Shufen's analysis is very rational and objective @shufen46250836

Although Usual was analyzed and the risk points were summarized in the early stage, the hashnote behind it was indeed ignored, because Usual had not issued a coin at that time.

The reasons for being optimistic before TGE can be roughly summarized as follows:

1. Narrative (the profits from issuing stablecoins to purchase treasury bonds are distributed to retail investors)

2. Team background

3. Pills lock-up time multiplier gameplay + not many people pay attention

4. Deterministic large-scale airdrop (official announcement)

Now that the project has TGE, the USD0++ yield is still as high as 33%, and the USUAL lock-up yield is as high as 236%. The yield of ordinary treasury bonds is less than 5%.

Sudden large-scale redemption by large investors = failure to cash out

Even if there is no large-scale redemption with large investors, the minting volume of USD0++ must be large enough, and the price of USUAL must be high enough, so that the 3% yield of USDY can be used to pull the market to maintain the high price of Usual.

It can be simply considered that the current 33% reward of USD0++ is guaranteed by the price of USUAL. It is recommended that the project party balance the APY of USD0 and the usual pledge APY (for example, greater than 10%). There will be a period of strong selling pressure at the beginning, but it is good as long as it can withstand the long-term. Otherwise, if the usual price collapses one day> the yield of USD0++ drops sharply> USD0 is redeemed on a large scale (through pool exchange)> USD0 is decoupled, it is easy to have a Davis double kill @Usual Official