I have experienced 312, 519, 84, 1220, Brexit, the Luna crash, the Three Arrows Capital crash, the FTX collapse, the withdrawal of major exchanges, the withdrawal of mining machines, the issuance of documents by ten ministries, the prohibition by twelve ministries, the US stock market circuit breaker, the Ukraine war, airstrikes in the Middle East, Grayscale’s crash, the US government’s crash, the German government’s crash, workers' strikes, whales crashing the market, the Federal Reserve's continuous interest rate hikes, the Japanese stock market circuit breaker, and the South Korean stock market circuit breaker.
In short, what I have experienced is a story that you couldn't even write in a novel; others have not lived the spectacular life that I have in just a few short years. So your little drop doesn’t scare me.
Typically, the circulation increases with the growth of TVL, but the higher the TVL, the more dividends there are, and the price of the coin will rise, so this is not a big problem.
In comparison, ENA is just a governance token with very little dividends; in my opinion, it’s not even in the same league. The project's perspective is not on the same dimension; 90% of the profit dividends are given to all the pools, and the logic is quite simple: the higher the TVL, the higher the income and dividends, and the higher the staking returns.
The TVL is 950 million now; it was 880 million two hours ago, and 600 million three days ago. The founder of Usual has connections with many US lawmakers, and many congressional members have followed his Twitter. Over the years, Usual has been the only one to trade before Binance opened; this also indirectly shows the shadow of Binance behind it.
Essentially, it just replaces the foundation of DeFi - ETH - with US Treasury bonds and similar assets. The other logic is the same as DeFi; it’s just the same gameplay as DeFi, but this is the first case. The previous TRU played this way too, but it wasn’t as refined.
Its core lies in: how to decentralize the process of placing Treasury bonds on the blockchain, because APR can be achieved through mining Usual. Even if the Treasury bond yield is 1%, it doesn’t matter; it follows the same logic as DeFi coins. The mining logic does not rely on the annualized support of staked ETH, just like when you used to stake ETH in LDO. Your actual income comes from mining LDO tokens; ETH can seamlessly go on-chain, providing high transparency.