Usual 协议引入收益共享以稳定脱钩的 USD0++ 稳定币

去中心化金融 (DeFi) 稳定币发行商 Usual Protocol 在其抵押的稳定币 USD0++ 从 1 美元大幅贬值后，于 1 月 11 日星期五对社区的强烈反对做出了回应。

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 稳定币发行商 Usual Protocol 推出了一项新的“收入转换”措施，以稳定生态系统并解决用户在其质押稳定币 USD0++ 从 1 美元大幅脱钩后的担忧。

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.

据 Blockworks 1 月 11 日周五报道，周五上午 USD0++ 跌至 0.89 美元，随后回升至 0.92 美元左右。该稳定币设计为与USD0挂钩，是与美元挂钩的稳定币，并且应该可以按1:1的比例赎回。

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，周五早些时候对代码的更新将兑换价值从 0.995 美元更改为新的最低底价 0.87 美元。这一变化让许多投资者和开发商措手不及，他们相信 USD0++ 总是可以一对一兑换为 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.

此次更新还引入了双重退出机制，以使 USD0++ 与其由现实世界收入流支持的债券类金融工具的愿景保持一致。用户现在有两种选择——以 1 美元挂钩进行 1:1 兑换的“有条件退出”，要求没收应计奖励；或者以 0.87 美元的底价立即兑现的“无条件退出”，该底价将逐渐升至四年 1 美元。

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

这些变化导致 Curve Finance 和 Pendle 等平台上数百万美元的清算和流动性转移。

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.

为了解决这一问题，Usual Protocol 团队推出了一系列措施，包括提前启动收入转换，该转换最初计划于今年晚些时候进行。

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，从 1 月 13 日开始，Usual Protocol 将与其社区分享其来自现实世界资产和协议运营的收入。

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.

该团队预计每月收入约为 500 万美元，这意味着在当前条件下，年回报率将超过 50%。这些分发将每周进行一次。

“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.

帖子中写道：“这一举措旨在强调 USUAL 的有形价值、其经济模式的平衡以及协议产生的收入。”

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.

该团队还确认，“1:1 提前取消质押”功能将于下周激活，允许用户以 1 美元挂钩兑换 0 美元++，但要求他们放弃部分应计奖励作为惩罚。

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是一种市值15.7亿美元的稳定币，与美元挂钩，并得到美国国库券等现实世界资产的充分支持。用户可以质押 USD0，将其转换为 USD0++，这是一种类似债券的代币，可以锁定资金四年，并以协议的原生代币 USUAL 产生收益。

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

社区成员对更新方面缺乏沟通和透明度表示不满。

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 的创始人 Stani Kulechov 批评了 X 的更新，称其为硬编码和不可变的价格反馈如何导致问题的一个例子。

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

“另一个例子说明了为什么硬编码和不可变的价格反馈会导致问题，”库列乔夫写道。

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 创始人 Michael Egorov 强调了 USD0++ 的基本机制，并指出其由 4 年期国库券支持可能会带来折扣。

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

叶戈罗夫表示：“0 美元++ 应该可能会有折扣（4 年国库券支持，因此可能会有折扣）。”他补充说，这一变化让许多人措手不及。

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

“这对许多人来说是出乎意料的，因此一些协议将 0++ 美元的价格预言机硬编码为 1.0，”Egorov 表示。

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

DeFi 研究人员 Ignas 对更新背后的治理流程提出了质疑。

“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.”

“白皮书指出，‘DAO 保留设定此价格下限的权力，允许 0 美元++ 的持有者以低于标准 1:1 赎回比例的价格将其代币兑换成 0 美元，’”Ignas 说。 “DAO 投票在哪里？ USUALx 持有者需要对此进行投票。”

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

Blockworks 已联系 Usual Labs 寻求进一步评论，但截至发稿时尚未收到回复。