Event Timeline
About Usual
Usual issues USD0, a stablecoin collateralised by tokenised short term treasury bills. The argument behind it is a governance one rather than a technical one: the yield those bills generate accrues to the people holding the stablecoin, rather than to the company issuing it.
USUAL launched in November 2024 against Pills, the points accrued for minting USD0 and locking it as USD0++. The mechanics of that locked form were revised in January 2025 in a way that surprised holders, which is now part of the entry's history.
Airdrop Stats
How it worked to get the Usual airdrop
Mint USD0
Minting the stablecoin was the entry point, and the size of the position drove the rate at which Pills accrued.
Lock it as USD0++
The locked form earned considerably more Pills, at the cost of giving up immediate redemption.
Hold through the campaign
Pills accrued over time rather than on deposit, so the duration of the lock mattered as much as its size.
Claim USUAL from 18 November 2024
Allocations converted Pills into tokens at launch.
Was the Usual airdrop worth it?
- The pitch was genuinely different. Most stablecoin issuers keep the interest on their reserves. Usual's proposition was that holders should, and the token is the mechanism for that claim.
- The locked form carried terms people had not priced. USD0++ was widely treated as redeemable at par. When the redemption mechanics were revised in January 2025 the secondary price moved sharply, and holders learned the lock was firmer than assumed.
- It rewarded conviction in an untested peg. Minting USD0 in early 2024 meant trusting a new issuer and a new collateral model, which is the risk the distribution was paying for.
Usual Official Links
Official channels, documentation and community for this airdrop:
This airdrop has concluded. It is kept for research rather than participation.
