Source: Usual; Compiled by: Deng Tong, Golden Finance
GM Usual Community!
We are now halfway through the Pills event and rapidly approaching the much-anticipated TGE. As centralized players like Tether and Circle surpass traditional financial giants like BlackRock in profitability, Usual remains committed to redistributing the billions of dollars of value created by users - back to the users themselves.
Since launching on July 10, 2024, we have achieved extraordinary milestones together despite the challenging bear market. In just two months, Usual's TVL has reached $225 million, ranking among the top 15 stablecoins - a testament to the strength and vision of our community.
The fastest growing fiat-backed stablecoin and top 5 fiat-backed stablecoin on Ethereum this summer.
Usual Protocol is expected to reach $10 million in annualized revenue, ranking among the 40 most profitable crypto projects.
The 5th largest fiat-backed stablecoin trading volume in the past 90 days, with $1.18 billion in trading.
The 2nd largest fiat-backed stablecoin pool by TVL on Curve.
Usual is the #1 fixed income vault on Pendle, while also having the 2nd largest liquidity.
Home to the first USDC vault on Morpho, offering top yields, with over $50 million in deposits, the largest vault after Maker.
The number of holders (12k) is twice that of the entire RWA market. While the market has slowed down this summer, the Usual team is not resting. We have been hard at work preparing a slew of integrations and new features, all of which will lead to the end of the pre-release phase and the release of Usual v1 and the TGE.
At Usual Labs, we are committed to full transparency as we explore the future of the protocol. Below, you’ll find key updates on our progress and future developments, including:
$USUAL staking functionality, fair distribution, and Pills campaign airdrop
USD0++ functionality and 1:1 redemptions
USD0++ yields and new collateral partnerships
Revenue management and metering system
Usual War and future synthetic coins
As we continue to work towards becoming the most resilient, neutral, and sustainable fiat-backed stablecoin in DeFi, we remain focused on delivering real value to our users.
Here’s what we’ve accomplished so far and what’s next!
Roadmap
With the pre-launch phase coming to an end, Usual has solidified its position in the DeFi ecosystem, securing integrations with major protocols such as Curve, Morpho, and Pendle. Usual is now fully connected to DeFi, placing it among the top protocols in the space.
Over the next two months, we will continue to build partnerships with new protocols, further enhancing the composability of your Usual assets. Several exciting partnerships are set to be announced soon, expanding the utility of Usual assets on multiple chains, unlocking more possibilities for our users.
The pre-launch phase will end around November 15th with the Pills event. At this point, the entire mechanism of Usual will be fully operational, allowing the protocol to enter a mature phase.
TGE Roadmap
USUAL | Governance Token
$USUAL is more than just a governance token, it represents ownership of the protocol infrastructure and revenue. It provides a unique way for the community to participate in the governance and success of the protocol. 90% of $USUAL will be allocated to the community and only 10% to insiders (team, advisors, investors). This allocation structure protects users from future dilution and promotes a fair, sustainable, and long-term ecosystem.
$USUAL issuance is directly tied to the TVL and revenue of the protocol. As the protocol grows, fewer tokens are issued, creating scarcity, which helps increase the value of $USUAL and rewards long-term holders.
Key Features of the TGE
TGE and Listing (Mid-November 2024)
The $USUAL TGE is expected around mid-November 2024. USD0++ holders will be able to claim their daily yield in the form of $USUAL. Liquidity will be available on exchanges shortly after the TGE. More details on the TGE will be shared in early November 2024.
$USUAL Airdrop
The airdrop will reward participants from the pre-launch phase based on the number of Pills they hold. Pills holders will collectively receive 7.5% of the total $USUAL supply. More information on the airdrop will be released in early October 2024.
$USUAL Staking Module
Starting from the TGE, $USUAL holders can stake their tokens for $USUALx to unlock future governance rights. Stakers will also receive 10% of all $USUAL issued by the protocol in the future. This staking mechanism incentivizes long-term holding by providing additional exposure to the protocol's growth.
Upcoming Features in Q1 2025
Governance Mechanism:
Usual is a decentralized protocol. As it continues to grow, $USUAL holders will gain control over key decisions, such as risk policies and the introduction of new synthetic assets.
Liquidity Incentives via Meters:
Usual will introduce a meter mechanism that enables the community to efficiently direct liquidity to where it is most needed.
Fund Management
In the future, the protocol's revenue will be managed by $USUAL holders. Holders will have the power to decide on the allocation and management of funds.
Eligible Collateral and Usual War
In the pre-launch phase, Usual is backed by Hashnote $USYC, fully collateralized via overnight repo. In the future, $USUAL holders will have the power to decide on collateral allocation to comply with the protocol's risk policy.
USD0++ | Collateralization and Savings
USD0++ Introduction: USD0++ is the collateralized version of Usual's stablecoin USD0. By locking USD0 into USD0++, holders can support the sustainability of the DAO's future cash flow and achieve a fair distribution of $USUAL tokens. After the pre-launch expansion phase, USD0++ will become a key collateral asset in lending markets, perpetual DEXs, centralized exchanges (CEXs), and fund management tools, providing returns above the risk-free rate.
Through its debt-assumption mechanism, USD0++ is fully composable and efficient across DeFi protocols, providing an innovative approach to value distribution across the ecosystem.
Key Features of the TGE
1:1 Redemption Guarantee for TGE
To ensure liquidity stability and maintain confidence in the protocol, USD0++ holders will be able to redeem their USD0++ for USD0 at a 1:1 ratio during the TGE. This feature ensures a smooth transition and solidifies trust in the protocol’s value distribution mechanism.
USD0++ Yields
After the Pills event ends, USD0++ holders will begin receiving rewards in the form of $USUAL tokens. These rewards will be claimed daily through the protocol’s dApp.
DeFi and CeFi Collateral Integration
USD0++ has already been integrated with multiple DeFi protocols. Usual Protocol is committed to ensuring USD0++ becomes a key collateral asset on DeFi and CeFi platforms.
Q1 2025 Features
Basic Interest Guarantee (BIG) Mechanism
The BIG mechanism allows USD0++ holders to arbitrate between alpha returns paid in $USUAL and a minimum return guaranteed by the underlying collateral. This ensures that holders can always earn a return comparable to the market risk-free rate, providing a safety net and additional flexibility.
Multiple Maturity Options
Usual will launch a variety of USD0++ with different maturities, allowing users to adjust the period for which they lock USD0 to their specific needs.
Price Stability Module (PSM) and Unbinding Functionality
The Price Stability Module and Unbinding Period will allow users to unlock their USD0++ bonds based on parameters tied to $USUAL, ensuring price stability and proper liquidity management.
USD0 | Counterparty and Means of Payment
USD0 is the Usual Protocol’s stablecoin, designed to be safer than USDC and USDT by avoiding exposure to fractional reserves at traditional banks. It provides full collateral transparency, allowing anyone to verify its backing in real time. In addition, USD0 includes an insurance mechanism to guard against abnormal market events, ensuring long-term stability.
Since the beginning of the pre-launch phase, Usual has been focused on optimizing the liquidity of USD0, positioning it as the primary payment and transaction tool in its ecosystem. In the coming weeks, major integrations with major ecosystem partners will be announced, further enhancing its use cases and adoption.
Key Features of the TGE
DeFi Cross-Chain Integration and Listing
USD0 will achieve cross-chain compatibility in early October 2024, allowing USD0, USD0++, and the upcoming $USUAL to be seamlessly used on major EVM-compatible chains. USD0’s official listing on major platforms will be announced in November 2024.
Major Partnerships
Usual is preparing to announce key partnerships with TradFi and Real World Asset (RWA) players to increase transparency and diversify USD0’s collateral backing. Stay tuned for further updates on these collaborations.
Q2 2025
New Synthetic Asset Expansion
In Q2 2025, Usual will expand its product offering beyond USD0, solidifying its role as the decentralized banking protocol between Tether and Maker. While USD0 is the protocol’s stablecoin, Usual aims to introduce new synthetic assets built on the same principles, but with an added foundation of directional and crypto support. These new products will enhance flexibility and expand the financial instruments available in the Usual ecosystem.
Upcoming synthetic assets will leverage the protocol’s infrastructure to provide users with innovative ways to interact with digital assets, driving further adoption and utility in the DeFi and TradFi sectors.
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