Why ETH0?

Problem

ETH is the foundational asset of crypto infrastructure — and yet the yield available on directional ETH exposure remains surprisingly shallow, wstETH yielding ~3.5% APY. Restaking and LSDfi protocols add layers of complexity and risks without delivering consistent outperformance. Many institutions are holding wstETH or other LSDs in passive positions, missing the opportunity to extract deeper value.

In the context of treasuries holding 7–8 figures in ETH, a 1–2% yield delta translates into meaningful capital inefficiency.

Simply put: ETH is working — but not hard enough.

Introducing ETH0: Yield & Directionality

ETH0 is a synthetic asset issued against wstETH, fully collateralized and redeemable at any time. Each ETH0 token is backed by one stETH, held as wstETH. Minting and burning are atomic, permissionless, and on-chain.

Unlike wstETH, ETH0 holders don’t receive staking rewards directly—instead, they earn USUAL tokens, enabling returns that outperform the underlying collateral.

This creates a clean separation:

• ETH0 = directional ETH exposure with composability (without any maturity lockup)

• USUAL = yield upside

This structure mirrors the initial Usual go-to-market: a USD-pegged stablecoin backed by tokenized T-bills, where the 4–5% base yield is amplified into >10% APY via USUAL distributions to staked USD0 (USD0++). With ETH0, we apply the same architecture to a crypto-native asset.

The result is a clean abstraction: ETH0 for exposure, USUAL for yield. Hold one, earn the other.