收益生成代币调整引发抛售后，常规协议面临社区强烈反对

Usual Protocol 是一种新兴的去中心化金融 (DeFi) 协议，在过去几个月中取得了显着增长，周五，该协议的收益生成代币的调整引发了二级市场的抛售，引发了社区的强烈反对。

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.

周五，由于对协议产生收益的代币进行调整，引发二级市场抛售，DeFi 协议 Usual 面临社区强烈反对。

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.

在这场动荡中，该协议的 USD0++ 代币（表示其 1 美元锚定的稳定币 USD0 的锁定或质押版本）在去中心化市场 Curve 上一度从 1 美元跌破 90 美分。协议治理代币 USUAL 全天暴跌 17%，随后收复了部分损失。

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.

这次抛售是由于该团队周四推出的 USD0++ 代币赎回机制的变化导致投资者和流动性提供者措手不及。

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.

按照设计，0 美元由短期政府证券支持，以将其价格保持在 1 美元。 Usual 的质押者会收到 USD0++，并附带四年的锁定期，这意味着投资者锁定了自己的资金，而无法赎回以协议的 USD0 和 USUAL 代币形式获得的奖励。流动性农民纷纷涌入，将协议锁定总价值（TVL）（一个关键的 DeFi 指标）从 10 月份的不到 3 亿美元猛增至本周早些时候的 18.7 亿美元。

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，名为“双路径退出”的新功能将允许投资者以 0.87 USD0 底价或平价提前赎回锁定的代币，方法是放弃部分赚取的奖励，称为 1:1 兑换率成问题。

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.

这一突然的实施招致了 DeFi 用户的批评，因为他们在没有警告的情况下改变了设计。在某些流动性池中，代币的价格被硬编码为 1 美元，这对借款人和流动性提供者造成了严重破坏。

"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 分析师 Ignas 在 X 帖子中表示：“他们是否只是允许 degens 以 1:1 的比例介入，然后拖累 USD0++？” “他们在 Curve 上力争建立最大的 USD0/USD0++ 资金池，因为他们很清楚 USD0++ 不应该以 1:1 的比例进行交易。”

"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 顾问帕特里克·麦肯齐 (Patrick McKenzie) 表示：“DeFi 不断了解有关挂钩的最重要事实：挂钩是一个关于为什么两种不同的事物可以互换的故事。”

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 团队在一份声明中表示，从 10 月份起就提前传达了早期取消质押机制的设计变更。该协议还将从周一开始激活收入开关，并开始将协议的收益分配给长期持有代币（USUALx）的治理代币持有者。

"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."

声明中写道：“目前关于 USD0++ 的情况源于对该协议机制的误解以及本应更好阐明的沟通。” “我们深表歉意，我们将继续尽力向用户传达透明的信息。”

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.

这一事件为加密货币投资者提供了关于通过代币激励和奖励飞轮以高收益吸引用户的 DeFi 产品潜在风险的又一课。

"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."

风险投资公司 Dragonfly 的普通合伙人 Rob Hadick 告诉 CoinDesk：“承担风险的用户需要知道确切的规则是什么，并能够相信这些规则不会改变，否则可能会导致市场恐慌。” “我们应该庆幸这件事现在发生了，在该协议成为更广泛的 DeFi 生态系统的风险之前。”

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.

尽管如此，Curve 池中的 USD0++ 最近的交易价格为 0.91 USD0，而该协议的锁定总价值（一个关键的 DeFi 指标）却跌破了 16 亿美元。