Usual、Anzen、Resolv：揭開計息穩定幣協議的錨定機制

市場對去中心化穩定幣的渴望從未減弱。從DAI到UST，從背後的抵押品類型到錨定機制，去中心化穩定幣的發展經歷了多次迭代。

Stablecoins have become a battleground. Cryptocurrency has always been known to the outside world for its high volatility and the rapid rise and fall of tokens, which seems to have little to do with "stability". However, the development of decentralized finance (DeFi) has put forward higher requirements for the stability of tokens, especially the stability of large-value tokens, which is closely related to the development of decentralized stablecoins.

穩定幣已成為戰場。加密貨幣一直被外界認為波動性大、代幣漲跌快，似乎與「穩定」關係不大。然而，去中心化金融（DeFi）的發展對代幣的穩定性提出了更高的要求，尤其是大額代幣的穩定性，這與去中心化穩定幣的發展密切相關。

Stablecoins are mostly anchored to the US dollar, which can not only be used as chips to exchange for other tokens, but also be used for payment services and other functions. At present, the overall market value of this sector exceeds 200 billion US dollars, which is already a relatively mature sector in the crypto market.

穩定幣大多錨定美元，不僅可以作為兌換其他代幣的籌碼，還可以用於支付服務等功能。目前該板塊整體市值超過2000億美元，已經是加密市場中相對成熟的板塊。

However, the most common USDT and USDC on the market are both centralized institutions, and their combined market share is close to 90%. Other projects also want to grab a piece of this pie. For example, Web 2 payment giant PayPal launched its own stablecoin pyUSD in 2023 to take a position in advance; recently, XRP's parent company Ripple also issued RLUSD in an attempt to challenge the stablecoin market.

但市面上最常見的USDT和USDC都是中心化機構，合計市佔率接近90%。其他項目也想分一杯羹。例如，Web 2支付巨頭PayPal在2023年推出了自己的穩定幣pyUSD，提前佔有一席之地；近期，XRP的母公司Ripple也發行了RLUSD，試圖挑戰穩定幣市場。

The above two cases are more about payment services using stablecoins, most of which are backed by US dollars or short-term government bonds as collateral. Decentralized stablecoins place more emphasis on yield, anchoring mechanism, and composability with DeFi.

上述兩個案例更多的是使用穩定幣的支付服務，其中大部分以美元或短期政府債券作為抵押品。去中心化穩定幣更注重收益率、錨定機制以及與 DeFi 的可組合性。

The market's desire for decentralized stablecoins has never diminished. From DAI to UST, from the types of collateral behind it to the anchoring mechanism, the development of decentralized stablecoins has gone through several iterations. The USDe, which was pioneered by Ethena and uses futures arbitrage + staking to generate income, opened up users' imagination of interest-bearing stablecoins. The market value of USDe stablecoin is also the third in the market, reaching US$5.9 billion. Recently, Ethena and BlackRock have cooperated to launch the USDtb stablecoin with income provided by RWA. This product avoids the risk of negative funding rates and can generate stable interest regardless of bull or bear markets, complementing the overall product line and making Ethena the focus of market attention.

市場對去中心化穩定幣的渴望從未減弱。從DAI到UST，從背後的抵押品類型到錨定機制，去中心化穩定幣的發展經歷了多次迭代。 Ethena首創的利用期貨套利+質押創收的USDe，開啟了用戶對生息穩定幣的想像。 USDe穩定幣市值也位居市場第三，達到59億美元。近期，Ethena 與 BlackRock 合作推出 USDtb 穩定幣，收益由 RWA 提供。該產品避免了負資金利率風險，無論多頭市場或熊市都能產生穩定的利息，補充了整體產品線，使Ethena成為市場關注的焦點。

In view of the success of Ethena, more and more interest-bearing stablecoin protocols have emerged in the market, such as Usual, which recently announced a partnership with Ethena; Anzen, which is built on the Base ecosystem; and Resolv, which uses ETH as collateral. What are the anchoring mechanisms of these three protocols? Where do the revenue sources behind them come from? Let WOO X Research show you.

鑑於 Ethena 的成功，市場上出現了越來越多的計息穩定幣協議，例如最近宣布與 Ethena 合作的 Usual； Anzen，建立在Base生態系統之上； Resolv，使用 ETH 作為抵押品。這三種協議的錨定機制是什麼？他們背後的收入來源又是從何而來？讓 WOO X Research 向您展示。

Usual: Strong team background and Ponzi-like token design

通常：強大的團隊背景和龐氏騙局的代幣設計

Usual is an RWA interest-bearing stablecoin. The interest-bearing assets behind it are short-term government bonds, and the stablecoin is USD0. After staking USD0, you will get USD0++, and $USUAL is used as a staking reward. They believe that the current stablecoin issuers are too centralized, just like traditional banks, and rarely distribute value to users. USUAL will make users the same owners of the project, and 90% of the value generated will be returned to users.

Usual 是一種 RWA 計息穩定幣。背後的生息資產是短期國債，穩定幣是0美元。質押USD0後，您將獲得USD0++，$USUAL作為質押獎勵。他們認為，目前的穩定幣發行機構過於中心化，就像傳統銀行一樣，很少向用戶分配價值。 USUAL將使用戶成為專案的同一所有者，產生的價值90%將返還給用戶。

In terms of the project's background, CEO Pierre Person was a member of the French Parliament and a political advisor to French President Emmanuel Macron. Yoko, an executive in Asia, was a fundraiser for the former French presidential election. The project has good political and business relations in France, and the most important thing about RWA is to transfer physical assets to the chain. Supervision and government support are the key to the success of the project. Obviously, USUAL has good political and business relations, which is also a strong moat for the project.

從計畫背景來看，執行長皮埃爾·珀森(Pierre Person)曾是法國國會議員、法國總統馬克宏的政治顧問。洋子是亞洲的高階主管，曾為法國前總統選舉募款。該計畫在法國有良好的政商關係，RWA最重要的就是將實體資產轉移到鏈上。監督和政府支持是專案成功的關鍵。顯然，USUAL擁有良好的政治和商業關係，這也是該計畫的強大護城河。

Back to the project mechanism itself, the USUAL token economics has Ponzi properties. It is not just a mining coin and has no fixed issuance volume. The issuance of USUAL is linked to the TVL of the staked USD0 (USD0++), which is an inflation model. However, the issuance volume will vary according to the "income growth" of the protocol, strictly ensuring that the inflation rate < the protocol growth rate.

回到專案機製本身，通常的通證經濟具有龐氏性質。它不僅僅是礦幣，也沒有固定的發行量。 USUAL的發行與質押的USD0（USD0++）的TVL掛鉤，這是一種通貨膨脹模型。但發行量會根據協議的「收入成長」而變化，嚴格保證通膨率<協議成長率。

Every time USD0++ bond tokens are minted, a corresponding proportion of $USUAL will be generated and released to all parties. The minting rate will be the highest at the beginning after TGE, and it is a gradually declining exponential curve. The purpose is to reward early participants and create token scarcity in the later stage, thereby driving up the intrinsic value of tokens.

每次鑄造 USD0++ 債券代幣時，都會產生相應比例的 $USUAL 並釋放給各方。 TGE後初期鑄幣率最高，呈現逐漸下降的指數曲線。目的是獎勵早期參與者，並在後期創造代幣稀缺性，從而推高代幣的內在價值。

Simply put, the higher the TVL, the less USUAL is emitted and the higher the value of a single USUAL.

簡單來說，TVL 越高，發出的 USUAL 越少，單一 USUAL 的價值就越高。

The higher the USUAL price is -> more incentives to stake USD0 -> higher TVL -> lower USUAL emissions -> higher USUAL price

USUAL 價格越高 -> 質押 0 美元的激勵越多 -> TVL 越高 -> USUAL 排放量越低 -> USUAL 價格越高

USD0's market value increased by 6.6% in the past week, reaching 1.4 billion US dollars

USD0市值近一週上漲6.6%，達14億美元