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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
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USUAL protocol: a $2 billion Ponzi Scheme disguised as RWA
USUAL protocol: A Ponzi Scheme Dressed in RWA Cloak
The USUAL protocol is a financial eyewash that uses the banner of U.S. Treasury bond yields. This protocol involves 5 types of tokens:
The protocol claims to bring a 4% return on US Treasury bonds to the blockchain, allowing participation without permission. To attract investors, the protocol has introduced a high return rate of 70%. Users can mint USD0++ at a 1:1 ratio while receiving USUAL tokens as a reward.
However, USD0++ is actually a government bond token with a 4-year lock-up period, and its actual value after discounting at a 4% yield is only 0.84 USD. The protocol has established multiple vaults on Morpho and has fixed the oracle price of USD0++ at 1 USD, misleading investors into believing it can be redeemed 1:1 at any time.
Many investors leveraged their operations as a result. A large investor minted 130 million USD0++ with 27 million USD. However, after the protocol suddenly closed the 1:1 redemption channel, the user suffered enormous losses.
The protocol unexpectedly lowered the redemption price from USD0++ to $0.87, withdrawing nearly $260 million from a $2 billion TVL. This fund will be allocated to USUALX holders.
The real beneficiaries are the project parties. They earn huge profits through USUAL* tokens, including 10% of the total USUAL supply and 50% of the fee distribution. Just from this, the team has gained a revenue of 72 million dollars.
The reason why the project team has taken such aggressive measures is that the Ponzi Scheme is difficult to sustain. The USUAL price continues to decline, APY is falling, TVL is being lost, and the protocol is facing collapse. By introducing revenue sharing and imposing a "head tax", the project team is trying to keep the eyewash running.
This series of operations harmed all participants, including USD0++ holders, leveraged traders, and Pendle LP providers. The only ultimate beneficiaries are the project team. For investors who have not yet participated, do not get involved. Those who are already stuck should either cut their losses in time or be mentally prepared for long-term losses. In an environment lacking effective regulation, the project team has no moral bottom line.