Introducing ustUSR++: The First Vault
The first Vault, ustUSR++, provides holders exposure to stUSR, Resolv’s staked USR.
Mechanism:
USD0++ is exchanged 1:1 for USD0.
USD0 is reinvested into stUSR.
Earnings:
stUSR yield from basis trading strategies.
Resolv points, providing additional incentives.
USUAL rewards, ensuring ecosystem alignment.
Withdrawals are processed in USD0++. The initial cap is set at $5M, increasing progressively based on demand.
How Earnings Work: A Triple Yield Mechanism
ustUSR++ maximizes returns by tapping into three distinct yield streams:
USUAL Yield
Depositing USD0++ into ustUSR++ does not impact USUAL rewards.
Users continue earning USUAL rewards as if they were holding USD0++.
stUSR Yield
stUSR accrues yield from basis trading strategies.
Yield is realized upon withdrawal, compounding automatically.
Resolv Points
Deposited funds earn Resolv points.
Vault accumulates points, with potential Resolv airdrops redistributed proportionally.
Fee Structure
Vaults incorporate two types of fees:
Base Fee (Up to 4%)
Applied only to stUSR performance.
Compensates Usual DAO for foregone risk-free yield when USD0++ is swapped.
Capped at 4%, decreasing if stUSR yield is below 4%.
Performance Fee (20% on Excess Yield)
Applied only if stUSR yield exceeds 4%.
Split as follows:
50% to 9Summits (curator).
50% to Usual DAO.
Win-Win Mechanism
Ensures Usual DAO sustains revenue streams.
USD0++ holders gain exposure to external assets without losing USUAL rewards.
Capital Efficiency: A Strategic Edge
ustUSR++ optimizes capital efficiency, particularly given secondary market conditions:
If USD0++ trades below $1 (e.g., $0.96), depositors still receive $1 worth of stUSR per USD0++.
This enables lower entry costs while maintaining full exposure, boosting yield without additional risk.
No leverage. No complexity. Just smart capital deployment within the Usual ecosystem.
Risk Isolation & Security
Vaults operate independently from USD0++’s core collateral, ensuring:
Funds in ustUSR++ are separate from USD0++ reserves.
Risks tied to stUSR remain siloed within the Vault.
Users are exposed solely to third-party risk inherent to the underlying protocol.
The Future of Vaults
ustUSR++ is the first step in unlocking high-yield DeFi strategies while maintaining deep integration within Usual. Future Vaults will:
Expand USD0++’s earning opportunities.
Seamlessly integrate with external protocols.
Generate sustainable revenue for Usual DAO.
FAQ
Q. Where can I track my accumulated Resolv points? Resolv points are recorded in the Vault backend infrastructure via a daily snapshot. They are not visible in the Usual interface but are fully accounted for within the Resolv ecosystem. They will be indirectly redistributed through the Vault infrastructure managed by Lagoon.
Q. Who handles the potential Resolv airdrop distribution? Lagoon oversees Vault infrastructure and will distribute any potential airdrop. Usual is not responsible for the airdrop distribution.
Q. What is Lagoon? Lagoon provides open infrastructure to launch, manage, and scale on-chain vaults, democratizing DeFi risk management.
Q. Will Vault depositors receive $USUAL rewards? Yes, ustUSR++ depositors earn $USUAL rewards, claimable in the Usual dApp’s “Earn” section.
Q. Why is there a base fee? The base fee compensates Usual DAO for lost T-bill yield when USD0++ is swapped for stUSR, maintaining the protocol’s revenue model.
Q. Does the base fee apply to my principal, USUAL rewards, or Resolv rewards? No, it only applies to stUSR yield. Principal, USUAL rewards, and Resolv points remain unaffected.
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