Logo of Usual

$USUAL Token Rights

Updated Apr 14, 2026

Overview

Token(s)
USUALUSUALxUSUAL*USD0
Token Type
GovernanceUtility
Utility
Staking

USUAL is the governance and ownership token at the core of the Usual Protocol. It is designed to represent ownership, capturing revenue generated from the Treasury Bill collateral underlying USD0.

Governance Rights

Control

Ultimate governance authority resides in the Usual DAO, driven primarily by staked USUAL (USUALx) holders. These stakeholders have proposal and voting rights and can shape DAO operations, strategic direction, and investment policies. A separate USUAL* token was distributed to insiders carrying governance weight equal to USUALx. This USUAL* token was made soulbound and retired, so voting power now flows through USUAL & USUALx. USUAL* holders retain governance rights until June 2028.

Governance Decisions

USUALx

Holders of USUALx can propose and vote on protocol parameter changes, new collateral onboarding, and DAO treasury management.

Treasury Decisions

USUALx

The DAO manages treasury policy including investment strategies, allocations, distributions, buybacks & strategic positions.

Revenue Decisions

USUALx

The DAO can update parameters that affect fees, rewards, insurance fund parameters and distribution of proceeds.

Fee Switch

ON

30% of revenue flows to locked USUALx holders, 70% flows to the treasury.

Resources

Treasury Addresseshttps://tech.usual.money/smart-contracts/contract-deployments#treasuries
Metrics Dashboardapp.usual.money

Primary Value Accrual

Protocol Revenue Share

Value accrues to locked staker holdings through weekly distributions of protocol revenue.

Equity Statement

Before 2025, governance rights were shared across two token classes: USUALx (community governance) and USUAL\* (a separate token distributed to insiders, investors & advisors) which carried governance weight equal to USUALx. In November 2025, USUAL\* was made soulbound, removing the dual-token governance structure and simplifying governance into a single-token model, where voting power flows through USUAL/USUALx. Holders of USUAL\* will retain their governance rights until June 2028. After that, only holers of USUALx will control the protocol.

Economic Rights

Value Capture

Staked USUALx earns a portion of daily emissions. Only locked USUALx earns protocol revenue.

Buybacks

N/A

Dividends

USUALx

Up to 100% of protocol revenue will be distributed directly to locked USUALx holders on a weekly basis. Rewards are distributed in USD0. Unlocked staked USUALx earns 22% of daily USUAL emission, but does not participate in weekly USD0 revenue distributions.

Burns

N/A

No burn mechanism is currently active

Ownership

Raise History

3 rounds · $18.5m total
DateAmountRoundValuation
Dec 23, 2024$10mSeries A—
Nov 06, 2024$1.5mCommunity Round—
Apr 17, 2024$7mStrategic —
Fundraising
Unknown
Equity Revenue Capture
Unknown
Associated Entities
DAOLabs
IP & Brand
DAO