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 the profitability of traditional financial giants such as BlackRock, Usual remains committed to redistributing the billions of dollars in value generated by users—back to the users themselves.
Since our launch on July 10, 2024, despite a challenging bear market, we’ve collectively achieved remarkable milestones. In just two months, Usual has reached $225 million in TVL, ranking 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 & Top 5 Fiat-Backed stablecoin.
Usual Protocol has achieved $10M in projected annualized revenue, placing it among the top 40 most profitable crypto projects.
Ranked 5th in trading volume among fiat-backed stablecoins over the past 90 days, with $1.18 billion exchanged.
The second largest fiat-backed stablecoin pool by TVL on Curve.
Usual is the n°1 fixed yield Vault on Pendle while having the second largest liquidity.
Home to the first USDC Vault on Morpho offering top-tier yields, with over $50M in deposits, making it the largest vault after Maker.
Twice as many holders (12k) as the entire RWA market.While the market slowed this summer, the Usual team didn’t rest. We’ve been hard at work preparing a packed schedule of integrations and new features, all leading to the end of the pre-launch phase and the release of Usual v1 and the TGE.
At Usual Labs, we are committed to full transparency as we navigate the future of the protocol. Below, you’ll find key updates on our progress and what lies ahead, including:
$USUAL Staking features, Fair Distribution & Pills campaign Airdrop
USD0++ features & 1:1 Redemption
USD0++ Yield & New Collateral Partnerships
Revenue Management & Gauge System
Usual War & Future Synthetics
As we continue to build towards becoming the most resilient, neutral, and sustainable fiat-backed stablecoin in DeFi, we remain focused on delivering true value to our users.
Here’s a look at what we’ve accomplished so far and what’s coming next!
Pills Roadmap
As we near the end of the prelaunch phase, Usual has solidified its presence in the DeFi ecosystem, securing integrations with major protocols like Curve, Morpho, and Pendle. Usual is now fully connected to DeFi, ranking among the top-tier protocols in the space.
Over the next two months, we will continue to forge partnerships with new protocols, further enhancing the composability of your Usual assets. Several exciting partnerships are on the verge of being announced, expanding the utility of Usual assets across multiple chains and unlocking more possibilities for our users.
The prelaunch phase will conclude alongside the end of the Pills campaign around November 15th. At this point, Usual’s entire mechanism will be fully operational, allowing the protocol to enter its maturity phase.
TGE Roadmap
$USUAL | Governance Token
More than a governance token, $USUAL also represents ownership of the protocol’s infrastructure and revenue. It offers a unique way for the community to participate in the governance and success of the protocol. 90% of the $USUAL will be distributed to the community, with only 10% allocated to insiders (team, advisors, investors). This distribution structure protects users from future dilution and fosters a fair, sustainable, and long-term ecosystem.
The issuance of $USUAL is directly tied to the protocol’s TVL and income. As the protocol grows, fewer tokens are issued, creating scarcity, which helps to increase the value of $USUAL and reward long-term holders.
Key TGE Features
TGE & Listing (Mid-November 2024)
The $USUAL TGE is expected around mid-November 2024. USD0++ holders will be able to claim their daily yield in the form of $USUAL. Liquidity will be available on exchanges shortly after the TGE. Further details about the TGE will be shared at the beginning of November 2024.
$USUAL Airdrop & Pills
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. Additional information regarding the airdrop will be released in early October 2024.
$USUAL Staking Module
From the TGE onwards, $USUAL holders can stake their tokens as $USUALx to unlock future governance rights. Stakers will also earn 10% of all future $USUAL issued by the protocol.This staking mechanism incentivizes long-term holding by providing additional exposure to the protocol’s growth.
Features Coming in Q1 2025
Governance Mechanism:
Usual is a decentralized protocol. As it continues to develop, $USUAL holders will gain control over critical decisions such as risk policies and the introduction of new synthetics.
Liquidity Incentives via Gauges:
Usual will introduce a Gauge mechanism, allowing the community to efficiently direct liquidity to where it is most needed.
Treasury Management
The protocol's revenues will be managed by $USUAL holders in the future. Holders will have the power to make decisions about the treasury’s allocation and management.
Eligible Collateral & Usual War
During the pre-launch phase, Usual is backed by Hashnote $USYC, ensuring full collateralization via an Overnight Repo. In the future, $USUAL holders will have a say in determining collateral allocations, in alignment with the protocol’s risk policies.
USD0++ | Collateral and Savings
Introduction to USD0++: USD0++ is the staked version of USD0, the stablecoin of Usual. By locking USD0 into USD0++, holders support the sustainability of the DAO’s future cash flows and enable a fair distribution of $USUAL tokens. After its pre-launch expansion phase, USD0++ is set to become a key collateral asset in lending markets, perpetual DEXs, centralized exchanges (CEXs), and a tool for treasury management, offering yields higher than the risk-free rate.
Through its claim-bearing mechanism, USD0++ is fully composable and efficient within DeFi protocols, offering an innovative approach to value distribution across the ecosystem.
Key TGE Features
1:1 Redeem Guarantee at TGE
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 guarantees a smooth transition and solidifies trust in the value distribution mechanism of the protocol.
USD0++ yield
Following the conclusion of the Pills campaign, USD0++ holders will begin receiving rewards in the form of $USUAL tokens. These rewards will be claimable daily through the protocol’s dApp.
DeFi & CeFi Collateral Integration
USD0++ is already integrated with several DeFi protocols. The Usual protocol is committed to ensuring that USD0++ becomes a key collateral asset across both DeFi and CeFi platforms.
Q1 2025 Features
Base 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 claim a yield equivalent to the market’s risk-free rate, offering a safety net and additional flexibility.
Multi-Maturity Options
Usual will introduce various USD0++ with different maturity terms, allowing users to adjust the duration of their locked USD0 to suit their specific needs.
Price Stability Module (PSM) & Unbonding Feature
A Price Stability Module and an unbonding period will allow users to unlock their USD0++ bonds according to parameters linked to the $USUAL, ensuring price stability and proper liquidity management.
USD0 | Trading counterpart and mean of payment
USD0 is the stablecoin of the Usual protocol, designed to be safer than USDC and USDT by avoiding exposure to traditional banks' fractional reserves. It offers full collateral transparency, allowing anyone to verify its backing in real-time. Additionally, USD0 includes an insurance mechanism to safeguard against extraordinary market events, ensuring long-term stability.
Since the beginning of the pre-launch phase, Usual has focused on optimizing USD0’s liquidity, positioning it as the primary payment and trading tool within its ecosystem. Over the coming weeks, significant integrations with key ecosystem partners will be announced, further enhancing its use case and adoption.
Key TGE Features
DeFi Cross-chain Integration & Listing
USD0 is set to achieve cross-chain compatibility by early October 2024, allowing seamless use of USD0, USD0++, and soon $USUAL across major EVM-compatible chains. Official listings for USD0 on major platforms will be announced in November 2024.
Major Partnerships
Usual is preparing to announce significant partnerships with TradFi and Real World Asset (RWA) players to enhance transparency and diversify USD0’s collateral backing. Stay tuned for further updates on these collaborations.
Q2 2025
New Synthetics Expansion
In Q2 2025, Usual will expand its offering beyond USD0, reinforcing its role as a decentralized banking protocol positioned between Tether and Maker. While USD0 serves as the protocol’s stablecoin, Usual aims to introduce new synthetic assets built on the same principles but with added directionality and crypto-backed underpinnings. These new products will enhance flexibility and broaden the financial tools available within the Usual ecosystem.
The upcoming synthetics will leverage the protocol’s infrastructure to provide users with innovative ways to interact with digital assets, driving further adoption and utility across both DeFi and TradFi sectors.
