# USUALx > **Type:** Factsheet | **Squad:** Usual | **Status:** Draft | **Stream:** BD **Last updated:** 2026-02-16 *** ## Executive Summary USUALx is the transferable ERC-20 token representing staked USUAL within the Usual Protocol. It serves as the gateway to two distinct yield layers: (1) USUAL staking emissions (\~22.31% of daily USUAL supply, \~301,203 USUAL/day), accessible to all USUALx holders without lock requirement; and (2) USD0 protocol revenue distributions via the Revenue Switch, accessible exclusively to USUALx holders who lock their position for 1, 3, 6, or 12 months. The USUALx-to-USUAL exchange rate appreciates over time as staking rewards accrue. USUALx also confers governance voting rights within the Usual DAO. *** ## Key Facts | Parameter | Detail | | ---------------------------------- | ---------------------------------------------------------------- | | Token type | ERC-20 (transferable staking receipt) | | Underlying asset | USUAL | | Staking emission share | \~22.31% of total daily emissions (\~301,203 USUAL/day) | | Lock requirement for basic staking | None | | Lock durations for Revenue Switch | 1, 3, 6, or 12 months | | Revenue distribution | Weekly, in USD0, to locked USUALx only | | Revenue share | 30% of protocol revenue | | Exchange rate | Appreciating (rewards auto-compound into rate) | | Unstaking fee | 10% (DAO-governed) | | Governance | Voting rights on protocol parameters, asset onboarding, treasury | | Chains | Ethereum | *** ## Staking Mechanism ### Deposit and Withdrawal 1. Deposit USUAL tokens into the staking contract. 2. Receive USUALx at the current exchange rate. 3. Hold USUALx to earn a share of the \~22.31% daily USUAL emission allocation. 4. Unstake at any time by redeeming USUALx for USUAL at the then-current (appreciated) exchange rate. ### Exchange Rate Appreciation The USUALx-to-USUAL exchange rate increases over time as staking rewards accrue. Each USUALx token becomes worth progressively more USUAL. Rewards are reflected automatically in the exchange rate and do not require manual claiming. ### Emission Allocation | Metric | Pre-UIP-11 | Post-UIP-11 (Current) | | ------------------------------ | --------------------- | --------------------- | | USUALx daily USUAL allocation | 301,203 USUAL/day | 301,203 USUAL/day | | Share of total daily emissions | 11.00% | 22.31% | | Total daily protocol emissions | \~2,738,000 USUAL/day | \~1,350,000 USUAL/day | The nominal USUALx allocation was preserved through the November 2025 disinflation. Because total emissions were halved, USUALx now captures a proportionally larger share of the supply. ### Unstaking Fee | Parameter | Detail | | ---------------------- | ---------------------------------------------------------------------------- | | Fee rate | 10% of USUALx being unstaked | | Distribution of fees | 1/3 to remaining USUALx stakers, 1/3 to USUAL\* holders, 1/3 to DAO treasury | | Fees collected in 2025 | \~$400,000 | *** ## Locking Module (Revenue Switch Access) ### Overview The Locking Module is the mechanism through which USUALx holders commit their staked position for fixed durations to access weekly USD0 revenue distributions via the Revenue Switch. **Critical distinction:** * **Unlocked USUALx** earns USUAL staking emissions (\~22.31% of daily supply). It does NOT receive USD0 revenue distributions. * **Locked USUALx** earns both USUAL staking emissions AND weekly USD0 revenue distributions via the Revenue Switch. ### Lock Durations and Revenue Boosts | Duration | Revenue Boost | | --------- | ------------- | | 1 month | Base level | | 3 months | Higher boost | | 6 months | Higher boost | | 12 months | Maximum boost | Longer lock durations provide higher duration-weighted shares of the weekly USD0 distribution. Revenue boosts affect revenue-share weighting only and do not change governance voting power or USUAL staking emission rates. ### Lock Properties * Locks are **immutable until expiration**. Tokens cannot be withdrawn early. * At maturity, locked tokens become fully liquid and can be withdrawn or re-locked. * Users can maintain **multiple lock positions simultaneously** with varying amounts and durations. * Each position is tracked independently with its own maturity date and boost level. *** ## Revenue Switch ### Activation and Mechanics | Parameter | Detail | | ------------------------------ | ---------------------------- | | Activation date | January 13, 2025 | | Distribution currency | USD0 | | Distribution frequency | Weekly | | Epoch schedule | Monday UTC+0 to Sunday UTC+0 | | Eligible recipients | Locked USUALx holders only | | Revenue share to locked USUALx | 30% of protocol revenue | | Revenue share to DAO treasury | 70% of protocol revenue | ### Epoch Eligibility Rules * **Full-epoch requirement:** Locked position must remain intact for the entire weekly epoch (Monday through Sunday UTC+0). * **Top-ups during an epoch:** Additional locks or increases made during an active epoch count toward the next epoch, not the current one. * **Withdrawals void the epoch:** Any withdrawal during an active epoch voids all reward eligibility for that epoch. * **Mid-epoch new locks:** Locks created mid-epoch begin earning revenue distributions starting the following epoch. ### Current Revenue Scale | Metric | Value | | -------------------------------- | ----------------- | | Total protocol revenue (current) | \~$5.5-6M/year | | Revenue to locked USUALx (30%) | \~$1.65-1.8M/year | | Distribution frequency | Weekly in USD0 | *** ## Dual-Yield Structure Locked USUALx positions receive two concurrent yield streams: | Yield Stream | Source | Eligibility | Payment | | -------------------------- | ------------------------------------------------------- | ---------------------------------------- | ------------------------------------------- | | USUAL staking emissions | \~22.31% of daily USUAL emissions (\~301,203 USUAL/day) | All USUALx holders (locked and unlocked) | Auto-accrued via exchange rate appreciation | | USD0 revenue distributions | 30% of protocol revenue via Revenue Switch | Locked USUALx only | Weekly in USD0 | *** ## Governance ### Voting Rights Holding USUALx confers governance rights without any additional locking requirement for voting. Voting is conducted on-chain. ### Post-STAR Governance Model Following the retirement of USUAL\* in November 2025, governance transitioned to a single-token model where all voting power flows through USUAL/USUALx. Insiders retained influence (\~30.25% of total supply) through their USUAL holdings, but on the same basis as all other holders. ### Governance Scope * Protocol parameter adjustments (fees, emission rates, collateral ratios) * Asset onboarding (new collateral types, integrations) * Treasury management (allocations, investments, operational spending) *** ## Smart Contract Addresses ### Ethereum | Contract | Address | | ------------- | -------------------------------------------- | | USUALx | `0x06B964d96f5dCF7Eae9d7C559B09EDCe244d4B8E` | | USUALx Lockup | `0x85b6f9bddb10c6b320d07416a250f984f0f0e9ed` | | USUALS | `0x094B360AE512A65584d4f5Be33D68B2E08677b89` | | USUALSP | `0xa55AF35E5F4bb6A82E0A290570BcE38Ce2757d37` | *** ## Key Risks | Risk Category | Description | Mitigation | | -------------------- | ------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------- | | Lock illiquidity | Locked USUALx cannot be withdrawn before maturity; users forfeit liquidity for the lock duration | Multiple lock durations (1/3/6/12 months) allow flexible commitment; users can maintain multiple positions with staggered maturities | | Revenue variability | USD0 revenue distributions depend on protocol revenue, which fluctuates with T-Bill yields and TVL | Revenue diversified across T-Bill yield, protocol fees, and Fira lending fees; DAO treasury retains 70% for stability | | Unstaking fee | 10% fee on exit may reduce effective returns for short-duration participants | Fee structure is transparent and DAO-governed; fee partially redistributed to remaining stakers | | USUAL price exposure | USUALx value is denominated in USUAL, which is subject to market price fluctuations | Anti-dilution mechanism (\~22.31% of daily emissions); dual-yield structure provides USD0-denominated income for locked positions | | Smart contract risk | Staking and locking contracts exposed to potential vulnerabilities | USUALx, USUALS, USUALSP, and USUALx Lockup contracts audited by Sherlock (May 2025), Halborn, Spearbit, and others; 20+ total protocol audits | | Epoch timing risk | Deposits or withdrawals at incorrect times within the weekly epoch can result in missed revenue distributions | Eligibility rules are deterministic and documented; users should deposit and lock before Monday UTC+0 | *** ## Quick Links * Documentation: * Technical documentation: * Governance (Snapshot): * Security contact: *** ## Disclaimer This factsheet is provided for informational purposes only and does not constitute financial, legal, or investment advice. All data is sourced from publicly available protocol documentation and governance records as of the date indicated above. Parameters, allocations, and revenue figures are subject to change through DAO governance. Past performance and historical data do not guarantee future results. Prospective participants should conduct independent due diligence and seek professional counsel before engaging with the protocol or acquiring tokens. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.usual.money/resources-and-ecosystem/fact-sheets/usual-products/usual/usualx.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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