收益生成代幣調整引發拋售後，常規協議面臨社群強烈反對

Usual Protocol 是一種新興的去中心化金融(DeFi) 協議，在過去幾個月中取得了顯著的增長，週五，該協議的收益生成代幣的調整引發了二級市場的拋售，引發了社區的強烈反對。

DeFi protocol Usual faced community backlash on Friday after a tweak in the protocol's yield-generating token triggered a sell-off on secondary markets.

週五，由於對協議產生收益的代幣進行調整，引發二級市場拋售，DeFi 協議 Usual 面臨社區強烈反對。

Among the turmoil, the protocol's USD0++ token, which denotes a locked-up – or staked – version of its $1-anchored stablecoin USD0, fell briefly below 90 cents from $1 on decentralized marketplace Curve. The protocols governance token, USUAL, plummeted as much as 17% through the day before recovering some of the losses.

在這場動盪中，該協議的 USD0++ 代幣（表示其 1 美元錨定的穩定幣 USD0 的鎖定或質押版本）在去中心化市場 Curve 上一度從 1 美元跌破 90 美分。協議治理代幣 USUAL 全天暴跌 17%，隨後收復了部分損失。

The selloff was caused by a change in the redemption mechanism of USD0++ token introduced by the team on Thursday that caught investors and liquidity providers off-guard.

這次拋售是由於該團隊週四推出的 USD0++ 代幣贖回機制的變化導致投資者和流動性提供者措手不及。

By design, USD0 is backed by short-term government securities to keep its price at $1. Stakers on Usual receive USD0++ that comes with a four-year lock-up period, meaning that investors are locking up their funds without being able to redeem in exchange for rewards earned in the form of the protocol's USD0 and USUAL tokens. Yield farmers rushed in, catapulting the protocols total value locked (TVL), a key DeFi metric, to $1.87 billion earlier this week from less than $300 million in October.

按照設計，USD0 由短期政府證券支持，以將其價格保持在 1 美元。 Usual 的質押者會收到 USD0++，並附帶四年的鎖定期，這意味著投資者鎖定了自己的資金，而無法贖回以協議的 USD0 和 USUAL 代幣形式獲得的獎勵。流動性農民紛紛湧入，將協議鎖定總價值（TVL）（一個關鍵的 DeFi 指標）從 10 月的不到 3 億美元猛增至本週稍早的 18.7 億美元。

However, the new feature called "dual-path exit" will allow investors to redeem the locked-up tokens early at a 0.87 USD0 floor price, or at par, by giving up a part of the rewards earned, calling the 1:1 exchange rate into question.

然而，名為「雙路徑退出」的新功能將允許投資者以 0.87 USD0 底價或平價提前贖回鎖定的代幣，方法是放棄部分賺取的獎勵，稱為 1:1 兌換率成問題。

The abrupt implementation drew criticism across DeFi users for changing the design without warning. In certain liquidity pools, the token's price was hardcoded to worth $1, causing havoc among borrowers and liquidity providers.

這一突然的實施招致了 DeFi 用戶的批評，因為他們在沒有警告的情況下改變了設計。在某些流動性池中，代幣的價格被硬編碼為 1 美元，這對借款人和流動性提供者造成了嚴重破壞。

"Did they just allow degens to jump in at 1:1 and then rug the USD0++?," prominent DeFi analyst Ignas said in an X post. "They pushed for the largest USD0/USD0++ pool on Curve knowing all well that USD0++ shouldn't trade at 1:1."

著名 DeFi 分析師 Ignas 在 X 帖子中表示：“他們是否只是允許 degens 以 1:1 的比例介入，然後壓制 0++ 美元？” “他們在 Curve 上力爭建立最大的 USD0/USD0++ 資金池，因為他們很清楚 USD0++ 不應該以 1:1 的比例進行交易。”

"DeFi continues learning the most important truth about pegs: a peg is a story about why two things that are not the same are interchangeable for each other," noted Patrick McKenzie, advisor to payments firm Stripe.

支付公司 Stripe 顧問 Patrick McKenzie 表示：“DeFi 不斷了解有關掛鉤的最重要事實：掛鉤是一個關於為什麼兩種不同的事物可以互換的故事。”

The Usual team said in a statement that the design change with the early unstaking mechanism was communicated in advance from October. The protocol will also activate the revenue switch starting on Monday and start distributing the protocol's earnings to governance token holders who stake their coin for longer-term (USUALx).

Usual 團隊在聲明中表示，從 10 月起就提前傳達了早期取消質押機制的設計變更。該協議還將從週一開始啟動收入開關，並開始將協議的收益分配給長期持有代幣（USUALx）的治理代幣持有者。

"The current situation regarding USD0++ stems from a misunderstanding of the protocol’s mechanisms along with a communication that should have been better articulated," the statement reads. "We apologize and we’ll continue to do our best to communicate transparent information to users."

聲明中寫道：“目前關於 USD0++ 的情況源於對該協議機制的誤解以及本應更好闡明的溝通。” “我們深表歉意，我們將繼續盡力向用戶傳達透明的信息。”

The episode is another lesson for crypto investors about the potential risks of DeFi products that entice users with high-yields via token incentives and rewards flywheels.

這一事件為加密貨幣投資者提供了透過代幣激勵和獎勵飛輪以高收益吸引用戶的 DeFi 產品潛在風險的另一課。

"Users who are taking risk need to know what the exact rules are and be able to trust that they won't change, otherwise it can result in market panic," Rob Hadick, general partner at venture capital firm Dragonfly, told CoinDesk. "We should be thankful this happened now, before the protocol became a risk to the broader DeFi ecosystem."

風險投資公司 Dragonfly 的普通合夥人 Rob Hadick 告訴 CoinDesk：“承擔風險的用戶需要知道確切的規則是什麼，並能夠相信這些規則不會改變，否則可能會導致市場恐慌。” “我們應該慶幸這件事現在發生了，在該協議成為更廣泛的 DeFi 生態系統的風險之前。”

Still, USD0++ traded recently at 0.91 USD0 in the Curve pool, while the protocol's total value locked, a key DeFi metric, dropped below $1.6 billion.

儘管如此，Curve 池中的 USD0++ 最近的交易價格為 0.91 USD0，而該協議的鎖定總價值（一個關鍵的 DeFi 指標）卻跌破了 16 億美元。