Source: Usual; Translated by: Deng Tong, Golden Finance
GM Usual Community!
We are now halfway through the Pills campaign and rapidly approaching the much-anticipated TGE. As centralized players like Tether and Circle surpass traditional financial giants like BlackRock in profitability, Usual remains committed to redistributing the billions of dollars of value created by users - back to the users themselves.
Despite the challenging bear market, we have collectively achieved extraordinary milestones since launching on July 10, 2024. In just two months, Usual has reached $225 million in TVL, placing it among the top 15 stablecoins - a testament to the strength and vision of our community.
The fastest growing fiat-backed stablecoin on Ethereum this summer and the top five fiat-backed stablecoins.
Usual Protocol is expected to reach an annualized revenue of $10 million, ranking among the 40 most profitable crypto projects.
Fiat-backed stablecoin trading volume ranked fifth in the past 90 days, with a trading volume of US$1.18 billion.
The second largest fiat-backed stablecoin pool by TVL on Curve.
Usual is the number one fixed income vault on Pendle and also has the second most liquidity.
Home to the first USDC vault on Morpho, offering top yields and over $50 million in deposits, the largest vault after Maker.
The number of holders (12k) is twice that of the entire RWA market. While the market has slowed down this summer, the Usual team is not resting. We have been working hard to prepare a series of integrations and new features, all of which will lead to the end of the pre-release phase and the release of Usual v1 and TGE.
At Usual Labs, we are committed to full transparency as we explore the future of the protocol. Below, you will find key updates on our progress and future developments, including:
$USUAL Staking, Fair Distribution, and Pills Airdrop
USD0++ Functionality and 1:1 Redemption
USD0++ Yield and New Collateral Partnerships
Revenue Management and Metering Systems
Usual War and Future Synthetic Coins
As we continue our journey to become the most resilient, neutral, and sustainable fiat-backed stablecoin in DeFi, we remain focused on delivering real value to our users.
Here’s what we’ve accomplished so far and what’s next!
Roadmap
As the pre-launch phase draws to a close, Usual has solidified its position in the DeFi ecosystem, securing integrations with major protocols such as Curve, Morpho, and Pendle. Usual is now fully connected to DeFi, placing it among the top protocols in the space.
Over the next two months, we will continue to build partnerships with new protocols to further enhance the composability of your Usual assets. Several exciting partnerships are about to be announced, expanding the utility of Usual assets on multiple chains and unlocking more possibilities for our users.
The pre-launch phase will end around November 15th with the Pills campaign. At this point, the entire mechanism of Usual will be fully operational, allowing the protocol to enter a mature phase.
TGE Roadmap
USUAL | Governance Token
$USUAL is more than just a governance token, it represents ownership of protocol infrastructure and revenue. It provides a unique way for the community to participate in the governance and success of the protocol. 90% of $USUAL will be allocated to the community and only 10% to insiders (team, advisors, investors). This distribution structure protects users from future dilution and promotes a fair, sustainable, and long-term ecosystem.
The issuance of $USUAL is directly tied to the TVL and revenue of the protocol. As the protocol grows, fewer tokens are issued, creating scarcity, which helps increase the value of $USUAL and rewards long-term holders.
Key features of TGE
TGE and IPO (mid-November 2024)
$USUAL TGE is expected around mid-November 2024. USD0++ holders will be able to claim their daily yield in $USUAL. Liquidity will be available on exchanges shortly after the TGE. More details on the TGE will be shared in early November 2024.
$USUAL Airdrop
The airdrop will reward participants from the pre-launch phase based on the number of Pills they hold. Pills holders will collectively receive 7.5% of the total $USUAL supply. More information on the airdrop will be released in early October 2024.
$USUAL Staking Module
Starting from the TGE, $USUAL holders can stake their tokens into $USUALx to unlock future governance rights. Stakers will also receive 10% of all future $USUAL issued by the protocol. This staking mechanism incentivizes long-term holding by providing additional exposure to the growth of the protocol.
Coming soon in Q1 2025
Governance Mechanism:
Usual is a decentralized protocol. As it continues to grow, $USUAL holders will gain control over key decisions, such as risk policy and the introduction of new synthetic assets.
Providing liquidity incentives through the meter:
Usual will introduce a meter mechanism that will allow the community to efficiently direct liquidity to where it is most needed.
Money Management
In the future, the protocol’s revenue will be managed by $USUAL holders. Holders will have the power to decide how funds are allocated and managed.
Eligible Collateral and the Usual War
In the pre-launch phase, Usual is backed by Hashnote $USYC, which is fully collateralized through overnight repo. In the future, $USUAL holders will have the power to decide on collateral allocation to comply with the protocol’s risk policy.
USD0++ | Mortgage and savings
USD0++ Introduction: USD0++ is a collateralized version of the Usual stablecoin USD0. By locking USD0 into USD0++, holders can support the sustainability of the DAO's future cash flow and achieve fair distribution of $USUAL tokens. After the pre-launch expansion phase, USD0++ will become a key collateral asset in lending markets, perpetual DEXs, centralized exchanges (CEXs), and fund management tools, providing returns above the risk-free rate.
Through its debt-assumption mechanism, USD0++ is fully composable and efficient in DeFi protocols, providing an innovative approach to value distribution across the ecosystem.
Main functions of TGE
TGE’s 1:1 redemption guarantee
To ensure liquidity stability and maintain confidence in the protocol, USD0++ holders will be able to redeem their USD0++ for USD0 at a 1:1 ratio during the TGE. This feature ensures a smooth transition and solidifies trust in the protocol’s value distribution mechanism.
USD0++ income
After the Pills event ends, USD0++ holders will begin receiving rewards in the form of $USUAL tokens. These rewards will be claimed daily through the protocol’s dApp.
DeFi and CeFi collateral integration
USD0++ has been integrated with multiple DeFi protocols. Usual Protocol is committed to ensuring that USD0++ becomes a key collateral asset on DeFi and CeFi platforms.
Q1 2025 Features
Basic Interest Guarantee (BIG) Mechanism
The BIG mechanism allows USD0++ holders to arbitrate between the alpha yield paid in $USUAL and the minimum yield guaranteed by the underlying collateral. This ensures that holders can always earn a yield comparable to the market risk-free rate, providing a safety net and additional flexibility.
Multiple term options
Usual will launch various USD0++ with different maturities, allowing users to adjust the period for locking USD0 according to their specific needs.
Price Stability Module (PSM) and Unbundling Functionality
The price stability module and unbonding period will allow users to unlock their USD0++ bonds according to parameters related to $USUAL, ensuring price stability and proper liquidity management.
USD0 | Counterparties and Payment Methods
USD0 is a stablecoin from the Usual protocol that is designed to be safer than USDC and USDT by avoiding exposure to fractional reserves of traditional banks. It provides full collateral transparency, allowing anyone to verify its backing in real time. In addition, USD0 includes an insurance mechanism to guard against abnormal market events and ensure long-term stability.
Since the beginning of the pre-launch phase, Usual has been focused on optimizing the liquidity of USD0, positioning it as the primary payment and transaction tool in its ecosystem. In the coming weeks, major integrations with key ecosystem partners will be announced, further strengthening its use cases and adoption.
Key features of TGE
DeFi cross-chain integration and listing
USD0 will achieve cross-chain compatibility in early October 2024, allowing USD0, USD0++, and the upcoming $USUAL to be used seamlessly on major EVM-compatible chains. USD0’s official listing on major platforms will be announced in November 2024.
Key partnerships
Usual is preparing to announce key partnerships with TradFi and Real World Asset (RWA) players to increase transparency and diversify USD0 collateral support. Stay tuned for further updates on these collaborations.
Second quarter of 2025
New synthetic asset expansion
In Q2 2025, Usual will expand its product offering beyond USD0, solidifying its role as a decentralized banking protocol between Tether and Maker. While USD0 is the protocol’s stablecoin, Usual aims to introduce new synthetic assets built on the same principles, but with an added foundation of directional and crypto-backed assets. These new products will enhance flexibility and expand the financial instruments available in the Usual ecosystem.
The upcoming synthetic assets will leverage the protocol’s infrastructure to provide users with innovative ways to interact with digital assets, driving further adoption and utility in the DeFi and TradFi sectors.