Total Value Locked$79.32m
TVL by Chain
Ethereum$79.32m
Key Metrics
Fees 30d$535,784
Fees 30d by chain
Ethereum$535,784
Fees 7d$107,990
Ethereum$107,990
Fees 24h$5,098
Ethereum$5,098
Cumulative Fees$76.52m
Ethereum$76.52m
Revenue 30d$529,571
Revenue 30d by chain
Ethereum$529,571
Revenue 7d$106,616
Ethereum$106,616
Revenue 24h$4,884
Ethereum$4,884
Cumulative Revenue$61.96m
Ethereum$61.96m
Holders Revenue 30d$368,242
Holders Revenue 30d by chain
Ethereum$368,242
Holders Revenue 7d$70,257
Ethereum$70,257
Holders Revenue 24h$1,295
Ethereum$1,295
Cumulative Holders Revenue$13.72m
Ethereum$13.72m
Market Cap$20.77m
$USUAL Price$0.01
Fully Diluted Valuation$20.83m
$USUAL Volume 24h$4.66m
CEX Volume$3.32m
DEX Volume$1.49m(32.08% of total)
Staked$11.42m(54.96% of mcap)
Total Raised$18.5m
Apr 17, 2024$7mRound: StrategicInvestors: IOSG Ventures, Kraken Ventures, GSR, Mantle Network, Flowdesk, StarkWare, Avid3, Bing Ventures, Breed VC, Hypershere, Kima Ventures, Psalion, Public Works, 0x Ventures, LBank Labs, TRGC, Capsule Corp., Pleb Capital, Kalpha DAO, KaizenDAO, Primony, 0xSalazar, apolynya, HighStakesCap, DCF God, Nicolas Bacca, Sebastien Couture
Nov 6, 2024$1.5mRound: Community RoundInvestors: echoxyz, Comfy Capital, Jed Breed
Dec 23, 2024$10mRound: Series AInvestors: Binance Labs, Kraken Ventures, Galaxy Digital, OKX Ventures, Coinbase Ventures, Wintermute Ventures, Echo, IOSG Ventures, Fasanara Digital Ventures, Symbolic Capital, Amber Group, GSR, Psalion, Hypershere, Avid3, FunFair Ventures, LeadBlock Partners, White Loop Capital, PHAEDRUS, Krypital Group, JPEG Trading, M^0
Protocol Information
The Usual protocol is a decentralized finance framework centered around USD0, a stablecoin designed as a liquid deposit token. It embodies the principle of redistributing value generated by users through a revenue-based token, USUAL. This approach enables users to access yields while simultaneously gaining exposure to the protocol’s growth and long-term success.
Part of Usual
Sub Category: Treasury Bills
Audits:
Methodology
TVL: TVL represents the value held by the protocolView code on GitHubFees: Yields from underlying assets,usual stability loan interests, total USD0 redemption fees and USD0++ early unstake fees.View code on GitHubRevenue: Fees kept by Usual (treasury and USUAL holders), excluding the USD0 paid to sUSD0 and USD0a stakers and the Euler vault interest paid to lenders.View code on GitHubHolders Revenue: USD0 paid to USUALx lockers from RWA yield, plus USUAL early unstake penalties distributed to USUALx stakers or burnt.View code on GitHubYields
Pools Tracked5
Average Supply APY10.62%
Largest Pools by TVL
bUSD0Ethereum$489.36m
USUALXLOCKUPEthereum$8.91m
USUALXEthereum$1.65m
USD0aEthereum$27,304
sUSD0Ethereum$14,727
Hacks
Date: May 27, 2025
Amount: $43,000
Classification: Input Validation
Technique: Missing Input Validation
Usual USD0++ Investment vault lost $43K on May 27, 2025 via an arbitrage exploit. Attacker abused a capped unwrapping mechanism lacking proper validation while depositing into the fund; no user funds were affected.
Chains: Ethereum
Language: Solidity
Target Type: DeFi Protocol
Competitors
Usual USD0 history
TVL is the default DefiLlama definition, which excludes Staking. Daily values are UTC snapshots from Jul 15, 2024 to Nov 14, 2026.
All-time high TVL: $1.871b on Jan 7, 2025. All-time low TVL: $42.83m on Oct 23, 2026.
Daily TVL, Oct 16, 2026 to Nov 14, 2026
| Date | TVL |
|---|---|
| Oct 16, 2026 | $83.26m |
| Oct 17, 2026 | $83.25m |
| Oct 18, 2026 | $83.25m |
| Oct 19, 2026 | $83.25m |
| Oct 20, 2026 | $83.11m |
| Oct 21, 2026 | $83.11m |
| Oct 22, 2026 | $83.11m |
| Oct 23, 2026 | $42.83m |
| Oct 24, 2026 | $43.06m |
| Oct 25, 2026 | $83.14m |
| Oct 26, 2026 | $82.97m |
| Oct 27, 2026 | $82.99m |
| Oct 28, 2026 | $82.98m |
| Oct 29, 2026 | $82.99m |
| Oct 30, 2026 | $43.39m |
| Oct 31, 2026 | $83.01m |
| Nov 1, 2026 | $83.03m |
| Nov 2, 2026 | $83.01m |
| Nov 3, 2026 | $82.83m |
| Nov 4, 2026 | $82.53m |
| Nov 5, 2026 | $82.55m |
| Nov 6, 2026 | $82.01m |
| Nov 7, 2026 | $81.98m |
| Nov 8, 2026 | $81.24m |
| Nov 9, 2026 | $81.25m |
| Nov 10, 2026 | $80.94m |
| Nov 11, 2026 | $80.26m |
| Nov 12, 2026 | $79.82m |
| Nov 13, 2026 | $79.82m |
| Nov 14, 2026 | $79.31m |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| Dec 31, 2024 | $1.733b |
| Jan 31, 2025 | $1.215b |
| Feb 28, 2025 | $1.057b |
| Mar 31, 2025 | $644.91m |
| Apr 30, 2025 | $435.86m |
| May 31, 2025 | $366.95m |
| Jun 30, 2025 | $331.54m |
| Jul 31, 2025 | $314.03m |
| Aug 31, 2025 | $284.62m |
| Sep 30, 2025 | $258.15m |
| Oct 31, 2025 | $211.36m |
| Nov 30, 2025 | $158.12m |
| Dec 31, 2025 | $149.71m |
| Jan 31, 2026 | $125.86m |
| Feb 28, 2026 | $109.4m |
| Mar 31, 2026 | $105.92m |
| Apr 30, 2026 | $100.77m |
| May 31, 2026 | $95.8m |
| Jun 30, 2026 | $95.09m |
| Jul 31, 2026 | $94.7m |
| Aug 31, 2026 | $90.82m |
| Sep 30, 2026 | $87.8m |
| Oct 31, 2026 | $83.01m |
| Nov 14, 2026 (latest) | $79.31m |
TVL at each year end, Dec 31, 2024 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2024 | $1.733b |
| Dec 31, 2025 | $149.71m |
Fees, revenue and holders revenue by UTC calendar month, Dec 2024 to Nov 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Dec 2024 | $3.4m | $3.18m | $0 |
| Jan 2025 | $5.03m | $5.03m | $0 |
| Feb 2025 | $4.74m | $4.68m | $0 |
| Mar 2025 | $12.08m | $11.55m | $3.08m |
| Apr 2025 | $17.72m | $16.95m | $8.25m |
| May 2025 | $2.45m | $1.49m | $93,200 |
| Jun 2025 | $4.86m | $3.73m | $3,871 |
| Jul 2025 | $3.18m | $1.82m | $742,551 |
| Aug 2025 | $2.67m | $1.24m | $155,754 |
| Sep 2025 | $3.5m | $2.04m | $177,442 |
| Oct 2025 | $3.05m | $1.48m | $47,876 |
| Nov 2025 | $2.02m | $852,165 | $185,690 |
| Dec 2025 | $1.2m | $679,258 | $22,421 |
| Jan 2026 | $2.39m | $2.03m | $89,575 |
| Feb 2026 | $503,918 | $452,270 | $136,877 |
| Mar 2026 | $362,062 | $317,893 | $1,105 |
| Apr 2026 | $2.22m | $2.2m | $991.06 |
| May 2026 | $305,121 | $277,593 | $1,211 |
| Jun 2026 | $291,286 | $266,415 | $1,167 |
| Jul 2026 | $327,117 | $305,664 | $36,023 |
| Aug 2026 | $420,707 | $407,806 | $145,183 |
| Sep 2026 | $331,683 | $322,623 | $130,164 |
| Oct 2026 | $354,775 | $346,925 | $173,740 |
| Nov 2026 (to date) | $314,430 | $311,669 | $237,999 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/usual-usd0
Frequently asked questions
What is Usual USD0's TVL?
As of Nov 14, 2026, Usual USD0 has $79.32m in total value locked. TVL has decreased 4.7% over the past 30 days.
What chains does Usual USD0 operate on?
Usual USD0 operates on Ethereum. Ethereum holds the largest share at 100%.
How much has Usual USD0 generated in fees and revenue?
Over the past 30 days, Usual USD0 generated $535,784 in fees. Of that, $529,571 was protocol revenue. Based on the trailing year, the annualized rate is $10.02m in fees and $8.42m in revenue.
What is the USUAL token price and valuation?
USUAL is currently trading at $0.01. Its circulating market capitalization is $20.53m, ranking it #943. Its fully diluted valuation is $20.59m. Supply currently stands at 1.985b circulating, 1.99b total supply, 3b maximum supply.
How has USUAL performed recently?
USUAL is up 5.5% over the past 7 days and up 2% over the past 30 days. Its all-time high is $1.61, reached on Dec 19, 2024. The token is currently 99.4% below that level.
How does Usual USD0's TVL compare to similar protocols?
Among RWA protocols tracked by DefiLlama, Usual USD0 ranks #15 by TVL. The category holds $3.465b across 179 protocols, and Usual USD0 accounts for 2.3% of that total. Similar protocols include Re, Huma, Ethena USDtb, OpenTrade, Plume Vaults, Theo Network thUSD, Frax USD, Ember, Sky RWA, and Brickken.
How many yield pools does Usual USD0 have?
DefiLlama tracks 5 Usual USD0 yield pools with an average APY of 10.6%.
Has Usual USD0 ever been exploited?
Usual USD0 has 1 recorded security incident. The most recent incident occurred on May 27, 2025 and involved $43,000. It was classified as Input Validation.