Circle just bought USYC. It’s a pretty good deal to buy 1B+ of usdc that backed usual after the floor changed to 0.87

Bruh, You just threw out a speculation and saying others speculation are “surely untrue”

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Fadi

fadi000

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The onchain Tbill vendors very likely all trace back to a single counterparty / bank at a certain level, there's realistically not many financial institutions offering these products onchain, and the idea that Tether isn't diversifying their holdings is speculative and surely untrue, they have every reason to diversify risk

Like I said, use cases are being build, what’s the point of throwing out pointless arguments if you don’t even read others perspectives sigh

Simply not true, first of all USDC/USDT isn’t transparent about collaterals to the public users, point of failure can be singular, USD0 “aggregates” various onchain TBill vendors, so point of failure is not singular and collaterals are transparent

We're actually just a few months into it. While Tether and Circle have been around for a long time. That's natural. But we're still doing well.

There are no use cases. There is no way for USD0 to compete with network effects of USDT/USDC.

It improved team pockets a lot

USD0 has no improvement on USDT / USDC, so people will stick with USDT/USDC

That’s why USD0++ and USD0 is seperated

Yeah that’s how it stays stable, use cases are being build, the whole project is only launched for under 2 months

The cryptocurrency market is changing for the worse, as everyone wants to get rich in a few hours.

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Jimny2024

locnguyen_31

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Nobody is using USD0 because it provides no incremental improvement, it doesn't even have a built in yield

Yeah family series is wild

Look at "TR MP" and "MeL nia" in recent days. It can fly up in a day, and land in a few hours. But people are still almost crazy about buying it.

Your point being? USD0 is the stable coin, it will always remains at 1 USD in primary exchange rate.

I just don't understand the purpose of USD0++, if it's not valued at $1 then it's pretty useless in defi

The problem is that not everyone wants to hold for the long term. Personally, I like long term with USUAL.

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CongQ

congq

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Imo, Bonds will tend to suitable more for institutions rather than retails. But if we show facts/ partnerships prove sustainable growth such as Coinbase or Usdc partnerships. We may attract more retails.

No one said that’s what’s special about usual

Where can I find the Ut value?

Nearly every stablecoin is RWA backed at this point, there's nothing special about that

It’s RWA backed, everyone looking for some overnight miracle in crypto is what got tons of ppl losing their life savings overnight and got crypto into such a bad rep in the first place imho.

Even now, I still trust USUAL. But there are difficult to explain problems in the mechanism.

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Jimny2024

locnguyen_31

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There's been many platforms that have much better reputations than Usual which have failed spectacularly

That's right.

4 year lockup in crypto is absolutely ridiculous, that is why. on a project that is well under a year old.

Yeah it was never meant to be “pegged” at 1 since it’s a bond, but yeah hopefully iUSD0pp vault will introduce new arb opportunity for market to balance it.

Obviously, no one is willing to spend 1 in exchange for 0.9 to receive long-term interest rates.

thank you for your service🫡 --- ETH validators

Ok I'll contribute my $10

logically yes, but the truth is if we can get to 0.99:1 basically means theres opportunity for arbing, so it will get back to > 1 since there is arbing opportunity.

So even usd0++ back to 1:0.99, the tvl still won’t increase, right?

Can some whale just get us back to 50c please

When there’s arb opportunities for Usd0pp, hopefully it will create a market driven “peg” after new products are announced for USD0pp and opportunities arise.

The usecase of usd0 is realized yesterday! Its good for swapping to usdc to buy bnb!

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dimas

dmitry_kuzmin.

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Lucky Boy

kinsamas

Pulsar.laika 🐕🌖

pulsar.laika

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fredchan17999

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kinsamas

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D3M0N15H

d3m0n15h

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D3M0N15H

d3m0n15h

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If usd0++ will always depeg, then tvl won’t grow, how can we get bigger?

Hi ambassador 😁

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CongQ

congq

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yeah positive TVL inflow is defienitly a crucial step

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Dave.race

dave.race

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We're getting more and more diluted with emission going up

can someone explain how UsualX grows in value similar to APY

USD0 use cases not realized, governance value of USUALx not realized, future vaults not realized and roadmap isnt even out yet

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JohnJL2018

johnjl18

Mr. Lin

hanasaver

0xmeo

4500efi1

Jimny2024

locnguyen_31

Deicide

deicide0495

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iUSD is the final hope for usd0++

If only 🥲

I consider it as good news

its now or neva!

This news combines with Usdc accquired Hashnote yesterday, do you guys imagine any better prospect for Usual? I guess Usual/ Usd0 will soon be listed on Coinbase.

u just dont miss a single chance huh

USUAL doesnt issue tokenized tbills itself, it aggreates various protocols that does

No one said usual is willing to audit

According to The Wall Street Journal, Coinbase CEO Brian Armstrong expects future U.S. regulations to require stablecoin issuers to hold 100% of their reserves in U.S. Treasury bonds and undergo regular financial audits. If Tether’s issuer fails to comply with the new regulations, Coinbase will delist USDT. — link Just read this. I think it's a good news for Usual/Usd0 in general if it could happen.

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Dave.race

dave.race

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keywords, revenue stream expansion, future grow speculative value, governance speculative value, but yeah everybody has their strategies.

Comparable yields have a lot of sc risk. That's a whole different kind of principal risk

Depends on your size. With small size that's not a bad way to do it.

First of all, we’re on ETH so gas fees are higher than on L2. Wouldn’t it be better to get stable coin yield elsewhere (liquidity and potentially higher yield) and sell the yield to accumulate usual tokens? lol wouldn’t that be congruent to your objective without principal risk

From my experience, serious teams are usually at least mathematically correct

yeah its how DeFi space is basically, the wild west of finance

It annoys me every time I see it.

am i right, boomer

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Dave.race

dave.race

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I don't know this word

DeFi amirite or amirite

I guess it would make it too high and people would complain that it's fake?...

I still can't get my head around the fact that they add APYs to write the total APY...

why cant i sell my usd0 on arb? for under -13% loss?

https://etherscan.io/token/0x06b964d96f5dcf7eae9d7c559b09edce244d4b8e

https://etherscan.io/token/0xc4441c2be5d8fa8126822b9929ca0b81ea0de38e

these are the current numbers in the dApp, but yeah debank is gud

If u have vpn, that wd be even better.

I have seen it before in bn wallet.

Check on dapp bro

what's the yield on UsualX?

Maybe u can direct swap to usualx.

Check docs bro, they have a page for that: docs.usual.money/resources-and-ecosystem/smart-contracts

what is the usualx contract address?

what is the usualx wallet address ?

43.09% stacked

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Zezzy

locnguyen3863

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ah check dune for that: dune.com/usual_team/usual

i mean all Usual stacked in the chain 😄

Is it possible to send usualx to another wallet @Mava (AI Support)

u mean the original total or compounded one?

accept for a little 100% APY USD0 paid out weekly

i mean in total bro

@Mava (AI Support) why cant i send usualx on zerion

debank bro, for correct amount

Yep, lots of ways to skin this cat

the inverse is good too, stake usual and earn 100% APY USD0

where i can see how many Usual are stacked?

https://docs.usual.money/resources-and-ecosystem/smart-contracts

yea, and make sure every contract address matches with the ones on # 🔗ㆍofficial-links website

Ok cool and Usual is on ETH chain so I can transfer to my Uniswap Wallet?

USUALx staking rewards are auto-compounded daily, seamlessly increasing its value and maximizing your earnings. While the number of USUALx tokens remains the same, their value grows over time, representing more USUAL. As a result, there are no pending or claimable rewards for USUALx.

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ravished

ravished.

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holding USUALx = staked USUAL

you don't need to, USUALx is the liquid staking token, same stuff as staking

VPN bro

Look at Cortana's message

for a better adoption, the restricted country must have a tutorial how to stake. so they can stake too 😃

even with UsualX the app cannot be accessed in Canada

what americans, no americans to see here

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Dave.race

dave.race

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Dave.race

dave.race

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😁

Sir, if you don't have a VPN you are NGMI

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ravished

ravished.

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simply swap USUAL for USUALx

See! He follows the restrictions!!!!

or swap via LP on dex like uniswap

I assume there's no other way to generate yield?

its the internet

not available in Canada

swap USUAL for USUALx

# 🔗ㆍofficial-links official website -> Access App -> Swap -> Stake

where do you stake usual?

how do you stake usual?

As far as I know, buying USD0++ and selling usual every day is still the best stablecoin yield in crypto. And buying USD0++ and staking USUAL in hopes the project succeeds is a reasonable strategy too. Just depends if you want max stablecoin yield or "earn a free venture bet from your stables".

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Zezzy

locnguyen3863

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and revenue stream will be expanded in the future, so growth speculative factor is also in there

No one is buying USD0++ for the 3.5% per year. They are buying it for the USUAL or the total yield.

Yeah, I think you're right

USD0++ is just a bootstrapping mechanism. We've always needed USD0 adoption to be successful. We pay equity for USD0++ yield. USD0 yields don't cost us anything.

Sure but lending USDC or USDT gives you 10%-20% yield. So a 10% in 3.5 years is not attractive lol

you mean if TVL is going down? Redemption's pay six months fees to stakers and burn usual in the process. more staking the less usual in circulation, the more redemption's the less usual in circulation.

USUAL star doesn't get USD0 rewards right?

It goes to par in 3.5 years because the protocol essentially buys back USD0++ at a discount (if people are willing to sell at a low enough price) when the discount outweighs the future yield. To illustrate, a day before maturity there will be fractions of a penny of yield that will be earned in the next day so protocol would profit by buying USD0++ at .9999 from a seller.

What staking rewards? USUAL emission? They get the same % as USUALx. But yeah, you're more knowledgeable than me about previous projects, I guess you're right. And it's not like I put as much effort in the project as they did/do 😁

Well how would your usual go up if USD0++ is going down lol

Of course, that's the only way to mint new USD0++

It’s the only way, and the real interest is from the treasury bills. If you make it rebasing it’s already better than holding pure USDT

I think they have been pretty fair, if enough can get on the ship we can take TVL away from the competition we all make money

I mean.... there was so much leverage. They had to know. I don't think they thought it would be so low and for so long, but it had to be lower than 1 for some time.

Good thing you aren't in charge. That would nuke USUALx.

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CongQ

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stakers get the revenue from the yields currently and anyone can stake

Well... They aren't getting staking rewards and they started with one of the more generous token allocation designs. This happens a lot in crypto. Like if team had started with 80/20 instead of 90/10 but only got 15% of early redemption, what would perception be?

usual would instantly lose all its TVL and usual stakers would be holding the bag

I mean the best way to save the protocol would be to merge USD0 and USD0++, allowing for instant redemption 1:1 to USDC or USDT and change the token to be rebasing or something that collects automatic interest from the underlying treasury assets.

its either 1.) people want coupon bonds with zero coupon prices, take free coupons. gib all money, or 2.) people have no idea wtf are bonds

thats on par with USD0++ so to say the team didn't know it would trade at that discount?...

oh thats interesting... is it possible for USD0++ to trade at par with USD/USD0 prior to its maturity date? I have trouble wrapping my head around the mechanism that brings it to par in 4 years

@Mava (AI Support) what is the percentage breakdown of emissions to all recipients in the usual ecosytem?

This is the interesting thing. People seem to logic their way to the floor price because that is what tradfi would pay for it. But ignore the "coupon" that is paid in USUAL which in tradfi terms would price USD0++ at 1+. So what is actually happening is some combination of skepticism that USUAL rewards will continue to have value or the "risk free rate" is much higher in crypto. Obviously a little bit of both. People assume team knew USD0++ would trade at a certain discount after peg was removed but I don't think that is reasonable.

yeah, thats what I was trying to say

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Dave.race

dave.race

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@Mava (AI Support) can you break down how the usual emissions are dispersed?

33% usual team, 33% usual stacker, 33% burned.

Because they get 33%, but USUAL* is is like 10 times smaller than USUALx

33% burned, 33% to USUAL*

33% go to staker and 66% will be burned ???

because they aren't getting inflated so they share the burns amoung less tokens?

The insiders making so much money!

33% of all Usual burned for early redemption go to stakers

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Dave.race

dave.race

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Do you guys know if the 67% USUAL from Early Redemption goes to USUALx or to the treasury?

people think decentralization is all the upsides decentralized but downsides still protected by a centralized all mighty

No, because not all the inflation goes to USUALx, just a small %

the inflation just widens the gap between usual and staked usual

Honestly, you have a token whose value is based on its stable coin TVL whose value is based on the token emission value and the early redemption arbitrage. It goes both ways

Depends on inflation though

In time, either you collect 100% on your capital in a year or the price has to go up

Are the 67% USUAL from Early Redemption going to USUALx or to the treasury?

Hopefully the $usual price can go up again and not stay at 0.3

Finally well said

no one takes responsibility in this space, its degen!

nah that has literally no value, but honestly, still tradable

You mean companies with defaulted bonds and they pay you shares? Lmao

iUSD0 will be a good LP, Bera vault is a good option

the stake usual gets the yield, USD0++ gives you some usual that you can stake and a token that matures to par over time. There will be LP's that incentivise the yield, there is only a small amount of staked usual so the revenue compensates them well.

personal risk/reward interpretation, have you played with coupon bonds that pay coupons with equity before?

Then the APR of USD0+ will be 4% unless people don’t stake. But if they don’t stake why not use USDT or USDC?

juicing yields with incentives in this case USUAL isnt uncommon, not sure on the relation to usd0++ price though

I read this too and spoke with Noe about it, it was clearly not USD0 and there was no set date

Then you have another issue- why would you deposit 1:1 into a protocol which has the power to yeet your principal in return of a (high) yield? And you only recourse was in 3.5 years?

from 1.2 billion in treasury yield, its not like usual staking is for some private group of individuals, anyone is allowed to participate, that is the beauty of it, unlike USDC or USDT

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CongQ

congq

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then its up to personal interpretation, imo the only guarantee it made on the white paper about price or date was this "set to mature on June 30, 2028, applying to all USD0++."

I mean treasury pays only 4%, how could they give you 40-50% APR through usual tokens. It has to come from somewhere

I read the white paper in fact. But I also knew there was an implicit guarantee at least during the growth phrase, that 1:1 would be safe. There’s a reason why the vault deployers and lending protocols took it by surprise. Honestly, those peer protocols like Morpho etc are vital for adoption. But hey, we’re blackrock right lol

grace period was for bootstrapping im assuming?

swap USUAL for USUALx via LP like uniswap, make sure to double check the contract addresses are correct tho

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fredchan17999

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Grace period for redemption, always had been from start till grace period ended

depeg isnt correct term it is above floor

btw, someone suggests me other safe place for staking 😦 I got scared by Binance warning

i literally can't find any other explanations for why people keeps asking the same question then without even reading the answers and then keeps on fudding

so over shorted, people say they are hedging but when it moves considerbly against them in the long direction they will cover

the only part that didnt make sense to me is why wasnt it initially 87c or whatever, why start at $1?

This token reminds me so much of Gamestop

its like here we go again 😄

nah people will keep coming with those cus its better for their short positions

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ravished

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fredchan17999

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I thought that "depeg" fuds is over 🤔

I sold my USD0++ for Usual before the peg and in hindsight loosing only 10% would of been a steal but the USD0 returns soften the blow considerably

except no parameters has been "changed" without knowing, we all know this is the mechanism from the start

Except the change in the parameters wasn’t a lottery

bro don't try to trick anyone

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Candy Factory

candyfactory

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its like asking if i know tomorrow's lottery numbers would i buy those numbers now

dunno, any other places for staking bro? 🤔

So you admit that you should’ve sold your USD0++ at $1 right before it depegged right (if you knew)?

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fredchan17999

Candy Factory

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lmao wadu heck

my average buy is 1.2 right now, dont care about the drop cause i see the vision like Cardano

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Jimny2024

locnguyen_31

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@Noé @Mr. Lin I got this Binance warning when swapping via dapp 🤔

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Candy Factory

candyfactory

Jimny2024

locnguyen_31

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buyback half of it at 0.3

Good for you lol.

@Mava (AI Support) is it probable that USD0++ market will trade at 1:1 with USD0 long before maturity?

fellow ada man lets go

because of the drop, but peak ATH later at $3

why would i exclude usual emissions, usual is literally the coupon in this case of coupon bonds, i deposited early so i got my capital back already

im from Cardano community, in 2020 many said we are ghostchain 😂

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Candy Factory

candyfactory

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Oh you didn’t mind your deposit losing 10% market value (excluding usual emission)?

you just described every market, but yeah crypto is like every market on steroids.

Exactly like old Cardano

You need to understand that 90% of people in crypto don’t care about white papers. They just want to get rich overnight, which is why they lose money. We need people like them in this market

No rip for me, i knew the mechanisms associated with it and managed my risk accordingly.

Me too rip

matter of fact i did

Did you deposit into USD0++ pre 0.87 fixing?

yeah its literally there

with many FUD going around i think many people just dont read whitepaper

USDC is harder to type than USD

we never know bro, but i trust this team and been stacking since listing when i read the whitepaper

USD0 is harder to type than USDT and USDC so lol

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Candy Factory

candyfactory

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agree thats why i ask @Noé about the plan about developing on other chain and CEX listing for binance

what we need is USD0 can be used like USDT -> revenue will increase -> usual price increase

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Jimny2024

locnguyen_31

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Right I see

many adoption in USD0 = Pump

not USD0 bro just Usual

It’s already on Binance.

considering this year the USD0 is gonna be develop on the other chain and also gonna be listed on CEX

Why would usual go up?

if Usual price goes up the APY goes up too

I am not sure lol

but there are 20% APY in usual like this in the current TVL

Anyway, at 13% discount for 3.5 years is about 3.7% yield

the system is created for protect Usual holders for fluctuation with many tokens unlocked and encourage the yield holder to be a long term holder

No one knows what they actually have as underlying. If they hold 0-3 months bills, the price is close to par. If they hold 2-4 year treasuries, it can fluctuate based on rates.

is linearly for maturity in 4 years gonna be at 1:1 ratio

The fundamental floor is about 0.911 now

the only way is up man

The hard floor is 87c. We don’t know when this will be adjusted (up or down)

1 USD0 = 1.0989 USD0++ (If you swap in secondary) = 0.594 USUAL per Year per USD0 at current rate am i correct? Not to mention the floor price is gonna go up the longer you hold USD0++, am i correct?

And USD0pp is guaranteed to unlock at 1:1 ratio on June 30 2028

"the requirement of early redemption increases in terms of usual" yes but the usual price is low, so in USD it's the same whether Usual went up or down you will pay by staying in the protocol for 6months you will earn 10% in a secure way, because you bought at 0.9 and you will be able to sell them at 1usd after 6months and if you decide to stay for more you can have more Usual Yield, remember you ill need just 6months

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fredchan17999

Jimny2024

locnguyen_31

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I dont understand Where do you get “overpaying 1%” from, 21% is the APY, there’s no such thing as flat 10% fee for USD0pp, you can’t just bash all your imaginary numbers together and call it math.

I don't really understand your logic. Why am I early redeeming?

bro I'm young and I live alone and I start work at 10 literally there is nothing to do in this life

1.) you don’t lose 9%, same price in same price out via LP 2.) what you’re describing is not how early redemption works, MAXIMUM 6 months’ amount of USUAL tokens minted based on the CURRENT minting factor (dynamic), based on TVL inflow/outflow, MINIMUM could be 0. 3.) TVL drop don’t translate directly to USUAL price drop, how you even come up with that.

Well I guess let me clarify. By trading in, you’re not really growing the TVL. Suppose your price was 0.91, the current APY is 21% which is about 10% early redemption fee. You’re still overpaying by 1%.

it's too late, time to sleep bro.

02:28

What time is it in Paris now.

in a bar orr a café in a weekend

I also live in Paris, maybe we can orrganize it ...

Lol, yah I know I was hoping they would explain it

Nah you don’t, just swap via LP, same price in same price out, he’s talking about minting at 1:1 and exiting via early redemption

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D3M0N15H

d3m0n15h

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D3M0N15H

d3m0n15h

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If you deposit now you are doing it at it's market price of .91-.92 its fine

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Jimny2024

locnguyen_31

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no early redemption, no deposit lost btw

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Jimny2024

locnguyen_31

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Why am I immediately losing 9%?

I mean why would you deposit in the protocol when you are immediately losing 9% on deposit. The early redemption mechanic is flawed because you are required to pay forward 6 months of interest. If TVL declines, the value of usual will drop and the requirement of early redemption increases in terms of usual, leading to a death spiral.

I have some USUALx and more USD0++ but of course my USUALx is growing because I claim and stake all the USUAL rewards I get. I made what turned out to be some smart buys in the depths of the bear market and took some risk off recently. So I was looking for the best place to park my stables and did a deep dive on USUAL. I believe stablecoins are in a secular bull market that is underappreciated by most people in crypto and certainly people outside of crypto so I want exposure. It also seems like the dominant crypto stablecoin should be user owned. So USD0++ protects my downside but I am accumulating USUALx as a long term venture bet. If we end up with a cycle top this year I'll be okay and if we end up with an extended bull market, perhaps USUAL is able to grow and maybe even win some market share from Tether. Right now I am more inclined to sell my USDO rewards for USUALx but there could come a time where I am selling it for USD0++ if it feels like USUALx is richly valued.

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Jimny2024

locnguyen_31

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Why is the usual emission for USD0++ increasing every few days?

Sent you a 💬

The problem is the gas fee swapping Usd0 > Usual > UsualX

i dont mind

Do you mind if we talk privately

The yield on staking usual is pretty unbeatable

man idk

Ok well the. Go for it

i held that bitcoin for 4 years

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xXx

.xqxqx.

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Are you that strong

Usual apy 156% is work? Quantity of your usual increase last epoch

and hold 4 years

It's okay to ask 😎 What did you choose to do?

no one knows the answer to this. It's like asking if it is more profitable to buy a company's debt or a company's equity.

@Noé Which solution is most profitable? 1) Invest Usd0 rewards in UsualX? Must swap Usd0 -> Usual -> UsualX. 2) Swap Usd0 -> Usd0++?

If we put our usd0++ during a while on the etherfi protocol, the points we earned depend on their protocol to know when we will be able exchange them against tokens right ?

LFG !

https://tenor.com/view/you-get-a-surgery-gif-23666561

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xXx

.xqxqx.

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Hopefully a yacht meetup party🥲 I’ll fly to Paris

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ravished

ravished.

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It is, btw if one day there is a meetup I’ll show up !

So basically when we exchange usual to usualx, the usual earned auto compound but not the usd0 right ?

but where do you live ? it's past midnight in Paris

Thanks for the feedback, I’ll definitely keep that in mind for the UI and comms

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ravished

ravished.

Luiz Lucas Correia

luizlucascorreia

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Yeah okay, that makes sense now. It's just that outsiders that don't understand this may mistake the decrease in TVL as a bad signal. "oh USD0 TVL is decreasing, people leaving Usual oh no." Just have to get ahead of potential FUD

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Noé

0xnoe

holaholatu

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Luiz Lucas Correia

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0xjmslnr

0xjmslnr

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On chain TVL yes, it’s basically « pending » TVL. But note that the protocol still earn the revenue needed from that vault.

Even the MAVA bot thinks so 😄

Sure, but what happens in between? Assuming the Ethena vault becomes hella popular. Lots of USD0 gets swapped for sUSDe

I just love you guys too much to sleep

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t1notbot

selenio

felipeselenio

fredchan17999

liboyii

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Sir_V

victor_atani

Luiz Lucas Correia

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@liboyii I think its just for more APY. usd0 ~ 4%. sUsde ~ 8%

USD0 is swapped for sUSDe at 1:1 and then when users exit the vault it’s swapped back for USD0++

@Noé You should sleep sometimes. How can you stay online 24/7?

What do you mean? The underlying of USD0++ is USD0. I just want to know what the impact to USD0 TVL is

So it doesn’t really matter at the end of the day

Well, users exit in USD0++ sir

Yup. So this answer contradicts with the first one. If the team could clarify what exactly happens, that would be great. Else, is USD0 getting the short end of the stick here—sacrificing TVL/Market cap—with Ethena market cap increases?

The article also clearly stated that: "Deposit: Users can deposit USD0++ into the vault. This USD0++ will be subsequently unstaked for USD0 (at no additional cost) and swapped to sUSDe, which is then maintained in the vault." To my understanding this means sUSDe is maintained in the vault, not USD0. What happens to the USD0?

This doesn't make sense. Ethena would need the funds/collateral to create the yield.