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 Revenue Methodology

## 1. Overview

Usual Protocol revenue represents the total fees generated across all protocol products and activities. The revenue model is entirely fee-based, where revenue equals the sum of all fees collected by the protocol. This includes yield-based fees from stablecoin backing assets, borrowing interest fees, redemption fees, unstaking penalties, and staking reward fees across multiple protocol tokens (USYC, USD0, ETH0, Wrapped M, USUALX, USD0++).

## 2. Data sources

The calculation relies on several categories of blockchain and external data:

**Blockchain events**: 
- Parsed Ethereum ERC20 `Transfer` events for protocol tokens (ETH0, USUALM, USYC)
- Usual protocol smart contract events including `Redeem`, `FeeSwept`, and `Claimed` events
- Lido v2 `TokenRebased` events for stETH rebase calculations
- Treasury address transaction flows for TVL tracking

**Transaction data**: 
- Ethereum transaction records containing protocol interactions
- Smart contract state changes for borrowing amounts and interest rates

**External data**: 
- End-of-day token price feeds for USD conversion
- Token metadata for decimal precision corrections
- USYC price feeds from protocol price oracles

**State data**: 
- Daily snapshots of USD0 borrowing amounts on Euler protocol
- Interest rate data for borrowing fee calculations

## 3. Step-by-step calculation

### Component A: USYC yield fees
- **Purpose**: Captures fees generated from USYC token price appreciation, representing yield from underlying Treasury bill backing
- **Logic**: Tracks USYC token flows to/from treasury addresses to calculate total value locked. Retrieves daily USYC price data from protocol price oracles. Calculates daily price appreciation by taking the difference between current and previous day prices. Multiplies price difference by previous day's TVL to determine yield fees earned by the protocol
- **Key fields**: Treasury `Transfer` events with `from_address` and `to_address`, `value` amounts, USYC `price` from oracle events, calculated `tvl` and `price_diff`

### Component B: USD0 borrowing fees  
- **Purpose**: Calculates interest fees earned from USD0 tokens borrowed on the Euler lending protocol
- **Logic**: Retrieves daily snapshots of total USD0 borrow amounts and current interest rates from protocol state data. Calculates daily interest by multiplying borrow amount by interest rate divided by 10^27 (rate precision) and multiplied by 86400 seconds per day. Converts resulting interest amounts to USD using end-of-day price feeds
- **Key fields**: `borrow_amount` and `interest_rate` from state snapshots, calculated daily `amount` representing accrued interest

### Component C: USD0 redemption fees
- **Purpose**: Captures 10% fees charged when users redeem USD0 tokens for underlying collateral
- **Logic**: Extracts `Redeem` events from Usual protocol smart contracts on Ethereum. Filters events to identify redemption transactions and extracts the `stableFeeAmount` field representing the 10% fee collected by the DAO. Aggregates redemption fees daily and converts to USD using end-of-day price feeds
- **Key fields**: `stableFeeAmount` from `Redeem` events, representing the fee portion of redemptions

### Component D: Wrapped M token yield fees
- **Purpose**: Collects fees from Wrapped M token yield distributions claimed by the protocol
- **Logic**: Monitors `Claimed` events from Wrapped M token smart contracts where yield is distributed to the protocol. Extracts the `yield` amount from these events representing fees earned by Usual. Aggregates claims daily and converts to USD using end-of-day price feeds and decimal corrections
- **Key fields**: `yield` amounts from `Claimed` events indicating protocol fee distributions

### Component E: USUALX unstaking fees
- **Purpose**: Captures 10% fees charged when users unstake USUALX tokens
- **Logic**: Tracks `FeeSwept` events from USUALX contracts that indicate fee collection during unstaking operations. Extracts the `amount` field representing the 10% unstaking penalty paid to the DAO. Aggregates fees daily and converts to USD using end-of-day USUAL token prices
- **Key fields**: `amount` from `FeeSwept` events representing unstaking penalties

### Component F: USD0++ unstaking fees
- **Purpose**: Collects 10% fees from USD0++ token unstaking operations
- **Logic**: Similar to USUALX, monitors `FeeSwept` events from USD0++ contracts during unstaking. Extracts fee amounts charged as penalties for early unstaking. Aggregates daily and converts to USD using end-of-day USUAL token prices since fees are paid in USUAL tokens
- **Key fields**: `amount` from USD0++ `FeeSwept` events

### Component G: wstETH rebase fees
- **Purpose**: Calculates fees earned from wstETH holdings based on Lido staking rewards, applying a 1% fee rate
- **Logic**: Retrieves daily wstETH balance held by ETH0 product by tracking cumulative token flows. Obtains daily stETH rebase index values from Lido `TokenRebased` events, using end-of-day snapshots. Calculates daily index growth by comparing current day index to previous day. Multiplies wstETH balance by index growth and 1% fee rate to determine daily fees earned from staking rewards
- **Key fields**: `wsteth_balance` from cumulative flows, `index_value` and `prev_index_value` from Lido rebase events, calculated `delta_index` and `fee_amount`

### Final aggregation
- **Combining components**: All seven fee components are unioned together using consistent schema with `timestamp`, `chain_id`, `product_id`, and `amount` fields. Each component is tagged with appropriate product identifiers (usyc, usd0, eth0, Wrapped M, usualx, USD0++)
- **Currency conversion**: All fee amounts are converted to USD using end-of-day token price feeds. The conversion process includes decimal corrections based on token metadata and applies appropriate price feeds for each token type
- **Time aggregation**: Fees are aggregated to daily granularity using `timestamp_trunc` to day level. Transaction-level events are summed within each day for consistent daily reporting
- **Final calculation**: The final revenue metric sums all fee amounts by day across all products and chains. Revenue equals the total of USYC yield fees + USD0 borrowing fees + USD0 redemption fees + Wrapped M yield fees + USUALX unstaking fees + USD0++ unstaking fees + wstETH rebase fees, with all amounts expressed in USD

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

UsualUSUAL

Revenue

Revenue

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