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
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
Deposit USUAL tokens into the staking contract.
Receive USUALx at the current exchange rate.
Hold USUALx to earn a share of the ~22.31% daily USUAL emission allocation.
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
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
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
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
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
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:
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
USUALx
0x06B964d96f5dCF7Eae9d7C559B09EDCe244d4B8E
USUALx Lockup
0x85b6f9bddb10c6b320d07416a250f984f0f0e9ed
USUALS
0x094B360AE512A65584d4f5Be33D68B2E08677b89
USUALSP
0xa55AF35E5F4bb6A82E0A290570BcE38Ce2757d37
Key Risks
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: https://docs.usual.money
Technical documentation: https://tech.usual.money
Governance (Snapshot): https://snapshot.box/#/s:usualmoney.eth
Security contact: [email protected]
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.
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