What is Usual (USUAL)?

Deep Dive

1. Governance and Value Accrual

The USUAL token is the center of decentralized governance for the Usual Protocol. Holders can vote on proposals to guide the protocol's development, treasury management, and ecosystem direction. Its intrinsic value is directly tied to the protocol's revenue model. A major differentiator is its aggressive real-yield distribution: up to 70% of protocol revenue is used to buy back and burn USUAL, while the remaining ~30% is paid weekly in USD0 to users who lock their tokens, creating a direct link between protocol success and tokenholder rewards (Usual).

2. The Stablecoin Ecosystem It Governs

USUAL governs the infrastructure for Usual's core products. The flagship asset is USD0, a permissionless stablecoin fully collateralized 1:1 by tokenized short-term U.S. Treasury Bills from institutional providers like BlackRock and Ondo Finance (Bitrue). This extends to EUR0, a euro-denominated stablecoin backed by European sovereign bonds. The ecosystem also includes yield-bearing versions like sUSD0 for savings and USD0a, which accrues yield through a market-neutral strategy on crypto assets (Usual Interface).

3. Tokenomics and Incentive Alignment

The tokenomics are designed for long-term alignment. Notably, 90% of the USUAL supply is allocated to the community. The protocol incentivizes committed participation through a "Lock & Boost" system, where locking tokens for longer periods (1 to 12 months) multiplies a user's share of the weekly revenue distribution (Usual). This structure ensures that governance power and economic rewards are concentrated among long-term stakeholders.

Conclusion

USUAL fundamentally represents ownership in a decentralized platform that issues transparent, yield-generating stablecoins, with its value flow engineered to reward committed community governance. How will its model of direct revenue sharing influence the broader evolution of DeFi governance tokens?