火讯财经
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Why did Usual, with a TVL of over $1 billion, suddenly collapse? An analysis of the USD0++ decoupling event
Article source: Block Unicorn
Article author: DC | In SF
Article compiled by: Block Unicorn
Usual's USD0++ is currently trading below one dollar, yet it is said that this has always been part of the plan. Before the decoupling event occurred, I was writing an article about Usual because it has recently gained widespread attention. It is one of the fastest-growing stablecoin protocols, and it recently partnered with Ethena, earning a significant amount for many YT miners on Pendle. However, when you ask people what Usual does, you often get a variety of answers. 'It provides you with returns based on RWA (real-world assets).' So the natural question is: how is this different from Ondo? 'Oh, it decentralizes RWA returns.' Well, aren't Maker or Sky doing that too? Etc. If you look closely, @usualmoney's product is a token, not any actual product. Essentially, if the risk-free rate that users receive is above 4%, then the source of returns is the users themselves. But how did we get to this point? Why did a protocol with a TVL of over a billion dollars suddenly collapse so quickly? What exactly is the operating mechanism of Usual?
Article author: DC | In SF
Article compiled by: Block Unicorn
Usual's USD0++ is currently trading below one dollar, yet it is said that this has always been part of the plan. Before the decoupling event occurred, I was writing an article about Usual because it has recently gained widespread attention. It is one of the fastest-growing stablecoin protocols, and it recently partnered with Ethena, earning a significant amount for many YT miners on Pendle. However, when you ask people what Usual does, you often get a variety of answers. 'It provides you with returns based on RWA (real-world assets).' So the natural question is: how is this different from Ondo? 'Oh, it decentralizes RWA returns.' Well, aren't Maker or Sky doing that too? Etc. If you look closely, @usualmoney's product is a token, not any actual product. Essentially, if the risk-free rate that users receive is above 4%, then the source of returns is the users themselves. But how did we get to this point? Why did a protocol with a TVL of over a billion dollars suddenly collapse so quickly? What exactly is the operating mechanism of Usual?
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