#
💬ㆍgeneral
Join the general discussion about Usual. Exchange ideas, ask questions, and share your thoughts on the underlying technology, use cases, market trends, and more. No price talks here!Page 1 of 74
Laniakea
Huh? I thought they are French..?
sufyan
It is
treebeard
Usd0 can be redeemed immediately yes, usd0++ in 4 years or early with a fee
mo
what happened bro? we got haircut?
zero [be respect]
not true
sufyan
Trust noone When it comes to crypto
if I have a pendle position open, how can I close it to get the original capital back withouit waiting the 4 years maturity period, ithought usd0++ and usd0 was 1:1 anytime
Mava (AI Support)
You can exit your USD0++ position before the 4-year maturity period by selling USD0++ for USD0 on the secondary market. This allows you to access your original capital without waiting for the maturity period to end. The exchange rate is typically 1:1, but it may vary slightly due to market conditions. Reference: 1
Mava AI BetaLaniakea
So for 1 USD I deposit they buy 1 USD of collateral. Am I able yo redeem at 1:1 as well..?
badman
if I have a pendle position open, how can I close it to get the original capital back withouit waiting the 4 years maturity period, ithought usd0++ and usd0 was 1:1 anytime
Lucky Boy
@CongQ i mean if we do fire sale right now we can scoop it up later at .04
satsy
treebeard
$1 worth of usyc+m at the moment, buidl as well at some point in the future
Zugor
😂
zero [be respect]
they wont let die this project easily. they are pretty aggressive overall and wants to win this stablecoin race
Gauss
ust had oracles attacked while collaterals / backing was OTCd out when migrating pools, this is different
Lucky Boy
Salor will just buy it so it not go to 1
JVSNOVA
only bc ppl repeat this luna nonsense and dont even understand what happened to luna, there is nothing to do with usual lol
fredchan17999
This is definitely diff from Luna LOL plz don’t get panic
Acemint
Luna operates on an algorithmic basis, this one does not. They do actually hold the money, only the staked (USD0++) version has a different floor price from USD0
I sent my message in response to someone saying usd0++ is only backed by $0.87 worth of rwas, which is blatantly untrueLaniakea
What is it backed by?
CongQ
yeah and BTC might go to $1, orange guy might get assassinated tmrw
Gauss
its still backed by rwas so no ust situation, just an odd choice today
treebeard
I sent my message in response to someone saying usd0++ is only backed by $0.87 worth of rwas, which is blatantly untrue
sufyan
And people bought the dip
zero [be respect]
nothing like luna exactly
Lucky Boy
@CongQ might go to 0.04 like mantra before
sufyan
You are not trying to understand I have witnessed luna crash it started same like this one
bigtopdogger
i minted yesterday dumbass
Laniakea
Yeah nigga chain was clearly the way to go. 😢
bigtopdogger
french team, big rug devs go to sleep all moneygon
treebeard
Not sure how that's related to my message
Lucky Boy
@CongQ fire sale?
bigtopdogger
i chose usd to zero instead of niggachain
Gromazeka
whats wrong guys ?
Gauss
i lost a decent bit here, but regardless lets just see the teams response here
Ok i know that you are a very smart lady and your trading instrument are brilliant. i hope the team fixes the situatio.Laniakea
Who said I’m a lady..? What are you talking about?
bigtopdogger
i make more money buying niggachain not this scam
nihilistic button clicker
It seems to be only a PORTION OF YOUR FARM so far. From what I read from their website announcement
JVSNOVA
exactly lol, clowns
zero [be respect]
just stay calm and wait for the team to address this
Lucky Boy
Downside bullishness of this coin is op
bigtopdogger
give my money back and i become calm, otherwise shut up nig
sufyan
Lol then why they mentioned before the Airdrop that we can redeem our dollars for 1:1 lol
zero [be respect]
yup, probably lots of shorters here spreading fud
What's the penalty for early unstaking feature that's due to come NEXT WEEK?
[Resilience Against Volatility: Dual-path primary exits for USD0++ with 0.87 USD0 floor price via USUAL dAPP and 1:1 Early Unstaking available early next week.
The Early Unstaking feature, which allows for the redemption of USD0++ for USD0 at a 1:1 ratio by burning USUAL tokens, will be available in the Dapp early next week.]Laniakea
How many USUAL do we need to burn per 1 USD0++ for 1:1 redemption..?
fredchan17999
Be calm guys 😱
Lost not in USUAL. But in USD0++ positions. Luckily I got 30k USUAL airdrop that I dumped. So overall not terrible. But in my mental accounting the airdrop was already money locked in. 😓Lucky Boy
Ok i know that you are a very smart lady and your trading instrument are brilliant. i hope the team fixes the situatio.
badman
could u explain what people with PT points should do?
if they advertised clearly that each usd0++ was backed by 0.87 of bonds while selling at $1 then nobody will buy, so they resorted to misleading handwaving, this is clearly fraudtreebeard
Each usd0++ is still backed by $1 of usyc/m0
CongQ
people are just fudding themselves and shtting their pants over primary exit rate
cliff
so sell at 0.88 now is not make sense
Laniakea
Makes no sense to hack here. In the same boat as you. I’m just holding on to it. Yield will compensate to some extend.
What's the penalty for early unstaking feature that's due to come NEXT WEEK?
[Resilience Against Volatility: Dual-path primary exits for USD0++ with 0.87 USD0 floor price via USUAL dAPP and 1:1 Early Unstaking available early next week.
The Early Unstaking feature, which allows for the redemption of USD0++ for USD0 at a 1:1 ratio by burning USUAL tokens, will be available in the Dapp early next week.]Mava (AI Support)
The Early Unstaking feature allows for the redemption of USD0++ for USD0 at a 1:1 ratio by burning USUAL tokens. The penalty involves forfeiting a portion of accrued yields, which is dynamically adjusted based on supply and demand.
Mava AI Betacliff
With usual redeem open say 180 day you get usd0
ssssw☀rd
@CBB0FE can you touch dcf god ,he seed the protocol,maybe he can give the team some advice..
LP balance is gonna recover, its panic swapping due to the nature of people dont understand primary exit and LPsufyan
This panic can create luna like situation
nihilistic button clicker
What's the penalty for early unstaking feature that's due to come NEXT WEEK? [Resilience Against Volatility: Dual-path primary exits for USD0++ with 0.87 USD0 floor price via USUAL dAPP and 1:1 Early Unstaking available early next week. The Early Unstaking feature, which allows for the redemption of USD0++ for USD0 at a 1:1 ratio by burning USUAL tokens, will be available in the Dapp early next week.]
treebeard
There's the other early redemption route of 0-6 months interest, but the target outflow rate for that formula isn't known yet. I guess in a week you'll know if that's better than redeeming at .87
Ok feel sorry for you. I always feel bullish on the downside about the coin simce 1.4 so i hedged so might get lower than .5 then?Laniakea
Lost not in USUAL. But in USD0++ positions. Luckily I got 30k USUAL airdrop that I dumped. So overall not terrible. But in my mental accounting the airdrop was already money locked in. 😓
badman
Can someone answer what people with PT usd0++ points shoudl do?
cliff
Even if there is a lot fud but I think ratio should be 0.95 later if team really want to build this project long time
LMEOW
one can assume binance & kraken as investor were very aware about the mechanism
Damn, ya farmed the people with vesting on their airdrop pretty well! Removing now is not even having a part of the airdrop. Well done team, well doneHaha. Just lost 40k USD mark-to-market. And feel like I got robbed by the team. Not that easy to be chill about it. But I realize no matter what I can’t change it. DeFi is the future.. Just not like this.
101
It’s the future, for the team
Haha. Just lost 40k USD mark-to-market. And feel like I got robbed by the team. Not that easy to be chill about it. But I realize no matter what I can’t change it. DeFi is the future.. Just not like this.Lucky Boy
Ok feel sorry for you. I always feel bullish on the downside about the coin simce 1.4 so i hedged so might get lower than .5 then?
Laniakea
Haha. Just lost 40k USD mark-to-market. And feel like I got robbed by the team. Not that easy to be chill about it. But I realize no matter what I can’t change it. DeFi is the future.. Just not like this.
Idk what you mean by why, but that mechanism has always been in the whitepaper, just not the specific early redemption price
76ixer
what a minor detail eh?
cliff
Open a space on twitter give us solution otherwise dead spirals
sufyan
Luna 2.0 ?? Right
cliff
Have an ama where is the team
LMEOW
why was it known?
Gauss
depends on their response, how effective it is and what they do tbh, we shall see
LavaLittleBird - Chasing
Is it death by now? Other coin is pumping. The only usual coin is dumping. Still hope left for the holder?
Mava (AI Support)
USD0++'s value can fluctuate due to various market factors. However, PT positions are generally safe because USD0++ is pegged 1:1 with USDC. You should be able to swap USD0++ for USDC on DEXes, ensuring the value of your PT position remains secure.
Mava AI Beta
treebeard
Goes to the treasury afaik, if you redeem at that rate
badman
why is usd0++ trading at 0.9 my pendle pt position is at risk?
Well this is a situation to get up for. They triggered it from France and then went to sleep? Smart.Laniakea
Explain to me where the 13% went?
cliff
What if too many people redeem at 0.87 and things will go worse
similar rwa stables have depegged and repegged and experience volatility, their response here is critical to bounce imo
CBB0FE
it's not gonna bounce now that it's worth 0.87 lol
Laniakea
Well this is a situation to get up for. They triggered it from France and then went to sleep? Smart.
cliff
Yeah they are in eu and sleep😅
Lucky Boy
They sleeping they are in france
Can’t see how the protocol survives this unless they rectify it soon. They essentially took 13% from people minting USD0++ and happily continue to do so.
alphahunter5477
team buying lambos
cliff
I wish team find a better solution for us and I don’t want this project to die
Laniakea
And mods / team nowhere to be seen. 👍
Lucky Boy
Oh never mind i just unclick it
Laniakea
Can’t see how the protocol survives this unless they rectify it soon. They essentially took 13% from people minting USD0++ and happily continue to do so.
Gauss
similar rwa stables have depegged and repegged and experience volatility, their response here is critical to bounce imo
CongQ
whats gone
Lucky Boy
Its gone
CongQ
bruh im not even on the team....
CongQ
what
Lucky Boy
@CongQ where is the speculation thread lol
badman
wtf is happenineg with usd0++
Finance Geek
https://x.com/OlimpioCrypto/status/1877585188210753777
They let users mint/buy usd0\+\+ at $1 \(no discount, 1\-1 programmed\) and then magically implement a new hardcoded 0\.87 floor, effectively locking \(i\.e\., evaporating\) 13% of the principal for 1,500,000,000 USD Old docs https://t.co/o7gFOV8cN0 New docs https://t.co/4u5D26OEFh
 on X_.573c786e-13c4-4f0a-b035-4fe989d2b072.jpeg)
 on X_.8a1a568d-8edf-446e-bacf-520173d7f426.png)
Twitter • 01/10/2025 00:16:07 ESTCongQ
clearly he doesn't and its not even in a funny way
ProtocolZ
@CongQ I’ve got a sense you’re doubling down on those bags shortly here 💰💰
mjt
You know the answer
treebeard
This isn't true
CongQ
D A O, its literally in the blog
olimpio
https://x.com/OlimpioCrypto/status/1877585188210753777
They let users mint/buy usd0\+\+ at $1 \(no discount, 1\-1 programmed\) and then magically implement a new hardcoded 0\.87 floor, effectively locking \(i\.e\., evaporating\) 13% of the principal for 1,500,000,000 USD Old docs https://t.co/o7gFOV8cN0 New docs https://t.co/4u5D26OEFh
Twitter • 01/10/2025 00:16:07 EST
michael
None
AsrayT3ch
@CongQ
treebeard
Yeah, you can redeem it if you're whitelisted with the rwa issuers (hashnote/m0)
Mava (AI Support)
USD0 can be redeemed for Real World Assets (RWAs) directly at Usual’s counter. This means you can convert USD0 to the underlying assets without relying on a USD0/USDC pool. Additionally, USD0 is designed to be fully redeemable, maintaining its 1:1 peg through arbitrage, similar to other fiat-backed stablecoins. Reference: 1
Mava AI Beta
Lucas⚡
Structurally, is there a way to convert USD0 to USD without USD0/USDC pool?
MiraiMhysa
AsrayT3ch
Sure CongQ
CongQ
sure
cliff
Short term farm should know before they are haircut and willing to deposit at mint price say 0.93, with 0.93:0.93 redeem by pay 180 day reward or exit at 0.87. Short term farm should not mint at 1:1, selll at 0.93 and redeem at 0.87
loverdefi
Don't steal my words
CongQ
sure
Gunner funk
Wonder how the Arab guy with 5 million usdo++ coping
treebeard
They added the .87 redemption price, but it was always known this was coming
Lucky Boy
Guys just reverse the chart its very bullish
AsrayT3ch
I know how PT/YT works
CongQ
learn how PT/YT work before talking nonsense
loverdefi
Everyone knows they changed the docs today
AsrayT3ch
It literally called PT USD0++
Gauss
was the goal of the change to pump usual?
CongQ
i can't lmfao
loverdefi
Not just mine but everyone else's. You're defending your seed bag lol
Sarah
hi chat are we buying the dip?
bitgoten
it was litterally 1:1 redemption guaranteed until few hours ago 🤣
ProtocolZ
https://tenor.com/view/side-eye-shocked-confused-what-huh-gif-26654819
CongQ
hurt your feelings?
Gunner funk
Usual team should open a saloon
Gunner funk
Usdo++ holder walking with new style after haircut
CongQ
PT's opponent is YT, it has nothing to do with the ecosystem
Lucky Boy
Guys guys calm down this coin is bullish in downside its absolute best potential
ssssw☀rd
stop argue now. no team member here.it's useless
bitgoten
this guy has all his 5 digits networth in UsualX 🤣
from bond yields? but yeh this means u need a lock mechanism and just have linear max exit penalty of 13%Gunner funk
Bond yields are paid to usualx holders
CongQ
its not a sudden way lmfao, aping in here without reading a single word, the fault is COMPLETELY on you
Just think about it. The market only experienced a small downturn, yet USD0++ has already been drained so much that it depegged. And now the floor is 0.87 USD0 for 1 USD0++? It’s bound to keep depegging. This is absolutely disgusting.ProtocolZ
loverdefi
Imagine your brother did a monstrous crime and you still have to defend him. That's the position of CongQ today
cliff
Short term farm should not be haircuted by such sudden way
Lucky Boy
We go to .5?
David
nah only the people who are still in this dogshit project
AsrayT3ch
Are Pendle PT holder not getting rektd lord congq?
12
Just think about it. The market only experienced a small downturn, yet USD0++ has already been drained so much that it depegged. And now the floor is 0.87 USD0 for 1 USD0++? It’s bound to keep depegging. This is absolutely disgusting.
Gauss
usd0++ pts would like to have a word lmfao
unser
from bond yields? but yeh this means u need a lock mechanism and just have linear max exit penalty of 13%
bitgoten
illegal securities offering ?
loverdefi
Haha
ProtocolZ
Sleepy Joe 🤣🤣🤣🤣
AsrayT3ch
https://tenor.com/view/pikachu-shocked-face-stunned-pokemon-shocked-not-shocked-omg-gif-24112152
Finance Geek
how did the market get sold $0.87 worth of products for $1, $1 billion volume
Gauss
backed fully by biden
loverdefi
We would have been better having Zelensky run this project lol
stop complaining, this is just fraud and they in europe, they ll be forced to change because if not their future is jail. just chill until they modify the decisionCongQ
lmfao bruh
Gauss
im more or less curious on the teams response here
AsrayT3ch
Exactly im with you
ProtocolZ
Pierre’s government slush fund 💰💰🤑🤑
cliff
This point is how team roll out their update and suddenly haircut principle
David
you
CongQ
USUALx has a primary exit rate of 1:0.9 against LPs 1:1 rn
to avoid this mess, in hindsight would it have been better if they changed the REDEMPTION price to 1.13 instead of the MINT price to 0.87?Gunner funk
Where will the money come from to redeem at 1.13?
loverdefi
Are you buying?
AsrayT3ch
Would you buy?
lirrboroncruiser
the face value is $1 + mined usual, it IS a discount
CongQ
you can literally buy at discounted rate in secondary rn
unser
to avoid this mess, in hindsight would it have been better if they changed the REDEMPTION price to 1.13 instead of the MINT price to 0.87?
Gunner funk
Sir. Team decided the floor price and market reacted to it
Gauss
it says 1:1 redeemable if you burn usual, how much usual?
its guarnteed full value AT MATURITY, which is 4 YEARS, the design is there on DAY 1, no matter is 0.4 0.6 0.1 nowFinance Geek
then why didnt they sell it at discounted value?
CongQ
yes, that's how LP work
Lucas⚡
We should be able to convert it to USD with only a minimal penalty.
Gunner funk
Not the issuer
CongQ
its guarnteed full value AT MATURITY, which is 4 YEARS, the design is there on DAY 1, no matter is 0.4 0.6 0.1 now
Gunner funk
Also the market decides the floor price
ali
01/10/2025 at 00:07:13 ESTdoes this mean its not actually a token that will ever be made liquid? the only point of it is to issue receipt of that 10% supply and give extra fee generation to team/investors? or usual* itself will be traded some day on its own?
cliff
Then explain this bond what kind of this bond is ?
CongQ
yes
Finance Geek
help why am i poor again
it doesn't matter if its 0.87 or 0.88, its a BOND OVER 4 YEARS, you should have expectations if you have EVER played with bonds beforeGunner funk
Why did the team in incentivice usd0++/usdc pool then? They wanted usdo++ to be pegged with usd0 to lure in people
Gauss
either way theres risks lping and using defi, somewhat expected for volatility but this was a strange execution
it doesn't matter if its 0.87 or 0.88, its a BOND OVER 4 YEARS, you should have expectations if you have EVER played with bonds beforeloverdefi
Did you have seed round sir?
it doesn't matter if its 0.87 or 0.88, its a BOND OVER 4 YEARS, you should have expectations if you have EVER played with bonds beforeCongQ
i trade bonds and options for a living so probably not
it doesn't matter if its 0.87 or 0.88, its a BOND OVER 4 YEARS, you should have expectations if you have EVER played with bonds beforebitgoten
keeping the bond analogy, it's as if the Fed stops the BTFP suddenly with 0 prior notice..
alphahunter5477
this answerr is stupid
it doesn't matter if its 0.87 or 0.88, its a BOND OVER 4 YEARS, you should have expectations if you have EVER played with bonds beforeLaniakea
The issue is they sold their bond at 1:1 and still do.
it doesn't matter if its 0.87 or 0.88, its a BOND OVER 4 YEARS, you should have expectations if you have EVER played with bonds beforeDavid
nope, team said 1:1 redemption was possible
cliff
What bond are you talking do you know bond?
loverdefi
Lmao
Mava (AI Support)
Yes, if the floor price for USD0++ is set arbitrarily low, such as 0.4, it could affect the bond yield. The floor price mechanism allows users to unstake their USD0++ for USD0 at a guaranteed minimum rate. A lower floor price might lead to a decrease in the perceived value of the bond, potentially impacting the yield distributed to holders. Reference: 1
Mava AI Beta
psodj
If the floor price were arbitrarily set to .4, the offset would be in the bond yield, no?
CongQ
it doesn't matter if its 0.87 or 0.88, its a BOND OVER 4 YEARS, you should have expectations if you have EVER played with bonds before
cliff
Design say can update what if 0.4?
Mava (AI Support)
USUAL (USUAL Star) is a specialized token designed for early investors, contributors, and advisors of the Usual protocol. It grants them unique benefits and governance power. USUAL holders are entitled to 10% of all USUAL distributions, and this right is permanently integrated into the protocol. Initially, USUAL holders have majority voting control to ensure adherence to the roadmap during the early stages. Over time, governance will transition to a decentralized model centered around USUAL token holders. USUAL is allocated to team and investors, and it is staked, cliffed, and vested, meaning it will be gradually released over time. To make it liquid or sell it in the future, holders will need to unstake the vested allocation, thereby minting the token. References: 1,2
Mava AI Betacliff
0.87?
ali
01/10/2025 at 00:04:21 ESTcan someone explain to me what the deal with usual* (usual star) is? the token is just 100% allocated to team/investors? how will this token be made liquid/sold in the future?
CongQ
the design was always there from DAY 1
Gauss
its still backed so not the same as ust, just seems like an odd choice today
alphahunter5477
please guysd reverse ur decision
cliff
Team suddenly number decision
Gunner funk
So 0.87 price floor was in the whitepaper?
LemonSoju
rugged on ust 3 yrs ago rugged on usd0 intersting how life works
David
im not burning my money in a sinking ship
cliff
People deposit in short period should not been punished by long period
Fine give this compensation for people rug by this announcement, I am not ok I deposit say I deposit yesterday rug 0.13 and let me wait 180 daysCongQ
bruh WTF R U ON, who tf rugged u
ProtocolZ
DCA’ing into USD0++ 😏😏
cliff
Fine give this compensation for people rug by this announcement, I am not ok I deposit say I deposit yesterday rug 0.13 and let me wait 180 days
spicytuuna
UST0--
Gauss
lol steady lads
nihilistic button clicker
Team should activate the artbritage redemption right to calm the members down
CongQ
dafaq u on, who rugged u?
ProtocolZ
https://tenor.com/view/cooking-cook-chef-masterchef-lilb-gif-13910066
Cupi
Phrase de petite bite ça
So if I deposit yesterday and team rug me 0.13 and I can return just 1 week reward to fully redeem?loverdefi
Praying for this kek
cliff
If so I agree this compensation
You can return the USUAL you received so far next week to return USD0++ to USD0 at exactly 1:1 ratio.bitgoten
"The Website is published by the Company. - Company’s name: Up Only Co, - SIREN number: 919 540 427, - Registered office: 1, rue de Stockholm, 75008, Paris, - VAT number: 919 540 427 - Jurisdiction: France. The Company undertakes to comply with the regulations governing the management and operation of a website."
Under section 3.3.2 the rate could well be below 1:1 right?
Say if everyone decides to redeem USD+00 at once
Users refuse to burn high amount of USUAL via 3.3.1
Team gave a very bad conversion rate under 3.3.2 (say 1 USD0++ = 0.7 USD0) .. 30% write-off
Now the team will likely need to activate 3.3.3 arbitrage parity right. However if rates have moved 1% higher, all the bond portfolio will be underwater. In this case if team sells the bond to facilitate redemptions, there will be a fiscal hole (because u sold the bond at a loss)
Is that clear? Thanksnihilistic button clicker
Saw this happen from miles away fkkkk
CongQ
some guys are just gonna come back the next few days via the same LP with higher ratio than they exited today, its so fricking hilarious
76ixer
what happen with the PT-USD0++ users?
cliff
Give us compensation for this sudden price decision.
You can return the USUAL you received so far next week to return USD0++ to USD0 at exactly 1:1 ratio.101
I have no idea how you came up with this, but it's absolutely wrong
CBB0FE
yes sir
Gauss
so are USD0++ PTs cooked or no
Mava (AI Support)
USD0++ holders who wish to secure their yield must lock their USD0++ for a rolling period of 6 months. During this time, they cannot claim their yield in any form. If the user decides to unlock their USD0++ before the period ends, they forfeit access to the accumulated yield. Reference: 1
Mava AI Beta76ixer
hey, where can we see the need of 6months to unstacke usd0++?
Bond need to be mint reasonable price and instantly sell at reasonable price which is 0.93 and mint should be 0.93. Otherwise it is fraud facing lawsuit야미
You can return the USUAL you received so far next week to return USD0++ to USD0 at exactly 1:1 ratio.
CongQ
just answering brother, 1 whole dollar
David
bruh we get you have $5mil, no need to flex
CBB0FE
just asking brother
CBB0FE
what's your net worth
CongQ
im just askin can u actually differentiate those two
Zugor
Hit a nerve 😂
CongQ
bruh y u mad
u guys do know USUALx primary exit rate is 1:0.9 as to LP's 1:1 right?
ponziprawn
yea pendle people got f
lmao. nothing got “activated” after the announcement. peeps just chose to dump on the open market after announcementCongQ
yeah its just the LP's reaction, its so fricking hilarious watching it in action
Mava (AI Support)
The USD0++ token is designed to provide yield through its Base Interest Guarantee (BIG) mechanism and the distribution of USUAL tokens. The peg is maintained to ensure stability and predictability, which is crucial for a stablecoin. The yield is generated through the protocol's mechanisms, and the peg is adjusted to manage volatility and ensure the token's value remains stable. This approach allows USD0++ to offer both stability and yield, similar to other yield-bearing tokens like sDAI. References: 1,2
Mava AI Betacliff
Bond need to be mint reasonable price and instantly sell at reasonable price which is 0.93 and mint should be 0.93. Otherwise it is fraud facing lawsuit
Gauss
why reduce peg instead of having it yield bearing like sdai for example as bond matures
unser
lmao. nothing got “activated” after the announcement. peeps just chose to dump on the open market after announcement
ProtocolZ
Only 6% USD0 liquidity left
USD0++ is dumping like crazy on Curve
101
lol
CongQ
can u actually differentiate LP and primary market
ponziprawn
worse than exchanging money in the airport
CongQ
bruh
aping in before reading even a word in the whitepaper, and calling fraud because the mechanisms described in the whitepaper got activated is crazyponziprawn
ur $1 worth of bond is now worth 87c
bitgoten
exactly
CongQ
aping in before reading even a word in the whitepaper, and calling fraud because the mechanisms described in the whitepaper got activated is crazy
cliff
Do you have this doc link?
ponziprawn
@Magicking @Mr. Lin
101
wait they are actually french? lol
pristine
Everytime I see a french team I stay far away, this time I gave a french team another chance, and see what happened.
cliff
Later they can change to 1:0.3
ponziprawn
totally violated
CongQ
bruh
Zugor
Guyssssss
Everytime I see a french team I stay far away, this time I gave a french team another chance, and see what happened.ponziprawn
yea 100%
CBB0FE
fraud.
https://x.com/Cbb0fe/status/1877578945723257162
Lmao @usualmoney team updating documentation about USD0\+\+ exactly 6 hours ago\. Fraud\.
 on X_.57ee9eb8-3a6a-4937-8dcf-e44fd8dcec9b.jpeg)
Twitter • 01/09/2025 23:51:19 ESTalphahunter5477
Everytime I see a french team I stay far away, this time I gave a french team another chance, and see what happened.
Zugor
Where are the team?
bitgoten
"it was all in the whitepaper bro"
ponziprawn
i like how the team make it sound so altruistic with 0.87 floor
cliff
They should facing law suit if they not give us solution
ponziprawn
cbbf is gonna send this usd0++ to 0.87 soon
Rockstar
there is no practical way of going back now. trust lost
ssssw☀rd
@CBB0FEare you stuck in usd0+ with us?
bitgoten
good observation
ProtocolZ
🤣🤣
CBB0FE
https://tenor.com/view/milking-cow-futurama-dairy-milk-gif-23297178
cliff
If team want to make money in long period not just focus on 0.13 suddenly revenue, they should compensate user who deposit before this announcement
CBB0FE
do u have proof of that?
ProtocolZ
🥛🥛 milking indeed
alphahunter5477
they updated the docs 6 hours ago as well
Zugor
Give me a few mins to unstake and dump it all. close all positions 🥲
101
that's the claim to redeem at parity if someone still believes in it
ponziprawn
milking their users
CBB0FE
founders are fraud
bitgoten
they don't want to compensante, it was a calculated fraud imo
ProtocolZ
Lmao blast
76ixer
what? 6months?
Kohari
why big dump USD0++ ??
ponziprawn
ret4rded founder
ponziprawn
blast 2.0 vibes
sange
niu
cliff
As i said i am ok with how bond works and how cd works but i am not ok with suddenly change and rug my 0.13 principle
Dave.race
As long as I remember at least
CBB0FE
agree.
Dave.race
Slow mode was always there 🙂
My point is the way how the message come out and just rob my principle 0.13 which is just some figure changeCBB0FE
this tbh 😂 what a giant rug
cliff
With mint price at market price and redeem at 0.87
ponziprawn
team cnat handle the heat anymore and enabled slow mode
ponziprawn
hahahaha future of france
Gunner funk
Whales had to pay for dumping their USUAL rewards daily
bitgoten
usual token will probably go to zero from here, too much legal risks on the project
cliff
My point is the way how the message come out and just rob my principle 0.13 which is just some figure change
ponziprawn
250mil in projected revenue
101
USYC redeem is T+1 at pair, somehow USD0++ needs 6 months
not sure it's a good idea to trap funds/whales though, probably easy to force the unwind legallyponziprawn
bro they trap funds/whales and use their money to earn yield for protocol which they pay themselves
Zugor
The F
bitgoten
not sure it's a good idea to trap funds/whales though, probably easy to force the unwind legally
ponziprawn
isn't this a 1 way street ? u cant argue that this is done in good fiath
180 days to unstake ? Then who the f is gonna stake LOL
ponziprawn
Yea, right now they are introducing huge penalty to trap early supporters
Mava (AI Support)
The floor price of USD0++ is set by authorized admins who have the FLOOR_PRICE_UPDATER_ROLE. This mechanism allows users to unstake their USD0++ for USD0 at a guaranteed minimum rate. The specific calculation details for setting the floor price are not provided in the documentation. Reference: 1
Mava AI BetaGunner funk
@Mava (AI Support) how is the floor price of USD0++ calculated?
cliff
Excuse me?
Team can just randomly change the ratio and even increase the ratio?
yea team doesnt control secondary market. But 1:1 in the beginning is fraud since they are selling us expensive bondGunner funk
They could have set the floor price to $1 and gradually increased the minting price
My another point is this message sent out with out notice and the floor is decide randomly by team and hair cut my principal, what if team change ratio to 0.7?loverdefi
This can happen as well
ponziprawn
I am waiting for team to respond because this doesnt make sense
cliff
My another point is this message sent out with out notice and the floor is decide randomly by team and hair cut my principal, what if team change ratio to 0.7?
What is the conditional exits sirs? How much yield do we need to give back? Unconditional is 13% haircut I knowMava (AI Support)
Conditional exits allow you to redeem USD0++ at a 1:1 ratio by forfeiting a portion of accrued yields. The specific amount of yield to give back is dynamically adjusted based on supply and demand. Unconditional exits involve a redemption at a floor price, which you mentioned as a 13% haircut.
Mava AI Betaloverdefi
What is the conditional exits sirs? How much yield do we need to give back? Unconditional is 13% haircut I know
Rockstar
but what do you suggest? hold now and wait or take the loss and leave?
Team dosent control secondary market to be fair. So even if ample amount of time was given the price of usd0++ would have tankedponziprawn
yea team doesnt control secondary market. But 1:1 in the beginning is fraud since they are selling us expensive bond
Zugor
Where are the teams?
Gunner funk
It's up 7% for the yield I guess
treebeard
There's a formula in the whitepaper that states the early redemption fee is 0-180 days worth of usual rewards. That redemption mechanism isn't live yet though
101
hashnote USYC is not down in any sense
Zugor
WT-AFffffffff
Gunner funk
Team dosent control secondary market to be fair. So even if ample amount of time was given the price of usd0++ would have tanked
ponziprawn
anyways this is just fraud bro
101
USYC is short term
ponziprawn
yea dude dont u read the docw
76ixer
good thing is they are in France, so jail is the future for them
101
yes
David
you're telling me the team only invested in short term bonds?
cliff
Ok now it is CD that make a little bit sense 😅
xuan
33.33% of system fees. what does it mean
ponziprawn
that is not the underlying
treebeard
I agree, not what I was talking about though
ponziprawn
this is not correct
101
wrong, check SHV. short term bonds
As I mentioned before, a closer analogy is a CD. You buy them 1:1 but generally they have an early redemption fee of 3-6 months interest. In usual's case it's 0-6 months of usual rewards (i.e. the interest)bitgoten
if it's a CD you don't guarantee a 1:1 redemption that you stop suddenly with 0 warning
As I mentioned before, a closer analogy is a CD. You buy them 1:1 but generally they have an early redemption fee of 3-6 months interest. In usual's case it's 0-6 months of usual rewards (i.e. the interest)loverdefi
Where are you seeing this? 6 months of rewards I mean
cliff
Team gives us compensation for this instant change
Gunner funk
It's short term treasury bills
alphahunter5477
well then they shiould reflect that in the redemption price at 0.93 not at 0.87
I am ok usd0++ is a bond but bond should not be mint at 1 and sell at 0.87 which is manipulated by teamtreebeard
As I mentioned before, a closer analogy is a CD. You buy them 1:1 but generally they have an early redemption fee of 3-6 months interest. In usual's case it's 0-6 months of usual rewards (i.e. the interest)
SY
It is unreasonable. you should have let us mint usdo++ at discounted price like now.
Mava (AI Support)
Holding USUALx primarily provides rewards in the form of USUAL tokens. USUALx holders receive 10% of all USUAL emissions and 33.33% of system fees. There are no specific bond awards mentioned for holding USUALx.
Mava AI Betaxuan
Are there only USUAL rewards for holding USUALX? Are there any bond awards?
cliff
This is market manipulation is illegal
Gunner funk
Usd0++ was never stable çoin.
ponziprawn
Incredibly bad faith by team
ponziprawn
huh ? its usd0++ that we are talking about
Rockstar
Stop using bond analogy. It was primarily represented as 1:1 stable coin
If we are buying it at notional, then shouldn't the value of usd0++ be similar to the short term bond trading overnight ? It clearly didn't dump 6.5% overnightMava (AI Support)
USD0++ is a bond-like token backed by short-term U.S. Treasury Bills. Its value is influenced by the underlying assets and market conditions. While it aims to maintain parity with USD0, market dynamics can cause fluctuations. The DAO can intervene to unlock USD0 if USD0++ becomes depegged, ensuring stability. However, short-term market movements can still affect its price temporarily. References: 1,2
Mava AI BetaMava (AI Support)
USD0++ was initially minted at 1 USD to establish a stable and predictable value for the token, aligning it with the value of USD0, which is pegged to USDC. This approach ensures that USD0++ maintains its intrinsic value and provides a stable foundation for yield generation and rewards distribution.
Mava AI BetaSY
Wy we minted usdo++ at 1usd first?
ponziprawn
If we are buying it at notional, then shouldn't the value of usd0++ be similar to the short term bond trading overnight ? It clearly didn't dump 6.5% overnight
cliff
To make it looks like bond
Team should implement this feature
Gunner funk
May be. They incentivesed usd0++/usd0 pool
Can someone explain how buying Usd bond, make someone lose 10% of their networth overnight ?Mava (AI Support)
When you buy a USD bond like USD0++, there is a 10% unstaking fee if you decide to withdraw your investment early. This fee is deducted from your initial deposit, which can result in a significant loss if you withdraw shortly after investing. Over time, your vault share increases in value, potentially allowing you to withdraw more than you initially deposited, but the 10% fee applies to early withdrawals.
Mava AI Beta야미
Where do you guys think the high yield comes from? Just dump USUAL?
cliff
Say you mint at 1:1 and value instantly to 1:0.87 but you get some compensation for the spread
bitgoten
it makes no sense from a user pov, but makes pefect sense for the team.. total grift: bait TVL, create a sudden unpeg, trap them 4 years , collect 13% on the rage exit for the "DAO".
Laniakea
And team planned that rug all along..?
David
thats where you money went
ponziprawn
More of like, why did we lose money ?
Yeah but why didn’t they do that from the get go. Every person holding USD0++ at this moment minted at 1:1.SY
Agree Wy we bought 1:1 at first
ultra
you guys were leveraged or just spot? @CBB0FE
Bonds even in tradfi been traded in the secondary markets for a looong time, usually at a discount to its value at maturity. Primary difference here is USD0++ being pegged essentially at $1 before and having this “floor price” be set OVERNIGHT with no advancing warninglirrboroncruiser
the value of USD0++ at maturity is $1 plus mined usual token, already at a discount in minting
Yeah but why didn’t they do that from the get go. Every person holding USD0++ at this moment minted at 1:1.Gunner funk
Innocent investers will mint usdo++ at $1
Fair price is set by the bond issuer isn't it? They can set the fair value at the beginning at any priceLaniakea
Sure. It’s called ripping people off. Bright future for the protocol. Fool me once, ..
ponziprawn
You guys misrepresented yourself, you cant just say " read the fine print"
alphahunter5477
where did our bond yields go?!?!
101
they set they were doing tether for the users
Gunner funk
This is the problem here. Hahha
ponziprawn
This is fraud
Yes, they sold at notional value. Right now, they are making users redeem it at face value.
The spread is then distributed among Usual token holdersalphahunter5477
aye this
Rockstar
Exited all the positions. Lost 6000 overall in the process. Adios...
cliff
Nonetheless you now mint at 1:1 and sell at 1:0.87 excuse me?
Laniakea
Yeah but why didn’t they do that from the get go. Every person holding USD0++ at this moment minted at 1:1.
I understand. The problem is that the team didn’t sell the bond at the fair price but at the notional value! And is still doing that..ponziprawn
Yes, they sold at notional value. Right now, they are making users redeem it at face value. The spread is then distributed among Usual token holders
I understand. The problem is that the team didn’t sell the bond at the fair price but at the notional value! And is still doing that..Gunner funk
Fair price is set by the bond issuer isn't it? They can set the fair value at the beginning at any price
Mava (AI Support)
USD0 is designed to be pegged to the US dollar at a 1:1 ratio, meaning it is intended to maintain a value of 1 USD. This peg is crucial for maintaining stability and trust in the stablecoin. Allowing minting at 1 USD ensures that the stablecoin remains stable and predictable, which is essential for users who rely on it for transactions and investments. Minting at a lower value like 0.87 could undermine this stability and lead to a lack of confidence in the stablecoin's value. Reference: 1
Mava AI Beta
reverbb
People need to stop using the bond analogy
SY
Wy let us minted at 1usd first not at 0.87?
cliff
Bond should sell at some discount if it is initial or through auction
Laniakea
I understand. The problem is that the team didn’t sell the bond at the fair price but at the notional value! And is still doing that..
David
it should be priced in usd0++
AFAIK the option to exit usd0++ will eventually come down to two paths:
1. Conditional exit - requiring users to pay some $USUAL (amount of which will fluctuate depending on several factors)
2. Unconditional exit - redemption at a floor price, set at 0.87:1
and I'm always happy to help, as i'm in this as well
Sumina
Do we know when these exit mechanism will be available? Feb 1?
ponziprawn
Is your "bond prices" priced in usd0 ? if not then shut up
cliff
Problem is no one sell bond at 1:1 nominal
alphahunter5477
you guys are maximizing shareholder value at the expense of stablecoin holders who got sold at $1 for $0.87 worth of stuff
David
bond prices got rekt since a month ago by about 7%
ravished
You could buy my same position at a 30% discount and be very happy at the end of February
More then the way you all are behaving. I'm giving you alpha here and your fading me. What did you precisely lose because I'm down 30% from my entry on usual and I'm pumped about the future, how much are you down?CBB0FE
loser.
Yeah but that’s a different issue to letting users mint at 1 USD and then only holding 0.87 USD of bonds against it.Gunner funk
Bonds have a face value and yield value. They both can be different
ponziprawn
Yea, there is an arbitrage
Yeah but that’s a different issue to letting users mint at 1 USD and then only holding 0.87 USD of bonds against it.ravished
More then the way you all are behaving. I'm giving you alpha here and your fading me. What did you precisely lose because I'm down 30% from my entry on usual and I'm pumped about the future, how much are you down?
ProtocolZ
Bonds even in tradfi been traded in the secondary markets for a looong time, usually at a discount to its value at maturity. Primary difference here is USD0++ being pegged essentially at $1 before and having this “floor price” be set OVERNIGHT with no advancing warning
alphahunter5477
you guys have an extra 13% in bonds SOMEHWERE
Yeah but that’s a different issue to letting users mint at 1 USD and then only holding 0.87 USD of bonds against it.alphahunter5477
this
Laniakea
Yeah but that’s a different issue to letting users mint at 1 USD and then only holding 0.87 USD of bonds against it.
Gunner funk
But the price is controlled by supply and demand in open market. Not set overnight by anyone
ponziprawn
It doesnt make sense to me, they claim that they were bootstrapping protocol with the binance launch thats why there was a 1:1 redemption feature
bitgoten
i'm contacting my lawyer, pretty sure it's illegal in their jurisdiction
Gunner funk
No, bond price vary with the yield. It can drop in price in secondary market
Gunner funk
This is bit problematic in terms of legality
Mava (AI Support)
Yes, if you hold the USD0++ bond for its full 4-year term, you can redeem it at a 1:1 ratio, meaning you can sell it at the same value you bought it for.
Mava AI Betaalphahunter5477
if we brought the bond at 1 we should be able to sell the bond at 1 right
It was just announced on the 7th did you not read it like the part about the bonds you did not read?
boredmansachs
is this professional behavior?
@Mr. Lin why did you make usd0 and usd0++ 1:1 instead of 1:0.87 at the start ? You just forced everyone to buy usd0++ at $1 instead of market value.
USD0 is NOT A STABLECOIN but trading at a premium ??alphahunter5477
actually this
@Mr. Lin why did you make usd0 and usd0++ 1:1 instead of 1:0.87 at the start ? You just forced everyone to buy usd0++ at $1 instead of market value.
USD0 is NOT A STABLECOIN but trading at a premium ??Laniakea
This - it makes no sense whatsoever.
So in the upcoming month we will release our 2025 roadmap - we have A LOT of usecases for USD0 (afaik from defi to tradfi) which will expand on our revenue streams.ponziprawn
nobody is touching this
ponziprawn
@Mr. Lin why did you make usd0 and usd0++ 1:1 instead of 1:0.87 at the start ? You just forced everyone to buy usd0++ at $1 instead of market value. USD0 is NOT A STABLECOIN but trading at a premium ??
Laniakea
Mods went to sleep like Hawk Tuah girl during her rug..?
Its holders will generate massive USD denominated income from the revenue earned monthly from the TVL locked. $5 million a month shared to stakers, guaranteed for four years. The token doesn't need to go up.Its holders will generate massive USD denominated income from the revenue earned monthly from the TVL locked. $5 million a month shared to stakers, guaranteed for four years. The token doesn't need to go up.Gunner funk
There is no guarantee.
ProtocolZ
I came across this article a few weeks ago c luckily exited in advance @David
Gunner funk
@Noé what part of game theory is this
Where are the admins lol
ProtocolZ
Just Google it
I can’t give a link it’s on gate io
If you search this there’s an article discussing this exact scenario months ago - In-depth analysis of Usual Money: Beware of retail investor liquidity honeypots, lock-up period of 4 years at USD0++David
link?
Gunner funk
Usualx floor price will now be set by angry usd0++ holder 😀😀😀
ProtocolZ
If you search this there’s an article discussing this exact scenario months ago - In-depth analysis of Usual Money: Beware of retail investor liquidity honeypots, lock-up period of 4 years at USD0++
Laniakea
“Oh it’s DeFi bro - need to do your research.” ☠️ Things like this are why mass adoption is far away.
Gunner funk
Should be changed now to $0.87
lambo
You can do this, but don't create a usd0++ pool because it is a two-way exchange.
alphahunter5477
it was never at 0.87
alphahunter5477
that was the price on the site by the team, you could only mint it at 1:1
Gunner funk
Yup. This shows they don't care about their users
ravished
I just bought on a pt on Pendle with a discount for usd0++
Laniakea
Worst thing is that team happily still lets them do this through the frontend.
Gunner funk
Dumb folks who mint usdo++ now at $1 are rekt
ravished
I don't know. What is usd0++ priced at now?
The current TVL that is locked is earning $5 million a month. The bond never depegged it was always supposed to go to that price and it's not down to 87% right now. Sell it for usual, stake it, and participate in 60% APY on usual paid in stable cpons and 214% in more usual. Don't touch the principal and sell the usd0 for usd
Pri
It was never stated that it would be changed to 0.87 anywhere
Gunner funk
Proper way was to give ample amount of time for people to exit
What I am confused about is that there is no problem in withdrawing 0.87, but Curve has a pool where you can exchange USD0 for USD0++ and get more. Who will exchange 1:1 and wait for the anchor to 1?Mava (AI Support)
The decision to exchange USD0 for USD0++ at a rate other than 1:1 depends on individual strategies and market conditions. Some users might prefer to exchange at a lower rate if they anticipate the value of USD0++ to increase, thus gaining more in the long run. Others might prefer the stability of a 1:1 exchange if they prioritize maintaining a stable value. The choice depends on the user's risk tolerance and market outlook.
Mava AI BetaGunner funk
It's classic insider trading
Laniakea
What jurisdiction is the team in?
lambo
What I am confused about is that there is no problem in withdrawing 0.87, but Curve has a pool where you can exchange USD0 for USD0++ and get more. Who will exchange 1:1 and wait for the anchor to 1?
where are you seeing 60% apy? it's 28% apy for something that you guys just cutoff 13% off plus the 28% assumes Usual is going to be sold and put back in more usd0ravished
The current TVL that is locked is earning $5 million a month. The bond never depegged it was always supposed to go to that price and it's not down to 87% right now. Sell it for usual, stake it, and participate in 60% APY on usual paid in stable cpons and 214% in more usual. Don't touch the principal and sell the usd0 for usd
Gunner funk
This. We don't know if insiders got the news first
bitgoten
i wonder if this can be qualified as securities fraud actually.. there's probably a case
Pri
Meanwhile team would have dumped their usd0++ and properly bought some back
bitgoten
oooooo it's crime
goodboy | best good boy
Sudden update is unfair,
This is ridiculous
goodboy | best good boy
GOAT
guys its not guaranteed that u will get 1:1 redemption in 180 days after staking right? the amount of usual needed to redeem will flucutateMava (AI Support)
Yes, the amount of $USUAL needed to redeem USD0++ at a 1:1 rate can fluctuate. The redemption cost depends on factors like weekly outflows and the time before maturity. However, if you hold USD0++ for 180 days, the amount of $USUAL you accumulate should cover the maximum early redemption cost, allowing you to exit at a 1:1 basis.
Mava AI BetaCBB0FE
https://x.com/Cbb0fe/status/1877568763597386236
So @usualmoney team has been claiming for a few weeks that USD0\+\+ was redeemable for 1:1 USD0 so everything was chill\. Today, they stopped the 1:1 redeem function without any prior announcement to trap farmers and keep their TVL\. USD0\+\+ is now trading at $0\.92\. Please send this
 on X_.0dbb717f-356e-4543-946d-109a17c3cdd9.png)
Twitter • 01/09/2025 23:10:51 ESTalphahunter5477
guys its not guaranteed that u will get 1:1 redemption in 180 days after staking right? the amount of usual needed to redeem will flucutate
bitgoten
they will hide behind "wallpaper" and "it was a bond you bought" to cover the rug now
101
no one is going to sell Usual to something that just lost 13% backing
You can benefit from all these changes by staking usual and earning your percentage in the locked TVL. Think of your loss to day as a real estate brokerage fee for a hot property that's throwing of 274% APY and 60% of that is in usd0!! Its a small price to paid for an undervalued yield instruments101
where are you seeing 60% apy? it's 28% apy for something that you guys just cutoff 13% off plus the 28% assumes Usual is going to be sold and put back in more usd0
alphahunter5477
huh what does this means
Mava (AI Support)
The amount of USUAL needed to redeem 1 USD0++ for 1 USD0 is determined by three factors: the current USUAL rewarded per USD0++, an adjustment factor based on the weekly outflow target and cumulative weekly redemptions, and a time cost factor.
Mava AI Betaalphahunter5477
how much usual do i need to redeem 1 usd0++ for 1 usd0?
The team should have clearly announced the changes and specified a timeframe for implementation. However, I believe they made this decision because it would inevitably lead to a significant decrease in TVL. In other words, we’re all just slaves to maintaining TVL.ravished
You can benefit from all these changes by staking usual and earning your percentage in the locked TVL. Think of your loss to day as a real estate brokerage fee for a hot property that's throwing of 274% APY and 60% of that is in usd0!! Its a small price to paid for an undervalued yield instruments
chasercat
every time! i missed this lesso
101
lol 4 years. nice story they came up with
spicytuuna
https://tenor.com/view/dokwon-ust-crypto-luna-luna-pump-gif-26681128
sorry i have quick question. does yt holder can sell usual in any time?i thought there was locked up periodsMava (AI Support)
Yes, YT holders can sell USUAL tokens at any time. However, if you are holding USD0++ to earn USUAL tokens, there might be a lock-up period for the USD0++ itself, but not for the USUAL tokens once they are claimed. Reference: 1
Mava AI Betachasercat
sorry i have quick question. does yt holder can sell usual in any time?i thought there was locked up periods
Aerovall
it's either this or stay for 4 years
Aerovall
lmao
loverdefi
Sooo true
I’ve been in many exploits before but this is the first time getting rugged straight by the team.loverdefi
Roflmao
We got totally rugged. USD0++ is depegged right now, and we’re left with only three choices:
Swap back to USD0 at 0.87.
Lock it up for 180 days and burn your USUAL to get a 1:1 swap.
Wait for USD0++ to recover to 1:1 (which is nearly impossible since everyone has already lost faith).boredmansachs
do you really think it will survived 180 days?
Aerovall
heh they did it to usualX YT by not including it in the real yield part at february, didn't know they can rekt the USD0++ PT users as well in pendle instead of giving them fixed yield it is fixed haircut 😂
Laniakea
I’ve been in many exploits before but this is the first time getting rugged straight by the team.
We got totally rugged. USD0++ is depegged right now, and we’re left with only three choices:
Swap back to USD0 at 0.87.
Lock it up for 180 days and burn your USUAL to get a 1:1 swap.
Wait for USD0++ to recover to 1:1 (which is nearly impossible since everyone has already lost faith).LemonSoju
how does 2nd option work? since USD0 is at a dollar
Mava (AI Support)
You can purchase USD0 tokens on the secondary market, initially available on decentralized exchanges (DEXs) and soon to be listed on centralized exchanges (CEXs). Reference: 1
Mava AI BetaLaniakea
The team just rugged their most loyal and early users by 13%. How on earth does that make any sense..? How do you plan to ever recover from that?
jxoxoin
We’re nothing but TVL slaves to the team. They have no intention of listening to us or making any changes.
loverdefi
All was discussed before this decision
boredmansachs
Q1 hardcoded price 0.87, Q2 hardcoded price 0.60, Q3 hardcoded price 0.3, Q4 hardcoded price 0.05
michael
180days later， no value for usd0/usd0++
Its a governance function that will be proposed, discussed, and voted on prior to happening, it won't be at will. And all usual holders can voteloverdefi
Exactly, like this one
Aerovall
yes getting below that is free
0x
At 0.87 it's free money
technically market will dumped till 0.87 as the team has said that's where their buy power isLaniakea
The floor is 0.87 indeed.
ravished
No it was just mention many times. I'm talking about future decisions from the dao
Aerovall
technically market will dumped till 0.87 as the team has said that's where their buy power is
Laniakea
And people will dump USD0++.
Its a governance function that will be proposed, discussed, and voted on prior to happening, it won't be at will. And all usual holders can voteGunner funk
Sir there was no voting
can mint 1 USD0++ with 1 USD0, but the reverse is blocked. If this isn’t a rug, then what is it? lmao
Usual
Aerovall
im not the team ser can ask them how to exit that position
Yeah. Why wil anyone stake their USD in usual knowing the foor price can be changed overnightravished
Its a governance function that will be proposed, discussed, and voted on prior to happening, it won't be at will. And all usual holders can vote
101
why are you unable to keep the peg? this is weird
Laniakea
Just means you position just lost 7% mark-to-market.
I guess PT farmers(USD0++) doesnt have fixed yield anymore but should be called fixed haircut 😂
llliu_01
i bought pt , it means i need buy $usual to pay ?
This completely annihilated any trust in this project. Have been around for a while but this is also a first.I guess PT farmers(USD0++) doesnt have fixed yield anymore but should be called fixed haircut 😂ravished
Now is a great time to get back into PT
Laniakea
Also how on earth do you still let people mint at 1:1..?
Laniakea
This completely annihilated any trust in this project. Have been around for a while but this is also a first.
ravished
Or $4700 a month on a 100,000 position with another 10,000 usual
ravished
$4.7 a month or a $100 position plus another 20 usual
Laniakea
Welcome to the club. Got completely rekt. Didn’t see that one coming. Guess I should have read the whitepaper more carefully that team let’s you mint at 1 and then rugs you at will.
It never depegged its just doing the bond function and it pays you in usual. You should be able to sell it now at like .94. Take the hit and put it in usual before it goes up, if it goes up you are whole, or if you sit in it for a month you are whole.Gunner funk
Get f'd lol
We got totally rugged. USD0++ is depegged right now, and we’re left with only three choices:
Swap back to USD0 at 0.87.
Lock it up for 180 days and burn your USUAL to get a 1:1 swap.
Wait for USD0++ to recover to 1:1 (which is nearly impossible since everyone has already lost faith).ravished
It never depegged its just doing the bond function and it pays you in usual. You should be able to sell it now at like .94. Take the hit and put it in usual before it goes up, if it goes up you are whole, or if you sit in it for a month you are whole.
michael
next life
爱子
统统180天
Gunner funk
I want to mint new usd0++ at 0.87$ and arb it secondary market. When can I do that
llliu_01
@Mr. Lin hello , i want to know any info about the PT holder , it's unfair
Laniakea
How…? This is almost criminal. At least put a gigantic warning checkbox there that minting USD0++ means you instantly lose 7%.
Mr. Lin
Mr. Lin
Thanks for the blessings kind ser
Mr. Lin
if the secondary market presents the opportunity, i think you can buy it on there
The new 0.87 floor price has already started, they did it the moment that announcement hit, no time for people to orderly decide if they can get outGunner funk
Can we mint new usdo++ at floor price using usd0?
Mr. Lin
your words not mine ser, but happy to take the award I guess
I will refer to the team on this issue - I think PT users (like me) are likely disadvantaged by itAerovall
ooof earlier its YT when usualX yt isn't included in real yield, now it's PT users get rektified
The details will be ironed out in the next few days, with regards to the early redeeming function. AFAIK it will be next monday.Gunner funk
Can we mint usd0++ at $0.87 now?
Pri
The new 0.87 floor price has already started, they did it the moment that announcement hit, no time for people to orderly decide if they can get out
12
We got totally rugged. USD0++ is depegged right now, and we’re left with only three choices: Swap back to USD0 at 0.87. Lock it up for 180 days and burn your USUAL to get a 1:1 swap. Wait for USD0++ to recover to 1:1 (which is nearly impossible since everyone has already lost faith).
ravished
Usual earns $5 mill a month on your usd0++ and it's all given to usualx holders come the end of February, each and every month now. It will happen sooner if we get 50% of usual staked
Mr. Lin
The details will be ironed out in the next few days, with regards to the early redeeming function. AFAIK it will be next monday.
Mava (AI Support)
The DAO governance will ultimately reside with USUALx and USUAL* holders. These stakeholders are empowered with voting and proposal rights, enabling them to shape the DAO’s operations, strategic direction, and investment policies. Reference: 1
Mava AI BetaSo in the upcoming month we will release our 2025 roadmap - we have A LOT of usecases for USD0 (afaik from defi to tradfi) which will expand on our revenue streams.Gunner funk
When will Minting usd0++ at floor price start?
Dave.race
Is the DAO eventually going to be holders of USUALx or is that two different things?
So in the upcoming month we will release our 2025 roadmap - we have A LOT of usecases for USD0 (afaik from defi to tradfi) which will expand on our revenue streams.boredmansachs
Does the use cases include changing the price of the bond again?
야미
Today's update was sudden, but it was clearly stated and was something that had to be done. I think USD0++ will be at least $0.97 or more once the market stabilizes. I also think that USUAL, which was thought to be a simple dump token, will also increase in value.
I think the timing of our announcement and the releasing of the early redeeming feature can be optimized, yes0x
Well you should definitely offer the following: "Pay back all usual earned from staking, in return get back your dollars 1:1" Still a net gain for the team. Users get off with a fair warning. You really don't want to trap people with a usual token debt
Mr. Lin
So in the upcoming month we will release our 2025 roadmap - we have A LOT of usecases for USD0 (afaik from defi to tradfi) which will expand on our revenue streams.
The revenue switch will likely be active on Feb 1
The snapshot will be taken before that, and by the end of month, you will receive usd0 as your rewards
Neas
but thats to usualx not to usd++?
boredmansachs
Is this a professional behavior from the team?
ravished
Listen to me and read the threads from around 10 and 11am this morning in here and speculation channel. There is so much money to be made by buying and staking usual, you are all crying about losing 5% on usd0++ when you ca make that back in a month or less staking usual at the lowest FDV/LTV ever. The LTV that is locked will now PAY usualx, so quit bitching and get on board already.
Laniakea
Well a bond can also accrue value. That’s what I naively assumed. Didn’t expect the project would just rug us for 13%. If this doesn’t change, I don’t see how this ever survives.
jxoxoin
The team should have clearly announced the changes and specified a timeframe for implementation. However, I believe they made this decision because it would inevitably lead to a significant decrease in TVL. In other words, we’re all just slaves to maintaining TVL.
I think the timing of our announcement and the releasing of the early redeeming feature can be optimized, yesPri
Rollback the changes
How can USUAL, which was designed to replace a centralized protocol like USDT, be considered more decentralized if the team can make arbitrary changes without a DAO proposal? lolDave.race
The DAO is USUAL labs at the moment
Yes we want to discuss what actions are going to be taken? Clearly this is going to lead to more unrestMr. Lin
You want more promises? got it
Pri
Was 0.87 in the white paper? Nope.
Dave.race
To the treasury
Mr. Lin
I think the timing of our announcement and the releasing of the early redeeming feature can be optimized, yes
I am genuinely puzzled - did you let users swap USD0 to USD0++ at 1:1 for months and then just rug it at will..? How is that ethical / transparent?Laniakea
I am genuinely puzzled - did you let users swap USD0 to USD0++ at 1:1 for months and then just rug it at will..? How is that ethical / transparent?
Aight boys I'm happy to answer more questions regarding the announcement itself or details of it
If you would like to vent your feelings then I can do so with youso from the blog post, it says - "Revenue switch enhances USD0++ yields", but I dont think it actually changes at all? There was no underlying change for how USD0++ earns yield right? @Mr. LinMr. Lin
The revenue switch will likely be active on Feb 1 The snapshot will be taken before that, and by the end of month, you will receive usd0 as your rewards
Summary of what happened here? We swap USD0 to USD0++ at 1:1 rate just a few weeks ago and now get rugged to 0.87?Mava (AI Support)
If you bought USD0++ 2 days ago, you would need to either buy USUAL to exit once early redemption goes live, or accumulate rewards for 180 days to cover the MAX early redemption fee.
Mava AI Beta
CiHoi
If I buy usd0++ 2 days ago. How many usual I need to pay for redeem?
Aight boys I'm happy to answer more questions regarding the announcement itself or details of it
If you would like to vent your feelings then I can do so with you0x
If the redemption mechanic goes live early next week, why are there no details on it?
If you communicate that on X date, the floor price will be changed it won't allow insiders to profit and it will allow an orderly exit for those that actually want to use the protocol.
Instead you have just trapped a massive bunch of TVL and holding them hostage
MasDanang
someone just exit
ok i did not write anything
and the premise of this is that usd0++ will hold for 4 years - hence "portion" of your rewards
supersupply
portion of "RECEIVED" rewards? Past tense not future yield
Neas
so from the blog post, it says - "Revenue switch enhances USD0++ yields", but I dont think it actually changes at all? There was no underlying change for how USD0++ earns yield right? @Mr. Lin
12
we totally get rug!
Mr. Lin
Aight boys I'm happy to answer more questions regarding the announcement itself or details of it If you would like to vent your feelings then I can do so with you
lambo
But the run will expand the decoupling of USD0
Summary of what happened here? We swap USD0 to USD0++ at 1:1 rate just a few weeks ago and now get rugged to 0.87?Mava (AI Support)
The situation you're describing involves a change in the redemption rate of USD0++ from a 1:1 swap with USD0 to a floor price of 0.87. This change can occur due to the protocol's mechanism where USD0++ can be redeemed at a discounted rate before maturity. The difference between the standard redemption value and the discounted price is directed to the treasury as a fee, supporting the protocol’s sustainability. This mechanism also introduces arbitrage opportunities if the market price of USD0++ falls below the redeemable floor value.
Mava AI Beta
Laniakea
Summary of what happened here? We swap USD0 to USD0++ at 1:1 rate just a few weeks ago and now get rugged to 0.87?
but bro the whole point is that the only reason that i made this financial choice is that you wrote literally
"staked USD0 can be unlocked before the four-year period by burning a portion of USUAL tokens RECEIVED as rewards"
RECEIVED
I DID NOT RECEIVE , and even if i do it says A PORTION
It doesnt say i am supposed to buy from the market in order to exitMasDanang
how many portion u get?
alphahunter5477
french team always delivers a flop
0x
That's panic. There's no death spiral possible because everything is actually backed.
If you communicate that on X date, the floor price will be changed it won't allow insiders to profit and it will allow an orderly exit for those that actually want to use the protocol.
Instead you have just trapped a massive bunch of TVL and holding them hostagebitgoten
farmers got farmed, team drinking champagne
0x
I don't see a world where this isn't rolled back guys. It's too blatantly wrong and the team is doxxed.
If you communicate that on X date, the floor price will be changed it won't allow insiders to profit and it will allow an orderly exit for those that actually want to use the protocol.
Instead you have just trapped a massive bunch of TVL and holding them hostagejxoxoin
exactly
12
This is the most shameless project I've ever seen. Forcing loyal supporters like us to lock up stablecoins when they depeg, and burning our hard-earned USUAL if we want a 1:1 swap back to USDC? Truly ridiculous. Such actions have caused countless users to completely lose faith in USUAL. This project is hopeless—if you can leave, do it as soon as possible
Pri
If you communicate that on X date, the floor price will be changed it won't allow insiders to profit and it will allow an orderly exit for those that actually want to use the protocol. Instead you have just trapped a massive bunch of TVL and holding them hostage
team sold us a unmatured bond at $1 instead of buying it at 0.87 which they have hard coded.boredmansachs
imagine if tomorrow they hard coded 0.01?
I will refer to the team on this issue - I think PT users (like me) are likely disadvantaged by itlambo
I can accept receiving USD0 when I withdraw from PT
bitgoten
or communicate in advance before freezing it..
ok i did not write anything
and the premise of this is that usd0++ will hold for 4 years - hence "portion" of your rewardsPri
Don't allow people to redeem it for 0.9995, don't set expectations
I will refer to the team on this issue - I think PT users (like me) are likely disadvantaged by itboredmansachs
Basically USUAL team extracted value of all Pendle PT holders☠️
but bro the whole point is that the only reason that i made this financial choice is that you wrote literally
"staked USD0 can be unlocked before the four-year period by burning a portion of USUAL tokens RECEIVED as rewards"
RECEIVED
I DID NOT RECEIVE , and even if i do it says A PORTION
It doesnt say i am supposed to buy from the market in order to exitI will refer to the team on this issue - I think PT users (like me) are likely disadvantaged by it
christianIA
tell team to route usual to existing pendle pt pools to make up for it 🙂
supersupply
that is pure misleading stuff
0x
Should have never gone on there
supersupply
but bro the whole point is that the only reason that i made this financial choice is that you wrote literally "staked USD0 can be unlocked before the four-year period by burning a portion of USUAL tokens RECEIVED as rewards" RECEIVED I DID NOT RECEIVE , and even if i do it says A PORTION It doesnt say i am supposed to buy from the market in order to exit
Lol well is there a possible solution here...PT holders are basically a loss unless the peg restores by a bunch and then still have to hold USD0++ for another 6 months?0x
That's on Pendle honestly, the way this asset was set up PT could have never been profitable ever
Lol well is there a possible solution here...PT holders are basically a loss unless the peg restores by a bunch and then still have to hold USD0++ for another 6 months?Mr. Lin
I will refer to the team on this issue - I think PT users (like me) are likely disadvantaged by it
Pri
Also, plastered onto your UI is forego "SOME" of your usual yield to redeem 1:1. Meanwhile in the white paper it says a maximum of 180 days
feel free to let chat gpt do the work for you
as for the number of outflows, you think WE get to decide HOW MUCH OUTFLOW THERE WILL BE?Pri
regarding how often the outflow variable updates genius
Nope
The assumption of your argument is that, we are somehow selling a bond for a dollar when it should be initially sold at 0.87.
USD0++ nets you $USUAL, which you are more than welcome to stake it as USUALx.
By doing so, you earn:
1) Daily distribution of $USUAL,
2) Reward distribution (e.g. revenue switch rewards)
3) and system fees accumulated by the protocol.
These rewards alone nets you more than what a 4-year T-bill.boredmansachs
What about Pendle PT USD0++ holders then? I'm not receiving USUAL tokens, so that means all TVL in Pendle is screwed?
lambo
Let pt holders suffer such a huge loss？
0x
E.g. the amount of usual needed to unlock, for example
Shouldn't the mechanics for it be clear by now?
Mr. Lin
🥹
Mr. Lin
yeah I'm feeling a bit down if that's who you're referring to
0x
Seems the redemption feature is coming early next week
mr8559
just bad timing, new redemption system should be ready when you make this announcement
Mr. Lin
lol
Mr. Lin
feel free to let chat gpt do the work for you as for the number of outflows, you think WE get to decide HOW MUCH OUTFLOW THERE WILL BE?
Cat
01/09/2025 at 22:39:51 ESTnext luna
Mava (AI Support)
PT buyers locked into specific dates, such as April or June, should consider the fixed yields they will receive upon maturity. The yields are predetermined, and once the PT matures, there might be opportunities for higher yields. It's important to stay informed about any updates or changes in the market that could affect these yields.
Mava AI BetaPri
Again, you guys can't even give numbers on the net outflow variables that will be used
Okay then explain why someone who staked yesterday will have to purchase USUAL from the market in order to redeem, since he accrued no rewardsMr. Lin
you won't need to purchase $USUAL if you redeem it 180 days (max) later
Again those are your words not mine - we clearly stated it in the whitepaper
the only question, if you have read it, is WHEN the feature will happenAgain those are your words not mine - we clearly stated it in the whitepaper
the only question, if you have read it, is WHEN the feature will happenNope
The assumption of your argument is that, we are somehow selling a bond for a dollar when it should be initially sold at 0.87.
USD0++ nets you $USUAL, which you are more than welcome to stake it as USUALx.
By doing so, you earn:
1) Daily distribution of $USUAL,
2) Reward distribution (e.g. revenue switch rewards)
3) and system fees accumulated by the protocol.
These rewards alone nets you more than what a 4-year T-bill.Nope
The assumption of your argument is that, we are somehow selling a bond for a dollar when it should be initially sold at 0.87.
USD0++ nets you $USUAL, which you are more than welcome to stake it as USUALx.
By doing so, you earn:
1) Daily distribution of $USUAL,
2) Reward distribution (e.g. revenue switch rewards)
3) and system fees accumulated by the protocol.
These rewards alone nets you more than what a 4-year T-bill.0x
But is that worth losing up to 13% of your net asset value today? I think that tradeoff was not made sufficiently clear and that 1:1 conversion created a false sense of security
Then do it from day 1 so people know, don't bait people into buying with the allure that they can redeem and then rug them laterMr. Lin
Again those are your words not mine - we clearly stated it in the whitepaper the only question, if you have read it, is WHEN the feature will happen
Mr. Lin
But if you treat it as a farm and dump token, then that's ANOTHER story
If the team says 1:1 redemption will be allowed until the early unstaking feature is launched, USD0++ will immediately reach $1.
And the team has the financial capability to do so.MasDanang
someone exit maybe
If the team says 1:1 redemption will be allowed until the early unstaking feature is launched, USD0++ will immediately reach $1.
And the team has the financial capability to do so.bitgoten
this was what was communicated for months 💩
@Mr. Lin so I bought a bond at face value and then magically the team said the bond is priced at 0.87? But the team gave unconditional 1:1 withdrawal guarantee just to accumulate TVL and get listed on Binance? That's fraudMr. Lin
Nope The assumption of your argument is that, we are somehow selling a bond for a dollar when it should be initially sold at 0.87. USD0++ nets you $USUAL, which you are more than welcome to stake it as USUALx. By doing so, you earn: 1) Daily distribution of $USUAL, 2) Reward distribution (e.g. revenue switch rewards) 3) and system fees accumulated by the protocol. These rewards alone nets you more than what a 4-year T-bill.
If you buy $1 worth of a bond, you can't just change the value of that bond, make it accrue in value over time, why on EARTH would you decrease it in value? Why not start issuing bonds at 0.87?!?!? Like wtf is this0x
This basically sums it up. Horrid.
jxoxoin
How can USUAL, which was designed to replace a centralized protocol like USDT, be considered more decentralized if the team can make arbitrary changes without a DAO proposal? lol
If you buy $1 worth of a bond, you can't just change the value of that bond, make it accrue in value over time, why on EARTH would you decrease it in value? Why not start issuing bonds at 0.87?!?!? Like wtf is thisbitgoten
or you give a 1:1 exit as planned before the new feature.. but that wouldnt be good for their bags to see the TVL drop
lirrboroncruiser
u get usual token, it's not free
야미
If people redeem USD0++ for 0.87USD0, does the profit go to USUALx holders?
By converting USD0 to USD0++ at 1:1, I think people just trade the fixed bond revenue to undetermined USUAL reward earning by holding USD0++. If the rewarded USUAL APY is better, then it's still a profitable business.
alisonheringer
You think that, I think it is a crime.
Gunner funk
Usual team realised that their little game theory don't work, so they had to pull off somthing like this
Mixed feelings for a lot of people on this, I fully understand that
The question would be - when do we implement this feature which is clearly stated in the whitepaper?Pri
If you buy $1 worth of a bond, you can't just change the value of that bond, make it accrue in value over time, why on EARTH would you decrease it in value? Why not start issuing bonds at 0.87?!?!? Like wtf is this
Magic Pan
By converting USD0 to USD0++ at 1:1, I think people just trade the fixed bond revenue to undetermined USUAL reward earning by holding USD0++. If the rewarded USUAL APY is better, then it's still a profitable business.
AFAIK the option to exit usd0++ will eventually come down to two paths:
1. Conditional exit - requiring users to pay some $USUAL (amount of which will fluctuate depending on several factors)
2. Unconditional exit - redemption at a floor price, set at 0.87:1
and I'm always happy to help, as i'm in this as wellSY
1month is not grace period. Since we could purchase usdo++ at lower price unless there is grace period. This period is graceful for team
@Mr. Lin so I bought a bond at face value and then magically the team said the bond is priced at 0.87? But the team gave unconditional 1:1 withdrawal guarantee just to accumulate TVL and get listed on Binance? That's fraudGunner funk
What if they further reduce the face value lol
MasDanang
better out before too late
@Mr. Lin so I bought a bond at face value and then magically the team said the bond is priced at 0.87? But the team gave unconditional 1:1 withdrawal guarantee just to accumulate TVL and get listed on Binance? That's fraudbitgoten
crime.
mjt
Bullish iwo
Gunner funk
What if usual posts USDO++ florr value is now revised to $0.5 after 5 month's
mjt
Gay
so you made all of us buy a 4y bond at face value by tricking us into staking usd0.
Honestly guy! The staking page was saying something completely different. If that is really the outcome than its fraud 100%
This was said by you :
"Early Unstaking Option: USD0++ is a Liquid Staking Token (LST), where staked USD0 can be unlocked before the four-year period by burning a portion of USUAL tokens received as rewards. This feature will be implemented starting from Q1 2025"
I didnt RECEIVED any usual rewards, and now you say to me that i have to purchase it from the marketboredmansachs
@Mr. Lin so I bought a bond at face value and then magically the team said the bond is priced at 0.87? But the team gave unconditional 1:1 withdrawal guarantee just to accumulate TVL and get listed on Binance? That's fraud
Mava (AI Support)
The current rate of $USUAL rewarded per USD0++ is determined by several factors, including the minting rate and underlying factors. However, the exact rate is not specified in the available documentation. References: 1
Mava AI BetaFor number 1 there needs to be a baseline of letting users get out unscathed (even if unprofitable). Having them pay more USUAL than they earned after buying usd0++ at a full dollar would be terrible.
As it stands this might actually constitute something bad. I really like the idea behind USUAL and it makes intuitive sense but this transition really tarnishes the project.Mr. Lin
Mixed feelings for a lot of people on this, I fully understand that The question would be - when do we implement this feature which is clearly stated in the whitepaper?
mjt
What’s the current rate of usual reawardedd per usd0++
Gunner funk
It's opposite of what usual being advertising so far
I don't think people will trust usual anymore. Why would anyone stake their $ here if usual team is the one who decides the face value
On the unstaking page, there was once written about the future early unstaking option, exactly phrased as in the blogpost.
That thing convinced me that i would have only had to give my USUAL rewards back in order to unstake early 1:1
NOT THAT I WOULD HAVE NEEDED TO BUY USUAL FROM THE MARKETMr. Lin
Well there's no point of the discussion if we fall back to what we believed or not I believed that the team might take another month or so to roll out this feature next thing I know I get bombarded with this
AFAIK the option to exit usd0++ will eventually come down to two paths:
1. Conditional exit - requiring users to pay some $USUAL (amount of which will fluctuate depending on several factors)
2. Unconditional exit - redemption at a floor price, set at 0.87:1
and I'm always happy to help, as i'm in this as well0x
For number 1 there needs to be a baseline of letting users get out unscathed (even if unprofitable). Having them pay more USUAL than they earned after buying usd0++ at a full dollar would be terrible. As it stands this might actually constitute something bad. I really like the idea behind USUAL and it makes intuitive sense but this transition really tarnishes the project.
mjt
What’s the current rate of usual reawardedd per usd0++
bitgoten
"it's all in the whitepaper bro"
Gunner funk
Usd0++ holder's got shafted royally lol
爱子
scam
So you are selling me a bond that's worth $0.87 at a price of $1.00, which means I won't receive any US Treasury bond interest income for the next 4 years???Mava (AI Support)
USD0++ is a liquid bond token that may exhibit volatility and is subject to market pricing. While it might be priced below its face value, it offers additional rewards and mechanisms like the Base Interest Guarantee (BIG) to ensure a minimum yield. The bond is designed to provide benefits beyond traditional interest income, including protocol revenues and ownership distribution. Reference: 1
Mava AI Betasupersupply
On the unstaking page, there was once written about the future early unstaking option, exactly phrased as in the blogpost. That thing convinced me that i would have only had to give my USUAL rewards back in order to unstake early 1:1 NOT THAT I WOULD HAVE NEEDED TO BUY USUAL FROM THE MARKET
爱子
So you are selling me a bond that's worth $0.87 at a price of $1.00, which means I won't receive any US Treasury bond interest income for the next 4 years???
Dave.race
You can just read the post in the announcements.
why is redemption being set at an arbitrary price of 0.87:1? what is the intuition behind 0.87:1?Dave.race
0.87x1.04^3.5=1
야미
People really don't seem to know what a bond is. LOL
AFAIK the option to exit usd0++ will eventually come down to two paths:
1. Conditional exit - requiring users to pay some $USUAL (amount of which will fluctuate depending on several factors)
2. Unconditional exit - redemption at a floor price, set at 0.87:1
and I'm always happy to help, as i'm in this as well
shei
but you can always swap on secondaries
Mava (AI Support)
The 13% income from converting USD0++ at a rate of 0.87 is redistributed to USUAL stakers and part of it is burned. This mechanism helps in maintaining the stability and value of the USUAL token.
Mava AI Beta
Andrei
Where does the 13% income received from converting USD0++ at a rate of 0.87 go?
Mr. Lin
details of that will be ironed out on our update next Monday
alphahunter5477
why is redemption being set at an arbitrary price of 0.87:1? what is the intuition behind 0.87:1?
Dave.race
It's not arbitrary...
Mava (AI Support)
The redemption price of 0.87:1 is set as a floor price to provide an alternative for users who prefer to retain their upfront rewards. This mechanism allows for a gradual convergence to 1 USD over time, maintaining constant and unlimited liquidity, which is critical for the protocol’s sustainability and seamless integration with other ecosystems.
Mava AI BetaAFAIK the option to exit usd0++ will eventually come down to two paths:
1. Conditional exit - requiring users to pay some $USUAL (amount of which will fluctuate depending on several factors)
2. Unconditional exit - redemption at a floor price, set at 0.87:1
and I'm always happy to help, as i'm in this as well
St3lok
How many usual do I need now to withdraw 10000 usd0++?
alphahunter5477
why is redemption being set at an arbitrary price of 0.87:1?
Mr. Lin
Yeah that's why i said eventually
AFAIK the option to exit usd0++ will eventually come down to two paths:
1. Conditional exit - requiring users to pay some $USUAL (amount of which will fluctuate depending on several factors)
2. Unconditional exit - redemption at a floor price, set at 0.87:1
and I'm always happy to help, as i'm in this as wellWill there be an option to redeem usd0++ for people who kept their USUAL tokens, by then forfeiting their tokens? Yes or no? It says so in the blog.
Thanks for being here and answering btw.Mr. Lin
AFAIK the option to exit usd0++ will eventually come down to two paths: 1. Conditional exit - requiring users to pay some $USUAL (amount of which will fluctuate depending on several factors) 2. Unconditional exit - redemption at a floor price, set at 0.87:1 and I'm always happy to help, as i'm in this as well
MasDanang
"bro stakes a volatile asset and complains about volatility " see that on chat
Yeah, I mean, the bond could be valuable at 1,16 or something, keeping the price of mint at 1 dolar and earning US treasuries 4% yield for 4years... it's a straight crime from these guys.shei
yeah it's wild
0x
@Mr. Lin Just answer this simple question and it should resolve most FUD. Will there be an option to redeem usd0++ for people who kept their USUAL tokens, by then forfeiting their tokens? Yes or no? It says so in the blog. Thanks for being here and answering btw.
프리티모
USD0++ is not stablle coin???
shei
yeah rip 😦
Gunner funk
But it was sold for 1 usd0
the big scam here is they caught everyone offguard stopping the 1:1 with 0 communication. only way it makes sense is if you want to trap the TVL.. everyone understood it's a bond and this mechanism was temporary, you just executed it in a very dishonest and misleading wayshei
there's no reason for usd0++ to recover btw folks... usd0++ is pegged at 0.87 lol
alucard
its over, sell everything
Gunner funk
Dude to floor price I don't think usd0++ will ever recover
christianIA
feel free to dm
Gunner funk
It would have been good to have a secondary market at 1:1 with usd0 for small players to exit
Mava (AI Support)
To redeem your USD0++ for bonds, you need to hold the USD0++ for 4 years. After this period, you can redeem it on a 1:1 basis, similar to a bond redemption.
Mava AI Betaalphahunter5477
guys how do i redeem my usd0++ for bonds?
alucard
i think this guy is juts a baiter, not a serious person
AsrayT3ch
fellow PT here, so what are your plan ser? 😅 i'm still asessing the situation
Gunner funk
Usual team never stop to amuse me
Ah I see usdo++ price got rekt
mr8559
and the team can make money from it
PAR can step in and restore USUAL's reputation
yes your website now on the unstaking page is different, i noticed. Wonder if anyone has a waybackmachineMr. Lin
What is that specifically? I would like to know if that IS the case
alucard
yea you can trade on secundary market, i do it all the time, this is just fud for no reason lmao
It is not my intention to play word games with anyone
however our website states usd0 as a fiat stable coin
usd0++ as an LST0x
Will there be an option to redeem usd0++ for people who kept their USUAL tokens, by then forfeiting their tokens? Yes or no? It says so in the blog. Thanks for being here and answering btw.
ska
it was pegged by usual market maker to 0.9995 until today
bitgoten
the big scam here is they caught everyone offguard stopping the 1:1 with 0 communication. only way it makes sense is if you want to trap the TVL.. everyone understood it's a bond and this mechanism was temporary, you just executed it in a very dishonest and misleading way
It is not my intention to play word games with anyone
however our website states usd0 as a fiat stable coin
usd0++ as an LSTsupersupply
yes your website now on the unstaking page is different, i noticed. Wonder if anyone has a waybackmachine
Users who minted USD0++ before the early unstaking feature is launched should be allowed to redeem at a 1:1 ratio by forfeiting the amount of USUAL tokens accumulated since minting.Gunner funk
In secondary market isn't 1 usdo++ pegged to 1 usdo?
Aerovall
just rejoined the discord for the usd0++ fiasco
christianIA
sent you a dm, fellow pt holder 🙏
yes but on your damn staking page was written like that, that means that its misleading investorsMr. Lin
It is not my intention to play word games with anyone however our website states usd0 as a fiat stable coin usd0++ as an LST
supersupply
yeah of course booking a 8% loss
0x
Whatever the team wrote doesn't matter. You had a minting function on the app with a 1:1 conversion
yes but on your damn staking page was written like that, that means that its misleading investorsGunner funk
Can't you just exit via secondary market? Curve pool?
If you have Usd0++ in pendle and are in the PT you don't get any rewards. How would redemption work?Mr. Lin
If you have PT-usd0++, you earn fixed yields given up by yt-users Once it matures, there will be (i suspect) quite the opportunity for a higher PT yield
I understand the frustration but the early redemption feature was written in the whitepaper - which will be launched sooner or latersupersupply
yes but on your damn staking page was written like that, that means that its misleading investors
0x
But in that case what was the point of this whole thing
alisonheringer
They will hardcoded 1:1 in Morpho, like it always works to hardcode stablecoin parity... Who was the genius?
bidom_
They will change again 🙂
0x
If they honor the reward burn redemptions
This is terribly handled, but spot positions should be totally fine
If you have Usd0++ in pendle and are in the PT you don't get any rewards. How would redemption work?bidom_
sell PT with 6% loss and buy usual on the market
0x
I agree with you fwiw
supersupply
save it lol
Gunner funk
I thought the docs said the usdo++ liquidity will be moving to morpho
Mr. Lin
I understand the frustration but the early redemption feature was written in the whitepaper - which will be launched sooner or later
alphahunter5477
If you have Usd0++ in pendle and are in the PT you don't get any rewards. How would redemption work?
so you made all of us buy a 4y bond at face value by tricking us into staking usd0.
Honestly guy! The staking page was saying something completely different. If that is really the outcome than its fraud 100%
This was said by you :
"Early Unstaking Option: USD0++ is a Liquid Staking Token (LST), where staked USD0 can be unlocked before the four-year period by burning a portion of USUAL tokens received as rewards. This feature will be implemented starting from Q1 2025"
I didnt RECEIVED any usual rewards, and now you say to me that i have to purchase it from the market0x
It still says that in the blog post
so you made all of us buy a 4y bond at face value by tricking us into staking usd0.
Honestly guy! The staking page was saying something completely different. If that is really the outcome than its fraud 100%
This was said by you :
"Early Unstaking Option: USD0++ is a Liquid Staking Token (LST), where staked USD0 can be unlocked before the four-year period by burning a portion of USUAL tokens received as rewards. This feature will be implemented starting from Q1 2025"
I didnt RECEIVED any usual rewards, and now you say to me that i have to purchase it from the marketMr. Lin
Will relay the community sentiment to the team
bidom_
Yes welcome to France !
While that the team will have earned 13% of all USD0++ TVL, since everybody minted USD0++ 1:1 and got USD0++ at 0,87.im afraid not, they person will need to either buy $usual to exit once early redemption goes live, or accumulate rewards for 180 days (for the MAX early redemption fee)supersupply
so you made all of us buy a 4y bond at face value by tricking us into staking usd0. Honestly guy! The staking page was saying something completely different. If that is really the outcome than its fraud 100% This was said by you : "Early Unstaking Option: USD0++ is a Liquid Staking Token (LST), where staked USD0 can be unlocked before the four-year period by burning a portion of USUAL tokens received as rewards. This feature will be implemented starting from Q1 2025" I didnt RECEIVED any usual rewards, and now you say to me that i have to purchase it from the market
bidom_
Ok so lets sell and see you at 0.87 guys
Mava (AI Support)
No, you do not need the same amount to withdraw 1000 and 10000 USD0++. The amount you need to withdraw will depend on the specific withdrawal process and any associated fees or requirements. Typically, larger withdrawals might incur higher fees or require additional steps. Reference: 1
Mava AI Betabut for now i think it's easiest just to chill wait for it to re-peg at 0.87 or so and then jump back inSt3lok
Do I need same amount to withdraw 1000 and 10000 usd0++?
Mr. Lin
No? I haven't received any information on any stoppage of crv pool incentives
bidom_
and see you at 0.87
Pri
It's a "DAO" lol
bidom_
Ok so lets sell
but for now i think it's easiest just to chill wait for it to re-peg at 0.87 or so and then jump back inMr. Lin
True
DORA
where is dao? lol
Mr. Lin
Our tokenomics team will publish more details, likely on next Monday - which should clear up a lot of inquiries about the equation
Gunner funk
Usdo++/usdo curve pool incentives will be stopped?
shei
thx, i'll take a deeper look at the whitepaper later on
isn't the equation dependen on the current rewards rate
"180 days worth the current rewards rate"Mr. Lin
But I get your concern, I will forward this question to the team for clarity.
What kind of DAO does these surprises, how do we know the team didn't dump their usd0++ before the announcement?bitgoten
good question 👀
What kind of DAO does these surprises, how do we know the team didn't dump their usd0++ before the announcement?shei
yeah, i did mention this as well haha, unfrtounately their bags aren't public. but you know what i would be doing if i was a teammember 😉
that means if current rewards rate changes, that means your 180 days worth isn't the same anymoreMr. Lin
That's why there is an adjustment factor in the equation
What you should really do is rollback the changes and properly communicate changes to the liquid bondPri
What kind of DAO does these surprises, how do we know the team didn't dump their usd0++ before the announcement?
shei
that means if current rewards rate changes, that means your 180 days worth isn't the same anymore
Pri
What you should really do is rollback the changes and properly communicate changes to the liquid bond
alphahunter5477
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
shei
isn't the equation dependen on the current rewards rate "180 days worth the current rewards rate"
Mr. Lin
That's how the equation work
Mr. Lin
No the maximum is 180 days
shei
well i guess another 135? or so
imagine you waited 90 days, and then current rewards rate doubles, then you would have to wait until 180 days no? haha
If the early repayment program launches early next week and I want to repay right away, would I need to return 180 days worth in USUAL assuming the current USD0++ APY of 28%?Mr. Lin
I cannot simulate the amount of early redemption fee unfortunately, if a lot of people exit (i.e. the weekly outflow of TVL is quite large) then the fee will be relatively high
shei
if current rewards rate continues to increase, then you would need more than 180 days worth
shei
180 days worth the current rewards rate, but that's if the current rewards rate doesn't change
ravished
the problem with long limit orders is the yield you forgo while they sit. There should be a way to earn yield on your order.
Mr. Lin
Reflected on our website - head to the EARN section 🙂
Can you explain the economics here though.. if you hold usd0++ for 180 days, how can we be certain the amount of $usual will cover early redemption cost, i guess it's in white paper?Mr. Lin
I believe (not confirmed yet, the specifics are to be released next monday) it will be updated on our website dAPP and dune
bidom_
if the apy stay like that
does this mean if someone bought 1 USD0++ 2 days ago for 1 USD0 and earned 0.1 USUAL, they would only need to pay back 0.1 USUAL to redeem their 1 USD0++ to 1 USD0?If you hold usd0++ for 180 days, the amount of $usual you accumulate will definitely cover your early redemption cost, which you can exit to usd0 on 1:1 basisCanCOKE
If the early repayment program launches early next week and I want to repay right away, would I need to return 180 days worth in USUAL assuming the current USD0++ APY of 28%?
shei
Because saying that would mean it would depend on when you staked your USD0++?
The thing is, we're not. even certain how much USUAL is being provided each epoch... so then how would you be able to know the past (180 days) is xyz Usual?
ProtocolZ
Waiting for the dust to settle
that's only when it's no longer cost efficient though.... but due to arbitrage it will probably generally be market efficient
Goody
Where can I check the rewards?
If you hold usd0++ for 180 days, the amount of $usual you accumulate will definitely cover your early redemption cost, which you can exit to usd0 on 1:1 basisshei
Can you explain the economics here though.. if you hold usd0++ for 180 days, how can we be certain the amount of $usual will cover early redemption cost, i guess it's in white paper?
What happens if I swap USDC to USD0++ on a DEX instead of staking USD0 on Usual website? Do I still get the USD0++ APY? @Mr. LinMr. Lin
yes, if you hold usd0++, you will receive rewards regardless of how you obtain it
If you hold usd0++ for 180 days, the amount of $usual you accumulate will definitely cover your early redemption cost, which you can exit to usd0 on 1:1 basisPri
How often does the net outflow number update? Every week? Is there any docs on this??
Mr. Lin
if you want to exit immediately after the early redemption start, yes
And the maximum early redemption cost = what you have accrued (in $USUAL) over the past 180 daysNeas
does this mean if someone bought 1 USD0++ 2 days ago for 1 USD0 and earned 0.1 USUAL, they would only need to pay back 0.1 USUAL to redeem their 1 USD0++ to 1 USD0?
If you hold usd0++ for 180 days, the amount of $usual you accumulate will definitely cover your early redemption cost, which you can exit to usd0 on 1:1 basisMr. Lin
True - will need to see how things plays out over the next few days
MrEstebanJ
If I dont have acces to the Dapp,which plataform is the best to stake USUAL?
Mr. Lin
Next week
sorry im really low iq, so it basically said without governance changed(assume that allthe variables unchanged), if i hold usd0 like 180days than can early unstake it close to 1 right?Mr. Lin
If you hold usd0++ for 180 days, the amount of $usual you accumulate will definitely cover your early redemption cost, which you can exit to usd0 on 1:1 basis
supersupply
according to what it was written in the Staking page i would say that there is actually room for that
if people want to exit through secondary market, you are correct
however, the secondary market might not be cost-efficient at some point, which will redirect it back to our early redemption mechanism, hence accruing revenue from the costsshei
that's only when it's no longer cost efficient though.... but due to arbitrage it will probably generally be market efficient
sure, but secondaries is still probably a better price?
Goody
What happens if I swap USDC to USD0++ on a DEX instead of staking USD0 on Usual website? Do I still get the USD0++ APY? @Mr. Lin
Mr. Lin
if people want to exit through secondary market, you are correct however, the secondary market might not be cost-efficient at some point, which will redirect it back to our early redemption mechanism, hence accruing revenue from the costs
ProtocolZ
Next week
And the maximum early redemption cost = what you have accrued (in $USUAL) over the past 180 days
Aeoluz
So you would have to buy usual to redeem usd0++?
kiratsunami
USUAL Burning Redemption
MrEstebanJ
Whats going on with the token today ?
shei
which feature?
I'm saying the number of $USUAL required to cover the cost should be in proportionate to what you have earned (in $USUAL) over the past 180 daysravished
but they earn 274% APY in usualx and thats if it stays at this rediculusly low price
And the maximum early redemption cost = what you have accrued (in $USUAL) over the past 180 daysSt3lok
When the early redemption feature goes live?
right, but most of this will probably happen on secondaries anyway... basically nothing has yet really flowed to usualx holders 🤷♂️kiratsunami
the feature is live mate
chasercat
sorry im really low iq, so it basically said without governance changed(assume that allthe variables unchanged), if i hold usd0 like 180days than can early unstake it close to 1 right?
from this new feature, can when you reedem usd0++
1/3 is to usualX
1/3 is burned
1/3 is to team usual*shei
right, but most of this will probably happen on secondaries anyway... basically nothing has yet really flowed to usualx holders 🤷♂️
Mr. Lin
And the maximum early redemption cost = what you have accrued (in $USUAL) over the past 180 days
Mava (AI Support)
When exchanges occur on secondary markets, the transactions themselves do not directly flow into Usual. However, the secondary market activity can influence the value and liquidity of Usual's tokens, indirectly affecting the protocol. Reference: 1
Mava AI Betakiratsunami
from this new feature, can when you reedem usd0++ 1/3 is to usualX 1/3 is burned 1/3 is to team usual*
No. You're saying the USUAL accrued will cover the redemption cost.
I'm asking - what does the price of USUAL need to be for your statement to be true?Mr. Lin
I'm saying the number of $USUAL required to cover the cost should be in proportionate to what you have earned (in $USUAL) over the past 180 days
ravished
i would sell my usd0++ at a loss now and dump it all into usualx, you will make it back far sooner than staying in usd0++
shei
if the exchanging is happening on secondary markets, none of that will flow into usual?
shei
usualx holders will receive addidtional revenue from what?
kiratsunami
I asked @Noé when it was going to happen today and he was in the middle of making his post, its so bullish for usualx, I wish people would see itkiratsunami
yes it is, extremly bullish even it will boost the APY and burn coins making the coin price go up
I asked @Noé when it was going to happen today and he was in the middle of making his post, its so bullish for usualx, I wish people would see itreverbb
No. You're saying the USUAL accrued will cover the redemption cost. I'm asking - what does the price of USUAL need to be for your statement to be true?
Mr. Lin
Happy to discuss, and I'm locked in with you all as well
kiratsunami
@afloury @Mr. Lin Thanks for the confirmation
Mr. Lin
yes based on $USUAL
I received the news this morning, the same as everyone else did
MrEstebanJ
Looool
So the simplest way to think of this is:
Say you purchase usd0++ now, and you start accumulating $USUAL.
If you decide to exit 180 days later, the amount of $USUAL you're rewarded will definitely cover the MAXIMUM early redemption cost.reverbb
that's based on the value of USUAL being what?
Mr. Lin
not really I'm not telling you anything lOL
Mr. Lin
Yes he's the VP
bitgoten
yeah, trap the TVL first, then ship the feature 🤣
kiratsunami
who is he to confirm ? is he part of the team ?
what other token is trading at 1.64x FDV/TVL that will pay you a 60% yield in revenues it earns from tbills and overnight swaps that actually performs better when interest rates are high and will pay you an additional 214% APY in usual and the token is way over sold?ravished
what just happend in USD0++ was the TVL being locked to virtually guarentee yield for Usualx
Mr. Lin
Thanks ser for confirming!
that doesn't really make sense. what about the people who didn't gain any yield? the people who just bought? that means usd0++ will always be pegged at $1 because you could just sell and users can just buy and "conditional exit"Mr. Lin
IMO it should be implemented as early as possible - but team has its own plans i guess
Does giving up a portion of the profits mean that I am limited to the USUAL I earned? Or should I assume that USD0++ is the USUAL I earned over 180 days and return all of it?Mr. Lin
So the simplest way to think of this is: Say you purchase usd0++ now, and you start accumulating $USUAL. If you decide to exit 180 days later, the amount of $USUAL you're rewarded will definitely cover the MAXIMUM early redemption cost.
kiratsunami
how are you 100% sure
andrewdubai
I cannot say this
oncrye
that doesn't really make sense. what about the people who didn't gain any yield? the people who just bought? that means usd0++ will always be pegged at $1 because you could just sell and users can just buy and "conditional exit"
ravished
what other token is trading at 1.64x FDV/TVL that will pay you a 60% yield in revenues it earns from tbills and overnight swaps that actually performs better when interest rates are high and will pay you an additional 214% APY in usual and the token is way over sold?
kiratsunami
even Allah can't save you my friend ...
mica one is only about centralised protocols
I heard Pierre Person talk about it and explain it
Person is a politician, you are just wasting time and energy just accept your loss
stop copingandrewdubai
Donald Trump will fix it
Uhh ok? If it's not online but it says it will in the whitepaper, then it will go online at some point of time right?bitgoten
yeah i'm not saying it's illegal, i'm saying you misled ppl to bait TVL and trap them
kiratsunami
mica one is only about centralised protocols I heard Pierre Person talk about it and explain it Person is a politician, you are just wasting time and energy just accept your loss stop coping
Mr. Lin
yes, the team has said the early redemption mechanism will go online next week
CanCOKE
Does giving up a portion of the profits mean that I am limited to the USUAL I earned? Or should I assume that USD0++ is the USUAL I earned over 180 days and return all of it?
andrewdubai
please explain this with a math example
ProtocolZ
MICA 🤣🤣
you froze the 1:1 redemption before the early unstaking feature is actually live. all the team communication implied for months it wouldnt happen. nice try though.Mr. Lin
Uhh ok? If it's not online but it says it will in the whitepaper, then it will go online at some point of time right?
andrewdubai
are you sure?
ravished
it wasnt before but it is now
Conditional Exit: 1:1 redemption requiring forfeiture of a portion of accrued yields. This “Early Unstaking” mechanism is scheduled for release early next week.
Does this mean if I buy USD0++ now, I can conditional exit in a week into USD0??Mr. Lin
Yep
ravished
the alpha is in Usual staking
ProtocolZ
Too many people see a high APY and randomly ape in or leverage up too much
bitgoten
you froze the 1:1 redemption before the early unstaking feature is actually live. all the team communication implied for months it wouldnt happen. nice try though.
kiratsunami
lmao
Conditional Exit: 1:1 redemption requiring forfeiture of a portion of accrued yields. This “Early Unstaking” mechanism is scheduled for release early next week.
Does this mean if I buy USD0++ now, I can conditional exit in a week into USD0??
andrewdubai
oh oh oh
ravished
I lost 30% value of my usual bag by entering at a high price, it happens, move on. You can make it back by buying Usual, staking, and collecting 60% APY in USD0 AND 214% in Usual
Mr. Lin
Literally the preface of usd0++ in our whitepaper
Good luck in pursuing the legal process I guess
andrewdubai
relax guys, if the team is located in Paris we are cooked. Mica will stop this
bidom_
lol
I am currently in Paris, and we will be consulting a lawyer today. If you need more information, feel free to contact me.bitgoten
contact Juan Branco
bidom_
I am currently in Paris, and we will be consulting a lawyer today. If you need more information, feel free to contact me.
Mr. Lin
will be my opinions only
andrewdubai
team just reverse the transaction, Ethereum folks are used to
Mr. Lin
hence any answers you are trying to reciprocate from me
Dave.race
Damn, poor Mr. Lin....
Mr. Lin
If you're asking our team's decision making process
HOWEVER
I'm happy to answer questions that is related to the announcements or the mechanisms to the best of my knowledge
Ser i think most people who read the whitepaper would agree that usd0++ is not a stablecoin on day 1 tho?reverbb
you guys are no better than Do Kwon and you know it. Don't try to justify to yourself
BigDickBandit.hl
Is this the sound of people over leveraging on cryptocurrencies
Yeah let's kill that idea. The difference is that bond issuers don't trick buyers into buying the bond at face valuePri
Hahaha, "look buy my bond, you can redeem for 0.9995, jk here take 0.87 now"
Ser i think most people who read the whitepaper would agree that usd0++ is not a stablecoin on day 1 tho?
dv
You hardcoded it as a stablecoin everywhere though ?
ravished
I did
Yeah let's kill that idea. The difference is that bond issuers don't trick buyers into buying the bond at face valueMr. Lin
Ser i think most people who read the whitepaper would agree that usd0++ is not a stablecoin on day 1 tho?
andrewdubai
I am laughing but this is the 100 times that the team reply "it was written on day 1". I know very well what is a bond and you cannot sell a bond at 1 USD with a maturity at 1 USD. the truth is a little bit different but we played this game so many time and we are here taking risk and making money. don't slash normie with just "it was written since day 1". someone can commit suicide for the losses and I think the best way is to explain clearly the strategy behind.
Buying usd0++ is like buying a bond - if you hold it for 4 years, you will definitely be redeeming it on a 1:1 basis.reverbb
Yeah let's kill that idea. The difference is that bond issuers don't trick buyers into buying the bond at face value
dv
And nobody in the pendle PT markets made money
@Mr. Lin what i don't get is why would you create morpho pendle PT looped markets hardcoded at 1:1. But then remove the 1:1 peg before the end of the PT maturity. Seems even your team didn't think of that since they agree to reimburse bad debt to morpho.Mr. Lin
I have the same question
According to the whitepaper, i think "it" refers to usd0++ outflows.
I will ask the team for more clarity - stay tuned
jem
Ok got it. Do you have a direct link to this part of the whitepaper?
dv
@Mr. Lin what i don't get is why would you create morpho pendle PT looped markets hardcoded at 1:1. But then remove the 1:1 peg before the end of the PT maturity. Seems even your team didn't think of that since they agree to reimburse bad debt to morpho.
Mr. Lin
because it was described as a bond in the whitepaper since day 1 ser
chasercat
thanks🥲 im in really really bad position. i need to make a decide
andrewdubai
pendle discords are warming up.....
Mr. Lin
According to the whitepaper, i think "it" refers to usd0++ outflows. I will ask the team for more clarity - stay tuned
sorry i mean in the case of early unstaking, if i buying usd0 recently and trying to early unstake than i have to pay the fee no matter how long i holds it, it only depends the currently accrued yields of the usd0 right?Mr. Lin
correct ser
bidom_
Specialy people lost 6% with your stablecoin on pendle its terriblr
Hello ser, thanks for pinging me - a lot to catch up on discord
so the early redemption on usd0++ mainly depends on two factors (as stated in our whitepaper)
1. The current USUAL rewarded per USD0++
2. The cumulative weekly net outflows
And therefore we are also actively observing on how things will move going forward. For any mathematician out there, you should be able to speculate using dune stats.jem
Net outflows here refer to usd0++ or usual?
andrewdubai
guys it's normal to be scared, we are depeeeging
ravished
yes but don't forget they are earning usual emissions so they are made whole sooner
Mr. Lin
usd0 is currently pegged quite well with usdc. and that's the whole point
Mr. Lin
no, read what i've said
Buying usd0++ is like buying a bond - if you hold it for 4 years, you will definitely be redeeming it on a 1:1 basis.chasercat
sorry i mean in the case of early unstaking, if i buying usd0 recently and trying to early unstake than i have to pay the fee no matter how long i holds it, it only depends the currently accrued yields of the usd0 right?
bidom_
please reply for that
Pri
Give us numbers, we want to know how much usual
Buying usd0++ is like buying a bond - if you hold it for 4 years, you will definitely be redeeming it on a 1:1 basis.CanCOKE
So, people who bought USD0++ for $1 have to hold out for 4 years for it to recover to $1?
Buying usd0++ is like buying a bond - if you hold it for 4 years, you will definitely be redeeming it on a 1:1 basis.andrewdubai
what about USD0? it will be always pegged to USDC 1:1?
Mr. Lin
hahah
Mr. Lin
hah
What do the cumulative weekly net outflows refer to? Are they USUAL outflows per user? Or USUAL outflows from the entire USUAL system?andrewdubai
my guess is like the aerodrome emission weekly schedule. they are going to get back a portion of this emission
Mr. Lin
Buying usd0++ is like buying a bond - if you hold it for 4 years, you will definitely be redeeming it on a 1:1 basis.
Not at this stage ser, might need some time for the market to stablize for a more accurate speculationPri
Haha wtf is this
Hello ser, thanks for pinging me - a lot to catch up on discord
so the early redemption on usd0++ mainly depends on two factors (as stated in our whitepaper)
1. The current USUAL rewarded per USD0++
2. The cumulative weekly net outflows
And therefore we are also actively observing on how things will move going forward. For any mathematician out there, you should be able to speculate using dune stats.CanCOKE
What do the cumulative weekly net outflows refer to? Are they USUAL outflows per user? Or USUAL outflows from the entire USUAL system?
Can you provide details about the criteria for the "portion of accrued yields" in the 1:1 redemption?Mr. Lin
Not at this stage ser, might need some time for the market to stablize for a more accurate speculation
Hello ser, thanks for pinging me - a lot to catch up on discord
so the early redemption on usd0++ mainly depends on two factors (as stated in our whitepaper)
1. The current USUAL rewarded per USD0++
2. The cumulative weekly net outflows
And therefore we are also actively observing on how things will move going forward. For any mathematician out there, you should be able to speculate using dune stats.chasercat
so buying a usd0++ means buying redemption fee too right?
bidom_
But next week, they’re saying USD+00 1:1 redemption?