is happening." Historically, teams have not operated in this way and lack the interest or expertise to solve the boundary issues we have identified. Solving these problems for users requires focus, hands-on participation, and vertical integration. Researchers and developers cannot guess customer needs out of thin air. Ideas must be rapidly validated through proactive sales actions: Do customers really want this? The feedback loop for stablecoins must keep running. Mutual victory In the field of cryptocurrency, no community can match Ethereum's technical depth, liquidity, or reputation. To ensure alignment of interests with the community, Codex will pay dividends to Ethereum validators and client teams. We believe our approach will set a standard for L2 public chains collaborating with Ethereum: focusing on specific industries, deep product expertise, and aligned economic interests. We hope the community can...
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Vitalik: Low-cost stablecoin trading is an important source of value in the large-scale provision of Crypto Assets.
Ethereum founder Vitalik Buterin pointed out that cheap stablecoin transactions are one of the important values that cryptocurrencies can currently provide. At the same time, Vitalik also praised the Ethereum Layer2 network Codex, which focuses on stablecoin-related applications. (Background: Vitalik's latest long article: Open Source as a third way to mitigate technological centralization is being underestimated) (Background: "1-hour withdrawal" is more important than decentralization! Vitalik's L2 strategic thinking has changed) Haonan, co-founder of Codex, the Ethereum Layer2 network focusing on stablecoin-related applications, posted on the X platform, detailing the project Codex. This article was also recognized by Ethereum founder Vitalik Buterin, who retweeted it and pointed out that cheap stablecoin transactions are one of the important values that cryptocurrencies can currently provide: Cheap stablecoin transactions have always been one of the most important sources of large-scale value that crypto provides today. I am pleased to see @codex_pbc joining the arena as an L2 and explicitly considering the synergy with Ethereum Mainnet from day one. Cheap stablecoin transactions continue to be one of the most important sources of large-scale value that crypto provides today. Excited to see @codex_pbc joining the arena as an L2 and thinking explicitly about synergy between itself and ethereum L1 from day one. — vitalik.eth (@VitalikButerin) September 5, 2025 Below is the full translation of Haonan's article introducing Codex: The Stablecoin Special Forces of Ethereum Codex is currently the only stablecoin chain built on Ethereum. Some people describe us as "the stablecoin special forces of Ethereum", while others call us Ethereum's "Tron terminators". We chose Ethereum because it currently has the most assets and stablecoins. Ten years of robust security, deep liquidity, and zero downtime records make Ethereum (rather than other alternative L1 public chains) the top choice on Wall Street. Currently, multiple competitors are trying to challenge Ethereum's position as the default platform for stablecoins. For example, Plasma based on Bitcoin settlement, Circle's Arc, and Stripe's Tempo are alternative L1 public chains that attempt to replace and attack Ethereum. We are confident that Ethereum and Codex will defeat these competitors. We will strengthen and continue Ethereum's long-term dominance in the stablecoin field. Ethereum will be the foundation for most stablecoins, and Codex will be their liquidity venue. We have achieved product-market fit, with a monthly growth of about 10 times. Our approach is detailed below. A business development team focused on stablecoins Our only goal is to make stablecoin transactions cheap, efficient, and seamlessly integrated with the traditional economy. Our business development (BD) team is 100% focused on engaging with fintech companies, payment service providers, and companies in emerging markets. We have in-depth knowledge of these markets and focus solely on stablecoin liquidity, with no other business. Although stablecoins are highly anticipated, they are not yet economically viable for many transaction channels. Existing fiat payment service providers can balance speed and cost through pre-financing. This means that to transfer all payment volumes to the stablecoin track, at least one mechanism is needed to quickly compress on/off ramp costs, making more transaction channels economically viable. In addition, there are countless user experience (UX) issues that cannot be detailed here. We are not hesitant to delve into these markets to personally understand customer needs. For example, to gain deeper insights into the Southeast Asian timber industry, we spent several days on-site with local operators. In that jungle, there was no Uber available. We had to take helicopters and riverboats, with our hands covered in dirt and our boots soaked. A research and engineering team focused on stablecoins Our goal is to surpass Tron. Our current priority is to eliminate the line between fiat and cryptocurrency. To this end, we are willing to tackle tedious banking, licensing, and engineering issues that other public chain teams have not focused on. Ironically, many stablecoin liquidity issues are bottlenecked by underlying bank transactions, which operate at SWIFT speeds (days). Our goal is to reduce the exchange friction, cost, and latency between fiat and stablecoins to zero. Codex addresses this issue from multiple angles. One of our current key approaches is Avenue, our new stablecoin facility that provides the cheapest, fastest, and simplest exchanges between stablecoins and fiat, as well as between stablecoins. In the future, we believe additional functions are needed, such as atomic withdrawal transactions and risk-free fiat delivery. A tight feedback loop To succeed, these two components must be tightly integrated to form an efficient feedback loop: A business development team focused on stablecoins, responsible for achieving transactions and providing insights; A research and engineering team focused on stablecoins, capable of agile action and taking risks on high-innovation projects. Pure observers of on-chain data might think that current general L2 public chains have a large number of transactions. But industry insiders know that most of these transactions are bot spam related to Decentralized Finance (DeFi). We have spent thousands of hours conversing with facilitators, initiators, and intermediaries of emerging stablecoin systems: the real stablecoin payment activities conducted through general L2 or most alternative L1 public chains are minimal. We believe that the speed of running a rapid feedback loop is crucial. The guardian saint of Codex is John Boyd. We believe that "operating at a faster pace than the opponent... can cause the opponent to collapse internally, unable to understand or respond to what is happening." Historically, teams have not operated in this way and lack the interest or expertise to solve the boundary issues we have identified. Solving these problems for users requires focus, hands-on participation, and vertical integration. Researchers and developers cannot guess customer needs out of thin air. Ideas must be rapidly validated through proactive sales actions: Do customers really want this? The feedback loop for stablecoins must keep running. Mutual victory In the field of cryptocurrency, no community can match Ethereum's technical depth, liquidity, or reputation. To ensure alignment of interests with the community, Codex will pay dividends to Ethereum validators and client teams. We believe our approach will set a standard for L2 public chains collaborating with Ethereum: focusing on specific industries, deep product expertise, and aligned economic interests. We hope the community can...