Governance Token
Introducing USUAL: A New Standard for Governance Tokens
USUAL is the governance and ownership token at the core of the Usual Protocol. It is designed to represent real, revenue-backed ownership—capturing 100% of protocol revenue generated from the Treasury Bill collateral underlying USD0. Rather than relying on speculation alone, USUAL aims to align long-term token value with protocol growth, increasing scarcity and revenue backing per token over time.
USUAL
USUAL is the governance and ownership token at the core of the Usual Protocol. Unlike governance tokens whose value is largely driven by speculation, USUAL represents ownership of 100% of protocol revenue—backed by real cash flows generated from the Treasury Bill collateral underlying USD0.
Core Value Proposition
Real Ownership
USUAL represents ownership of 100% of protocol revenue. It is a governance token backed by real cash flows, primarily the yield generated by US Treasury Bills backing USD0. This differentiates it from tokens that rely mainly on narrative.
Long-Term Value Orientation
USUAL is designed to accrue long-term value. Issuance is calibrated to protocol growth, with token emissions structurally kept below revenue growth. Over time, this aims to increase the revenue backing per token.
Community-Focused Distribution (Original Design)
USUAL was designed to be community-first. In the original model, 90% of tokens are distributed to the community (liquidity providers, active users, ecosystem partners), while 10% is allocated to insiders (team, investors, advisors). This inverts the typical stablecoin model where issuers capture the yield from user deposits.
Staking Module (USUALx)
USUALx is a transferable ERC-20 token representing staked USUAL. It functions as a staking receipt and provides access to governance participation and protocol revenue sharing.
Locking Module
The Locking Module enables USUALx holders to lock tokens for fixed periods to earn protocol revenue through the Revenue Switch. Locking is required to receive weekly USD0 revenue distributions.
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