秘USUAL(USUAL)高額質押收益率數位魔術

SUAL(USUAL)是一款近期表現亮眼的新型穩定幣，除了幣價漲幅較大之外，USUAL官方質押通道所呈現的驚人收益率也吸引了不少用戶的目光。

Usual (USUAL), a new stablecoin, has recently seen strong performance. While the price of the coin has seen sharp increases, the incredible yields offered by USUAL's official staking channels have also garnered attention from many users.

新型穩定幣Usual（USUAL）近期表現強勁。在幣價大幅上漲的同時，USUAL官方質押管道提供的令人難以置信的收益也吸引了許多用戶的注意。

As shown in the image below, information on Usual's official website indicates that the current real-time APY for staking USUAL is as high as 22037%.

如下圖所示，Usual官網資訊顯示，目前質押USUAL的即時APY高達22037%。

Odaily Note: Staking USUAL can unlock governance rights and obtain 10% of newly issued USUAL, which is also the source of USUAL staking income.

Odaily註：質押USUAL可以解鎖治理權，取得新發行的USUAL的10%，這也是USUAL質押收入的來源。

Upon clicking on the staking homepage and entering the pre-deposited USUAL amount, the calculation simulation result is exaggerated and more intuitive - assuming that 10,000 USUAL are pledged, it is expected that 2,203,752 USUAL can be obtained in a year, and 6,037 USUAL can be obtained every day...

點擊質押主頁，輸入預存USUAL數量，計算模擬結果誇張且更直觀——假設質押10,000 USUAL，預計一年可獲得2,203,752 USUAL，可獲得6,037 USUAL每天都獲得...

When many users first see these numbers, their reaction is "Isn't this just picking up money?" But is this really the case? In the following, we will reveal the magic of USUAL's staking yield numbers through a series of calculations.

當許多用戶第一次看到這些數字時，他們的反應是“這不是撿錢嗎？”但事實真的是這樣嗎？下面我們將透過一系列的計算來揭示USUAL質押收益率數字的神奇之處。

APR vs APY

年利率與年利率

Older DeFi players may be more aware that although APR and APY, two seemingly similar indicators, are often used to measure the returns of cryptocurrency investments, the actual impact on returns is very different.

老牌 DeFi 玩家可能更清楚，雖然 APR 和 APY 這兩個看似相似的指標經常被用來衡量加密貨幣投資的回報，但實際上對回報的影響卻截然不同。

In short, APR does not take into account the effects of compound interest, while APY does incorporate the effects of compound interest into its calculations, often resulting in APY returns often appearing to be higher.

簡而言之，APR 沒有考慮複利的影響，而 APY 確實將複利的影響納入其計算中，往往導致 APY 回報往往顯得更高。

For example, if you deposit $1,000 into a pool with an APR of 100%, then at the end of one year your principal plus earnings will be $2,000; but assuming that the pool uses a daily compounding mechanism, that is, the interest is calculated and reinvested every day, then at the end of one year your principal plus earnings will be approximately $2,718, corresponding to an APY of 171.8%.

例如，如果您將 1,000 美元存入年利率為 100% 的資金池，那麼一年結束時您的本金加收益將為 2,000 美元；但假設資金池採用每日複利機制，即每天計算利息並進行再投資，那麼一年結束時您的本金加收益將約為 2,718 美元，對應年利率為 171.8%。

The conversion between APR and APY can be calculated based on the following consensus, where n is the compounding frequency. If daily compounding is adopted over a one-year period, n is 365.

APR和APY之間的換算可以根據以下共識進行計算，其中n是複利頻率。如果在一年內採用每日複利，則 n 為 365。

APY = (1 + APR/n)^n - 1

Usual's math magic

平常的數學魔法

Back to the USUAL staking scenario, the 22037% here is the APY income, and the official clearly mentioned that it will be automatically compounded every day.

回到平常的質押場景，這裡的22037%就是APY收益，官方明確提到每天會自動複利。

According to the formula in the image above, APY is 22037%, n is 365, and the APR calculation result is 543.65%, corresponding to a daily yield of approximately 1.49%.

根據上圖的公式，APY為22037%，n為365，APR計算結果為543.65%，對應日收益率約為1.49%。

Some friends may ask, USUAL's pledge mechanism clearly provides a daily compounding mechanism, why should it be ignored? The reason is that under the compounding model, daily income will gradually increase as the timeline lengthens, and when evaluating short-term income, the APR number is actually more reliable.

有的朋友可能會問，USUAL的質押機制明明提供了每日複利機制，為什麼要忽略呢？原因是，在複利模型下，每日收入會隨著時間軸的拉長而逐漸增加，而在評估短期收入時，APR數字實際上更可靠。

Let’s take the example mentioned in the previous article, “Assuming 10,000 USUALs are pledged, it is expected that 6,037 USUALs can be obtained every day within one year”.

就拿上一篇文章中提到的例子來說，「假設質押10,000 USUAL，預計一年內每天可以獲得6,037 USUAL」。

If the deposit is really made for a full year, the calculation result is indeed valid if the income situation remains unchanged. However, in reality, after the user pledges 10,000 USUAL, he will not receive 6,037 USUAL in equal amounts every day.

如果存款確實是全年的，在收入狀況不變的情況下，計算結果確實有效。但實際上，用戶質押 10,000 USUAL 後，每天並不會等量收到 6,037 USUAL。

The reality is that after a user stakes 10,000 USUAL, he will only receive about 149 USUAL on the first day (daily yield of 1.49%), and the daily income will gradually increase with compound interest, because the pledged principal will continue to grow with the reinvestment, and the number 6037 is only the daily average over a one-year cycle - note that all of this is based on the premise that the income situation remains unchanged.

實際情況是，用戶質押10,000 USUAL 後，第一天只能收到149 USUAL 左右（日收益率1.49%），每天的收益會隨著複利逐漸增加，因為質押的本金會隨著收益的增加而不斷成長。

Potential risks

潛在風險

Putting aside users who make long-term pledges for other reasons, if you rush to buy coins and pledge just because of the high interest rate of 22037%, please be sure to understand the following risks.

撇開其他原因長期質押的用戶不談，如果您只是因為22037%的高利率而急於買幣質押，請務必了解以下風險。

Eliminate the risk of pledge wear and tear

消除質押磨損風險

It is worth mentioning that USUAL’s unstaking requires a mandatory 10% fee, which means that based on a daily yield of 1.49%, it will take at least a week for users to recover the 10% unstaking cost after staking.

值得一提的是，USUAL的解押需要強制收取10%的費用，這意味著按照每日1.49%的收益率計算，用戶押注後至少需要一周時間才能收回10%的解押成本。

Risk of increasing pledge scale

質押規模增加的風險

The scale of USUAL staking may further expand, thereby diluting the yield.

USUAL質押規模可能進一步擴大，從而稀釋收益。

The current scale

目前規模