UsualUSUAL

Usual generated $74.1M in gross revenue from Sep 2024 to May 2026 (613 days), with $59.6M retained as net revenue. $12.7M accrued to USUAL token holders. Its primary token utilities include Staking Rewards, Staking Access, Service Payments, and Other.

This averages $$120.8K in daily gross revenue across the tracked period.

USUAL accrues value through 3 mechanisms: Direct Token Burn, Direct Revenue Share, and Buyback & Hold.

• Direct Token Burn: 33% of USUAL tokens collected from bUSD0 early redemption fees are permanently burned; combined with the UIP-11 supply cap reduction from 4B to 3B, cumulative burns have reached 17.31% of supply.
• Direct Revenue Share: 30% of protocol revenue is distributed weekly in USD0 to locked USUALx holders via the Revenue Switch (activated January 13, 2025), yielding 43–102% APY depending on lock duration.
• Buyback & Hold: 70% of protocol revenue funds open-market USUAL buybacks under UIP-9 (~$300K/week); purchased tokens are staked without lock in the ecosystem reserve rather than burned, reducing float while retaining optionality.

Yes, Usual burns or redistributes USUAL tokens via Direct Token Burn, Buyback & Hold. In 2026, approximately $237.5K worth of value was returned to token holders through these mechanisms.

Yearly token holder distributions:

• 2026: $237.5K
• 2025: $12.4M

USUAL serves 4 primary functions within the Usual ecosystem: Staking Rewards, Staking Access, Service Payments, and Other. The protocol generates fees from user activity, with a portion distributed back to USUAL holders. Value flows back to token holders through Direct Token Burn, Direct Revenue Share, and Buyback & Hold.

Token utilities:

• Staking Rewards: USUALx stakers receive 22% of daily USUAL emissions (~301,203 USUAL/day) as an anti-dilution mechanism, plus locked USUALx holders earn weekly USD0 distributions via the Revenue Switch.
• Staking Access: Only locked USUALx earns protocol revenue via the Revenue Switch; staking into USUALx is the prerequisite for governance participation and for unlocking the Locking Module's weekly USD0 revenue distributions.
• Service Payments: USUAL tokens must be spent to early-redeem bUSD0 positions before maturity, with amounts dynamically calculated based on reward rates and duration remaining; USUAL is also used for system fee payments such as unstaking fees.
• Other: Governance requires staking USUAL into USUALx, with a multi-token weighted system allocating 40% voting power to USUALx and 40% to USUAL* (transitioning toward full USUALx dominance by 2028); this is neither standard 1:1 nor vote-escrow.

Value accrual mechanisms:

• Direct Token Burn: 33% of USUAL tokens collected from bUSD0 early redemption fees are permanently burned; combined with the UIP-11 supply cap reduction from 4B to 3B, cumulative burns have reached 17.31% of supply.
• Direct Revenue Share: 30% of protocol revenue is distributed weekly in USD0 to locked USUALx holders via the Revenue Switch (activated January 13, 2025), yielding 43–102% APY depending on lock duration.
• Buyback & Hold: 70% of protocol revenue funds open-market USUAL buybacks under UIP-9 (~$300K/week); purchased tokens are staked without lock in the ecosystem reserve rather than burned, reducing float while retaining optionality.

In 2026, Usual generated $5.8M in gross revenue. Of that, $237.5K was distributed to token holders, $5.0M was retained as protocol revenue (treasury), $503.2K went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $5.8M gross revenue — $237.5K to holders, $5.0M to protocol, $503.2K to supply-side
• 2025: $62.1M gross revenue — $12.4M to holders, $38.7M to protocol, $10.9M to supply-side
• 2024: $6.2M gross revenue — $3.2M to protocol, $3.0M to supply-side

Usual's gross revenue has decreased by 26% over the past 90 days compared to the prior 90-day period, from $3.9M to $2.9M.

• Recent 90d daily average: $32.3K/day
• Prior 90d daily average: $43.2K/day