Users deposit US Treasury Bills and receive USD0, Usual's USD stablecoin. With USD0, users can purchase the enhanced T-Bill (USD0++), allowing them to earn rewards in USUAL tokens.

Usual is a decentralized Fiat Stablecoin issuer built on Ethereum and it was launched in 2024.

USUAL tokenholders own and govern the protocol. They currently collect all of the RWA collateral interest (revenue). Usual's investors include Bing Ventures, StarkWare, Kima Ventures, etc.

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Usual

# Usual Fees Methodology

## 1. Overview

Usual protocol fees represent the total daily revenue earned by the Usual DAO across all protocol products and fee mechanisms. The metric captures fees from seven distinct revenue streams: USYC price appreciation, USD0 borrowing interest, USD0 redemption fees, USD0++ unstaking fees, USUALX unstaking fees, Wrapped M token yield fees, and wstETH rebase fees. All fees are converted to USD and aggregated daily to provide a comprehensive view of protocol revenue generation.

## 2. Data sources

- **Token transfer events**: Parsed Ethereum `Transfer` events for USYC, USUALM, and ETH0 tokens to track treasury flows and token supply changes
- **Protocol smart contract events**: Usual v1 protocol events including `DAOCollateral_Redeem_event`, `USDOPP_FeeSwept_event`, `USUALX_FeeSwept_event`, `wMToken_Claimed_event`, and `SDYCAggregator_BalanceReported_event`
- **Lido protocol events**: Lido v2 `TokenRebased_event` to track stETH index changes for wstETH yield calculation
- **Protocol state data**: Daily snapshots of USD0 borrowing amounts and interest rates from Euler integration
- **End-of-day price feeds**: Token price data for USD conversion of fee amounts

## 3. Step-by-step calculation

### Component A: USYC price appreciation fees
- **Purpose**: Calculate fees from USYC token price appreciation based on treasury holdings
- **Logic**: Track daily USYC price changes from `SDYCAggregator_BalanceReported_event` events, calculate the previous day's TVL by monitoring treasury transfers to and from address `0xdd82875f0840aad58a455a70b88eed9f59cec7c7`, then multiply the price difference by the previous TVL to determine appreciation-based fees
- **Key fields**: `price` (from price oracle events divided by 10^8), `tvl` (cumulative treasury balance), `price_diff` (daily price change)

### Component B: USD0 borrowing interest fees  
- **Purpose**: Calculate daily interest fees from USD0 borrowing activity on Euler
- **Logic**: Extract daily borrowing amounts and interest rates from protocol state data, apply compound interest calculation using the formula: borrow amount × (interest rate / 10^27) × 86400 seconds per day, then convert the resulting interest amount to USD
- **Key fields**: `borrow_amount` (outstanding loan balance), `interest_rate` (per-second rate), `amount` (calculated daily interest)

### Component C: USD0 redemption fees
- **Purpose**: Track 10% fees collected when users redeem USD0 tokens
- **Logic**: Parse `DAOCollateral_Redeem_event` events to extract the `stableFeeAmount` field, aggregate daily by summing all redemption fees, then convert to USD using end-of-day price feeds
- **Key fields**: `stableFeeAmount` (fee amount in native token units)

### Component D: USD0++ unstaking fees
- **Purpose**: Capture 10% fees collected when users unstake USD0++ tokens  
- **Logic**: Monitor `USDOPP_FeeSwept_event` events to extract fee amounts paid in USUAL tokens, aggregate daily sums, then convert to USD using USUAL token prices
- **Key fields**: `amount` (fee amount in USUAL tokens from unstaking)

### Component E: USUALX unstaking fees
- **Purpose**: Track 10% fees from USUALX token unstaking operations
- **Logic**: Parse `USUALX_FeeSwept_event` events to capture unstaking fees paid in USUAL tokens, sum daily amounts, and convert to USD
- **Key fields**: `amount` (unstaking fee in USUAL tokens)

### Component F: Wrapped M token yield fees
- **Purpose**: Calculate fees from Wrapped M token yield claims
- **Logic**: Extract yield amounts from `wMToken_Claimed_event` events when fees are claimed by the protocol smart contract, aggregate daily claim amounts, then convert to USD
- **Key fields**: `yield` (claimed yield amount)

### Component G: wstETH rebase fees
- **Purpose**: Calculate 3% fees on wstETH staking rewards from ETH0 backing
- **Logic**: Track daily wstETH balance changes for the treasury address `0xc912b5684a1df198294d8b931b3926a14d700f64`, monitor Lido `TokenRebased_event` to get stETH per share index changes, calculate gross accrual as wstETH balance × index change, apply 3% fee rate, and convert stETH-denominated fees to USD
- **Key fields**: `wsteth_balance` (treasury wstETH holdings), `index_value` (stETH per wstETH ratio), `delta_index` (daily index change)

### Final aggregation
- **Combining components**: Sum all seven fee components by day, ensuring consistent timestamp alignment and handling missing values with zero fills
- **Currency conversion**: Apply USD conversion using the `convert_to_usd_and_correct_decimals` macro with end-of-day exchange rates and proper decimal adjustment for each token type
- **Time aggregation**: Group all fees by daily timestamps with 'day' grain, maintaining protocol product categorization as 'stablecoin_issuers' market sector
- **Final calculation**: The total daily fees equal the sum of USYC appreciation fees, USD0 interest fees, USD0 redemption fees (10%), USD0++ unstaking fees (10%), USUALX unstaking fees (10%), Wrapped M yield fees, and wstETH rebase fees (3% of gross accrual), all converted to USD and aggregated by day

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

UsualUSUAL

Fees

Fees

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