通常：偽裝成 RWA 美國公債殖利率的龐氏騙局

USUAL 共有 5 個代幣，即： USUAL 團隊實施的陰謀非常簡單：我們創建了一個真實收益率（RWA）協議，將美國國債 4% 的穩定收益率帶到鏈上，它是未經許可。

The USUAL protocol is essentially a Ponzi scheme that uses the yields of US Treasury bonds to attract investors. It offers five tokens in total:

USUAL協議本質上是一個龐氏騙局，利用美國國債的收益率來吸引投資者。它總共提供五種代幣：

1. $USUAL: The governance token that accrues a portion of the protocol's revenue.

1. $USUAL：產生協議部分收入的治理代幣。

2. USD0: A stablecoin pegged to the US dollar.

2. USD0：與美元掛鉤的穩定幣。

3. USD0++: A 4-year locked version of USD0 that generates a 70% return.

3. USD0++：USD0的4年鎖定版本，可產生70%的回報。

4. USUAL*: An equity token with all the rights and interests of USUALX, plus additional benefits.

4. USUAL*：擁有USUALX所有權益以及額外福利的權益代幣。

5. USD0-LP: A liquidity provider token for USD0 on Curve.

5. USD0-LP：Curve 上 USD0 的流動性提供者代幣。

The protocol's strategy is to offer the stable yields of US Treasury bonds, which are typically around 4%, but making them permissionless. In contrast, other RWA protocols, such as Ondo, require KYC and a minimum investment of $100,000 to access these yields.

該協議的策略是提供穩定的美國公債殖利率，通常在 4% 左右，但無需許可。相比之下，其他 RWA 協議（例如 Ondo）需要 KYC 和至少 100,000 美元的投資才能獲得這些收益。

With USUAL, anyone can participate and earn the 4% yield by simply minting USD0-LP tokens. However, to cater to the tastes of cryptocurrency players who are accustomed to higher returns, the protocol introduces USD0++, which offers a 70% return. This serves as a powerful incentive to attract investors.

透過 USUAL，任何人都可以參與並透過簡單地鑄造 USD0-LP 代幣來賺取 4% 的收益率。然而，為了迎合習慣於更高回報的加密貨幣玩家的口味，該協議引入了USD0++，提供70%的回報。這是吸引投資者的強大動力。

The project team's conspiracy becomes evident when they suddenly close the USD0++ 1:1 redemption channel without warning, leaving you with the only option to exit at the floor price of 0.87 announced by the team. This effectively robs holders of 13%.

專案方毫無預警地突然關閉了USD0++ 1:1贖回通道，讓你只能以團隊公佈的底價0.87退出，這才暴露了專案方的陰謀。這實際上剝奪了 13% 的持有人。

At the protocol's peak, its TVL reached nearly $2 billion, making it the fifth largest stablecoin after DAI. So, what does this 0.87 floor price really mean? It signifies that the project team has taken 13% of the TVL, which amounts to close to $260 million, and integrated it into the protocol.

在該協議的巔峰時期，其 TVL 達到近 20 億美元，使其成為 DAI 之後的第五大穩定幣。那麼，這個0.87的底價到底代表什麼呢？這意味著專案團隊已經拿走了TVL的13%，價值接近2.6億美元，並將其整合到協議中。

According to the project's description, all the stolen money will be distributed to USUAL's pledger USUALX. They will turn on the fee distribution switch in advance on January 13. In essence, the brothers who pledged USUAL will share the US dollar income + USUAL token emission income. It's a brilliant mechanism where the mining coin receiver mines themselves and the holders of USD0++ at the same time, while the holders of USD0++ mine the receivers of the USUAL mining coin. Both groups are essentially digging at each other, like the human centipede. And as the saying goes, when the snipe and the clam fight, the fisherman benefits!

根據該項目的描述，所有被盜資金將分配給USUAL的質押者USUALX。他們將在1月13日提前打開費用分配開關。這是一個優秀的機制，礦幣接收者同時為自己和 USD0++ 的持有者進行挖礦，而 USD0++ 的持有者則為普通礦幣的接收者進行挖礦。兩個群體本質上都是在互相挖掘，就像人類蜈蚣一樣。俗話說，鷸蚌相爭，漁翁得利！

That's right, the project side is the one who is guaranteed to make money. Because there is another token called USUAL*, which is an equity token that retail investors cannot access and is only for investors and teams. It has all the rights and interests that USUALX enjoys, and it also has the rights and interests that USUALX does not enjoy. Looking directly at the key part, the share of TEAM+USUAL LAB exceeds 60%, with the team accounting for the majority and investors accounting for 40%.

沒錯，專案方才是保證賺錢的一方。因為還有一種代幣叫做USUAL*，它是散戶無法接觸到的權益代幣，僅供投資人和團隊使用。它擁有USUALX所享有的所有權益，也擁有USUALX所不享有的權益。直接看關鍵部分，TEAM+USUAL LAB的份額超過60%，其中團隊佔多數，投資人佔40%。

Let’s look at the functions of USUAL*: 1. Seigniorage rights, directly share 10% of the total USUAL, which is 400 million USUAL. 2. 50% of the fee distribution. We just said that the project team got 260 million USUAL back, and they divided the spoils with USUALX holders 55-50. USUAL* gets 130 million, and the team accounts for 60% of USUAL*, so the team has earned 72 million US dollars, and this does not include the distribution of USUAL governance tokens. In addition, the total amount of USUAL* is fixed at 360 million, and it will not be diluted like USUALX. USUAL* token details: https://usualmoney.notion.site/USUAL-Recap-13eab2a39ead804e8f1aeca1c75b85bd

我們來看看USUAL*的功能： 1.鑄幣權，直接分享USUAL總量的10%，即4億USUAL。 2. 50%的費用分配。剛才我們說了，專案方拿回了2.6億USUAL，並以55-50的比例與USUALX持有者平分。 USUAL* 獲得 1.3 億，團隊佔 USUAL* 的 60%，因此團隊獲得了 7,200 萬美元，而這還不包括 USUAL 治理代幣的分配。另外，USUAL*的總量固定為3.6億，不會像USUALX那樣被稀釋。 USUAL* 代幣詳細資料：https://usualmoney.notion.site/USUAL-Recap-13eab2a39ead804e8f1aeca1c75b85bd

OK, so why do the project owners have no moral bottom line and choose to rob money directly? The answer is simple: the flywheel can no longer rotate, and the Ponzi scheme can no longer be maintained. If nothing is done, the protocol will go into a death spiral. Pull open the candlestick chart of $USUAL and see that it keeps falling! Therefore, if the project owners do not take some measures, USUAL will be mined and sold, APY will continue to fall, TVL will run away, and the protocol will no longer exist.

OK，那麼為什麼專案方會毫無道德底線，選擇直接搶錢呢？答案很簡單：飛輪不能再轉動，龐氏騙局也不能再維持。如果不採取任何措施，協議將陷入死亡螺旋。打開 $USUAL 的燭台圖，你會發現它一直在下跌！因此，如果專案方不採取一些措施，USUAL將被開採並出售，APY將持續下降，TVL將跑掉，協議將不復存在。

Therefore, the project team took a two-pronged approach: opening profit sharing and imposing a 13% head tax on TVL. This combination of punches, first, maintained TVL

因此，專案團隊採取了雙管齊下的辦法：開放利潤分享，並對TVL徵收13%的人頭稅。這種組合拳，首先維持TVL