USUAL (USD0++)

• Narrative: RWA-backed stablecoin yield (T-bills on-chain).

• Catalyst: 4–5 % real yield + points program → 4/5

• Unlock: Tiny float, big cliff in Q4 (watch Nov) → 2/5

• Flow: Smart-money wallets accumulating since July → 4/5

• Valuation: FDV still < $200 M, cheap vs. Ethena → 4/5

Risk: Regulatory gray zone on tokenized T-bills → 3/5

Verdict: Small position pre-November, exit half on first 2-3×.

BIO (Bio Protocol / DeSci index)

• Narrative: DeSci launchpad & IP-NFT vaults.

• Catalyst: V3 main-net + first pharma IP token drop → 3/5

• Unlock: 15 % supply unlock in Sept (low float) → 2/5

• Flow: Still pre-TGE for most retail → 2/5

• Valuation: FDV ~$90 M; pure narrative play → 3/5

Risk: Thin liquidity, no revenue yet → 2/5

Verdict: Watchlist only; wait for post-TGE dip or confirmed partnership.

USUAL > BIO for near-term upside; size them 3-5 % each, cash out partial on first 2-3×.