sevencoin
@Noรฉ USUAL Price go down fast,which means lower apy, so people will pay less usual next week to unstake by 1:1?
Semper
01/10/2025 at 10:13:31 ESTJust joined this group to see what's up, immediately opened a chunky short with a trailing stop, RIP guys
LazyMicrobe
honestly I'd ape in like a madman. 100%+ growth in 3.5 years is like 22.6% fixed APY, plus whatever you get in USUAL rewards (if it tanks to 0, that also means you can exit anytime at 1:1 value)
BingChilling
yes if usual $0 you can redeem it for free it's about quantity not the price
Jappix
$USUAL is now at 0.56 USDT, and the charts show no signs of stopping the decline. Even holding USUAL to exit at breakeven is a huge risk.
0xMT
KEK SEK SEC would love this case and use it as a case study
Haroonurd
im holding usd0++ in wallet and earning apy in usual and after 6 months we get back value of usd0++ 1:1 in usd0 or usdc back, but the reward apy in usual token which is losing its value over time it can easily reach to 0.1 or even much lower. if redeem early then we give up usual accumulated reward and get back 1:1 mint??
kobbert
Lol what legal consequences KEK
CryptoWhale
@Noรฉ
bigsby_sol
i for one see this as an investment opportunity
divisionbyzero
Best option for the team would probably be to just open the 1:1 redemption again and provide an exit period. Currrently, all confidence in the protocol is lost and TVL will probably plummet. Team might also suffer legal consequences I assume.
Usual
Shaun
I would like to ask if I want to burn and redeem, and I use Morpho's revolving loan, then is my USD0++ base part of my principal, or is it after the revolving loan? @Noรฉ
ProtocolZ
https://tenor.com/view/milking-cow-futurama-dairy-milk-gif-23297178
endofline
@Noรฉ hi, Could you please explain where does revenue come from? How to calculate future revenue? Is it possible?
interected
0.49$ incoming.
xun2x
Any ratio or math for 10k usd0++ need $usual to early unstake ?
Investus
@Noรฉ We who stake UsualX/Usual don't need to do anything? And are not affected by this other than the Usual share price going down?
digitaldaikon
no i am certain it was redeem 0.9995 cent per the team floor price machine
Fwank
why is everyone yapping on each other
theDealer14
guys chill out, the rewards are there for the taking
xstryder
no benefit if you redeem now, you will get 13% loss. you need to accumulate 6 months of usual from now to be able to unstake at $1. to be honest, usual team just made a death spiral scenario doing things like this. in 6 months, TVL will be less than 1B, perhaps 300M. currently people will farm enough usual to exit usd0++ at breakeven
Virtus
Whole CT talking about Usual since tonight, and yet no response... What could seems worse for people holding project token
tRoomzt
https://x.com/DeFi_Made_Here/status/1877693824790622480?t=Pozvyp4UAFgBIQxAin8afA&s=19
m.saadhash
I have usual in binance and I am continues loosing money should I hold need advice
soham_ai
There should be a tweet regarding this.. TEAM should respond
xtreme11
People are panicking for no reason Imagine who benefit from Usual downfall I hope you got the ans
์ผ๋ฏธ
In my opinion, it would be good to conduct an AMA. People keep repeating the same thing. It would be nice to have a summary of the announcements.
kobbert
180 days worth of reward in worst case
Deicide
For peeps who just got in. You can find info in # ๐ฃใannouncements # ๐ใusual-strategies And there's faq pinned here.
76ixer
why not deploying new PT Morpho vault?!!??!
msulc (๐,๐)
Because it's fully backed. It will raise over time until 2028.
DORA
MEV Capital continuously withdraws USDC whenever USDC is supplied.
Investus
Right now, it's at 0.92 on Curve and slowly increasing over time, plus $usual rewards.
Haroonurd
those who minted 1:1 will they be in loss, what is the benefit for them
Usual
Shaun
I would like to ask if I want to burn and redeem, and I use Morpho's revolving loan, then is my USD0++ base part of my principal, or is it after the revolving loan?
kobe.he
can't connect to the website?
KOP.
Theres no free lunch in this world - am astonished how many people here does not know bond pricing which is normal in TradFi. The mechanism is working exactly as it should be designed. the USD0:USD0++ ratio of 1:1 means that you are betting that the yields you are getting from USUAL is at least 13.5%...
xun2x
@Noรฉ please Ser, give a link of previous announcement that Team will reset the price to 0.87
0xMT
Yes exactly, because all the retailers have paid the zero-coupon yield upfront to the team and now wait and get par back in 4 years. If lucky you'll get extra pay from repos, which is usually 1-2%. With token inflation it's unlikely
Cowboy James
Iโm not really seeing my rewards in USUALx go up in my dashboard. I know thereโs a way without having to give out my info to someone spamming me on DMs. Do you know how I can check? The Usual is not accurate for me. If it is, then Iโm not getting what they claim I should get (over 200% APY) on a daily basis.
CryptoMDz
How USD0++ will raise again to $1 ?
the.goat
@noe Gauntlet withdrew yes no ?
Gradier
Team played a forced hodl
kobbert
Did you guys think you were getting usual to dump for free? omegakek
MarkAgeev
I held usd0++. It can't grow. I just wanted to earn interest. And now I have to wait 4 years just to get my money back....
divisionbyzero
Very ugly game by the team here. We'll see how it plays out.
Very ugly game by the team here. We'll see how it plays out.
Drahor
Hello, if I exit my usd0++ position (or swap for a PT pendle position), what happens with my "pending rewards"? Is it still distributed daily for the next 7 days, or is it forfeited?
Noรฉ
# ๐คใtroubleshooting sir
timtan
stupid question and fairly new to usual i swapped to usualx for a couple of days now. why cant i see my rewards on the earns page?
0xMT
Ok so USDO is zero,-coupon (that's how you guys have turned it into now) plus the bonds are loaned out (repos) and earn haircut % on top? These two are separate things, if you were selling them in a pool then it's different.
Cowboy James
I know how you feel. My holdings in USUAL fell by about half as well. The bull run hasnโt started yet, so I wouldnโt worry unless it is still this low in May or June.
nihilistic button clicker
You literally called USD0++ a peg. Are you reading your own message from my screenshot. Jfc... How can you get away with that misrepresention? Can you answer my question please, can we have a X spaces set up with the founder please?
Usual
theDealer14
Guys stop the FUD, this project is here to stay. This project has been build to help its community, ups and downs are normal. The panic was just caused by people not knowing that USD0++ is not actually a stable coin, thats it. Sit back, relax and enjoy the rewards
LavaLittleBird - Chasing
01/10/2025 at 09:54:30 ESTMe neither
nicolas1213
d
dฮrkfingah | SBC
Whoooopsie
Mg | Solayer code: 95ZMB9๐ต
01/10/2025 at 09:53:58 ESTYes @Asouissi85
treebeard
Although it's not a CD, an analogy is a CD. You buy them 1:1, but they instantly "lose value" because to redeem them early you generally pay a fee of 3-6 months interest even if you didn't earn that yet. That's effectively the structure of usd0++ except it's not fixed rate, you have more than 1 early redemption option, and you get a ton of usual
blurr
out of interest why did the team promote a money market that hard pegged the obviously not worth $1 bond to $1, if nothing else that doesn't seem very sensible?
LN123321
it's a scam bro
msulc (๐,๐)
Right now, it's at 0.92 on Curve and slowly increasing over time, plus $usual rewards. Stop with the unfair FUD. Iโm not saying things couldnโt have been handled better.
MarkAgeev
Guys, what happened? I went to my wallet today and saw -10,000$. Although I held stablecoins
Virtus
bro ๐ญ
Noรฉ
fake
Angel OverSoul
Ready usual January 7th, bought usual then I'm down with$3000. ๐ฆ
Noรฉ
Peg is pegged to something: a floor.
andrewdubai
๐คฃ ๐คฃ ๐คก
AlperenPacacioglu
Stop fud
nihilistic button clicker
Can we get a X spaces with the founder please? @Noรฉ you are clearly not helping things . I also can't believe you said a peg isn't a peg. It's a floor . That's total crime right there. You said it's a peg. Then u depeg it and now claiming its a floor. That's mispresentation.
qiwi
how are yall not reading the docs after luna. tbh i bet some people did and they were just impatient. im here to pvp, thanks for the coins ๐ซก
.
what is the fud ??
tuula
so where protocol gets yield then? 0 IN usd0 stands FOR ZERO. ITS GOING TO ZEROO
basedscarf
Been thinking about this as well. Well no point in thinking about the past rn
l1i1l1i
What does โConditional Exitโ mean? Does it mean that if I give up the tokens I have earned so far, I can get a 1:1 redemption? What does it mean to burn? Does it mean that I have to buy the tokens myself and burn them?
xstryder
should be just set at 87c at day 1 tbh, then this fiasco won't happen
Noรฉ
overnight repos
0xMT
Where is the value of $Usual coming from? Liquid bond but what type of bond is backing it?
Noรฉ
Temp 1:1 redemption for a month after the airdrop, to ensure people could exit after farming, was maybe a mistake in terms of perception? idk
goodboy | best good boy
No way baby
nein ๐งฒ
tbh noe it should have been like that since day one, like thinking back there was really no point from you guys offering the 1:1 redemption to USD0
Desy
zero-coupon more like account-got-zeroed
Gunner funk
Bera stakers are just mute spectators at this point ๐
satsa_Original
why did the team write in the docs: "to ensure a fair price at parity with USD0, USD0++ has access to [...]"
chud
how can you justify dumping USUAL rewards on buyers' heads at 10x the revenue the underlying was producing? it's all linked as part of the model. Without USD0++ floating, USUAL buyers would just be getting rinsed
xun2x
Please give the link here Ser. I can not find it
Investus
Within few weeks. Remember my words ๐ @gryndamere Buy more Usual and stake 213% APY
Noรฉ
USD0++ isn't a stablecoin, it's a liquid bond
Yt:Anteiku980
Will there be usual burning to lower inflation or is there ?
digitaldaikon
Hello I am using MORPHO protocol and it says i was liquidated, can you explain how liquidate stable coin?
๋ถ์ฅ๋ฐ๋ผ๊ธฐ
I thought the change should be made through DAO. The docs says that way
DORA
Now who will supply USDC to the USD0++ MORPHO pool?
Noรฉ
Because it's not a zero coupon. Zero coupon bond would assume that the yield is only reflected into the floor getting higher, while in fact, you get yield in $USUAL on top of that.
PitterPatterPaperFlower
What is going on with the price man
0xMT
Sir even though it's in the papers, how can you justify selling a zero-coupon bond at par?
Xer1ne
You should give a few days' advance notice. Let those who are willing to stay stay stay. Instead of intentionally kidnapping everyone. Why do you work. We both know very well that users cannot avoid being modified by you for another late night
PeacemakeR
God sake๐ญ
Dean - Founder GameonForge
I never seen the chart terrible like that :)) well done Usual team!
gryndamere
yes, in 4 years ahhahha
0xREALaldc
right sir, I never see this pinned sorry
EG
"Can I know how many USD0 tokens have been staked in total compared to the total supply as of today?
Arav .xD
01/10/2025 at 09:43:11 EST@Noรฉwhen we able to see usual on arb chain
Chaplinowsky
Stop the fud. Dont dig your own grave
Biel
dont fud, hold
nicolas1213
looks like this yes
Noรฉ
Sir, we announced Q1 as the ETA since October. It was also in the dApp.
chriszyy3
until I die
Mateus Ball
let it be in the documents but the approach you did it was wrong. Now there are strong outflows and in fact the end of the project development.
Investus
Yes we will se $1 again. Be patient
Noรฉ
There's a rev-share
Yt:Anteiku980
I think that this of releasing many tokens daily will bring the price down a lot, they should do something so that this does not happen or put established periods to release tokens in circulation. You should put launch tokens every 4 months in my opinion that would be 250,000,000 in that 4 month period, which equals in 4 years the 4b....
Virtus
Can you guys just publicly communicate on X about all of this for god's sake ๐ญ
andrewdubai
another view on this: people panicked and sold everything at floor price. team show up on Monday saying that with a fraction of USUAL burn/sacrifice you will get back USD0++ 1:1, max pump to the peg on secondary market. who got the risk to buy low get rewarded
Noรฉ
wut? it's been in the docs since day one and the ETA has been announced multiple times since October
nein ๐งฒ
Xer1ne
You intentionally did not disclose it in advance to prevent TVL loss. But it has lost the trust of users
deepwood
Why does the team do this?
xhybg
then the team can "dao" the rule to 240 days lol
PeacemakeR
Still believe it can goes up?
Dean - Founder GameonForge
Hold to die ๐คฃ๐คฃ๐คฃ??? No one like loosing money
Arav .xD
01/10/2025 at 09:37:26 ESTAlperenPacacioglu
Thanks man
Noรฉ
Second, in the worst case scenario
Pavanelli
Enough of the fud guys, you can buy USUAL again
Investus
Hold guys. Price will increase
Biel
Just hold
MrEstebanJ
Can we stop dropping new emssion of USUAL token to avoid the price going down until people read the changes ?
fredchan17999
Bro who only tells a small part of the whole project and thinks he got the key point ๐ฅน
famousfxck
Believe in something
Noรฉ
ETA has been announced since October.
xun2x
Correct. TEAM should make announcement 1 week before floor price, so user can unstake their position.
Dave Naga
I dont fud just reminder to you, going to # ๐งใspeculation to talk about his Becarefull if you hold USUAL Team does sacrifice USUAL for USD0++
LG
It's not about what the team has done; the most critical issue is that the team has lost credibility. This is irreparable. The team can arbitrarily change the exchange ratio, and in the future, it might be changed to 0.7 or 0.6.
xstryder
if usual at 70 cent, usd0++ will get penalty of 13% for early redemption, need to buy (13% usual worth of tokens to restore peg). at 10 cent, usd0++ holder will only need to buy around 1.85% penalty worth of usual tokens. send usual to 10c
Noรฉ
We implementend what was public since the beginning. The ETA was announced since October.
LazyMicrobe
Is it redeemable 4 years after I bought it from a DEX, or 4 years after the original USD0 was staked? If it's the former, does that mean the 4-year timer keeps getting reset every time the USD0++ is transferred (how would this be tracked)? If it's the latter, same question how is this tracked?
sandt
They were doing well, so why did they make such a poor move?
Xer1ne
Do you think we will still trust your bottom line๏ผ
andrewdubai
we are going far less than 0.28$, maybe some cents within Monday
Dean - Founder GameonForge
And will keep dropping more โบ๏ธ back to 0.28$. Lots of people losing money
Noรฉ
mostly USYC, smart contracts are on # ๐ใofficial-links
Nomadi
how to understand the "maximum fee"? Is it all the $Usual I've got since the date I hold usd0++?
Yt:Anteiku980
What happened because it went down even more
miguel
the treasuries backing USD0++ are held in what protocol/form?
Ermianoori
How to stake usual
PeacemakeR
Look like usual price will keep dropping by time over the increasing supply
CryptoMDz
Vedaxbera apy is it calculated now ? Because we can't see the rewards
xtreme11
This is all Paid PR, avoid them
Noรฉ
It's fixed sir, and it's the maximum fee you would get
Noรฉ
# ๐งใspeculation
CryptoWhale
@Noรฉ now everyone wants out usual isnt going to pump if thats whar you guys wanted
Usual
Minnowtraders
01/10/2025 at 09:29:10 EST4 years
LazyMicrobe
If I buy USD0++ on the secondary market, when can I unstake it at its guaranteed 1:1 full value?
Virtus
htt[]ps://x.com/TheBlock__/status/1877676250581369285 here it goes lol
Noรฉ
ETA was announced since October and live on the dApp
Noรฉ
It was always public and the ETA was announced since October
andrewdubai
the fair things to do was to update the doc, communicate right that in 1 week the redeem will be 0.87:1 and change. the 0.87 wasnt disclosure before the change
andrucrypt
but forgot to give people time to decide if they want to stay with such change )
xun2x
@Noรฉ when team will reset again the price to 0.87 ?
Noรฉ
We added details about the Floor and why it was calculated like that
Cendรฃo
have you changed the docs?
Noรฉ
correct
CryptoMDz
That mean will never down under 0.87 ?
Noรฉ
Read the pinned message sir
Noรฉ
Read the pinned message sir
Noรฉ
they don't
0xREALaldc
Could team release some announcement? like hardcode 0.87 when people took 1 for granted, is not a cool thing to do
ngocbeo1121
pendle hide usd0++ pools now
Noรฉ
Doesn't matter, if they give up rewards, those are still redistributed to increase APY and partially burned
chriszyy3
true, just do something at this moment
Gunner funk
They are not buying from the market, essentially they are just giving up the farmed usual. So no impact on usual price, might create some scarcity offcourse, but its nothing against the daily emission
HubristicFarmer
usual price down = cheaper for early redemption. New way to make money is leveraged arbitrage until panic subsides.
Dean - Founder GameonForge
Lol so mean that $usual drop to 0.00001 lol ๐
Virtus
Can you guys at least talk publicly about all of this, the whole CT is burning Usual on X - if you're confident about protocol structure, maybe you shouldn't be too much about such an amount of fud on a so young project. I'm still in, but I really feel like if nothing is done to calm people around, we going to 0
xun2x
correct, drop to 0.00001
BDx_0
Buy!! More revenue share for u!!
pp6612
If the USUAL price drops, we can escape USD0++ for a small price. I hope the price drops soon.
Noรฉ
Well, only the difference between USD0 and USD0++'s supply can need to be redeemed for peg purposes
imaz.946 ๐
Should i buy or sell USUALQ
Noรฉ
Zero coupon bond would assume that the yield is only reflected into the floor getting higher, while in fact, you get yield in $USUAL on top of that.
chillout
what if usd0 depeg as well, and you need to sell bonds to keep usd0 pegged? TVL still locked?
ekosone
We've been tricked into buying zero coupon bonds at par lmao
Noรฉ
No, it rises to 1$ over time
CryptoMDz
Floor was 1, now it's 0.87, than there's a possibility to be 0.6 or down ?
Noรฉ
Please guys, check the pinned message: there's a FAQ and explanations there
Dave.race
I'm pretty sure there are people who redeemed at floor price (from panic). And the 4 year cash flow has gone down. I would think this is directly tied to the number of USD0++ going down, which, since the early unstaking isn't live yet, has to be from redemption at the floor price.
Tenzing
Yes but it won't increase as trust is gone. It's a pity honestly cause everything went exceptional until now.
Noรฉ
Well, they sacrifice $USUAL tokens which will increase a looot the USUALx APY, USUAL's scarcity, and all product's APYs
nihilistic button clicker
Unwillingly locked. What a way to build a business. What do you think will happen after 6 months? Tvl will go to zero anyway. What's the point to drag it out and make a legacy like this? Can Pierre come and chat with us? That would be much appreciated
uzairfarooq
Why do you say 0.87 is floor?
Robo-Odin
Then they burn their usual to get out at 1:1.
Gunner funk
What if everyone exit after 6 months
Noรฉ
Floor is 0.87
Noรฉ
TVL is locked, so there will be revenues tbh
tRoomzt
Won't be surprised if one of these disappear into the ocean and never return. It's good team is doxxed. Will be monitoring the project from a distance now.
Fl0x
Hi, is there a possibility it depegs even lower ?
SOYA
no one reads the white paper, team should put out comms dot pointing for the low IQs on what the bull case is
pristine
there will be no revenue because nobody will use this protocol after this
noname
What happens if USUAL becomes worthless ?
goodboy | best good boy
Early Redemption through sacrifing $USUAL tokens might also require 13% value of USD0++ for USUAL... could we estimate somehow, how much USUAL token we need for 1:1 redeem next week
Dean - Founder GameonForge
Price will down to 0.28$ :))
pusx06
@Noรฉ tvl come to 1.5b๏ผ price of usual reach0.58. this is what you want๏ผ
marvak
Noรฉ
Yes, up to 6 months of rewards (after that it's better to go through Floor)
MarkHayens
Can you elaborate on this weekly outflow mechanism? like the bigger the weekly outflow, the more usual we need to pay to get out?
MrAdeline
01/10/2025 at 09:14:39 ESTif the redemption requires 6 months of USUAL yield and you have been in the pool for 2 weeks, then you will need to purchase the remaining 5 months and 2 weeks of USUAL or wait it out until you earn that much.
Noรฉ
USD0++'s TVL, yes
Noรฉ
It means less to pay to 1:1 redeem USD0++ also, which is nice for those who want to exit
zhengziyan.sol
So the TVL will not increase until the number of people buying 0++ exceeds the number of people selling 0++.If not, people will just use a DEX to swap. Am I right?
MIX
Sohort
Noรฉ
Because there's nobody who redeemed at the floor afaik
Gothicowiec
Noe tell us why this happen?
Noรฉ
0.87 is the Floor, but since there's Early Redemption through sacrifing $USUAL tokens, it is actually higher
Dave.race
@OxKnight โฉ Do you know why the treasury in the UI didn't go up since the floor price has changed to 0.87? It's written in the WP that all money from people redeeming at the floor price goes to treasury. 4 years cash flow went down (I assume because people used the floor price to redeem), but treasury didn't move.
ekosone
So true, investors and community will bring protocol down. You can't just play with users money this way
sslvsk13
After unlinking, the USD0++ price should be 0.87, right? But now the token is trading at $0.9, what is this connected with and what to expect next in accordance with the protocol mechanisms? As a result, the token price depends on the jujual and its profitability or on the market? @Noรฉ
Noรฉ
Mava is sleeping rn boss
ravished
@Mava (AI Support) please remind me what is the mechinism for making usual emissions decrease? What is the catlyist?
Noรฉ
The ETA was announced since October and the mechanisms were all public
Gunner funk
Projected apy after revenue switch is 57%. Guess no one wants it
Noรฉ
Would love to, but I have to answer here first
76ixer
its crazy that they think taking users money by force is "ok" because "was in the docs" and they can keep doing business as usual
Inmydream
Noe i think you should make some post on twitter to answer question on twitter too
tRoomzt
The team did. It was very opaque communication on their part. What you expect from Les Blues?
Noรฉ
Dune sir, # ๐ใofficial-links
Einzig
where to check the stake ratio?
Noรฉ
# ๐งใspeculation
shigaraki4997
depeg depeg depeg
Noรฉ
"Against people will", you do know that USD0++ is a locked version of USD0 for four years, and that it's written everywhere, right?
flumbo
TVL is locked against peoples will. Everybody wants to get out... This is not a good way to run a project to trap users against their will
Noรฉ
MEV is the curator
Noรฉ
it's simple: nobody
the.goat
but im trying to see if someone knew before hand ....
Noรฉ
by USUAL tokens
zhengziyan.sol
6 months worth of rewards. caculated by USUAL tokens or USD value๏ผ
Noรฉ
TVL is locked, there's locked Revenue for $USUALx
Tenzing
Do you really believe that? I honestly think it's cooked at this stage. Nobody is going to provide TVL anymore at this stage
ekosone
Well team clearly handled this awfully
xun2x
When ?
Noรฉ
The Early Redemption fee depends on weekly outflows and time before maturity. It could be zero or, at maximum, 6 months worth of rewards.
andrewdubai
Let's do some math. if the worst scenario is to give back 180 days of USUAL rewards and USUAL token price will be 1 cent of even less, we can arb on USD0++ price buying USUAL at discount. ah one think for sure. the team is going to face prison. 100% in Europe is illegal to act like this. Come to Dubai habibi, we have free hostel for you
brian
Anyone who bought Usd00+ recently got shafted. They are going to spend the next 6 months or whatever just getting back to their initial cost. Not bond-like at all
76ixer
this is much needed or people will just go to Paris
nein ๐งฒ
Ok
Noรฉ
Feb 1 or sooner if 50% is staked
tRoomzt
Lot of curators dumped the project after the announcement cutting their losses due to lack of transparency from the team. They took the loss and caused an event which looks awfully similar to bank run which then caused mass panic.
NN
When Usual will turn on fee switch?. This will end price draw down
Dudebutters2
Price dump? Everyone keep panicking. Iโm buying.
Mateus Ball
3m emission every day All directly to the market
Noรฉ
Depends on if it has been swapped or not for USD0++, but you should assume 1 bera-USD0++ = 1 USD0++
CryptoMDz
You suspect ? You should give us a direct answer, what will happen to our usdc on vedaXbera vault? It will be transfered into usdc to berachain ? It will converted into usd0 ? If It will converted into usd0++ , at which ration ? 1000 usdc on bera vault = how much usd0++ ?
alparslan
Why nobody gives information about how much should 1 USD0++ worth. And there is no announcement about how it will repeg again if it worths around 1$ considering it is possible to sell bonds before maturity team could buy usd0++ cheap with underlying bonds make profits for protocol.
MrEstebanJ
Damn, I think that it would be better if someone talks about it because there are a lot of FUD.
Noรฉ
lmfao absolutely false
imaz.946 ๐
All go buy usual ahahah its free money
Lucas
What hack is happening?
the.goat
is it true THAT A BIG VC went out with a big amount few hours before it took place ?
Pavanelli
Where is the team to speak?
Noรฉ
The team released the info at the same time for everyone ser
andrewdubai
๐ so the team disgranted MEV capital? smart move. how to destroy a project in 30 seconds
Antonio
I'm pretty pissed off... it has been three days with no value change in my UsualX
MiraiMhysa
What does this mean "Early Redeem versus $USUAL"
Gothicowiec
just give us advice.. you are chef of this coin.
Tenzing
Adil must have been aware?
Noรฉ
What death spiral lol
Romanson
Can you convince us that we are not at the beginning of a death spiral?
Noรฉ
# ๐งใspeculation sir
Investus
@Noรฉ Should we investors do something or not? Usual coin price are plummeting. And is this an overreaction?
Noรฉ
Whitepaper hasn't been edited since November
Arbi
Question about USUAL now that it is much cheaper : Are the USD0 revenues guaranteed as they come from bonds ?
kkk666
Why usd0 now 0.9?
tRoomzt
Because the communication (or lack thereof) was absolutely non existent. The white paper was edited and not mentioned anywhere regarding the change for hardcoding to 1$, or the 0.87$ floor. Very amateur PR. Almost like it was intentionally supposed to trap unsuspecting early investors who bought the coupon for FULL PRICE. Very clever. Much applause. Now can answer my previous question? If I reinvest in USD0++ how long will I need to wait for peg to return to 1:1? Or how much of a penalty will I incur to remove LP early in terms of USUAL? Because I have been dumping all USUAL rewards, so...
brian
Given that, why not disclose the push public ally ahead of time. So everyone has the same info
kobbert
Time to learn not to leverage lol
NovatioLegis
Or wrong team strategy?
Noรฉ
new market will be deployed today
Hi usual
Sell and repay
lololeo
So please tell me why you are doing something that upsets everyone?
Mowgli
@Noรฉ hello pls c
6six69nine9
Was this fair for Bera depositors who took immediate haircut?
flumbo
@Noรฉ what to do about morpho pools? I'm paying 100% in borrow APR
AlperenPacacioglu
Time to buy
Noรฉ
panic
noname
How is it possible to go that low with so much usualx staked ?
imaz.946 ๐
Usual 0.57$ wtf buy buy
Noรฉ
They would've preferred knowing it before, but we couldn't risk any leak around this update, frontruns would've been unfair for everyone.
Gothicowiec
noe you are not thief, yes?
Virtus
Well, if they're upset, seems like there's indeed a problem
Noรฉ
Again, MEV had absolutely no knowledge of the update before being public. They're actually upset about it.
marvak
This ia crazy. Ive missed the bitcoin fluctuations in early years. Am glad am here for usuals. BLOODBATH
ekosone
https://x.com/Cbb0fe/status/1877694028252397689?t=xJkAOAhFL5NE9OiFy93VHg&s=19 Look at this, hardly surprising team is the one benefitted from setting floor at 0.87
KBG89
How come Pendle had it listed under stables?
tRoomzt
Hello. I have been investing in USD0++ and dumping my usual rewards. Before the fee switch for 1/10/25 I removed my LP liquidity. Just wondering if I now come back in at the discount, how long will I need to wait for USD0++ to grow to 1:1? Thanks!
Investus
What do you mean? Must we burn coins everyone? @Noรฉ
NovatioLegis
So this is the moment we close our eyes and embrace death?
EG
Are you sure about that? I mean that the range will be between 0 and 6 months?
CryptoMDz
I check the pinned msg, there's nothing mention vedaXbera vault. If you can explain it for me i will be thankful
lololeo
U will need payback 10800 usual to redeem, thanks to our generous team
yobez
is all the brouhaha yesterday related to why i was seeing reverts when i try to claim my usual or is that unrelated
Noรฉ
For the simulation I'm talking rn. As for the exits, big whales monitor the API/multisigs, they saw the function being pushed. It's onchain.
noname
So we are just dying with it...
Jordan
Lmao I got liqed w 2x leverage
andrewdubai
np for the usual burning, shortly USUAL will be 1cent
Nez
How come they exit 40M hours before depeg? Its literally on chain, cannot hide. "If you have no balance yes, you don't see the actual simulation" I have balance and it was always 1USD0 = 1USD0++ last few weeks.
Noรฉ
Never
CBB0FE
Could you clarify involvement of Adli the founder into MEV Capital?
KBG89
Was USD0++ meant to be a stablecoin?
Daniel.
"noBaDy wAs"
Mano22
Baseless?? LOL Nothing he said was incorrect
Noรฉ
nobody was
Noรฉ
baseless FUD, MEV wasn't even aware before the public announcement
Noรฉ
If you have no balance yes, you don't see the actual simulation
Dave.race
0 to 6 months worth of rewards in USUAL, so basically you pay a quantity of USUAL to redeem 1:1
Romanson
God bless. I thought because of the unexpected USD0++ depeg and the insufficient educational campaign from USUAL team on this matter.
Chaplinowsky
Tf is happening?
Vincentporot
if there is no minting why is it live on the app? It lets you convert USD0 to USD0++ at 1:1 ratio @Noรฉ @Mr. Lin
marvak
The data is good. Doesnt make sensw
Dean - Founder GameonForge
Usual going to 0.28$ ๐
Nez
BUT you should have read the whitepaper
zJP_Gamer โญ
I still don't understand the Early Unstaking process. For example, if I have 100 USD0++ at a price of 0.87, how much USD0 will I get, and how much USUAL will be burned?
่ฑ็น็บณ้่ๅฐ
"The current trend of Usual reflects users voting with their feetโit's truly a pile of crap."
Biel
HOLD
Gabee
Can't lose when you don't sell @INWOXER.
Noรฉ
Check the pinned message sir
CryptoMDz
If at 1:1 ratio, than mean we are in lost bro, Imagine you deposite $10k usdc on veda vault, and you will get $8700 on berachain, that's unfair for us bro. Just put yourself in my place, Please forward this to the team
LavaLittleBird - Chasing
01/10/2025 at 08:41:49 ESTSadly I jump off lost over 5000 usd
0xREALaldc
just why
Mr. Lin
The market is crashing likely because the NFP and US unemployment rate announcements
Brave
who will maintain the floor price
Hektor X
team always slow and with bad timing..
XIUXI
why crash
Arson
Fast. Fud is spreading
MrEstebanJ
Hey hey
Mr. Lin
Will need to wait for further announcement - I suspect it should be the same as the value of usd0++
Peka
Is it posible that they can set que underlying lower?
Vincentporot
What use is USDO why would someone mint it? how can I see how much USDO++ is minted and how much USD0 out of the TVL @Noรฉ @Mr. Lin
xun2x
Early Redemption mechanism starts early next week. Any penalty for early redemption ?
marvak
Whats the floor of usual?๐
NovatioLegis
https://tenor.com/view/titanic-privilege-honor-sink-gif-15938390
Noรฉ
Floor is at 0.87$
alparslan
What is the underlying value of usd0++
AndrรฉB
wtf is going on
CryptoMDz
At which ratio ???? I deposited $10K usdc, should i get $10K on berachain ?
6six69nine9
Why send $USUAL down with this... neithet holders and LPers don't win
Gloxxas
Lmao bro. I think he deposited 100$ for testing UI like their team did with screenshot
Mr. Lin
Please don't make stuff up, thanks
AsrayT3ch
01/10/2025 at 08:36:17 ESTsheesh
Mr. Lin
?
interected
TEAM save token right now or will go 0.45
Asshad
wow
flumbo
damn u got rugged by ur own team?
Mr. Lin
I did the vault deposit as well - I deposited USD0++ back then, but debank currently shows that it is USD0.
Noรฉ
TVL is also USD0
Callmenikolai
And if the price never recover 1$ ?
Vincentporot
So TVL can't grow until USD0++ is re-pegged?
Mr. Lin
It is a pre-predeposit vault that will move liquidity and make it active once Berachain goes live on day 1
MichaelV
usual price chart looks like my sanity atm
Noรฉ
You deposit assets, and they're auto converted to USD0++
Mr. Lin
No ser - you just need to be aware of the current price, that's it
Jimmine
Is there any disadvantage of choosing to swap? Any drawback? Is it the same and achieves the same result?
Mr. Lin
Yes, once the price on secondary market is at 1, we will mint at 1.
interected
free fall of USUAL token started on market.
Callmenikolai
Seems that USD0++ was overpeg and the real pef is 0.87
Phoenix
It's crazy to think there were no insiders.
Gabee
Mava doesn't reply anymore, pack your suitcase guys
andrewdubai
how you can do that? on the smart contract level you don't have registered this information. If we move tokens areound (pool or exhcange) are you going to trace this and put a fair value for redeem?
Mr. Lin
https://usual.veda.tech/ ser if this is the vault you're referring to, it is USD0++
JaharakaL
Still Drama?
Jules
@Noรฉ any through on this? Maybe Gauntlet read the doc? ๐
Vincentporot
Recap: @Mr. Lin @Noรฉ I asked: When new USD0++ is minted, will it always cost 1 USD, or could it be minted at the floor price of 0.87 USD? Noe answered: No minting until repegged - market price until then. Now my question is: When minting resumes after repegging, will it always be at a 1:1 ratio (1 USD for 1 USD0++)?
ravished
@Mava (AI Support) how correlated are the fed funds rate to the revenues from USYC?
Mr. Lin
AFAIK it is paid by their own $USUAL
CryptoMDz
@Mr. Lin vedaXbera vault, usdc is usdc right?
Mr. Lin
Unstaking means you're going through our official route, which has an unstaking fee ser. Swapping will not accrue that fee.
Jimmine
Is there a difference between unstaking and swaping? I get no fees in swaping USUALX but 10 percent when unstaking. And the fees is just 50 USUAL for swapping. Is there a disadvantage?
Asshad
why do we have to wait till Monday surely the team should clarify the issue and why the decision was made without proper notification
Evix
? I don't understand.
alparslan
will there be any action for correcting usd0++ if it stays below 0.9 for months
divisionbyzero
Is there a chance you can provide the old version of the docs so we can have a fresh look at the information we had when we choose to invest in USD0++?
lololeo
I saw your message last month that the 1:1 redeem will continue till the end of Q1, is now end of Q1?
Mr. Lin
I see - but that should not be correlated to the price action of USD0++:USD0
RomainBlindy
He can't exactly quit before the depeg without knowing something
Mr. Lin
The details in regards to calculation of the specific amount should be released on Monday ser
Vincentporot
I'm asking about the minting of new usd0++ @Mr. Lin
xun2x
They will say, read the whitepaper, not their mistake
Fwank
wen airdrop guys
Mr. Lin
June 30, 2028 this is stated in our Whitepaper ser!
Candy Factory
Is there a specific maturity date in 4 years?
Mr. Lin
For everyone ser
alinono
So floor price will linearly increase to 1 usd within 4 years for EVERYONE ? or does it depend when you acquire USD0++?
Mr. Lin
Hi ser - the minting of $USUAL never stopped (if that's what you're asking), and it has never been "pegged" at a 1:1 ratio like a stablecoin.
Usual
RomainBlindy
Repegging will be in 3.5 years, you have time to ask again ๐
Mr. Lin
Well you've limited the parameters of the things you want to discuss - I doubt we can have a useful discussion if that is the case
Callmenikolai
You are kidding ? this is way too late
Vincentporot
guys this is the third time i'm asking. When minting resumes after repegging, will it always be at a 1:1 ratio (1 USD for 1 USD0++)? @Noรฉ @Mr. Lin@Mava (AI Support)
sslvsk13
Please explain to me, a dumbass, what I missed from the yuzhal docs. I think I read them) It seemed to me that the price, although not strictly tied to the dollar, should move around it, because: 1) You can stake USD0 and get 1 USD0++, so the price should not go up. 2) During a deposit, DAO can press the "early redemption" button and give USD0++ holders the opportunity to return the body. How the profitability will be distributed in this case - who the hell knows, but according to the docs it seemed that it was not through the price of USD0++. The exchange of USD0 for USD0++ 1/1 hinted at this. It seemed that this was just something that would be implemented later. How they added the USUAL stamp now, which was not there before. So please tell me, who understands what is happening: 1) What did I misunderstand from the docs? 2) What from the docs allowed me to assume that there would be a deposit?
Mr. Lin
Will need to see the stats next week ser
tommyshelbers
they are not setting anything lolโฆ the market decides rhe price. Yesterday, team was supporting early redemption as a good faith.
Phoenix
how much is the weekly allowed outflow ?
Usual
Evix
I think you're not directly answering my question. I'm not even talking about communication anymore. I will ask it again, then. So why, from the beginning until yesterday, were you selling this product for $1, and today, for the SAME thing, you're selling it for 87c? Whatโs the difference? (Please, donโt talk to me about incentives, airdrops, or anything like that. Iโm talking about the product itself.)
Mr. Lin
The maximum amount of $USUAL burned via early redeeming will be the amount of $USUAL accured from the past 180 days, it will not exceed that amount.
BingChilling
yes if you don't want buy bond and held long term. farm LP still good
nein ๐งฒ
can yall answer me about the Curve LP thing?
interected
to many tokens being dumped by USUAL into market we are going down too fast with all this mess..
Usual
xun2x
Meaning, now is the time to buy. User who bought before will suffer from loss or wait until it goes to 1:1. Next week ?
LavaLittleBird - Chasing
01/10/2025 at 08:12:34 ESTDown to 0.5 letโs go ๐
nein
it doesn't change anything ur stillf fcked
Asshad
lol
Mr. Lin
I'm curious to this as well, and team has explicitly said further details will be released in another post by the earliest next Monday ser
Mr. Lin
They will make a further announcement on this matter by the earliest next Monday
alinono
what if I got USD0++ through pendle redeeming, how is the maturity calculated ? As I didnt get usd0++ directly from usual, how to know my LDT token maturity date ?
Callmenikolai
Will the team make a public announcement about they did ?
Mr. Lin
I agree that the timing of this announcement release can be optimized - however, I don't participate in the decision making process.
alexey.k
sad to see such a good project going down ๐ฆ
AS
You must not have communicated with pendle about the problem of usd0++, otherwise I don't think they would have launched your usd0++ product at all
Evix
So why, from the beginning until yesterday, were you selling this product for $1, and today, for the SAME thing, you're selling it for 87c? Whatโs the difference? (Please, donโt talk to me about incentives, airdrops, or anything like that. Iโm talking about the product itself.)
Vincentporot
When minting resumes after repegging, will it always be at a 1:1 ratio (1 USD for 1 USD0++)? @Noรฉ@Mr. Lin
oncrye
you get usual
R2Pleasent
I just hope the team behind Usual can get rich. If I lose 13% who cares. I am just a regular person. An NPC so to speak. But these Usual guys, they are special
JazzySt
@Noรฉ plz check. Not allowed
interected
why are you dumping so many tokens into market? its going to kill the token price, investors will not come into project..
staycool
long term investor
ghost643
skill issue
HubristicFarmer
skillful investing
็ฑๅญ
I just bought USD0++ for $1 yesterday, and today I've already lost 13% plus 180 days of Usual rewards. Nice project!
Usual
nein
ok so i still get the rewards wether my LP is staked or NOT (and if i stake my LP) i get the addition veCURVE rewards from curve themselves? meaning a much higher APY?
Mateus Ball
you have 3m new usuals daily and TVL drain, expect your return about 7-15%)
alinono
and you get a yield on top of it for holding USD0++ right? you get teh risk free treasuury rate or do you get usual token ?
Mr. Lin
Hi ser, the team has confirmed that the FP will increase on a incremental basis as time passes, but the details of that increment has yet to be finalized - but rest assured, it will only go up from 0.87.
Usual
Phoenix
Does nobody know the weekly outflow limit? How many times do we have to ask ?
Evix
lol. So, what is it then?
BRNDN
Wdym?
Usual
zhengziyan.sol
@Noรฉ Iโd like to ask if 0.87 gradually increases to 1 over time, or if the official adjustments are made at any time, possibly going higher or lower before eventually reaching 1, or if it remains fixed until it reaches 1 in the end? If it does change, how often will adjustments be made?
Gunner funk
Someone gets it
ekosone
Lmfao team aiming to become Blackrock and take over Tether and look at this sh**show
oncrye
you don't have to stake, the redemption price of usd0++ will go up linearly in 4 years
dฮrkfingah | SBC
Man, farming USDO/USDC was the way to go here ... sigh
23123
In other words, as long as you hold Uxualx, you can get the full reward, regardless of whether it is staked or purchased from Web3 (Uniswap)?
MrAdeline
01/10/2025 at 08:01:19 ESTI think in the future, the way to launch something like this would be to have USD0++ redeemable 1:1 USD0 on day 0 and linearly adjust to .87:1 USD0 on Day X (communicated at launch). Over that period, you distribute USUAL linearly as well. This way a user who enters USD0++ on Day 0 earns USUAL while their initial investment depreciates and a user who enters on Day X has no sudden/unexpected depreciation in their investment.
FlyingArrowz
Hey @Noรฉ ,thanks for taking time to answer all questions here. Understand the fud is crazy, have been in your shoes before as a CL lol. You got this bruh, people are just visibly pissed they lost money
Nez
Repegging meant 0.87$
Vincentporot
When minting resumes after repegging, will it always be at a 1:1 ratio (1 USD for 1 USD0++)? @Noรฉ
nein
i've a quick question? do i still get the USUAL rewards if i stake my USD0/USDC LP on curve?
alinono
Can someone answer : if I hold usd0++ it will be redeemable to 1usd in 6 month(if I forfeit the yield) or in 4 years, with the yield on top of it ? do I need to stake my usd0++ for 4 years or I just hold them in my wallet and how do I receive the yield on top of it while it gets 1-1 redeemed ?
divisionbyzero
Well...this was clearly a trap to rug the users. I feel very stupid falling for it.There should be legal implications on this though? Team is doxed, was obviously fully aware of the situation and all kinds of information in the docs, hardcoded oracles etc was clearly ment to mislead that USD0++ was expected to trade at $1.
Mr. Lin
Because it is not technically a 4-year bond, but we use that to illustrate a concept or as an example
brian
Yeah, it is weird. If you buy a 4 year notational bond for $100 you expect it to be worth around $100, less if rates go up and more if they go down. But not insta dump to 0.87 with no rate change
Slyze
any answers here? How to calculate the penalty for early redemption?
Phoenix
can someone tell me how much are the weekly outflow limits ?
Noรฉ
only EOA controlled tokens are
tony_defi
Need buying more usual and stake for passive income
Noรฉ
wdym?
xun2x
what is the period for new market ?
Toker
Why are they not eligible ?
Mr. Lin
nw ser, happy to help
Noรฉ
No minting until repegged - market price until then
23123
So what's the difference between the usualx I bought directly and the usualx that flowed?Buying from web3 is a direct purchase or flowed?
Gloxxas
Some of you mean is 13% of total value USD0++ for max repeg $1 ?
Vincentporot
When new USD0++ is minted, will it always cost 1 USD, or could it be minted at the floor price of 0.87 USD? @Noรฉ
AS
So why are we buying for $1?
HubristicFarmer
with price around 91c it is almost time for the unliquidable vault so I can max leverage loop. Too much to hope we get a few more cents off?
Noรฉ
Yes, will be 100% linear asap
Noรฉ
Nope, you'll have to buy $USUAL or hold longer to have more rewards sir
Mr. Lin
Ser if that is the case, you'll need to accrue some $USUAL if you REALLY need to exit immediately...
davenedo
will USD0++ converge linearly to 1 over the next 3.5y? how often are you planning to update the red price?
oncrye
213% apy = 114.28% apr
Mr. Lin
But if you exit via secondary market, there isn't a penalty fee
MiniCheddar
The early redemption fee suggests we will give back some accrued USUAL rewards to exit at 1:1 What happens if I have not accrued enough USUAL to cover the exit fee? e.g. in the scenario I stake USD0++ day #1, exit USD0++ day #2.. do you take the difference from the principle?
Noรฉ
Because without balance, the simulation doesn't work sir. Try with balance, you'll see it's at market price
BingChilling
because the router not working u use fake balance. use real balance the route will route you better price
ghost643
connect with wallet
Nez
You forgot one thing. USUALX to USUAL, has 10% penalty fee. It will always have, you are not staking it FOREVER. Should add that to your APY calculation especially since yield goes inside your USUALx. Also, 213% APY is compounded (you won't get nearly half of that in the beginning).
Mr. Lin
Ser I've made some assumptions and estimation in my answer above If you want my opinion on how I will do it, I will place limit orders on YT to scoop a cheap opportunity and leverage farm $USUAL
Noรฉ
should be - not eligible to the rev-share tho iirc
alinono
My understanding was with usd0++ you get 1usd at the end of lockup with the risk free treasury yield ? Not just 1usd ? I thought it was what was meant in the doc ?
ravished
the true alpha is to buy usual, stake it for usualx and collect 60% APY on your position in USD0 plus another 214% APY in more usual
while FDV/TVL is at 1.64, insainley low. Your APY on the USD0 is now protected at at least $5 million a month because of the revenue lock on USD0++. If people understood this they would stop worrying about their 8% mistake from not reading and ape into usual but they will most all probably buy in at a higher price later.
CryptoMDz
For Bera vault: we will claim usd0++ for which ratio ?
Toker
Hey @Noรฉ when I LP usualX/usual on the uni V3 pool, does the usualX I've pooled are equivalent of Staked Usual (with the yield of it) or not ?
sagol486
Weโre not idiots. Either retract the update related to USD0++ or ease the conditions. Operations like this will end the platformโs lifespan in 6 months, let alone 4 years. โโ โโโโโ โโ โโ โโโโโ โโ
Mr. Lin
Yes this is hardcoded, and as time goes by, the FP will only go up from there.
Evix
Why did we pay $1 for a product worth 87c? What is the logical reason why, from the start, USD0++ isn't worth 87c?
Noรฉ
Because we unlock it a 0.87 if it falls lower
Meysam
what happened to the peg? Are we fu**ed?
xun2x
What is the solution ? I have Pendle PT for 10k also. Just exit when maturity and hold usd0++ until 1:1 happen ? Tq
ๅคง่กจๅงShevon๏ผ็ปๆไน่ฐท็ฌไธๅบๆฅ๏ผ
How the official guaranteed 0.87 exchange rate, Is implemented is written into the smart contract
SolutionsB0.16
yes mate
Mr. Lin
yes, so long as you hold USUALx, you'll receive autocompounding rewards
BRNDN
65c is a stupid stealโฆ wont last long
tony_defi
Buying more usual at this dip
Mr. Lin
Unfortunately for those who recently bought USD0++, they would lose value on this - however, I would like to reiterate again if I may, the rewards you earned (i.e. $USUAL) can be staked to USUALx and is currently earning 213% APY. Plus you receive, on a month to month basis, revenue shares from revenue switch, in the form of USD0.
23123
If I buy UsualX from Web3 in OKX to my wallet, can I get the same rewards as staking?
Benoit
Is the code available for review somewhere for the conditional exit ?
deannguy3n
Because they want to :)))
Noรฉ
If you have to pay the maximum fee, yes
Hi usual
Yes
็ฑๅญ
Just answer me a question: Do I need 180 days of Usual token rewards to early redeem my USD0++ at a 1:1 ratio?@Noรฉ
Nez
This was the only correct way to do this, 0.87$ day 1. No matter what team says. Would have no FUD, no TVL drain, no 50M+ losses on DeFi users (even if temporary) and no tainted image. Now the reality is: They sold zero-coupon bond for 1.00$. Sure you still get 1$ at the end, BUT WITH ZERO YIELD. Case closed.
Noรฉ
Issuance of new USD0++ only occurs when we repeg. Until that occurs, everything is routed through secondary market for lower price.
alinono
So it would mean I just lost 6 months of interests by buying usd0+ yesterday probably ? And if i decide to go with the 4 years redemption period, I will get both the 1usd redeem (no penalty) and Also I will get 4 years of treasury interests ?
Noรฉ
but sir, you still do get 1$ at the end.
Phoenix
an answer here team
6six69nine9
This is bad
BingChilling
u get your 13cent back if you stake usualx when fee switch happened.
Noรฉ
"to the team" -> 100% is redistributed to stakers sir
Dereal
Is x space still a thing now. I think the team need it badly, it's chaotic.
JEZ
We are in case 2, meaning we gave an extra 13 cent to the team, you sold the face value of the bond which I am almost sure is not legal. Maybe the AMF should take a look at it
Mr. Lin
It will only fuel the FUD, we are waiting for the team to release more information on the details of early redemption.
versa
01/10/2025 at 07:43:10 ESTwon't you guys make any post on X to explain what's happening? fud is huge right now...
Mr. Lin
No ser - because you gave up the $USUAL rewards to YT holders, not to us...
Mr. Lin
This is all from experience, nothing guaranteed - I've used Pendle quite extensively, so here goes nothing: Say you bought PT-USD0++ (JAN) yesterday, which the PT implied yield is around 22%, then on with $10k USD0++ you would receive 10120 USD0++ by maturity. The early redemption would be online by then, and the cost of which is determined periodically. The details will be ironed out by earliest next Monday. However, I suspect that the 120USD0++ you've earned is unlikely to cover the entire exit of your $10120 usd0++ principal. There's couple ways to go from here. 1) Observe the early redemption cost - If say, it requires 2.5% of your principal amount (in form of $USUAL), then it would still make sense to do another round of PT, and the Fixed APY is likely higher than before because there is more incentive for people to buy YT-USD0++ ($USUAL now receives more revenue and value). Or even YT if it is mispriced, as users might not understand that $USUAL is now more valuable than before. or, 2) Hold your USD0++ some period of time (would be under 180 days because you have already received that extra $120USD0++). With the accrued $USUAL reward and your $120 usd0++, you should be able to exit without hurting your principal amount.
xun2x
So It's time to buy usd0++ at discount 13% ?
Evix
Why did we pay $1 for a product worth 87c? What is the logical reason why, from the start, USD0++ isn't worth 87c?
FlyingArrowz
Ok @Mr. Lin to understand, basically PT USD0++ do not need to worry about the 1:1 redemption and have USUAL tokens to burn, because we sacrifice USUAL yield for more USD0++? Just wait for price to get back higher then exit 1:1. So technically the alpha play now is to buy more PT. Haha. And @Noรฉ i understand you're flooded with questions but good to hear stuff about Pendle PT
Ok @Mr. Lin to understand, basically PT USD0++ do not need to worry about the 1:1 redemption and have USUAL tokens to burn, because we sacrifice USUAL yield for more USD0++? Just wait for price to get back higher then exit 1:1. So technically the alpha play now is to buy more PT. Haha. And @Noรฉ i understand you're flooded with questions but good to hear stuff about Pendle PT
Nez
You mean buy USD0++ at 0.90$ earn USUAL and stake it. USUAL is very volatile, buying it is not for everyone
Usual
deannguy3n
I knew from day 1 when entering, which is after Binance pool launch, usd0++ will be locked and there will be penalties for early unstack. I did not read the entire document, I just ask here and people told me straight that. The 1:1 was meant temporary if people change their mind. How come this is a surprise? And this is creating balance people who stack USUALx since USD0++ stacker keep dumping USUAL rewards without any consequences?
Vincentporot
@Noรฉ
alinono
Usd0+ is paying interests right ? Its not zero coupon ? If I decide to redeem it I get 1 usd + interests for the lock period ? Not just 1 usd ?
ravished
If everyone would read a bit you would learn something, you earn USUAL tokens from your USD0++ which are backed by locked revenues in which you earn close to 60% APY in USD0 AND another 214% APY in additional usual when staked. This is so bullish, take action, buy and stake usual, thank me later.
famousfxck
Dude, you get APY: - from USD0++ in $USUAL - from USUALx in more $USUAL - from USUALx rev share in $USD0 In all honesty, you could withdraw in max 3 months with absolutely zero loss and probably even profit.
Noรฉ
New market will be deployed today
tommyshelbers
i disagree with ethena fud though, they are backed by funds that have zero duration risk and redeemable anytime. If ever their funding turn sour they can dynamically afjust the interest rate yield, so its robust atm
oldjonexx
I request that you quickly deploy new liquidity on Morpho, as the current borrowing costs are so high that they are simply unbearable.@Noรฉ
Aldezo
their usd0++ that they paid 1$ for is now worth 92cts. Every staker lost 8% in a day
BingChilling
it bound to happened people just ape without know what bond is doesnt matter when you start
0x_mate
https://x.com/Cbb0fe/status/1877694028252397689 care to explain this guys?
esco
Ah I see! Overall the design is good but the sudden floor price switch is what's leading to chaos. I was wondering why so many people complaining like they can just exit their TVL before next week.
Benoit
Is the code available for review somewhere for the conditional exit ?
Noรฉ
Yes, exactly. And because you get $USUAL while holding USD0++, you can earn that also, on top of everything. This is detailed here: https://usual.money/blog/revenue-switch-a-new-dawn-for-usualx-holders
Slyze
ยซ Depending on the weekly outflow of TVL compared to the target allowed net outflow ยป There is no number here, can you explain the math here and wich numbers is taken? For example wdym by ยซ target allowed net outflow ยป? Anyway make no sense to launch this new ratio before the early redemption feature
Noรฉ
https://discord.com/channels/1106588534871179280/1107144153076347022/1327251634253725786
MrAdeline
01/10/2025 at 07:35:14 ESTso 100% of yield over the 4 years is distributed to USUAL stakers? I don't see this in the docs - if you don't mind linking to this section, would be great. Thanks!
JEZ
@Noรฉ can you please answer? @โฌ still here from Paris ๐
Noรฉ
Check the pinned message
Peka
Read on Twitter thar I can redempt 1:1 next week. True?
Noรฉ
Yes, and that's why you can arb with the Floor to never "overpay"
Nez
If its 180 days of USUAL yield, then it will be more 20%+ penalty? Considering USUAL yield has been 30%+ constantly. I know it can adjust to less days, but I don't see how it will be better than current market rate of 0.91$. In short, looking at TVL around ~50M $ has been lost by early buyers of USD0++. All because you wanted to allow 1:1 redeem for some weeks after TGE. Shooting yourself in the foot imo Even I am bond knowledgable, still fell for it. I never thought this is zero-coupon bond, but rather 1.0$ bond with 4%+ bond yield paid in USUAL.
Noรฉ
Floor started today: the Early Redemption mechanism starts early next week
famousfxck
Yep, everything is being done and calculated so this project can last 4 years or more. PYUSD, FDUSD, Ethena have very low chances of surviving 4 years in crypto. But USD0 is backed 1:1 by T-bills. We have way higher odds than anyone else in DeFi. Usual is a slow cook. Donโt listen to Twitter or Discord. Most crypto holders buy 1 time and enjoy their life. And look at their crypto portfolio once a month. I know friends irl who make more profit than people trading 24/7.
RaArฮs โ
01/10/2025 at 07:32:22 ESTyep
alinono
Im talking once you exit pendle and redeem your pt Usd0++ to usd0++ in 20 days Then what to do with these usd0++, do you have to actually either lose by selling in market either forfeit future interests ? Or do you lock your usd0++ for 6 month and will still get interests on it ? For someone who just bought usd0++ and entered PT yesterday for example What is the solution to exist without losing at least the risk free interest rate ? 6 months ? Or 4 years lock ? I dont understand
โฌ
01/10/2025 at 07:31:58 ESTAfter muting and BAN everyone, have just Mr.Lin ( Filipino i think) and Mr. Noe' ( Maybe from Lyon) left in the chat...
Hi usual
No you need to buy 180 days of usual reward to redeem 1;1
Asshad
@korazib the main issue is lack of transparency. and the "team" looping in circles
esco
@Noรฉ does the new $0.87 floor price start today? I thought the announcment was for something that will start next week, but the Dapp prices seem to suggest the new floor started today.
็ฑๅญ
@Noรฉ Are you asking if I need 180 days worth of USUAL token rewards to early redeem my USD0++ at a 1:1 ratio?
tommyshelbers
you guys ape into the bond without a care in the world. This has to be done for the sustainability of usual tokens lol. if this wasnt done, usual would have trended to 0 from dumpers and u guys will hVr 0 percent apr from usual sooner or later
CallmeBill
Buy USD0++ at discount?
Noรฉ
It's the second case sir. This revenue is redistributed to $USUAL stakers (team/investors don't get that revenue).
Slyze
So if someone bought USD0++ yesterday the early redemption fees going to be 0?
andrewdubai
I think it's too late to get back the trust even if they put back the 1:1 redemption. this is bad in general for project with a TVL of 1.6B but for who is running the show in Europe. Putting a disclaimar or just a doc in a medium article is not enough.
Mr. Lin
Oh mb - i mean hold usd0++ PT to maturity
Noรฉ
Well, it wasn't redeemable for 1:1 until a month ago, after TGE sir. Until then, it was absolutely fully locked. We only did 1:1 redeem post-TGE to ensure early participants could exit smoothly if they wanted to. Also, you're taking the lowest redeem value, which probably won't be the market one, since there's the Early Redemption which depends on outflows and time before maturity. Prolly be a function of all that.
Mr. Lin
On Pendle, PT users gives up their $USUAL interest generated by USD0++, in exchange for a fixed rate. Hence, you do not receive $USUAL interest in the meantime.
FlyingArrowz
Ain't gonna hold for 4 years bro. Haha Mr Lin I know you're pendle maxi have followed your posts, love it. Would exit at 1:1, just genuinely concerned about PT and appreciate @Noรฉ answering questions diligently.
BingChilling
u get everything 6months fee only for early redemption you cannot hold until maturity
Vincentporot
Issuance of new USDO++ will be at 1:1 ratio or at 0.87$? @Noรฉ
Nez
I understand, it all makes sense NOW. BUT as you said "Starting USD0++ at 0.87". You should have started at 0.87$ DAY 1 on launch not at random date. It should have never been 1.00$. You are basically admitting, system was broken before and now its fixed. Incurring huge losses for early buyers. As of yesterday, USD0++ WAS NOT Zero-Coupon Bond. It was 1.00$ bonds paying yield in USUAL for 4 years.
Noรฉ
Getting back to you on that, want to make sure I have a comprehensive answer from quants
alinono
If you decide to hold usd0+ until redemption, do you get paid interest or do you forfeit these for 6 months/ 4 years ?
JEZ
Such a joke. Not even worth to continue arguing here, they reinvented finance concept and believe we are all brainless dummies. Imagine someone lending 100 usd, expecting 116 in 4 years and it goes to 87 and itโs normalโฆ We actually paid 100 USD0 and they tell us they used them to buy t-bills 0 coupon bond of 4y. So either we can expect 116 USD0 in 4 years (in such a case, Iโm fine with the depeg), CASE 1 or the team stole 13% of the USD0 and minted 100 USD0 worth of face value in 4 years. Then it is a rug and I donโt even believe it is legal. CASE 2 @Noรฉ are we in case 1 or case 2 ?
Mr. Lin
You will receive the rewards once the beravault program ends ser!
xun2x
Can you explain about the pinned. I dont get it.
MrAdeline
01/10/2025 at 07:25:37 ESTDepositor puts $1 into USD0++, expects to get back $1 + USUAL emissions four years later. So there are two possibilities of how that can happen: 1. Protocol subtracts 13 cents from that $1 and deposits the remaining 87 cents into repo markets. After four years protocol turns that 87 cents into $1 and has an extra 13 cents. OR 2. Protocol puts $1 into repo markets for 4 years, pockets the 15 cents generated, and returns $1 back to depositors Either way, my question is what is happening to that missing 13 cents in example 1 or extra 15 cents in example 2?
Mr. Lin
As a PT-USD0++ holder myself, my two cents is: To hold your PT-USD0++ until maturity. Because currently we are experiencing a lot of FUDs and panic selling, which will definitely cause our USD0++ price going down. However, as we've seen throughout the day, the lowest it went was, I believe, around 0.9, and then sharply raised to 0.92. As things play out and more details will be released on next Monday, I think the market will stablize and the USD0++ price may return to a higher level. As such, the amount of profit you earned from holding PT-usd0++ might cover the cost of early redemption, if you choose to exit immediately after that.
fab1440
hard money paid to usual stakers we USDo++ got usual instead
Noรฉ
Starting USD0++ at 0.87 instead of 1 ensures the protocol captures revenue (13 cents over 4 years) that backs $USUAL, giving it real value rather than leaving it as an โemptyโ token. When USD0++ grows to 1, users still receive their full amount upon exiting, but the interim value accrual is redirected to strengthen $USUAL, which is backed by a 250M+ treasury. This aligns incentives, supports long-term growth, and ensures both USD0++ and $USUAL contribute meaningfully to the ecosystem.
Again, I'm replying to everyone, but if you just throw accusations around you'll unfortunately get muted
jxoxoin
Then, is the 30% + reward shown on the site referring to USUAL? canโt receive USUAL in the Bera vault, isn't it
Noรฉ
It will, on top of the Floor accruing.
Nez
USUAL is a token not a hard money that bonds should pay. Also, so after today it won't pay USUAL yield anymore? If it pays then it means it was not dividend yield in the first palce.
lambo
01/10/2025 at 07:21:45 EST@Noรฉ i have the same question
alinono
Im asking the same
Mr. Lin
If anything, on our website and whitepaper, we have explicitly said that USD0++ is not a stablecoin, hence it will not be "pegged". The early redemption feature was also stated as a feature which will be released on Q1 2025.
Noรฉ
did you check the pinned message btw?
justMika
Could you answer my question? My usd0 funds locked on contract. So why you gonna back usd0++? There is no sense locking funds for 3 month for 8% reward if I lose 13% immediately
FlyingArrowz
Hey @Noรฉ, understand there's a lot of questions, but really would like clarity with Pendle PT Holders who had no USUAL rewards beforehand. How would the 1:1 redemption work then? Asking this for the third time, hope it doesn't get flooded out.
Mr. Lin
But that doesn't mean it's "pegged" or "hardcoded" to 1:1
Since the end of pills program announced on Nov 27, those who held USD0++ were able to directly earn $USUAL, exit to USD0 on a 1:1 basis. This is True
Noรฉ
They do not. See previous explanation.
0xMadoff
What does it means exactly ? 1. Today I exchange 100,000 USD0 against 110,000 USD0++ ( +10% ) because of the depeg 2. Next week, what will I have in exchange of my 110,000 USD0++ ? 110,000 USD0 or 110,000 worth of USUAL or something else ?
Gabee
I guess you found the only weakness that would kill the project.. Congratulations.. I'll be buying UST and Luna from now on
Mr. Lin
The MAXIMUM amount of early redemption fee would be the $USUAL accrued over the past 180 days.
BroKwon
Then why did you sell it at 1$
Then why did you sell it at 1$
Noรฉ
No, we do it the other way around, with a lower starting value (Floor Price or market rate).
BingChilling
u get usual yield ?
6six69nine9
Agree with Aiva
LMEOW
How does one get $USUAL* tokens?
Nez
Team does not know how bonds work. Someone who traded them for years, its simple: Bond paying 4% p.a. for 4 years COUPON RATE (aka dividend usually paid weekly to your account), its worth 1.00$ Bond paying 4% p.a. for 4 years YIELD with no dividend, its worth 0.87$. Before today, it had NO COUPON RATE and NO YIELD. Yet was hardcoded 1:1.
MrAdeline
01/10/2025 at 07:15:59 ESTif that is true, then USD0++ should be worth $1.15 after four years.
Aerovall
doubt it would have in near future tho, you can tell it with this aggressive setup they have took.
jxoxoin
So, if I put all my USD0++ into the bera vault now and forfeit the accrued rewards, I can get it back at a 1:1 ratio in six months, correct? answer me
Noรฉ
BIG isn't a live feature
Noรฉ
Yes, but this 1:1 is in exchange of $USUAL tokens/rewards.
Infinite
I white paper " No Risk to Principal: USD0++ is a bond containing locked USD0. There is no risk taken by the protocol with the locked USD0, as they remain simply immobilized. No Volatility from Interest Rate Risk: USD0++ guarantees a yield linked to the interest rate of the underlying RWA in the form of USD0 through the Base Interest Guarantee (BIG). Since the collateral consists of overnight repos with very short maturities, the value of USD0++ is not affected by the volatility of interest rates, whether they rise or fall."
FlyingArrowz
@Noรฉ genuinely curious. If PT Holders at maturity want to redeem 1:1, then they would have to purchase USUAL as well to burn? I'm reading the blog documents and it seems that the forfeiture of future rewards would be the way to go. Correct me if im wrong. Thanks for answering questions.
xun2x
Ni e
Mateus Ball
Are there any plans to partner with exchanges so that they accept this stablecoin as a deposit? The same hyper, otherwise there will be nothing here except for the team's opaque actions and the outflow of funds?
Noรฉ
That's not correct actually: you mint USD0 at 1:1 with USD and our collateral. Then, you swap this USD0 into USD0++ at the market rate. But the underlying is still one USD0, 1:1 collateralized. USD0++ is just a staked/locked version of it.
0xMadoff
@Noรฉ If I understand correctly, next week, we will be able to exchange our USD0++ to USD0 at 1:1 right ? So, if we bought now, $100,000 of USD0, next week we will be able to withdraw 110,000 USD0 ? ( +10% around ) ?
Asshad
what happened to the missing 13% that was devalued from the peg?
Flash Boy
Bravo. Great questions.
Noรฉ
@nein
Noรฉ
> Who knew the timing of these changes? Management (multisig signers), on a Google Meet. There was absolutely no leak or advantage taken out of it, we actually even fully rebalanced the Curve pool before implementing the mechanisms.
goodboy | best good boy
I think the usuall burn rate will be like 10% more or less, market might already price in this in USD0++
kiratsunami
Noรฉ
Gm sir, it wasn't my image, it was @kiratsunami's, maybe a cmd+f with image attachment filter could help quickly
Usual
Brave
what happens now here, all the fud, is this taken into account before u decide to change the redeem rule? @Noรฉ
0x
This makes it better, thanks. But there's still a core issue. Who knew the timing of these changes? Someone knew, because someone pressed the button. That person could easily leak to friends and others. Whether that happened or not is irrelevant here, because no party can prove if it happened or not. For things like this, parameters can be set up to ensure a level playing field, that wasn't done here unfortunately. The other core issue is pricing USD0++ at exactly one dollar, when the true value wasn't onde dollar. If it was symbolically priced at 99 cents or any other price (which logically would be just as valid) things would look mighty different. So this second core issue is a bunch of people who didn't get it (their fault) but who also fell for things that seem set up deceptively in a deliberate way (if price is arbitrary, why choose 1 dollar?)
FlyingArrowz
Hmm, what if we got into Jan 30 2025 PT though? Without any prior staking, but swaps from usdc straight to PT. How would the redemption be affected? @Noรฉ
nein
yo noe can you resend me the chart showing with different rates in how much time USD0++ will reach 1$ i can't find it thx
Noรฉ
If you're interested in checking why this Floor was decided, we wrote a tech paper at the end of this doc page:
Virtus
Almost scarry
Noรฉ
Team has no USUALx
Redeems fuel USUALx
Noรฉ
How does that management pocket the .13 discount at Floor Price if when redeems happen it goes to the Treasury which is a direct rev-share to USUALx.
JEZ
The market value of the backing asset is 87, so why did we buy at 100? And why donโt you buy 100 worth of t-bill instead of 87. Iโve never seen this anywhere. Thatโs profit taking on community. Ondo did tokenize t-bills and we bought at fair valueโฆ which is fair. And fyi, a 0 coupon t-bill is worth itโs fair value provided that the interest rate does not change at the central bank level. You are creating a fake narrative just to take 13/100 from the people who believed in the project. Never again
Noรฉ
1/3 of fees goes to USUALx, 1/3 is burned and 1/3 goes to USUAL (cliffed for a year). Note that USUAL has no right over the revenue share in USD0 rn.
sebastiantf
are there UIs for the early exit which shows how much USUAL tokens i need to exit?
6six69nine9
Yeah what about the recent bera vault?
jxoxoin
So, if I put all my USD0++ into the bera vault now and forfeit the accrued rewards, I can get it back at a 1:1 ratio in six months, correct?
Noรฉ
Live tonight maximum (CET)
just false
Noรฉ
Without balance, you have no simulation sir..... Check with a USD0 balance: it goes to market rate
Arson
any information about the new USD0++ pool in morpho?
Noรฉ
As a reminder: there's an FAQ pinned
Noรฉ
1. If it drops, it means that you have less $ value to pay in order to exit at 1:1 2. We earn nothing, the full revenue goes to stakers.
xiaocao9127
I staked 10k USD0 to USD0++ one day before, then it worths 9k๏ผ where the money go? I have to burn the same amount Usual as the one who staked months ago
Noรฉ
The target will be published early next week with the release of the feature sir!
xun2x
If I buy usd0++ now, i will get 13% next week ?
papipnl
thanks! "the target net outflow (where redemption target is a target percentage of TVL redeemed per week set by the DAO)." sorry for all the questions but where ist that target published?
Jules
Timing is more than problematic, I would say if the floor would have been change at the same time as the token distribution that fair, thats a bonds you got it back in usual token. But the situation where we are now that have weeks open between the token drop and the floor debasement open the door to those who know about it to get the token + avoid lossing the principale, where the pleb just get rekt
Noรฉ
Check the pinned message
Noรฉ
Zero coupon bond would assume that the yield is only reflected into the floor getting higher, while in fact, you get yield in $USUAL on top of that.
JEZ
The question is rather why have we bought 100 something worth 87 ? @Noรฉ
Noรฉ
Depends on the amount you have to pay: if it's higher than the rewards you already got, you'll have to buy, indeed (or just stake longer).
sebastiantf
what happens to the USD0++ holders from before the depeg? They get to hold it until 4 years to redeem 1:1 at when they bought, and hope the USUAL rewards will make up for it?
FlyingArrowz
Thanks for answering all questions. So curious: to redeem 1:1 we have to buy USUAL, burn it and redeem? Or do we just forfeit future rewards?
BoredKoda
Morpho's market use hardcoded 1:1 pricefeed. So clearly Usual team hid some "facts" for sure in beginning. There is no way to sugar coat it. Otherwise as Morpho's team they will never build up markets with 1:1 hardcoded pricefeed the first place.
justMika
Why? With which rate? What sense for me locking funds for 3 month for 8% reward if I lose 13% just for one day?
fab1440
grow up
Asshad
can we get an apology for this disaster.
Noรฉ
early next week
Azzam
When usual burn will be release for redeem 1:1 usdo++ to usdo ?
Noรฉ
See this previous message @0x, even curators didn't know about it beforehand.
Nez
Why was USD0++ hardcoded to 1:1 on all Market Makers lending/borrow with PTs being pegged 1:1 as well. Not to mention USD0 swap to USD0++ was always 1:1 (zero bond) as well (should have been 1 -> 1/0.87)
Noรฉ
Of course they knew, since it was outlined in the whitepaper since the beginning. They didn't knew the exact date tho. Only info was Q1, just like for any user. You don't need the exact implementation date to vote on the feature. Even the Team was in the dark: only management knew about it before the announcement.
Eindbaas
Gilamesh from MEV capital said this in Morpho. Hello everyone Gilga from MEV Cap, We wanted to keep you posted, we also got the USD0++ redeem information late yesterday. We were not informed prior this decision by the Usual team, as the community it was a bit surprising for us too. Weโre in touch with them and wait for more clarification regarding this redeem/burning system 1:1 USD0++ to USD0. In the mean time we prefer to limit the re-allocation to the hardcoded markets. That being said, we also deployed yesterday night a market called USD0++ naked where the USD0++ will be priced at the exchange rate which is currently $0.87 with a high LLTV. This has been done after we saw the statement from Usual This would allow on the current borrowers to zap and move their position to this market without having to payback their debt and take a loss with the current depeg. Weโll then also work on re-deploying the same format for the PT and LP market, pricing USD0++ at the exchange rate which is $0.87 The LP markets will take a bit more time to be deployed due to the sensitivity of the price feed. We'll also share more detailed announcement once the new market is live.
nein
good question
famousfxck
He said there will be a new live pool by tonight
0x
So Investors and Team knew this change was coming. The general public did not, as per what you are saying. There's very simple profit to be made here, you shouldn't play dumb tbh. Redeeming USD0++ for a slight loss and then making this change and seeing how the market reacts is at worst a loss of a couple days of yield, and at best a massive windfall for the person doing it - but you needed that critical information. It is clear that this change needed to be made, because that's how the protocol works. I am neither mad nor worried about that. But the way it was done is extremely questionable and concerning, no amoung of directing to whitepaper and docs changes that. Fact is: A critical change was made that a few select people knew about AND had full decision power over, while the average person was unaware of the exact timing of that change. One party could both decide on the timing AND act on it, the other couldn't. That is the problem at hand, not the fact that the change happened.
MrAdeline
01/10/2025 at 06:57:00 ESTThere's one piece of this I still am not understanding.. hope someone can help. So $1000 is used to mint USD0++, of that $870 goes to repo markets to earn yield until worth $1000 again. Where is the remaining $130 right now? Who controls it? How is it being used for the benefit of the protocol? And why can't it be combined with funds in repo to do 1:1 redemption now?
76ixer
@Noรฉ please, add a Morpho market without the 1:1 for PT-March users, we getting destroy with the rates, could you please say something about it ?!?!
@Noรฉ please, add a Morpho market without the 1:1 for PT-March users, we getting destroy with the rates, could you please say something about it ?!?!
Noรฉ
USD0++
Noรฉ
USD0++
kiratsunami
we need big daddy Trump
kiratsunami
we need big daddy Trump
justMika
@Noรฉ if I deposited usd0 to Veda pool will I get back usd0 or usd0++?
@Noรฉ if I deposited usd0 to Veda pool will I get back usd0 or usd0++?
Deicide
๐
Noรฉ
# ๐งใspeculation
Safar
Why usual no go up
Noรฉ
Yes, the exact formula is in the whitepaper sir
papipnl
"The amount of USUAL tokens required to burn for redeeming USD0++ is calculated based on 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." Is there more concrete info on this. It's nice to know the factors but it's useless without the exact relationship eg formula
xun2x
No change for usd0++ to 1:1 ?
fab1440
we need some devs to create secondary market for bera vault
BingChilling
beravault itself probably launch in 6 months if you keep your usual and stake u can redeem 1:1 anytime
Asshad
what does that even mean lol. you guys should just issue an apology on X and clear things up
ariff
should i move my usd0++ to veda?
Noรฉ
Just a nice curator
CryptoMDz
Bera vault what should they do ?
Arson
what is the relationship between team and mev capital
ravished
end of Febuary or early march after the Feb 1st snapshot, or sooner if we can get 50% of usual staked
PECK (๐ซ๐งข)
Immediately, you can check debank
Deicide
If anyone is interested in back reading. There's lots of info at hand in # ๐ฃใannouncements # ๐ใusual-strategies Also pins in this channel.
interected
when USUALX starts paying back staking yield ?
JaharakaL
@Ainis01 Just trey to unstake and you will see
Ainis01
if I unstake usualx, how do I know what amount I will receive since in the doc it is mentioned that there might some sort of penalty
xun2x
Its crazy. Usd0 1:1 but usd0++ should higher
Zak
if people want to enjoy higher yield from usual emissions + anyway plan to hold the tbills until maturity
Lodzhal
It can be planned for Q1, it an be on the dApp for >2 months... that doesn't mean you don't transparently announce that the change is coming in X time as an announcement. If it's not an exact date for whatever reason... then you at least announce "in ~2-3 weeks from today, we will implement our Q1 plans to put a floor price and a redemption for 0.87 based on the mechanisms in the whitepaper and docs. The doc has been updated to reflect the upcoming floor price."... you do not change it overnight. When you don't have decentalized governance, one of the tradeoffs is supposed to be the team will act transparently for their users and share plans ahead of time that would normally be a governance vote when governance is decentralized later on. Tbf, there never should have been a mint at 1:1 to gain market share quickly. No protocol should have hardcoded 1:1. Mints should have always been at a set floor price that was planned. Vaults should not have allowed stables to be deposited to be swapped for USD0++. The markets would not have been pricing it at $1 if there was no redemption for 1:1 too. Everyone knew it was a four year bond but nobody knew the early redemption would end so suddenly... otherwise the market would not have priced it at $1 and Usual wouldn't have allowed minting at $1.
marvak
Guys how do you expect them to announce this upfront? Cmon then everyone would redeem back to usd0 day before and then swap back. It doesnt make sense for business to that.
papipnl
Thanks. The pinned message doesn't really offer a formula. It just states that it's based on outflows and APY%. I would like to calculate the concrete amount of Usual tokens based on different scenarios.
ananasbrb
What market factors could lead USD0++ going back to $1? eg is this an arbitrage oppoirtunity in anyway right now?
Magic Pan
If we can treat USD0++ something like a combination of YT and PT. It will become more logic. USD0 = USD0_PT + USD0_YT USD0 is pegged as 1:1 with USD. USD0_YT gives user the USUAL emission. USD0_PT is something similar like USD0++. It will only be coverted to USD0 in 1:1 at maturity day, the previous conversion can be decided by secondary market (like DEX) or primary market (price linearly climbing to 1:1 with USD0).
andrewdubai
basically who entered after the dump are the winner, they are getting USD0++ real bond with a clear floor price set and USUAL airdrop on top of that
chrisgm3773
Sure, lets just hope yields do not rise significantly. Because if they go to 6%......
76ixer
what about PT Morpho market?
Arson
usd0++ holder lost 0.1B asset ! you should know what it means
Pri
I'm confused, are you as a team surprised by the reaction? You all clearly know what you were doing, hardcoding oracle prices to 1, what impression does that give? The fact that there is chaos in the market surely let's you know that you guys have messed up here. How are you guys not taking ANY responsibility?
Noรฉ
New market will be live tonight maximum
Feng
is there any plan to sustainably stimulate TVL growth in the long term? Currently, 94% of USD0 is being purchased and staked for farming. However, now those who want to farm can simply swap 0.9 USD0 to 1USD0++ instead of buying USD0. TVL has dropped 10% since yesterday
Aurelou
Gm @Noรฉ, Would it be possible to do something for Morpho market (hardcoded) ? Borrow APY is skyrocketting and this is risking a lot of user healty position
Noรฉ
Zero coupon bond would assume that the yield is only reflected into the floor getting higher, while in fact, you get yield in $USUAL on top of that.
Flash Boy
Yes. You bought 0.87 USD for 1 USD lol
kiratsunami
cry some more lmao
Noรฉ
Yes, you can check the pinned message sir!
chrisgm3773
@Noรฉ So basically we bought a zero interest coupon and USDO++ will gradually go back to 1$ after four years?
SY
This project betrayed user so will die soon.
Grpprofesional
The difference is that USD0++ is treated as a government treasury bond, but it's yield is distributed separately. imagine it as if USD0++ was a PT itself. redemption mechanism was announced long ago, we had a conversation about it several times, even once like a week ago
sslvsk13
Q1 is a very vague formulation, how do I know at what point in the 3-month period they will take 13% of my money? That is, I did not need to use your product and keep liquidity in it? Should I have simply withdrawn the money instead of supporting the project's TVL and using ecosystem products? + You yourself wrote above that the 1:1 ratio will hold for a month after TGE, a month has not passed yet... It would be fair to return the early bond holders to exchange their bonds for stables 1:1 without burning the jujual. Especially since I have already paid for the embedded yield
llliu_01
Early participants may have made a good profit from the airdrop, but is it fair that I bought usd0++ yesterday to buy pt and need to lose 13% today? Do you need to tell the user in advance when the punishment will take effect, and give a buffer period is appropriate? u tell me it's fair????????
Nanozavr | Re7
What is the current Ut value (current USUAL reward per USD0++)?
xun2x
How to exit at $1 pt ?
Phoenix
No it's not addressed. He is correct, buyers at $1 should be able to exit at $1. Buyers at $0.87 can trade the current prices.
Noรฉ
The feature will be live early next week
papipnl
Hey @Noรฉ thanks for answering all these questions. Could you maybe tell me how I can calculate the USUAL redeem fee if I were to buy usd0++ pt now?
duo
Has this rule come out yet? Conditional Exit: 1:1 redemption requiring forfeiture of a portion of accrued yields. This โEarly Unstakingโ mechanism is scheduled for release early next week.
Noรฉ
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months. You also had a disclaimer explaining USD0++, that you had to accept, in order to bond USD0 for it.
Noรฉ
As per the same docs you're citing, DAO is fully controlled by USUAL* (investors and team) until all the core products are released. Like any other protocol, you develop core products first and then decentralize governance. Also, where's the profit for us? We made no money on that lol. All the revenue is redistributed to USUAL stakers, and team+investors aren't eligible for it. Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months. You also had a disclaimer explaining USD0++, that you had to accept, in order to bond USD0 for it.
Asshad
exactly you guys should of made an announcement earlier just like the revenue switiching. i dont understand why it was never made. the team should issue an apolgy and find a way to make it up to the community
Arson
any plan to reduce user's giant loss?
Pri
Where was the DAO vote? Oh wait... there wasn't one because you all profited from this move. You mislead in the white paper, it mentions the DAO will update the floor price. Any normal DAO has a notice as to when the protocol changes something. Even early DAOs need to make sure they communicate EVERY change if it's not done via a DAO vote. You can't hide behind your UI comments. The majority of your TVL came near TGE so you have essentially just rugged all those users and they are all in mark to market losses. There was ZERO consideration on how late participants would be handled if they mint at 1:1. You essentially conned them into locking for 4 years.
Noรฉ
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months. You also had a disclaimer explaining USD0++, that you had to accept, in order to bond USD0 for it.
sslvsk13
Itโs not โeach featureโ itโs spend community money
Noรฉ
That's addressed in the pinned message sir!
Noรฉ
Well yes, if it's announced 6 months before, on the dapp for months, and as a warning each time you stake, it's a fair warning.
laptopkeyboard
There's only one thing I don't understand. Why did you give users an opportunity to buy USD0++ at 1$ and now you are lowering its price to 0.87? Is it fair for those who bought USD0++ at 1$? Why will USD0++ holders have to pay a commission to USUAL to withdraw them back at the purchase price? I think you should give the option to withdraw USD0++ at 1$ for those who bought them at 1$
marvak
Guys just relax. Why did you stake your usd0 if you want to get it out anyway? Just stick with the program, the timeline is still the same, maybe they could handle this better, but hopefully they learn from it
llliu_01
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months. You also had a disclaimer explaining USD0++, that you had to accept, in order to bond USD0 for it. please tell me, it's fair?????
Noรฉ
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months. You also had a disclaimer explaining USD0++, that you had to accept, in order to bond USD0 for it.
alexey.k
They just used the hype, got lots of TVL, and so to say never pointed out that there will be a trick like that.
Noรฉ
Q1 is more than enough, have you every seen a protocol announcing a precise day for each feature they implement lmao? There's tech deadlines and so on, that's just impossible boss.
Phoenix
If there really was demand for the coupons the team wouldn't have been afraid of announcing the ratio change. Btw there probably IS demand but after this the brand is gonna be damaged. Quick money to insiders again, after preaching "we are gonna bring centralized stables down".
chrisgm3773
team not conveying the repercussions is really going to hurt the protocol reputation and this sucks
Usual
Usual
Shaun
I want to ask, when will USUAL be burned?
I want to ask, when will USUAL be burned?
Noรฉ
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months. You also had a disclaimer explaining USD0++, that you had to accept, in order to bond USD0 for it. > gave them free money 100% of the revenue goes to stakers, and team/investors aren't eligible.
Noรฉ
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months. You also had a disclaimer explaining USD0++, that you had to accept, in order to bond USD0 for it. > gave them free money 100% of the revenue goes to stakers, and team/investors aren't eligible.
duo
What is the ratio of burning USUAL and redeeming USD0?
Hi usual
Itโs a scxx, why people still asking what will after 4 year lol . I m glad if this project will still be alive for the next 3 months
Asshad
issue an apology
nihilistic button clicker
Yes. I agree the team is not having a discussion is good faith. Sadly. All of us who lock in our capital <6 months ago effectively gave them free money. I hope the founder will have a read. There is obviously a clear misrepresentation of the mechanism and the team is conveniently hiding behind the fact that "oh too bad you didn't read the docs". @Noรฉ can you please let your founder know about this reaction? Your rubber stamping doesn't help. Also "the peg is the floor" is a CLEAR misrepresentation. Crime
xstryder
Why not set exact date before? As I said before, TVL will take a hit but it will be shown as more transparency. And people will appreciate you give the heads up. I mean people will associate your project as honest, upfront and has users priority in mind
Noรฉ
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months. You also had a disclaimer explaining USD0++, that you had to accept, in order to bond USD0 for it.
zhengziyan.sol
0.87 and the exact date should be announced
Slyze
Agree, we have 0 visibility on this, you change the ratio before releasing early unstaking thatโs make no sense and leave everyone in dark
shansyoulaohu
Destruction has been to PT users not at all useful, can not be such a pit, yesterday bought 30W, today became 270,000, this is not to do the project again, you guys this is fraud, you can set up the redemption time, 7 days or longer, can not be 1:0,87 so right!
Noรฉ
That's why if you hit the max, your arb it with the floor
e o batman
๐ดโโ ๏ธ
fredchan17999
I believe they will have further plan later, but now we should focus on 4 years plan and make it the best first
76ixer
if u have to burn 6months of yield is even more than paying 13% to exit, doesn't make anysense
chrisgm3773
So Usual stops existing or having a purpose after 2028? Or will a new bond with a different name start?
Phoenix
you need to burn 6 months worth of $Usual yield bruh
llliu_01
Early participants may have made a good profit from the airdrop, but is it fair that I bought usd0++ yesterday to buy pt and need to lose 13% today? Do you need to tell the user in advance when the punishment will take effect, and give a buffer period is appropriate?
deannguy3n
Totally agree
alexey.k
Dont bother to argue with this guys just FUD on twitter instead of here. On monday, Burn Some Usual, take you money and leave. Cut the losess. Sad, but true.
0x
Would you agree that USD0++ essentially a zero coupon bond that yields USUAL? Where can I find the usual token emission schedule, please?
unser
Thereโs ETH0++ and BTC0++ coming up
ekosone
Floor set at 0.87 wasn't public, stop saying it was public
Noรฉ
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months.
zhengziyan.sol
๐ฅ
Pri
Jokes on you pal They kept the date a secret so they can take 13% from you ๐. They want to hold TVL hostage
Lemoussu
No they do not need PSAN to operate in France. The list of services that require a PSAN licence does not apply to Usual. MICA does not apply to Decentralised Finance, because it is a complex subject. MICA2 and following may apply to DeFI but not as of today.
shigaraki4997
why depeg usd0
0xMT
Good point
Noรฉ
Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months.
Noรฉ
1- Yes, and the peg is the Floor. 2- As per the docs, DAO is fully controlled by USUAL* (team and investors) until full development of the protocol sir, like most protocols: you fully decentralize governance once core products are launched. 3- Early Redemption was announced planned for Q1 since October, and shown on the dApp for >2 months.
sslvsk13
why didn't they give an exact date for unstaking? Users were given information that "the depeg will happen sometime, but when exactly is unknown" plus, it says that they will give a month, but TGE was on December 18, that is, a month has not passed yet, so what is it?
xstryder
But why not exact date written in the previous doc? For example, "please note that at 10 Jan, floor price will be set at 0.87". Sure TVL will take a hit a lot but it will be shown as good faith. Isn't good faith more important than TVL? Don't you agree?
Nanozavr | Re7
I tried to use the B-Usual formula formula from your whitepaper but it doesn't make any sense: B-USUAL = Ut T A, where T = 180, Ut = 3.3 and A = 1 (at max). B-USUAL = 3.3 180 1 = 594 USUAL (397$). This is the amount I'd need to pay to to redeem 1 USD0++ for USD0 (1:1). @Noe can you please explain?
0xMadoff
I know. But first, they need PSAN to operate in France. So why " UP ONLY CO " does not have it ? Then, they will need to comply with MICA to operate in EU. Will they ? P.S : 5min timelock to answer ?
nihilistic button clicker
@Noรฉ you said yourself it's a peg and it can be "easy to do" "activated multiple times a day". I was misled by that . @Mr. Lin also said that we can suggest to execute the Parity Arbitrage Mechanism via DAO votes , which USUAL governance token holders can vote for.. HOW can we propose this? I suggest we do it immediately: 1. To restore USD0++/USD0 to 1:1 for 7 days via the Parity Arbitrage Mechanism.
Deicide
There's literally transparency and you can read up for two hours to see engagement from the team. Are we in the same Discord?
ploskov
I could have bought 1000 USD0++ for 870 USD, but a day ago I bought the same amount, but for 1000 USD. FOR WHAT? Now I have to wait 4 years to get to 0, but I could have made a profit if I bought today.
Noรฉ
No
Noรฉ
Early Redemption was announced planned for Q1 since October
chrisgm3773
Does a new period start in 2028 for next four years?
kiratsunami
exactly, holders of USD0++ get 45% of the emission it felt like a thieft for usualX holders
Noรฉ
As per the docs, DAO is fully controlled by USUAL* (team and investors) until full development of the protocol sir, like most protocols: you fully decentralize governance once core products are launched.
Alistor
There was no selling. You mint 1 USD++ for 1 USD0, that hasn't changed. You just can't redeem it instantly for 1 USD0 anymore. A lawyer will probably explain it to you so you can understand it.
oncrye
it was obvious that it was a bond sold at face value
llliu_01
Early participants may have made a good profit from the airdrop, but is it fair that I bought usd0++ yesterday to buy pt and need to lose 13% today? Do you need to tell the user in advance when the punishment will take effect, and give a buffer period is appropriate?
Phoenix
Ok, then the not so early supporters were used as exit liquidity for early supporters then. Is that better? I still think a 1 week notice was due for something like this, insiders had a party now.
BingChilling
i mean people call this protocol ponzi since day 1 and milk it and dump usual everyday lol. what could be worse ?
Mateus Ball
And what next?
JaharakaL
Its funny how we got @Noรฉ trying to solve a none existed problem cause none have read the whitepaper and now they are here crying.
Noรฉ
Mechanisms were public since day one. Early Redemption has been announced for Q1 in October, and is on the dApp for >2 months. There's no lying here.
Ignas | DeFi
Whitepaper specifies that "the DAO reserves the authority to set this price floor, allowing USD0++ holders to exchange their tokens for USD0 at a rate below the standard 1:1 redemption ratio." Where was the DAO vote? USUALx holders needed to vote on this.
Lodzhal
Ya, this explains the etherfi Veda vault only allowing USD0++ withdrawals now... they obviously knew. A warning would have fixed all this. If Usual sticks around after this, USD0++ is a good buy at 0.87 for anyone who gets in now... but anyone who stuck stables in vaults or just plain USD0++ that were hardcoded 1:1 (or market priced due to the 1:1 redemption) are screwed. allowing minting 1:1 and then changing redemption suddenly is quite the tactic. mechanisms were always there but no warning for changing 1:1 redemption is crazy work. need a timelock on these kind of changes.
ekosone
You can't just update documents and state "floor set manually at 0.87 for USD0++" out of nowhere no previous announcement or anything that's straight up lying. Community gonna bring this protocol down to it's knees
Noรฉ
Not rolling, it ends in 2028 for all USD0++
0x
@Noรฉ quick question - when does the 4 year period for usd0++ start? Is it a rolling 4 year period for new mints or is it like a blanket lock for 4 years? Which means at date X usd0++ will be 1:1 redeemable for free?
Shaun
You canโt guarantee that the APY will be 27% in the next six months. What if it drops to 10%?
shansyoulaohu
The project should be a little fair, can not let PT players to the early players to take over, earn not to say, can not play a 10-day loss of 13 points, we are here to invest in the project, but not to speculate on the coin, such a decision for us is a disaster!
sslvsk13
Even for those who read the documentation, this mechanic is nonsense. Yes, the bonds were deposited to put increased yield into it, but all these rules should not have worked for those who bought bonds with yield already embedded in it, that is, they bought them to earn money, and in the end, a person bought a token with yield already embedded, then this yield was taken away from him, and you have to wait until you return it within 4 years? Well, this is nonsense. Since the protocol calculates the time of holding bonds and calculates the number of burned jujuals, then this should be a mechanic authorized for early users who bought at 1:1 to exchange usd0++ at the same rate without burning, as usual, this is the fairest option.
Lemoussu
PSAN is not MICA.
AS
@NoรฉCan you tell us exactly how much usual we should burn in order to exit 1-to-1?
0xMadoff
I understand better why we need MICA in EU. Also, is it normal that the company, which is in France, doesn't have any agreement to operate in EU ( PSAN ) ? Or am i missing something ?
Noรฉ
Early Supporters got the opportunity to exit at 1:1 for a month after TGE, exactly the opposite. Also, they accumulated high rewards, plus the airdrop, which already over-compensate any Early Redeem fee.
ravished
I bought mine at $1.45, you will be fine with the rev share, don't sell
deannguy3n
Burn the usual you got to exit
Phoenix
Buyers are literally screwed over though, at least stop allowing people to suddenly buy at 10% discount. Like all the early supporters are down compared to anyone buying now. Also, anyone with prior knowledge could have just sold yesterday and bought today. Too much power to insiders here.
BingChilling
can i sue binance if i lost money trading futures ? same here people lost money is from over leverage morpho and dump usual everyday.
Usual
The Faceless Shepherd
This will be an expensive lesson to teach people to avoid projects that has 0 day admin functions or 0 day upgradable proxies
Mateus Ball
Buying pt is the same as usd0++.
Laniakea
Looks like it. And weโre idiots for not reading their docs well enough. ๐คทโโ๏ธ
Peka
So all pt holders just lose their money
Noรฉ
The Early Unstaking was announced to be planned for Q1, in this article from October: https://usual.money/blog/usual-where-yield-meets-growth#detailed-distribution
Dakeyras
Only if you pay... which for many many people not possible as they have not accrued enought yield yet
Alistor
You can't file a lawsuit on not reading the whitepaper and not understanding the mechanics of a protocol. But you can freely burn more money on stupidity.
shansyoulaohu
This one is too much of a screw up, I wasn't an early participant and didn't get a USUAL dividend, you guys are screwing PT users over!
nein
Usual
deannguy3n
Hope this help
JaharakaL
๐คฎ
BingChilling
you get usd0 from every usualx u stake. it mathematically has some value.
youdi
Avoided to buy pt usd0 +++ lucky
kokonato_
Guys, anyone planing for a class action lawsuit?
fredchan17999
Bro u got fud from Binance square, didnt u?
Evix
Itโs incredibly surprising that you allowed the mint/redeem of USD0++ at a 1:1 ratio for everyone for an entire month. Letting early users exit at 1:1, capped to the amount they held at a specific moment in time, would have been a much better approach. Post-TGE, you allowed people to buy USD0++ at $1. And now, suddenly, everything changes. Yes, people should have read the documentation, all 56 articles, and so on. But you canโt rely solely on that argument to justify this situation. The funds are there, sitting in a smart contract. Take a snapshot of the balances and give people a week to decide whether to stay or exit the protocol! ๐
famousfxck
Relax, revenue sharing incoming soon. Free money $
โฌ
01/10/2025 at 06:03:19 ESTDo you want applause?
0xMT
@Noรฉ - this is a zero coupon bond. Why was it sold at par? Did the usual team buy the zero coupon bond at par lol?
CallmeBill
Glad I sold USD0 yesterday avoiding 100k loss
Dean - Founder GameonForge
Usual will going to 0.28$ ๐คญ๐คญ๐คญ
AS
@Noรฉ@NoรฉCould you please tell me how to calculate the USD0++pt due on January 30 for the PENDLE I purchased?
0xemir_
Yes @Noรฉ Another question, my pending rewards don't claimable for 3 weeks. Why? Is it an UI bug or not?
shansyoulaohu
I bought $300,000 in PT that expires on the 30th, and when it expires and I switch back to USDC I'm going to lose over $20,000?
HubristicFarmer
Yeah this is whatโs happening currently I think. Any best guess when the new usd0++/USDc vault will be up to relieve some of the crunch.
Noรฉ
Because it's redeemable for more than 0.87 depending on the Early Redeem mechanism, just read the article or whitepaper
ๅคง่กจๅงShevon๏ผ็ปๆไน่ฐท็ฌไธๅบๆฅ๏ผ
What is the current mechanism to ensure that USD0 is always 1:1 anchored to USDC? Will it expire in 4 years, USD0++ 1:1 USD0, but USD0 is not 1:1 USDC?
Dakeyras
you're lying bro, why market would price 1$ something that is redeemable for 0.87 ? Stop to spread missinformation, the team made enough mistakes
Lodzhal
@Noรฉ Do you know how Veda etherfi eUSD0++ Usual partner vault handles this? I would think they knew about this... so it wouldn't be hardcoded to 1:1 where we deposit USD0/USDC/USDT/DAI and get 1:1 USD0++ back on withdrawal, it doesn't look like the net value has dropped (but maybe it's hardcoded to 1:1 for USD0++ because of previous 1:1 choices...) and the etherfi strategy asset page is not USD0++ but USD0, USDC, DAI and USDT but withdrawal is only to USD0++. So, it's unclear if I withdraw if it's going to be my USD0 1:1 for USD0++ (so I take a loss or wait 4 years) or if I'm getting market rate so I'll get more USD0++. I was allowed to withdraw to other assets like what was deposited but now, only USD0++ as of a week or so ago. The bot here said "withdraw at a 1:1 rate" and the USD0++ peg is maintained but that's obviously wrong now... the bot is going off the previously offered 1:1 redemption that suddenly ended. I can't imagine partner vaults were hardcoding this as 1:1... Again, the main thing is that this never should have had a 1:1 redemption just to gain market share quickly. This would have avoided markets pricing it at 1:1 and no markets should have been hardcoded 1:1.
llliu_01
@Noรฉ I am a PT user. According to what you said, if I want to withdraw after PT matures, I will lose my principal. Normally, if I withdraw early, it is the income that should be reduced, not the user's principal?
BingChilling
u get 35% apy lol from usual token.
Noรฉ
Since there's other mechanisms to redeem and arb, it'll very likely be higher in a rational market
Noรฉ
You can't mint USD0++ for 1 USD0 right now, simulating witout balance doesn't work (when you have balance, you get the market rate, which is lower).
an9218
when is the end? and now people will buy more usd0++ and receive a profit, but me only receive my funds back, correct?
laptopkeyboard
@Noรฉ There's only one thing I don't understand. Why did you give users an opportunity to buy USD0++ at 1$ and now you are lowering its price to 0.87? Is it fair for those who bought USD0++ at 1$? Why will USD0++ holders have to pay a commission to USUAL to withdraw them back at the purchase price? I think you should give the option to withdraw USD0++ at 1$ for those who bought them at 1$
st4rgard3n
Market will likely price it according to other available options on the market. So if $1 worth of a 4 year UST note is worth $0.855 ... that's what users are looking at.
Flash Boy
WTF guys. I invested 10000 USDC for 10000 USD0++. They said that USD0++ is Tbills or USA bonds. I expect to earn 4% per year for 4 years. Now, i read that i have to wait 4 years to get my 10000 USD.
Peka
So, as PT has not yield, all PT holders lose money?
Noรฉ
Yes, but this yield, if sold, can compensate for the redeem fee
0x
I know. That's not what people are asking. You let people mint usd0++ for a dollar, even now, when you know that it's not worth one dollar. The 1:1 conversion could have been a 0.98:1 conversion or similar, 1:1 exactly is an arbitrary choice. So why did you pick 1:1? The answer is pretty clear. It's to create an implication of value parity, when in the real world nobody would value this asset at a dollar. Selling it at this exact price through the UX and then making this change so suddenly is crazy.
Noรฉ
It's closer to 1 over time on the Floor, but market can price it at 1 at anytime
lololeo
if everyone feel scammed then itโs your responsibility to fix the problem and regain confidence rather than sit here and explain why your plan is correct.
Lucas
@JaharakaL thats the point. Stake is long term. People who want to trade must keep ut in the wallet, not in stake. Thats why long term is safe.
Rissou
For my part, like any good investor, I read the documentation and followed the news closely, and I wasn't surprised by recent events. Cheer up team, we're in this for the long run!๐ญ
Dean - Founder GameonForge
Usual price going to 0.28$ lol
flyflyoo
It is incorrect to make changes immediately without any prior notice
76ixer
could you please develope this? I do not fully understand, PT doesn't have yield from USUAL but from Pendle users. This shouldn't be count as yield from USUAL.
JaharakaL
Long term and people want to stack and unstack all the time?
0xMT
The future of finance seems very bright.
Kael
Noรฉ, one question: We should think that USD0++ should worth 1 or 0,87?
RubixTheCube
whats up the the USD0++ de peg
whats up the the USD0++ de peg
cryptoviet.eth
01/10/2025 at 05:55:34 ESTwhat happen with mev capital pool on morpho, apy 88%?
shansyoulaohu
I bought USD0++ PT on PENDLE I am redeeming now why will I lose money please give me a reason
MadridGOD
when peg
0xemir_
When early unstaking is going to live?
Noรฉ
it's a bot bro lmfao
Dakeyras
typical response why ALL users feels scammed
Noรฉ
I was considering no yield for the PT, mybad - since it yields, and converts to USD0++ at the end, you could already be BE depending on the maturity, I'd have to check tbh
BingChilling
check pinn mesage yes 1:1 in future end of maturity
Phoenix
what APY did you use then? (Can the timer go down a bit ?)
an9218
I don't understand why I loss 10% in one day holding USD0++, if it 1:1 to USD0? will it again 1 to 1 in future?
Peka
Answer this pls
famousfxck
Ask ChatGPT
Noรฉ
Check the pinned message boss, I answered it there :)
llliu_01
@Noรฉ fine , if the rate is 0.87 , it means i need lose 13% ? or pay 6m of usual ? but sir , PT users don't get $USUAL, it means i need bought usual to pay ?
Noรฉ
I was considering no yield for the PT, mybad - since it yields, and converts to USD0++ at the end, you could already be BE depending on the maturity, I'd have to check tbh
76ixer
how you calculate then?
Noรฉ
Pinned message sir
0x
Why on earth did you choose a 1:1 conversion on the dapp lol
st4rgard3n
Unfortunately lop-sided redemption mechanisms always have this problem - literally last night I was thinking about parking some cash here and I sent my friend: Thereโs compounding yield duration risks. I discovered USD0++ has a 4 year maturity date. Yeah right now itโs 1 : 1 tracking USD0. But thatโs because demand for USD0++ is higher than demand for USD0 Whenever this is the case (USD0++ price > USD0 price) anyone can buy USD0 -> stake it to receive USD0++ and sell the USD0++ for profit. Problem is what happens when itโs the other way around. If the price of USD0 is above the price of USD0++ โฆ thereโs no mechanism that allows those two prices to reconcile anymore.
Noรฉ
Without balance, simulation doesn't work and gives 1:1 by default. When you have a balance, it doesn't.
Noรฉ
nope!
Shaun
You stole 7% of our revenue because you sold it to us for $1.
Phoenix
Did you calculate it based on the 26% APY we currently have?
Peter Pan
I have 2 questions sir: 1. will the โFloor priceโ be changed again, to say, 0.5? 2. will the price shown on the website changed annually or has some time point to close to 1?
andrucrypt
nice move to start a project with unclear parameters from the beginning, now it's very easy to say "everyone around is an idiot and didn't read the docs!"
Clayboi Parti
The underlying asset is USYC, and usd0++ is just a wrapper on top of it. It exists only conceptually and should not be the reason to stop redemptions. that's why burning usual will resolve the issue. it means you are effectively selling your 4yr bond at a discounted price to the Hashnote with some extra magic, which they can then sell in the liquid market
Noรฉ
If they redeem instantly for USD0, yes.
nihilistic button clicker
But they have to pay up to 6 months of $usual APY.. so if maturity is Feb then they can be net DOWN?
ๅคง่กจๅงShevon๏ผ็ปๆไน่ฐท็ฌไธๅบๆฅ๏ผ
USD0++ is an ERC20, not an NFT, and can be mint at any time, why does every usd0++ have the same maturity date? Please tell me the specific expiration time. When will the four years start to be calculated๏ผ
Noรฉ
Noรฉ
hold until maturity to have 1:1 with USD0++. Meanwhile floor increases and secondary market rates improve.
Alistor
You should link people to the whitepaper from November 2024, where all of that has been specified already.
llliu_01
@Noรฉ i only want to know what should PT users do?
Noรฉ
Not document changed, we only added the exact Floor price in the gitbook since it's now defined. The mechanisms were all public.
famousfxck
Btw Binance just added a new pair for Usual. USUAL/USDC
0xMT
Which type of bond?
Puzzithinker
Suddenly changed the document without noticing all the users, isn't it a sc@m?
Noรฉ
Since when lmeow? We ditched any rights over the Revenue, and redirected 100% to USUAL stakers.
Gloxxas
No your team have 13% of $1.8B instead of 80m revenue ๐คฃ
Noรฉ
Well yes, the underlying is fully liquid, but USD0++ is locked for 4 years, we just create a bond on top of the stablecoin.
Rizman Zoom
01/10/2025 at 05:43:24 ESTYou are going to explain to me how I can buy something in overnight repos for $1 and can't sell it a second later for $1? Are you people serious? You can call it a zero coupon bond. You can call it overnight repos. You can call it whatever you want. Regardless of what real-world asset you claim this is similar to, in the real world I would be able to sell liquid bonds/treasuries/whatever a second later at roughly the same price I bought them. Not at a haircut of $0.13 on every $1.
alinono
So they actually could convert usd0++ to usd if they wanted to without any loss for them ?
Noรฉ
Yes and no: borrow rates can spike because of that, forcing you to switch to a new market
Kael
The main problem here: - Usual is NOT a sc@m, people should stop saying that. - The mistake that maybe team made is make USD0++ 1:1 for a time, if this was "1:0.87" since the beggin, everyone will be ok with that. No one like bad surprises, cause even if this was at docs, people just dont read, and if its important, u should make it clear and even yell it. There is no point in put 1 dol in a RWA project that will give me the same 1 dol after 4yrs, even if i win some tokens, cause this way, people will sell the tokens cause it the only way to get some gains. This said, im still with the token and supporting the project, but the "strategy" was not the best, and would be consider a crisis in a web2 startup. BTW, its that @mytwogweis post at Twitter 100% right?
BingChilling
1-2x is safe ? unless you over-leverage lol. in binance you can have 125x leverage
Noรฉ
We haven't received one single complaint from partners
HubristicFarmer
Better phrasing of this question: Iโm correct that the usd0usd0++/USDc is not hard coded so thereโs no reason to leave it?
Noรฉ
Team and investors represent 10% of the $USUAL emission, but the whole revenue goes to USUAL stakers (team and investors aren't eligible for this).
RangerZ
Bravo, so you not only backstabbed users, but also backstabbed ecosystem collaborators. Well done sir.
Dakeyras
So if 100% revenues goes to stakers, how does USD0++ increase in value ?
Virtus
Simple question but how do u earn money then ? Just with first alloc ?
st4rgard3n
Last night I took a really deep look at Usual, Ethena and Pendle because I am looking to park a big chunk of change. Reading that USD0++ had a four year lock and no redemption mechanism was when I decided I couldn't / wouldn't do it. The only way I would potentially want to use this ... is when there's a new Pendle pool forming. That way I can get into the trade and control my duration risk very closely.
Noรฉ
Yes sir, UI doesn't integrate that position rn
Luis Martoi Denju
Is Morpho collateral peg safe? Do we know for how long?
Clayboi Parti
wut? there are lots of banks and institutions than can happily buy at as lil discount as 0.1%, size of us treasury bond market is $28 freaking trillion and it's the deepest most liquid government bond market in the world. if the team or governance want they can trigger a systematic selling of bonds in the secondary market at close as $1
Noรฉ
Check the pinned message ser
Wong
So we just ignore the UI which saying I donโt qualify for the vesting?
CryptoMDz
Bro I deposited $10k usdc on bera vault, when claim is open i will claim 9280$ usd0++ ? That's mean i lost 800$ while I'm just holding stablecoin, Can you explain the situation for me
Hi usual
Well said
Noรฉ
# ๐ฃใannouncements sir
Noรฉ
You literally read a warning explaining that when bonding USD0 into USD0++, it can't be clearer tbh
famousfxck
Whoโs gonna explain overnight repos to this guy
Kosmo
Why USDO++ have depeg i try to read this chanel but i donโt understand
alex
as anything else you have done the last few hours - no matter if free will or not: you only create mistrust. you should know how this all works. you have a community and people who believed in you. why screw them this way. no matter if things can be found in documentation - why is reading all of that, you knew the outcome of this. for me all this creates is mistrust. i will never touch your project again.
Peter Pan
I see the exchange rate maintains 0.87. Different people can see different rate?
Lodzhal
Does anyone know how Veda etherfi eUSD0++ vault handles this? I would think they knew about this... so it wouldn't be hardcoded to 1:1, it doesn't look like the net value has dropped and the etherfi strategy asset page is not USD0++ but USD0, USDC, DAI and USDT but withdrawal is only to USD0++. So, it's unclear if I withdraw if I'm withdrawing my assets if it's going to peg 1:1 for USD0++ or if I'm getting market rate and I'll be taking a loss as a week ago, I was allowed to withdraw to other assets like what was deposited but now, only USD0++.
Noรฉ
Poeple will say the team is scamming while 100% of the revenue goes to stakers: team and investors have ZERO revenue.
AS
Could you please tell me how to calculate the interest penalty for the uusd0++ pt that is due on January 30 when you buy pendle
kobe.he
what kind of bond does usyc hold for usual? short term T-BILL or 4-Year T-bill?
Noรฉ
That's blatantly false: the underlying is still 1$, yields, and all the revenue goes to USUAL stakers.
Alistor
My brother in christ, that is not how it works.
oki
lol
Rizman Zoom
01/10/2025 at 05:37:23 ESTThe team took $1 from customers and bought 4-year zero coupon bonds that are worth $0.87 and paid the $0.13 to themselves as $USD0 yield. In other words the team scammed unsuspecting users of $0.13c on each dollar of $USD0++ acquired through their website. If the underlying is worth $1 then there wouldn't need to be a floor price of $0.87. You can just redeem it at par
่ฑ็น็บณ้่ๅฐ
Your team is losing the trust of your users
Noรฉ
It's a free market, you can leverage all you want sir
76ixer
if your plan was always to change the floor price of USD0++ because isn't a stablecoin, why you open leverage vaults on Morpho, Euler, etc vs USDC??? you knew you are going to liquidate a lot of your users!!
SY
Team should have made user to buyusdo++ at floor price from the beginning.
Nani
Sup๐คฃ
Noรฉ
For USD0 yes, at 1$, and for USD0++ also, but at the Floor.
Noรฉ
it is
Wong
@Noรฉ please confirm if berausd0+ is counting for the airdrop vesting requirement, thank you.
Clayboi Parti
Wouldn't it be possible for the team to sell the bond in the secondary market at close to $1, since these are highly liquid bonds, and then use the funds to repeg the USD0++? isn't that what PAR means?
BingChilling
why u buy usd0++ if you don't plan long term literally said 4 years locked version ? it doesnt make sense you buy usd0++ today tomorrow you want exit ?
famousfxck
Buddy you need to relax and read the documents thoroughly.
Noรฉ
Yeah at this point I'm sorry, but I'm answering everyone here and wrote an entire FAQ: if you're not here to discuss, but instead you just throw "scam" around, you'll be insta muted.
Noรฉ
it includes it, all USD0++ have the same maturity date
YosemiteSam.eth
Yes exactltc but what if you deposit yesterday ? You had to hold for 6 months. Thats the scam part. Exactly like you said, normally burn rewards and get your PT, but this was made to keep new comers hostage. This is how scams work