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USUAL protocol Revealed: How the Ponzi Scheme Emptied 2 Billion USD TVL
The inside story of the USUAL protocol: a carefully designed eyewash
The USUAL protocol is a Ponzi scheme that operates under the banner of US Treasury yield. This protocol has a total of 5 tokens:
The protocol claims to provide a permissionless 4% yield on US Treasury bonds. To attract investors, it also launched the USUAL token with a 70% yield. Users can mint USD0++ at a 1:1 price to obtain USUAL emissions.
However, USD0++ is actually a 4-year locked government bond token, currently valued at only $0.84. The protocol alleviates user concerns by establishing a treasury in Morpho and fixing the USD0++ oracle price at $1.
Some users have started high-leverage operations. For example, a large investor used $27 million to leverage to $130 million USD0++.
Suddenly, the protocol closed the USD0++ 1:1 redemption channel, lowering the redemption price to $0.87. This means that 13% of nearly $2 billion in TVL was withdrawn, approximately $260 million.
This fund is reportedly allocated to USUALX stakers. There is also a token called USUAL*, which is only available to the team and investors, enjoying more rights. The team has already profited at least 72 million dollars through this method.
The protocol takes these measures because the eyewash is difficult to sustain. By adopting a dual approach, it attempts to maintain the TVL and prolong the duration of the eyewash.
In the end, all participants will become victims. The USUAL price will eventually drop to zero, USD0++ holders will lose 13%, leveraged users will suffer heavy losses, and Pendle LP will also be unable to escape misfortune.
The only real beneficiaries are the project parties. In an environment lacking regulation, they have no moral bottom line. Investors must be cautious and should not easily engage with such projects.