🧐 Launchpool Research Report | New Paradigm of Stablecoins and Governance Tokens - Binance Launchpool No. 61 @usualmoney project full analysis and launch price estimate!
#Binance The latest Launchpool has less than a day left to mine. If you still have stocks on hand, you can deposit them to get the last sip of soup.
In addition, pre-market trading will also be available online, with a maximum position limit for a single person: 40,000 USUAL;
⚠️Please note the pre-market trading rules I wrote before: https://x.com/btw0205/status/1844935662816067808?s=46&t=1fmViEEp4ahAv6QgAcIA2g
This time, an innovative RWA stablecoin project @usualmoney was launched. This should be the most popular new stablecoin in the market, comparable to#ONDOand #ENA.
What is more interesting is that the founder of this project is the vice chairman of the French presidential party and Macron’s deputy, who is in charge of French crypto asset legislation. The direction of RWA + the stablecoin track directly maximizes the gold content.
🚨The main analysis of this article——
1. What kind of project is Usual Money?
2. What is the difference between Usual and ENA?
3. Usual’s Token Model
4. What is the estimated price when it goes online?
5. Binance related research reports
1️⃣RWA New Stablecoin Paradigm
Usual is a decentralized stablecoin protocol. Its USD0 is a permissionless and fully compliant stablecoin backed 1:1 by real-world assets (RWA) such as BlackRock, Mountain Protocol, and Hashnote.
USDT and USDC make huge profits every year, but the investment income of US dollar bonds collected by the management agency is not distributed to token holders, and the asset transparency is insufficient. This is why Usual was born.
Unlike traditional RWA projects that are anchored to USDT and USDC, Usual chooses to anchor to ultra-short-term government bonds and highly liquid assets, and uses more liquid assets as RWA reserves to decouple from national legal currency and bank systemic risks.
In short, as an innovative stablecoin protocol, what Usual wants to do is to solve the current stablecoin market problems by redistributing profits to the community and rewarding token holders with the actual income generated by RWA, avoiding the systemic risks of traditional stablecoins, and thus creating a new paradigm for stablecoins.
Based on this vision, Usual successfully obtained an investment of 8.5 million US dollars from well-known VCs such as IOSG, Kraken, and GSR. Coupled with the founder's outstanding political background, the theoretical Rug risk is basically zero.
Then in the bull market environment, once the DeFi+RWA track takes off, the Usual project is definitely an existence that cannot be ignored, and it is very likely to become a dark horse to seize the stablecoin market share!
2️⃣What is the difference between Usual and ENA?
The market says that Usual is benchmarking Ethena, and from the logic of the products, they are indeed quite similar:
Attract RWA assets to enter, directly link TVL with protocol revenue, and use stablecoin revenue to complete value capture, which will leverage higher TVL, bring in more revenue, and form a flywheel.
However, judging from the product design details, Usual still has many differences and innovations——
1. The basic mechanism of stablecoins is different
Usual's stablecoin USD0 is issued with 1:1 support from real-world assets (RWA) such as US short-term Treasury bonds and overnight reverse repo bonds, and its asset pool is relatively diversified. Ethena's stablecoin USDe is collateralized by an equal amount of spot ETH longs and futures ETH shorts, and maintains stability by achieving "delta neutrality" through hedging.
2. Different issuance and redemption mechanisms
The issuance and repurchase of USD0 are automatically executed based on predetermined rules. Ethena uses a whitelist system. Users submit casting or redemption applications to the protocol through intermediaries. The protocol opens or closes an ETH short position of equal value based on the value of the received assets to complete the casting and redemption of USDe.
3. Different revenue models
Usual's income source directly corresponds to the return generated by the RWA assets paid, which amplifies the income of RWA assets. Ethena has two incomes from pledged assets. One is the relatively stable pledge income obtained by underlying assets such as ETH through the pledge platform, and the other is the funding rate income obtained on the futures platform.
3️⃣Usual’s token model
Usual's product system has three important tokens. In addition to the stablecoin USD0, there are also four-year bond products USD0++ and governance tokens $USUAL. Through $USUAL, ownership and governance rights are redistributed to achieve decentralized governance:
① Governance control: USUAL token holders can participate in decision-making on protocol operations and fund management, such as risk management, liquidity strategies, and new feature development. All protocol revenue from USD0++ is distributed to USUAL holders.
② Staking incentives: By staking USUAL, holders activate governance rights and obtain 10% of newly issued USUAL, incentivizing long-term behavior.
③ Dynamic supply adjustment: The issuance of USUAL is adjusted according to the dynamic supply to ensure that the growth rate of tokens does not exceed the growth rate of the treasury to maintain the value of USUAL. At the same time, inflation and issuance are controlled by adding some PVP elements, such as early vs late, staking vs unstaking.
Token name: USUAL ($USUAL)
Initial circulation: 494,600,000 $USUAL (12.37% of the maximum token supply)
Total Token Supply: 4,000,000,000 $USUAL
Binance Launchpool allocation: 300,000,000 $USUAL (7.5% of total token supply)
4️⃣ Online price estimate
Currently, Usual’s TVL is US$350 million, Ethena’s TVL is US$3.2 billion, and the current market value is US$1.6 billion.
The pre-market trading price of Bitget's Usual is 0.4u. When it opens at this price, the initial market capitalization is 198 million and the FDV is 1.6 billion, which is relatively reasonable based on the data.
Based on the market value of 350 million, the price of Usual is 0.7u.
In view of SCR's pre-market failure, expectations are expected to be adjusted downward cautiously. I think the reasonable opening price should be between 0.4-0.7u.
5️⃣Binance related research reports
https://www.binance.com/zh-CN/research/projects/usual
Pre-market trading time: 18:00, November 19, 2024. The spot opening time has not yet been announced.
