24h Change-0.9%
All Time HighDec 20, 2024$1.61
All Time LowOct 10, 2025$0.01
Market Cap$22.89m
Fully Diluted Valuation$38.36m
Circ. Supply1.79b USUAL
Max Supply3b USUAL
Outstanding FDV$31.86m
CEX Volume$2.53m
DEX Volume$650,915
Majors$4.4m
Stablecoins$18.49m
Own Tokens$15.05m
Others$360,253
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | |
|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $2.56M | $3.25M | $6.27M | $9.34M | $24.81M | $21.62M | $5.92M | $302.32K |
| RWA Yield | $586.01K | $990.22K | $1.65M | $2.70M | $4.06M | $9.87M | $2.91M | |
| Early Unstake penalty | $2.20K | $222.48K | $1.08M | $2.20M | $17.39M | $9.90M | $109.56K | |
| Mint/Redeem Fees | $5.11K | $214.43K | $30.22K | $69.46K | $407.51K | $1.24M | $198.89K | |
| Assets Yields | $55.05K | $467.24K | $3.35M | $4.36M | $2.94M | $598.95K | ||
| Management Fees | $936 | $3.10K | $3.18K | $1.26K | $0 | |||
| LP Fees | $1.91M | $1.35M | $134.59K | |||||
Cost of Revenue | $53.44K | $453.22K | $3.25M | $4.23M | $2.86M | $580.98K | $0 | $0 |
| Assets Yields | $53.44K | $453.22K | $3.25M | $4.23M | $2.86M | $580.98K | ||
Gross Profit | $2.51M | $2.80M | $3.01M | $5.11M | $21.95M | $21.04M | $3.21M | $0 |
| RWA Yield | $586.01K | $990.22K | $1.65M | $2.70M | $4.06M | $9.87M | $2.91M | |
| Early Unstake penalty | $2.20K | $222.48K | $1.08M | $2.20M | $17.39M | $9.90M | $109.56K | |
| Mint/Redeem Fees | $5.11K | $214.43K | $30.22K | $69.46K | $407.51K | $1.24M | $198.89K | |
| Assets Yields | $1.56K | $14.10K | $100.78K | $130.89K | $88.47K | $17.96K | ||
| Management Fees | $936 | $3.10K | $3.18K | $1.26K | $0 | |||
| LP Fees | $1.91M | $1.35M | $134.59K | |||||
Incentives | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Earnings | $2.51M | $2.80M | $3.01M | $5.11M | $21.95M | $21.04M | $3.21M | $0 |
Token Holder Net Income | $5.92K | $231.76K | $263.73K | $1.08M | $8.15M | $2.92M | $0 | $0 |
| Early Unstake penalty | $2.20K | $222.46K | $258.72K | $1.08M | $8.15M | $2.92M | ||
| RWA Yield | $3.71K | $9.30K | $5.01K |
Risk-management actions published about USUAL by tracked risk managers and governance contributors, newest first.
USUAL is enabled as the borrow asset in the new USUAL Vault with a 10M supply cap, leveraging a custom MEV Capital oracle for reliable pricing in this market-neutral strategy.
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.
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.
Holders of USUALx can propose and vote on protocol parameter changes, new collateral onboarding, and DAO treasury management.
The DAO manages treasury policy including investment strategies, allocations, distributions, buybacks & strategic positions.
The DAO can update parameters that affect fees, rewards, insurance fund parameters and distribution of proceeds.
30% of revenue flows to locked USUALx holders, 70% flows to the treasury.
Value accrues to locked staker holdings through weekly distributions of protocol revenue.
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.
Staked USUALx earns a portion of daily emissions. Only locked USUALx earns protocol revenue.
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.
No burn mechanism is currently active
An is required to view token usage.
An is required to view token unlocks.
Tracking 3 pools, average APY 7.92%
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabETH-USUAL0.90% | $271,634 | 8.03% | 8.03% | 31.09% | |||||
| open in new tabUSUALX-USUAL0.30% | $135,127 | 0% | 0% | 0% | |||||
| open in new tabUSUAL-MV | $21,337 | 7.81% | 7.81% | 10.85% |
