通常：伪装成 RWA 美国国债收益率的庞氏骗局

USUAL 共有 5 个代币，即： USUAL 团队实施的阴谋非常简单：我们创建了一个真实收益率（RWA）协议，将美国国债 4% 的稳定收益率带到链上，它是未经许可。

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协议本质上是一个庞氏骗局，利用美国国债的收益率来吸引投资者。它总共提供五种代币：

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

1. $USUAL：产生协议部分收入的治理代币。

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

2. USD0：与美元挂钩的稳定币。

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

3. USD0++：USD0的4年锁定版本，可产生70%的回报。

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

4. USUAL*：拥有USUALX所有权益以及额外福利的权益代币。

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

5. USD0-LP：Curve 上 USD0 的流动性提供者代币。

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.

该协议的策略是提供稳定的美国国债收益率，通常在 4% 左右，但无需许可。相比之下，其他 RWA 协议（例如 Ondo）需要 KYC 和至少 100,000 美元的投资才能获得这些收益。

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.

通过 USUAL，任何人都可以参与并通过简单地铸造 USD0-LP 代币来赚取 4% 的收益率。然而，为了迎合习惯于更高回报的加密货币玩家的口味，该协议引入了USD0++，提供70%的回报。这是吸引投资者的强大动力。

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%.

项目方毫无预兆地突然关闭了USD0++ 1:1赎回通道，让你只能以团队公布的底价0.87退出，这才暴露了项目方的阴谋。这实际上剥夺了 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.

在该协议的巅峰时期，其 TVL 达到近 20 亿美元，使其成为继 DAI 之后的第五大稳定币。那么，这个0.87的底价到底意味着什么呢？这意味着项目团队已经拿走了TVL的13%，价值接近2.6亿美元，并将其整合到协议中。

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!

根据该项目的描述，所有被盗资金将分配给USUAL的质押者USUALX。他们将在1月13日提前打开费用分配开关。本质上，质押USUAL的兄弟将分享美元收入+USUAL代币发行收入。这是一个出色的机制，矿币接收者同时为自己和 USD0++ 的持有者进行挖矿，而 USD0++ 的持有者则为普通矿币的接收者进行挖矿。两个群体本质上都是在互相挖掘，就像人类蜈蚣一样。俗话说，鹬蚌相争，渔翁得利！

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%.

没错，项目方才是保证赚钱的一方。因为还有一种代币叫USUAL*，它是散户投资者无法接触到的权益代币，仅供投资者和团队使用。它拥有USUALX享有的所有权益，也拥有USUALX不享有的权益。直接看关键部分，TEAM+USUAL LAB的份额超过60%，其中团队占多数，投资人占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

我们看一下USUAL*的功能： 1.铸币权，直接分享USUAL总量的10%，即4亿USUAL。 2. 50%的费用分配。刚才我们说了，项目方拿回了2.6亿USUAL，并以55-50的比例与USUALX持有者平分。 USUAL* 获得 1.3 亿，团队占 USUAL* 的 60%，因此团队获得了 7200 万美元，并且这还不包括 USUAL 治理代币的分配。另外，USUAL*的总量固定为3.6亿，不会像USUALX那样被稀释。 USUAL* 代币详细信息：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.

好吧，那么为什么项目方会毫无道德底线，选择直接抢钱呢？答案很简单：飞轮不能再转动，庞氏骗局也不能再维持。如果不采取任何措施，协议将陷入死亡螺旋。打开 $USUAL 的烛台图，你会发现它一直在下跌！因此，如果项目方不采取一些措施，USUAL将被开采并出售，APY将持续下降，TVL将跑掉，协议将不复存在。

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，项目团队采取了双管齐下的办法：开放利润分享，并对TVL征收13%的人头税。这种组合拳，首先维持TVL