在其質押的穩定幣從 1 美元脫鉤後，Usual Protocol 回應了社區的強烈反對

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 Labs has adjusted the code governing USD0++, reducing its redemption value from $0.995 to a new minimum floor price of $0.87.

DeFi 穩定幣發行商 Usual Labs 調整了 USD0++ 的管理程式碼，將其贖回價值從 0.995 美元降低至新的最低底價 0.87 美元。

This change comes after USD0++, a token that can be staked to convert into USD0, a stablecoin pegged to the US dollar, dropped as low as $0.89 on Jan. 9.

這項變更是在 USD0++（一種可以質押兌換成與美元掛鉤的穩定幣 USD0）於 1 月 9 日跌至 0.89 美元之後發生的。

Following the introduction of a new floor price mechanism and exit options, USD0++ reached $0.92 on Monday.

在引入新的底價機制和退出選項後，USD0++ 週一達到 0.92 美元。

To address user concerns and stabilize the ecosystem, the Usual Protocol team has introduced several measures, including the early activation of a “revenue switch.”

為了解決用戶的擔憂並穩定生態系統，Usual Protocol團隊推出了多項措施，包括提前啟動「收入開關」。

Starting on Jan. 13, the revenue switch will allow Usual Protocol to share its earnings from real-world assets and protocol operations with its community, the team announced in a post on X.

該團隊在 X 上的一篇文章中宣布，從 1 月 13 日開始，收入轉換將允許 Usual Protocol 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 translates 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,” Usual Protocol posted on X.

「這項舉措旨在強調 USUAL 的有形價值、其經濟模式的平衡以及協議產生的收入，」Usual Protocol 在 X 上發布。

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。

Earlier on Friday, Usual Labs altered the code governing USD0++, reducing its redemption value from $0.995 to a new minimum floor price of $0.87.

週五早些時候，Usual Labs 更改了 USD0++ 的管理程式碼，將其贖回價值從 0.995 美元降低至新的最低底價 0.87 美元。

This change blindsided many investors and developers who operated under the assumption that USD0++ could always be redeemed one-to-one for USD0.

這項變更讓許多投資者和開發商措手不及，他們的假設是 USD0++ 總是可以一對一兌換為 USD0。

The update introduced dual exit mechanisms to align USD0++ with its vision of a bond-like financial instrument backed by real-world revenue streams.

此次更新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。

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.

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。

These 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 等平台上發生了數百萬美元的清算和流動性轉移。

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。

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。

Source: Stani Kulechov

資料來源：史丹庫勒喬夫

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。

He said, “USD0++ should likely have a discount,” adding that the change caught many off guard. “This was unexpected for many, so some protocols hardcoded price oracle for USD0++ to 1.0,” Egorov stated.

他表示，“USD0++ 應該會有折扣”，並補充說這一變化讓許多人措手不及。 「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.’ Where was the DAO vote? USUALx holders needed to vote on this,” Ignas pointed out.

「白皮書指出，‘DAO 保留設定此價格下限的權力，允許 USD0++ 持有者以低於標準 1:1 贖回比例的匯率將其代幣兌換成 USD0。’ DAO 投票在哪裡？ USUALx 持有者需要對此進行投票，」Ignas 指出。

Cointelegraph reached out to Usual Labs for comments but received no response before publication.

Cointelegraph聯繫了Usual Labs徵求意見，但在發布前沒有收到回應。