Analyzing $USUAL's value system requires examining its design and operational mechanisms from several dimensions:

### 1. Background and Purpose

$USUAL is a governance token issued by Usual Labs, aimed at supporting its stablecoin USD0. Usual's core objective is to redistribute financial power and ownership to the community through a stablecoin model backed by real-world assets (RWA). This indicates that the value system of $USUAL lies not only in its financial attributes but also in its community governance and decentralization philosophy.

### 2. Economic Model

- Revenue-based model: The issuance of $USUAL is directly linked to Usual's revenue. $USUAL is only issued when Usual generates income. This ties the value of $USUAL directly to Usual's actual business performance. This is an innovative economic model aimed at ensuring the token's value aligns with the company's actual financial health.

- Deflationary mechanism: As Usual locks in value (TVL) increases, the issuance of $USUAL becomes scarcer. This design theoretically increases the value of $USUAL over time, as supply decreases while demand may increase.

- No internal dilution: Usual emphasizes that its governance token will not undergo internal dilution, meaning that no additional tokens will be issued internally to dilute existing holders' share percentages, which helps maintain the long-term value of the tokens.

### 3. Community Participation and Governance

- $USUAL as a governance tool: Users holding $USUAL can participate in the governance of the Usual network, deciding the direction of future development. This not only gives community members control over the platform but also grants them a certain degree of economic benefits.

- Profit redistribution: Unlike traditional stablecoins, Usual redistributes most of its profits to community members through $USUAL. This model aims to increase the long-term returns for token holders, thereby enhancing the holding value of $USUAL.

### 4. Market Performance and Acceptance

- Rapid growth: Usual has achieved significant TVL growth in a short period, reflecting market recognition and acceptance of its model. However, market acceptance relies not only on functionality but also on long-term stability and security.

- Trading platform listing: $USUAL has been listed on Binance Launchpool, increasing its liquidity and market visibility, but also facing greater market competition pressure.

### 5. Risks and Challenges

- Reliance on asset backing: Although Usual claims its stablecoin USD0 is backed by AA-rated U.S. Treasury bonds, the value of any financial instrument carries volatility risks, especially in an uncertain global economic environment.

- Regulatory risk: As an innovative financial instrument, Usual and $USUAL may face regulatory uncertainties, which could affect their operations and market value.

### Conclusion

$USUAL's value system is built on an innovative revenue-based model and community governance, aiming to achieve a redistribution of power and value through the design of financial instruments. However, despite its advanced concepts, its long-term value realization will depend on actual operational performance, sustained market acceptance, and the ability to respond to potential future risks. At the same time, Usual's success will partially rely on its performance in market competition and its responsiveness to regulatory changes.