USUALx is the transferable ERC-20 token that represents staked USUAL in the Usual Protocol. Staking is the base layer of the protocol’s participation stack: it provides access to governance, earns a share of the protocol’s daily USUAL emissions, and is the prerequisite for unlocking protocol revenue through the Locking Module.
When you deposit USUAL into the staking contract, you receive USUALx at the current exchange rate. Over time, the USUALx ↔ USUAL exchange rate increases as staking rewards accrue. As a result, each USUALx becomes redeemable for more USUAL over time—no manual claiming is required.
Stake: USUAL → USUALx (at current exchange rate)
Unstake: USUALx → USUAL (at appreciated exchange rate) - 10% feesStake USUAL → receive USUALx, a transferable representation of your staked position.
USUALx holders receive 22% of all daily USUAL emissions, distributed proportionally across USUALx supply.
Stake or unstake at any time—basic staking has no mandatory lock-up.
The DAO apply an unstaking fee (currently 10%), of which ⅓ is redistributed to remaining stakers.
Only locked USUALx earns protocol revenue via the Revenue Switch.
Staking is the required foundation for participating in the Locking Module and revenue share.
Stakers collectively receive 22% of all USUAL tokens issued each day. This allocation serves as an anti-dilution mechanism, helping stakers hedge against the inflationary effects of broader USUAL distribution.
Following the November 2025 disinflation shock, daily emissions were reduced by approximately 50.7% (from ~2.74M to ~1.35M USUAL/day). While the nominal amount flowing to USUALx remained constant at 301,203 USUAL/day, the staking share of total emissions increased from 11% to 22.31%, giving stakers a proportionally larger share of the reduced supply.
The DAO can set an unstaking fee on withdrawals from USUALx back to USUAL. The fee is currently 10% and is distributed as follows:
Remaining USUALx stakers
⅓ (33.3%)
USUAL insiders
⅓ (33.3%)
DAO treasury / protocol
⅓ (33.3%)
This fee structure discourages short-term speculative behavior while rewarding long-term participants. In 2025, approximately $400,000 was collected from unstaking fees.
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