1. Project Introduction

USUAL is a decentralized stablecoin issuer, which will use its platform token USUAL to distribute ownership and governance of the platform in the future. Usual is a multi-chain infrastructure that integrates the growing tokenized real-world assets (RWA) from BlackRock, Ondo, Mountain Protocol, M0, and Hashnote entities, transforming them into permissionless, on-chain verifiable, and composable stablecoin USD0.

USUAL is mainly used for the following functions:

Governance Control: Provides token holders with the power to manage the protocol and influence key financial decisions.

Deflationary Issuance: The issuance of USUAL is tied to the TVL of staked USD0 (USD0++), creating scarcity when new
TVL enters the system.

Revenue-based Model: The issuance of USUAL is aligned with future cash flows. The inflation of USUAL supply is lower than the growth of revenue and the treasury.

Staking Rewards: By staking USUAL, holders activate governance rights and receive 10% of newly issued USUAL, incentivizing long-term behavior.

Gauge Mechanism: Guides and optimizes liquidity allocation within the protocol.

Collateral Management: Governing decisions on the types of collateral backing USD0 and their respective weights, ensuring stability and flexibility.

Capital Management: Governance and mechanisms will enable USUAL holders to effectively manage the treasury and maximize compound effects.

The protocol is built around three tokens:

USD0 is a stablecoin fully backed by short-term, liquid, and risk-free assets, while exhibiting characteristics of composability, permissionlessness, and transparency within the DeFi ecosystem.

USD0++ is the liquid staking token of USD0, with rewards distributed in the form of $USUAL tokens.

$USUAL rewards the growth, adoption, and use of USD0 in its ecosystem. $USUAL acts as ownership of protocol revenue and is a governance token backed by real cash flow.

As of November 14, 2024, the total supply of USUAL is 4,000,000,000, with a circulating supply after listing of 494,600,000 (approximately 12.37% of the total token supply).

2. Business Data

Currently, the TVL of Usual is 361 million USD, primarily concentrated in USD0 assets.

3. Financing Situation

According to ROOTDATA, Usual has completed two rounds of financing this year, totaling 8.5 million USD, specifically including:

On April 17, Usual announced the completion of 7 million USD in financing, led by IOSG and Kraken Ventures, with participation from GSR, Mantle, Starkware, Flowdesk, Avid 3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works, and X Ventures;

On November 9, Usual announced the completion of a new round of financing totaling 1.5 million USD, with investors including Comfy Capital, early crypto project investor echo, and Breed VC founder Jed Breed, among others. Specific valuation data has not yet been disclosed.

4. Token Economics

USUAL is the main token, serving as a governance token. As of November 14, 2024, the total supply of USUAL is 4,000,000,000, with a circulating supply after listing of 494,600,000 (approximately 12.37% of the total token supply).

5. Secondary Market Performance

(1) Recent Performance of Binance Launchpool

The market experienced a significant correction in Q3, which led Binance to slow down the launch of new tokens. The market began to recover in Q4, and USUAL is a Launchpool token newly listed by Binance after the market recovery.

(2) Peer Comparison

Based on comparisons with market competitors, USUAL is quite similar to projects like MakerDAO, Etherna, Ondo, and Curve. Due to significant differences in market and business data among these projects, peer comparisons are currently not very informative.

(3) Lending Costs

Based on on-chain BNB lending cost calculations, the cost of participating in Launchpool using loans is 0.298 USD/USUAL.

(4) Pre-market Trading

According to Bitget's pre-market trading price, the current pre-market price of USUAL is 0.4 USD.

In summary, we believe the reasonable short-term opening price for USUAL is in the range of 0.4-0.6 USD.

6. Citations

How does Binance's newly launched Usual build the RWA collateralized stablecoin USD0?

https://s.foresightnews.pro/article/detail/61762

Interpreting the latest launch project Usual on Binance Launchpool: RWA decentralized stablecoin

https://www.chaincatcher.com/article/2152011