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Usual project USD0++ de-pegging event depth analysis: product design defects and decentralization challenges
Depth Analysis: Usual Project's USD0++ Decoupling Event
Recently, the USD0++ stablecoin de-pegging event issued by the Usual project has sparked heated discussions in the market. This article will systematically sort out Usual's product logic, economic model, and the reasons for this de-pegging from the perspective of DeFi product design.
Usual Product System
Usual mainly includes 4 types of tokens:
USD0 stablecoin
USD0 is a stablecoin issued by collateralizing RWA assets like USYC at a 1:1 ratio. Users can obtain USD0 in two ways:
USD0++ Bond Token
USD0++ holders can obtain:
USD0++ defaults to a 4-year lockup, equivalent to a 4-year floating rate bond. Users can exit early through the secondary market or lending agreements.
USUAL and USUALx
USUAL can be obtained through staking USD0++ or the secondary market. USUALx is obtained by staking USUAL 1:1, and can share 10% of the daily new USUAL.
Analysis of the Depegging Event
On January 10th, Usual announced changes to the USD0++ redemption rules:
This has triggered market panic, and the price of USD0++ has plummeted.
The project's actions may have two purposes:
Precise explosion of the circular loan position. 87% of the guaranteed price is just above Morpha's 86% liquidation line, allowing for the explosion of circular loans without causing systemic bad debts.
Rescue the price of USUAL. The conditional redemption mechanism aims to promote USUAL staking and reduce circulation.
Exposed Issues
Users generally do not read project documentation carefully.
Project governance is highly centralized, lacking community participation.
The industry is continuously learning lessons and evolving.
It is still uncertain whether USD0++ can be pegged in the future. However, this event reflects the complexity of DeFi project design and indicates that there is still room for improvement in the decentralization awareness of both users and project parties.