在其质押的稳定币从 1 美元脱钩后，Usual Protocol 回应了社区的强烈反对

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

DeFi 稳定币发行商 Usual Labs 调整了 USD0++ 的管理代码，将其赎回价值从 0.995 美元降低至新的最低底价 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.

这一变化是在 USD0++（一种可以质押兑换成与美元挂钩的稳定币 USD0）于 1 月 9 日跌至 0.89 美元之后发生的。

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

在引入新的底价机制和退出选项后，USD0++ 周一达到 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.”

为了解决用户的担忧并稳定生态系统，Usual Protocol团队推出了多项措施，包括提前激活“收入开关”。

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.

该团队在 X 上的一篇文章中宣布，从 1 月 13 日开始，收入转换将允许 Usual Protocol 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 translates 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,” Usual Protocol posted on X.

“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，”Usual Protocol 在 X 上发布。

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.

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。

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.

周五早些时候，Usual Labs 更改了 USD0++ 的管理代码，将其赎回价值从 0.995 美元降低至新的最低底价 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.

这一变化让许多投资者和开发商措手不及，他们的假设是 USD0++ 总是可以一对一兑换为 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。

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。

These 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 等平台上发生了数百万美元的清算和流动性转移。

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。

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。

Source: Stani Kulechov

资料来源：斯坦·库勒乔夫

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 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。

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++ 应该会有折扣”，并补充说这一变化让许多人措手不及。 “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.’ Where was the DAO vote? USUALx holders needed to vote on this,” Ignas pointed out.

“白皮书指出，‘DAO 保留设定此价格下限的权力，允许 USD0++ 持有者以低于标准 1:1 赎回比例的汇率将其代币兑换成 USD0。’ DAO 投票在哪里？ USUALx 持有者需要对此进行投票，”Ignas 指出。

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

Cointelegraph联系了Usual Labs征求意见，但在发布前没有收到回复。