Source: Golden Finance, Binance, Usual white paper, Usual official website, Twitter Compiled by: Golden Finance
On November 14, 2024, Binance announced that Binance Launchpool will launch the 61st project - Usual (USUAL), a decentralized fiat stablecoin issuer. Users can invest BNB and FDUSD into the USUAL reward pool on the Launchpool website after 08:00 (ET) on November 15, 2024 to receive USUAL. The USUAL event will last for a total of 4 days. The website is expected to be updated within approximately 24 hours of this announcement before the event opens.
Pre-Market Trading
Binance pre-market trading will list Usual (USUAL) and open USUAL/USDT trading market at 18:00 (ET) on November 19, 2024. The end time of pre-market trading and the spot listing time will be announced later. Eligibility for participating in Binance pre-market trading depends on the country or region of residence. Maximum personal holding limit: 40,000 USUAL
1. Launchpool Details
Token Name: Usual (USUAL)
Total Token Supply: 4,000,000,000 USUAL
Initial circulation: 494,600,000 USUAL (12.37% of total token supply)
Total Launchpool: 300,000,000 USUAL (7.5% of the maximum token supply)
Smart contract details: Ethereum network (0x430a2712cEFaaC8cb66E9cb29fF267CFcfA38a42)
2. Usual (USUAL) Project Introduction
1. What is Usual?
USUAL is a secure and decentralized fiat stablecoin issuer that redistributes ownership and governance through the $USUAL token.
Usual is a multi-chain infrastructure that aggregates the growing supply of tokenized real-world assets (RWA) from entities such as BlackRock, Ondo, Mountain Protocol, M0 or Hashnote, transforming them into a permissionless, on-chain verifiable, composable stablecoin (USD0).
Often built around redistributing power and ownership to users and third parties, similar to the scenario where Tether’s TVL providers own the company and its associated revenue.
2. Why choose Usual?
Usual is based on three key observations:
Tether and Circle generated over $10 billion in revenue and have valuations of over $200 billion in 2023. This wealth creation is not shared with the users who contributed to their success.
Real World Assets (RWAs) are growing, but despite the emergence of on-chain US Treasuries, their integration into DeFi remains challenging. This is evident from the fact that there are less than 5,000 RWA holders on the mainnet.
DeFi users want to know about the success of the projects they support. The current revenue distribution model does not adequately incentivize users who take greater risks by joining early and contributing to the success of the project.
3. Usual’s Vision
1. Rebuilding Tether On-Chain: Neutrality and Transparency
Cryptocurrency needs a fiat-backed stablecoin that is fully on-chain and supported by infrastructure that ensures enhanced neutrality, transparency, and security.
Usual has introduced a model that aims to rebuild Tether entirely on-chain. In this system, the issuer is controlled by the holders of the Usual governance token. This includes decisions on risk policy, the nature of collateral, and liquidity incentive strategies.
2. Fiat stablecoins need to stay away from bankruptcy
Fiat-backed stablecoins are partially collateralized by reserves held at commercial banks. This makes them subject to the fractional reserve practices of these banks, compromising the safety and stability of the stablecoins. The recent collapse of SVB Bank highlights the systemic risk that commercial banks pose to DeFi due to undercollateralization.
Fiat-backed stablecoins face greater risk due to bank fractional reserve exposure
The first requirement for a stablecoin is to ensure that its value remains stable relative to the currency it represents. Users must have firm confidence in the security of their capital. The collateral model offered by Usual is not linked to the traditional banking system, but directly to short-term bonds. The security provided by this prudent approach is reinforced by strict risk policies and insurance funds.
3. End the privatization of profits
Tether and Circle generated over $10 billion in revenue in 2023 and are valued at over $200 billion. However, this wealth is not shared with the users who contribute to their success. Usual aims to provide an alternative to fiat-backed stablecoins that privatizes profits on customer deposits while socializing losses. The centralized players behind the major fiat-backed stablecoins replicate the problematic structure of traditional banking, which is contrary to the principles of decentralized finance.
Usual’s approach aims to create a fairer financial system by redistributing value and power more equitably among all users.
Usual's goal is to make users owners of protocol infrastructure, funding, and governance. By redistributing 100% of the value and control through its governance token, Usual ensures that its community is in control.
The Usual Protocol distributes its governance tokens to users and third parties who contribute value, realigning financial incentives and returning power to participants within the ecosystem.
Usual redistributes 100% of the value and control through its governance token.
4. Revolutionizing stablecoin ownership and revenue redistribution
Some models redistribute some of the returns generated by stablecoins. However, Usual uses a different model where users pool the returns generated by stablecoin collateral. This return forms the protocol’s treasury. In return, users receive governance tokens that give them control over the protocol, treasury, and future revenue.
This mechanism not only redistributes income, it also redistributes ownership of the system. It creates incentives for early adopters, giving them huge upside potential.
The transparent and public distribution of governance tokens ensures that the interests of all participants are aligned.
4. Usual Token Economics
Token Allocation
$Usual’s distribution is community-focused:
73% of tokens are used for public and liquidity provision
13.5% allocated to MM/Team and investors
13.5% for DAO/bribing/voting