Usual Revenue Distribution
The USUALx Revenue Distribution Module lets USUALx holders commit their staked USUAL for fixed durations to gain access to the protocol’s revenue distributions via the Revenue Switch.
Only locked USUALx earns protocol revenue (weekly USD0 distributions).
Unlocked (basic staked) USUALx still earns its share of the 22% daily USUAL emission, but does not participate in weekly USD0 revenue distributions.
Longer lock durations receive duration-based boosts, increasing a user’s relative share of weekly revenue.
Design Philosophy
The Locking Module directs protocol revenue to committed participants and aligns long-term holders with protocol health. By requiring immutable time commitments to access revenue, the mechanism:
Filters for conviction: Only participants willing to commit capital for defined periods receive the protocol’s real yield.
Reduces volatility: Locked positions cannot be withdrawn impulsively, supporting a more stable staker base.
Supports sustainable growth: Revenue flows to durable supporters of the ecosystem rather than short-term yield seekers.
From Staking to Revenue: The Full Stack
Staking is the first step in a layered participation model, where each layer unlocks additional benefits:
1. Staking
Deposit USUAL → receive USUALx
Earn 22,5% of daily USUAL emissions
2. Locking
Lock USUALx for 1, 3, 6, or 12 months
Become eligible for protocol revenue via the Revenue Switch
3. Revenue Share
Hold locked USUALx through full weekly epochs
Receive weekly USD0 distributions from protocol earnings
4. Governance
Hold USUALx
Participate in on-chain governance votes
Longer lock durations provide higher revenue boosts—the protocol rewards long-term commitment with a proportionally greater share of distributed revenue. Locks are immutable until expiration. At maturity, tokens become fully liquid and can be withdrawn or re-locked. Users can also maintain multiple lock positions simultaneously, each with its own duration.
How It Works
The Locking Module is layered on top of basic USUALx staking. The end-to-end flow is:
Stake USUAL → Receive USUALx Deposit USUAL into the staking contract at the current exchange rate and receive USUALx. No lock-up is required at this stage. Simply holding USUALx earns you a share of the ~22% daily USUAL emission.
Lock USUALx → Become Eligible for Protocol Revenue Lock your USUALx for a fixed duration to become eligible for weekly USD0 revenue distributions via the Revenue Switch.
Hold Through Epochs Revenue is distributed on a weekly epoch schedule (Monday UTC+0 to Sunday UTC+0). To qualify for a given week’s distribution, your locked position must remain locked for the entire epoch.
Maturity → Withdraw or Re-lock When the lock expires, your USUALx becomes liquid again. You can:
Withdraw (convert USUALx back to USUAL at the then-current, appreciated exchange rate), or
Re-lock for a new term.
Lock Durations and Revenue Boosts
USUALx can be locked for one of four fixed durations. Each duration applies a revenue boost that increases the position’s revenue-share weighting for weekly USD0 distributions:
1 month
Base level
3 months
Higher boost
6 months
Higher boost
12 months
Maximum boost
Important: Revenue boosts affect revenue-share weighting only. They do not change governance voting power, USUAL staking emission rates, or token supply mechanics.
Epoch Eligibility Rules
Eligibility is governed by strict epoch-based rules:
Full-epoch requirement: Your locked position must remain intact for the entire weekly epoch (Monday through Sunday UTC+0) to qualify.
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. The locked position must remain untouched for the full week to earn that week’s distribution.
Mid-epoch new locks: Locks created mid-epoch begin earning revenue distributions starting the following epoch.
Dual-Yield Structure
Locked USUALx positions can receive two yield streams at the same time:
USUAL staking emissions 22% of all daily USUAL emissions are distributed to all USUALx holders (both locked and unlocked). This value accrues through the appreciating USUALx-to-USUAL exchange rate. Post-disinflation, this corresponds to 301,203 USUAL/day (~22.3% of total daily emissions).
USD0 revenue distributions Weekly Revenue Switch payouts in USD0, available only to locked USUALx positions and weighted by lock duration (via the revenue boost).
Managing Multiple Positions
Users can manage multiple lock positions at the same time:
Multiple lock positions can be opened with different amounts and durations.
Each position is tracked independently, with its own maturity date and boost level.
Creating a new lock does not affect existing locks.
This enables lock “laddering” to balance liquidity and yield optimization.
Smart Contracts
USUALx
0x06B964d96f5dCF7Eae9d7C559B09EDCe244d4B8E
USUALx Lockup
0x85b6f9bddb10c6b320d07416a250f984f0f0e9ed
Procotole Revenue & Revenue Switch
Revenue Sources
Protocol revenue is generated from multiple sources:
T-Bill collateral yield
Primary source, yield from US Treasury Bills and repos backing USD0
Protocol fees
Fees from minting, redeeming, and other protocol operations
Fira lending fees
10 bps base borrowing fee
Revenue Distribution Flow
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