Usual 協議引入收益共享以穩定脫鉤的 USD0++ 穩定幣

去中心化金融 (DeFi) 穩定幣發行商 Usual Protocol 在其抵押的穩定幣 USD0++ 從 1 美元大幅貶值後，於 1 月 11 日星期五對社區的強烈反對做出了回應。

DeFi stablecoin issuer Usual Protocol has introduced a new “revenue switch” measure to stabilize the ecosystem and address user concerns following the sharp depeg of its staked stablecoin, USD0++, from $1.

DeFi 穩定幣發行商 Usual Protocol 推出了一項新的「收入轉換」措施，以穩定生態系統並解決用戶在其質押穩定幣 USD0++ 從 1 美元大幅脫鉤後的擔憂。

As reported by Blockworks on Friday, Jan. 11, USD0++ dropped as low as $0.89 on Friday morning before recovering to around $0.92. The stablecoin is designed to be pegged to USD0, a stablecoin pegged to the US dollar, and is supposed to be redeemable at a 1:1 ratio.

根據 Blockworks 1 月 11 日週五報道，週五上午 USD0++ 跌至 0.89 美元，隨後回升至 0.92 美元左右。該穩定幣設計為與USD0掛鉤，是與美元掛鉤的穩定幣，並且應該可以按1:1的比例贖回。

However, an update to the code earlier on Friday changed the redemption value from $0.995 to a new minimum floor price of $0.87. This change blindsided many investors and developers who relied on the assumption that USD0++ could always be redeemed one-to-one for USD0.

然而，週五早些時候對代碼的更新將兌換價值從 0.995 美元更改為新的最低底價 0.87 美元。這項變更讓許多投資者和開發商措手不及，他們相信 USD0++ 總是可以一對一兌換為 USD0。

The update also introduced dual exit mechanisms to align USD0++ with its vision of a bond-like financial instrument backed by real-world revenue streams. Users now have two options — a “conditional exit” for 1:1 redemption at the $1 peg, requiring forfeiture of accrued rewards, or an “unconditional exit” offering immediate cash-out at a floor price of $0.87, which will gradually rise to $1 over four years.

此次更新還引入了雙重退出機制，以使 USD0++ 與其由現實世界收入流支持的債券類金融工具的願景保持一致。用戶現在有兩種選擇——以 1 美元掛鉤進行 1:1 兌換的“有條件退出”，要求沒收應計獎勵；或者以 0.87 美元的底價立即兌現的“無條件退出”，該底價將逐漸升至四年1 美元。

The changes led to multimillion-dollar liquidations and liquidity shifts on platforms such as Curve Finance and Pendle.

這些變化導致 Curve Finance 和 Pendle 等平台上數百萬美元的清算和流動性轉移。

To address the situation, Usual Protocol's team has introduced a series of measures, including the early activation of the revenue switch, which was initially planned for later this year.

為了解決這個問題，Usual Protocol 團隊推出了一系列措施，包括提前啟動收入轉換，該轉換最初計劃於今年稍後進行。

Starting Jan. 13, Usual Protocol will share its earnings from real-world assets and protocol operations with its community, as stated in a post on X.

正如 X 上的一篇文章所述，從 1 月 13 日開始，Usual Protocol 將與其社區分享其來自現實世界資產和協議運營的收入。

The team projects approximately $5 million in monthly revenues, which would translate to an annual percentage return of more than 50% under current conditions. These distributions will occur weekly.

該團隊預計每月收入約為 500 萬美元，這意味著在當前條件下，年回報率將超過 50%。這些分發將每週進行一次。

“This initiative aims to highlight the tangible value of USUAL, the balance of its economic model, and the income generated by the protocol,” the post reads.

貼文寫道：“這一舉措旨在強調 USUAL 的有形價值、其經濟模式的平衡以及協議產生的收入。”

The team also confirmed that a “1:1 Early Unstaking” feature will be activated next week, allowing users to redeem their USD0++ at the $1 peg but requiring them to forfeit a portion of their accrued rewards as a penalty.

團隊還確認，「1:1 提前取消質押」功能將於下週激活，允許用戶以 1 美元掛鉤兌換 0 美元++，但要求他們放棄部分應計獎勵作為懲罰。

USD0, a stablecoin with a market capitalization of $1.57 billion, is pegged to the US dollar and fully backed by real-world assets such as US Treasury bills. Users can stake USD0 to convert it into USD0++, a bond-like token that locks funds for four years and generates yield in the protocol’s native token, USUAL.

USD0是一種市值15.7億美元的穩定幣，與美元掛鉤，並得到美國國庫券等現實世界資產的充分支持。用戶可以質押 USD0，將其轉換為 USD0++，這是一種類似債券的代幣，可以鎖定資金四年，並以協議的原生代幣 USUAL 產生收益。

Community members expressed dissatisfaction with the lack of communication and transparency regarding the update.

社區成員對更新方面缺乏溝通和透明度表示不滿。

Stani Kulechov, founder of DeFi platform Aave, criticized the update on X, calling it an example of how hardcoded and immutable price feeds can lead to problems.

DeFi 平台 Aave 的創始人 Stani Kulechov 批評了 X 的更新，稱其為硬編碼和不可變的價格反饋如何導致問題的一個例子。

“Another example of why hardcoded and immutable price feeds lead to problems,” Kulechov wrote.

「另一個例子說明了為什麼硬編碼和不可變的價格回饋會導致問題，」庫列喬夫寫道。

Michael Egorov, founder of Curve Finance, highlighted the underlying mechanics of USD0++, noting that its backing by 4-year Treasury bills makes a discount likely.

Curve Finance 創辦人 Michael Egorov 強調了 USD0++ 的基本機制，並指出其由 4 年期國庫券支持可能會帶來折扣。

“USD0++ should likely have a discount (4y TBill backing, making a discount likely),” Egorov said, adding that the change caught many off guard.

葉戈羅夫表示：「0 美元++ 應該可能會有折扣（4 年國庫券支持，因此可能會有折扣）。」他補充說，這一變化讓許多人措手不及。

“This was unexpected for many, so some protocols hardcoded price oracle for USD0++ to 1.0,” Egorov stated.

「這對許多人來說是出乎意料的，因此一些協議將 0++ 美元的價格預言機硬編碼為 1.0，」Egorov 表示。

Ignas, a DeFi researcher, questioned the governance process behind the update.

DeFi 研究人員 Ignas 對更新背後的治理流程提出了質疑。

“Whitepaper specifies that ‘the DAO reserves the authority to set this price floor, allowing USD0++ holders to exchange their tokens for USD0 at a rate below the standard 1:1 redemption ratio,'” Ignas said. “Where was the DAO vote? USUALx holders needed to vote on this.”

「白皮書指出，『DAO 保留設定此價格下限的權力，允許 0 美元++ 的持有者以低於標準 1:1 贖回比例的價格將其代幣兌換成 0 美元，』」Ignas 說。 “DAO 投票在哪裡？ USUALx 持有者需要對此進行投票。

Blockworks has reached out to Usual Labs for further comments but did not receive a response at press time.

Blockworks 已聯繫 Usual Labs 尋求進一步評論，但截至發稿時尚未收到回應。