USUALx is staked USUAL. You deposit USUAL, you receive USUALx, and you earn two reward streams: new USUAL from the emission schedule, and a share of protocol revenue in USD0 (if you lock your position). On Usual, the DeFi bank owned by the community, USUALx is how you put your ownership to work.
In one sentence
If USUAL is your share certificate, USUALx is your share certificate staked and earning dividends.
Key facts
What it is | An ERC-20 token representing staked USUAL |
How you get it | Deposit USUAL into the staking module |
Exchange rate | Starts at 1:1, grows as rewards accrue |
Lock-up | None for basic staking (lock optional for revenue share) |
Two reward streams | Daily USUAL emissions + weekly USD0 revenue share (if locked) |
Transferable | Yes, USUALx is fully transferable |
How USUALx works
You deposit USUAL into the staking module
You receive USUALx at the current exchange rate
USUAL rewards accrue through an increasing USUALx-to-USUAL exchange rate
If you also lock your USUALx (optional), you earn weekly USD0 revenue share
When you want to exit, you redeem USUALx for USUAL at the current (appreciated) exchange rate
The two reward streams
Stream | Source | Paid in | Requires locking? |
USUAL emissions | 22.31% of daily emission (~301,203 USUAL/day) | USUAL (via exchange rate) | No |
Revenue share | 30% of protocol revenue | USD0, weekly | Yes |
Basic staking earns you the first stream automatically. Locking activates the second stream on top.
Exchange rate appreciation
USUALx does not rebase. Your USUALx balance stays constant, but each USUALx becomes redeemable for more USUAL over time.
Example:
Day 0: You deposit 100 USUAL → receive 100 USUALx. Exchange rate: 1.000
3 months later: Exchange rate is now 1.055 (illustrative). Your 100 USUALx → 105.5 USUAL if redeemed
6 months later: Exchange rate is 1.110 → your 100 USUALx → 111 USUAL
The exchange rate only goes up. You cannot lose principal measured in USUAL.
Who USUALx is for
USUAL holders who want their USUAL to earn additional USUAL over time
Long-term believers who want to participate in governance with real weight
Users who want to earn a share of protocol revenue (via the Locking Module)
Anyone comfortable with USUAL price exposure
Who USUALx is not for
Users who want a stable USD balance — use USD0
Users who want yield paid in dollars without USUAL exposure — use sUSD0
Users who plan to hold USUAL for under a few weeks — unstaking fees may make it uneconomic
The unstaking fee
The DAO may apply an unstaking fee to discourage short-term speculation. As of 2025, the fee is set at 10% of the USUALx being withdrawn. The fee is redistributed:
Share | Destination |
1/3 | Remaining USUALx stakers (rewarding long-term holders) |
1/3 | USUAL* holders (insiders) |
1/3 | DAO treasury |
If you hold USUALx for the medium-to-long term, the unstaking fee becomes a small cost relative to the rewards you earn. Check the current fee in the app before unstaking.
Note: Basic staking (unlocked) earns the USUAL emission share. To earn the USD0 revenue share on top, you need to activate the Locking Module. See The Locking Module — boost your share.
Technical note (for DeFi users): USUALx is an ERC-20 at 0x06B964d96f5dCF7Eae9d7C559B09EDCe244d4B8E. It is a non-rebasing receipt token with an internal exchangeRate. The USUALx Lockup contract at 0x85b6f9bddb10c6b320d07416a250f984f0f0e9ed manages lock durations (1, 3, 6, 12 months). USUALx receives ~22.31% of daily USUAL emissions (301,203 USUAL/day post-UIP-11). See the docs.
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