通常：去中心化穩定幣的新時代

Usual為穩定幣提供了一個新思路：重新分配價值和權力，讓用戶真正成為系統的主人。

From November 11 to 19, Usual’s governance token $USUAL achieved an astonishing increase from $0.2 to $1.3, an increase of more than 500% in just nine days.

11月11日至19日，Usual的治理代幣$USUAL實現了從0.2美元到1.3美元的驚人漲幅，短短9天內漲幅超過500%。

Tether and Circle earned more than $10 billion in 2023, with a valuation of over $200 billion, but this wealth has nothing to do with users - their model is to privatize the profits of user deposits while transferring risks to society. Such a mechanism is exactly the same as the problems of traditional banking, and completely deviates from the original intention of decentralized finance.

Tether 和 Circle 在 2023 年賺取了超過 100 億美元，估值超過 2000 億美元，但這筆財富與用戶無關——他們的模式是將用戶存款的利潤私有化，同時將風險轉移給社會。這樣的機制與傳統銀行的問題如出一轍，完全背離了去中心化金融的初衷。

Usual provides a new idea for stablecoins: redistributing value and power so that users can truly become the masters of the system. Through governance tokens, Usual returns all the benefits and decision-making power generated by the protocol to the community, allowing every participant to share the dividends of ecological growth.

Usual為穩定幣提供了一個新思路：重新分配價值和權力，讓用戶真正成為系統的主人。透過治理代幣，Usual將協議產生的所有收益和決策權返還給社區，讓每位參與者分享生態成長的紅利。

In a market dominated by centralized giants, Usual attempts to break the status quo and create a fairer and more transparent financial system for users through DeFi.

在由中心化巨頭主導的市場中，Usual試圖打破現狀，透過DeFi為用戶創造一個更公平、更透明的金融體系。

What is Usual?

什麼是平常？

USUALLY is a fiat stablecoin issuer. Unlike Tether and Circle, it is a decentralized issuer rather than a highly centralized one . The recently popular $USUAL is a token they issued for redistributing ownership and governance .

通常是法定穩定幣發行人。與 Tether 和 Circle 不同，它是一個去中心化的發行者，而不是高度中心化的發行者。最近流行的$USUAL是他們為了重新分配所有權和治理而發行的代幣。

USUALLY first appeared in people's vision at the beginning of this year. In April, it completed a US$7 million financing led by IOSG Ventures; in June, it released its own protocol Usual Protocol; in July, Usual was launched on the mainnet; on November 19, the $USUAL token was officially launched, and on December 23, Usual completed another US$10 million Series A financing.

通常在今年年初首次出現在人們的視野中。 4月，完成IOSG Ventures領投的700萬美元融資； 6月，發布了自己的協議Usual Protocol； 7月，Usual主網上線； 11月19日，$USUAL代幣正式上線，12月23日，Usual又完成1000萬美元A輪融資。

Why choose decentralization?

為什麼選擇去中心化？

Now, the stablecoin market has exceeded $100 billion, but its value is mainly concentrated in the hands of centralized giants such as Tether and Circle, and ordinary users can hardly benefit from it. This centralized model not only deprives users of their right to profit, but also limits the development of stablecoins to the control of a few institutions.

現在，穩定幣市場已突破千億美元，但其價值主要集中在Tether、Circle等中心化巨頭手中，普通用戶很難從中受益。這種中心化的模式不僅剝奪了用戶的獲利權，也將穩定幣的發展限制在少數機構的控制之下。

Usual has proposed a new solution to this market pain point: empowering users through decentralization and making them core participants in protocol infrastructure, funding, and governance, thereby breaking the monopoly of traditional stablecoins.

針對這個市場痛點，Usual提出了新的解決方案：透過去中心化為用戶賦能，使他們成為協議基礎設施、融資和治理的核心參與者，從而打破傳統穩定幣的壟斷。

Usual's governance token $USUAL achieves 100% redistribution of value and control, ensuring that community users have the dominant position. By distributing governance tokens, the protocol returns revenue to users and third parties who contribute value, which not only optimizes the financial incentive mechanism, but also gives ecosystem participants more power and voice. Compared with the traditional model, Usual's decentralized design rewards early contributors and coordinates the interests of all stakeholders, making the protocol more dynamic and inclusive.

Usual的治理代幣$USUAL實現了價值和控制權100%的重新分配，確保社群用戶擁有主導地位。協議透過分配治理代幣，將收益回饋給貢獻價值的用戶和第三方，不僅優化了財務激勵機制，也賦予了生態系統參與者更多的權力和話語權。與傳統模式相比，Usual的去中心化設計對早期貢獻者進行獎勵，協調所有利益相關者的利益，使協議更具活力和包容性。

Currently, stablecoin issuers in the market can be roughly divided into three categories:

目前，市場上的穩定幣發行機構大致可分為三類：

USUAL's three core products

USUAL的三大核心產品

Usual's core products include: USD0, USD0++ and USUAL governance tokens. These three together constitute the core ecosystem of Usual.

Usual的核心產品包括：USD0、USD0++和USUAL治理代幣。這三者共同構成​​了Usual的核心生態系。

USD0

0美元

USD0 is the first Liquidity Deposit Token (LDT) launched by Usual Protocol. It is backed 1:1 by real-world assets (RWA) such as U.S. Treasury bills, ensuring its extremely high stability and security. USD0 is not only a stablecoin pegged to the US dollar, but also a permissionless, composable asset that can be seamlessly integrated into the DeFi ecosystem. Through USD0, Usual enables users to make payments, transactions, and mortgage operations more securely while ensuring security that is not associated with traditional bank deposits.

USD0是Usual Protocol推出的第一個流動性存款代幣（LDT）。它由美國國庫券等現實世界資產（RWA）1:1支持，保證了其極高的穩定性和安全性。 USD0不僅是與美元掛鉤的穩定幣，而且是一種無需許可、可組合的資產，可以無縫整合到 DeFi 生態系統中。透過USD0，Usual使用戶能夠更安全地進行支付、交易和抵押操作，同時確保傳統銀行存款所不具備的安全性。

USD0++

0美元++

USD0++ is a staking version of USD0 and can also be considered a Liquidity Deposit Token (LST). Users can stake USD0++ as a 4-year bond in exchange for $USUAL tokens as a yield reward. USD0++ maintains the stability of USD0 while enabling users to obtain the benefits of the protocol through a decentralized revenue distribution mechanism. In addition, USD0++ also has high liquidity and composability, and can be widely used in DeFi protocols, providing holders with higher income potential.

USD0++ 是 USD0 的質押版本，也可以被視為流動性存款代幣（LST）。用戶可以質押 USD0++ 作為 4 年期債券，以換取 $USUAL 代幣作為收益獎勵。 USD0++維持了USD0的穩定性，同時使用戶能夠透過去中心化的收益分配機制獲得協議的效益。此外，USD0++還具有較高的流動性和可組合性，可廣泛應用於DeFi協定中，為持有者提供更高的收入潛力。

USUAL Governance Token

通常的治理代幣

The USUAL governance token is the core of the entire Usual Protocol, which gives holders decision-making and governance rights in the protocol. Through a decentralized governance mechanism, the USUAL token allows users to not only participate in the management of the protocol, but also gain actual benefits from the growth and benefits of the protocol. 90% of USUAL tokens will be allocated to the community, and only 10% will be left for the protocol team and investors, which ensures the dominance of the community and encourages more users to participate in the construction and development of the protocol.

USUAL治理代幣是整個Usual協議的核心，賦予持有者在協議中的決策權和治理權。透過去中心化的治理機制，USUAL代幣讓用戶不僅可以參與協議的管理，還可以從協議的成長和收益中獲得實際的收益。 90%的USUAL代幣將分配給社區，僅剩下10%留給協議團隊和投資者，保證了社區的主導地位，鼓勵更多用戶參與協議的建設和發展。

Through these three core products, Usual not only provides stability and returns, but also ensures user control and value distribution in the protocol through a decentralized mechanism.

透過這三個核心產品，Usual不僅提供了穩定性和回報，還透過去中心化的機制保證了使用者對協議的控制和價值分配。

USUAL Token Economics

通常的代幣經濟學