Question 1

What is the USUAL token?

Accepted Answer

USUAL is the governance and revenue-distribution token of the Usual protocol. The protocol operates around products such as USD0, whose collateral primarily consists of tokenized real-world assets; official materials state that these are mainly U.S. Treasury-like assets. The yield from the related collateral forms the basis of protocol revenue. USUAL's role is not limited to voting: under the protocol mechanism, positions that first stake USUAL into USUALx and then meet the locking conditions may participate in protocol revenue distributions in USD0. Actual distribution eligibility, proportions, and parameters may be adjusted through governance.

Question 2

What practical uses does holding USUAL have?

Accepted Answer

USUAL can be used for protocol governance. Holders can participate in proposals and voting on matters such as collateral types and risk settings, fee and issuance parameters, treasury deployment, and the onboarding of new assets; these decisions affect protocol operations, risk, and token economics, but are not equivalent to traditional corporate equity. USUAL can also serve as the entry point to the revenue-distribution mechanism: simply holding USUAL does not automatically generate USD0 revenue distributions. Users must first stake to obtain USUALx and meet the locking and cycle rules of the Revenue Switch to qualify.

Question 3

What is the difference between USUALx and USUAL?

Accepted Answer

USUALx is a transferable ERC-20 receipt received after staking USUAL; it is not another independently issued token with a permanently fixed 1:1 relationship with USUAL. When USUAL is deposited, the system issues USUALx at the exchange rate at that time. As staking rewards accumulate, the USUALx-to-USUAL exchange rate rises, so each USUALx can be redeemed for more USUAL. Regular staking has no mandatory lock-up period, and USUALx can be redeemed for USUAL. However, the exit fee currently stated in official materials is 10%, and this rate may be adjusted by the DAO. One-third of this fee goes to the remaining USUALx stakers, one-third to insiders, and one-third to the DAO treasury or protocol; therefore, the actual amount received on exit should have applicable fees deducted.

Question 4

How can I participate in protocol revenue distributions?

Accepted Answer

The sequence for participating in the Revenue Switch is: first stake USUAL to obtain USUALx, then lock USUALx. Only locked positions are eligible to receive protocol revenue distributions; merely holding USUALx, or completing only regular staking without locking, does not automatically confer this eligibility. The current FAQ states that the lock-up period can be from 1 to 12 months, and a position must be held in full for one weekly epoch (Monday through Sunday UTC) to participate in that week's distribution paid in USD0. Revenue distributions are settled weekly, while USUALx daily issuance rewards are a separate mechanism; the two should not be treated as the same fixed yield.

Question 5

What are USUAL's supply and issuance arrangements?

Accepted Answer

USUAL has a maximum supply of 3 billion tokens, with current daily issuance of approximately 1.35 million tokens. Official materials expect distribution to end in June 2028. Daily issuance is the pace of new supply; it does not mean that all tokens enter the same type of holder's hands or immediately enter market circulation each day. This parameter resulted from a governance adjustment that has already occurred: the UIP-11 vote in November 2025 reduced the cap by 25%, from 4 billion tokens to 3 billion tokens, and reduced daily issuance by approximately 50.7%, from approximately 2.74 million tokens to approximately 1.35 million tokens. Reduced issuance changes the pace of new supply, but cannot by itself determine market price or holder returns.

Question 6

Where do USUAL revenue distributions come from?

Accepted Answer

The basis for USUAL revenue distributions is protocol revenue generated by USD0 collateral, which official materials state mainly comes from the yield on U.S. Treasury-like collateral. The Revenue Switch was enabled on January 13, 2025, and distributes eligible revenue weekly in USD0 to qualifying locked USUALx positions. This differs from USUAL daily issuance rewards: the former comes from protocol revenue and is distributed in USD0, while the latter comes from newly issued USUAL. The official mechanism allocates 30% of protocol value to locked USUALx and retains 70% in the DAO treasury; amounts vary with collateral yield, protocol parameters, eligible locked positions, and governance decisions, and are not a fixed interest rate or unconditional payment.

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