usual.money ：RWA去中心化稳定币

marsbitPubblicato 2024-08-10Pubblicato ultima volta 2024-08-11

Why usual?

稳定币可以说是加密货币行业的根基，人们需要稳定币来作为大规模支付的用例，同时稳定币也在行业的 Mass Adoption 中发挥着关键作用。截至 2024 年 7 月 30 日，稳定币总市值为 $ 168 B，而从下面这张稳定币市值概览图中可以看出，两大中心化稳定币，USDT 和 USDC 加起来占据了稳定币总市值的约 90% 

稳定币

稳定币是 Crypto 的印钞机，两大巨头 Tether 和 Circle 在 2023 年创造了超过 100 亿美元的收入，估值超过 2000 亿美元。Tether 在 2024 年 Q1，更是创纪录地获利 45.2 亿美元。如此巨大的获利垄断与加密精神显然相悖，因此各类去中心化稳定币项目源源不断。根据抵押额度，去中心化稳定币可以分为以 MakerDAO（DAI）为代表的超额抵押，以 Ethena（USDe）为代表的等额抵押，以及不足额抵押（目前没有跑出大市值项目）。

去中心化稳定币有过不少成功的项目，然而这些项目的抵押物普遍是加密资产，因此需要设计一套精密的机制来对抗币价的波动。而如果引入 RWA（现实世界资产），这个问题将迎刃而解。RWA 正在增长且方兴未艾， 2023 年区块链上的 RWA 增长超过 800% 。usual.money 引入了美国国库券作为抵押物，同时基于以太坊智能合约提供透明度和安全性，将利润归还给社区和贡献者。这一设计可以说是 tether-on-chain，兼具了中心化稳定币协议的 1: 1 RWA 特性以及链上的安全与透明。

稳定币

背景

2024 年 4 月 17 日，Usual Labs 完成 700 万美元融资，IOSG 和 Kraken Ventures 领投，GSR、Mantle、Starkware、Flowdesk、Avid 3、Bing Ventures、Breed、Hypersphere、Kima Ventures、Psalion、Public Works 和 X Ventures 等参投。

创始人 Pierre Person 曾是法国政治家、国民议会议员，最近还担任总统政党副主席，带头推动了该国的加密资产立法。

7 月 10 日，Usual 宣布其主网启动。截至 8 月 6 日，项目 TVL 为 $ 146 M。

根据 Coinmarketcap 8 月 6 日的数据，目前 USD 0 接近 95% 的交易都在 Curve 的 USD 0/USDC 池子，有着 $ 11.33 M 的流动性。同时，在 Maverick Protocol 上有 Aave 的稳定币 GHO 和 USD 0 的 LP，目前 TVL 为 $ 100 k。

目前 USD 0 在借贷项目 Morpho 上有由 MEV Capital 策划的金库，USD 0 USD 0++/USDC 和 USD 0++/USDC 的流动性池，以 86% 的 LLTV（Liquidation Loan-to-Value，清算贷款价值比）有着总共接近 $ 30 M 的抵押。通过这个池子可以同时获得 Usual 的 Pills 奖励（详见文末交互章节）以及 Morpho 代币奖励。

$USUAL TGE 预计在 2024 年 Q4，其中 90% 的 USUAL 代币分配给社区。

机制分析

抵押与铸造

$USD 0 是首个聚合各种美国国库券代币的 RWA 稳定币，可以通过两种不同的方式在 Usual 上铸造：

a. 直接 RWA 存款：用户将符合条件的 RWA 存入协议，并以 1: 1 的比例获得等值的 USD 0 。

b. 间接 USDC/USDT 存款：用户将 USDC/USDT 存入协议，以 1: 1 的比例接收 USD 0 。这种间接方法涉及第三方抵押品提供商，他们提供必要的 RWA 抵押品。这使用户无需直接处理 RWA 即可获得 USD 0 。

RWA 增长显著，但仍然只占加密货币市场基础资产的一小部分，主要挑战在于流动性问题，包括机构在二级市场清算 RWA 持有量面临的困难，以及散户投资者无法在核心 DeFi 生态系统中获得 RWA 回报。通过 USD 0 ，Usual 能够无缝整合来自 Hashnote 等平台的 RWA 代币流动性。

收益

$USD 0++ 是一种增值型国库券，USD 0++ 是 USD 0 的包装和锁定版本。

$USUAL 是 Usual 协议的治理和奖励代币。

收益来源于质押：用户将其 USD 0 锁定在 USD 0 Liquid Bond (USD 0++) 中一段时间。收益可以从下面两种方式中选择一种：

a.USUAL 收益： Liquid Bond 的持有人可以以 USUAL 代币的形式每日领取其收益（每个区块计算）。

b.基本利息保障：保证 USD 0++ 持有者获得至少相当于 USD 0 抵押品收益的收益（无风险收益）。为实现此目的，用户必须将其 USD 0++ 锁定一段指定时间（目前设计为周期为 6 个月）。此期间结束时，用户可以选择以 USUAL 代币的形式或 USD 0 的无风险收益领取基本利息保障。

需要注意的是，无论 USD 0++ 是通过一级发行还是二级市场获得，持有者都自动有权领取 USUAL 代币。

交互

Pills 活动概览

  • 预启动阶段从 7 月 10 日 0 时（UTC）开始，活动持续时间： 4 个月
  • 空投数额：在代币生成事件（TGE）时铸造总 $USUAL 供应量的 7.5% 
  • 用户通过推荐计划和 TVL 贡献可获得 $USUAL 空投分配。类似 Ethena 的种植 pills 活动。
  • 线性分配：存入的越多，得到的就越多。

详细交互指南

1. 打开 Usual Money dApp：https://app.usual.money/#ZHWQS 或通过官网进入然后输入早期访问代码：ZHWQS

稳定币

2. 存入 USDC、USDT、ETH 以铸造 USD 0 （以太坊主网）。点击链接铸造：https://app.usual.money/counter/deposit

3. 赚取药丸方式：

   1. 铸造：用户将 USD 0 锁定为 USD 0++ 时，每次可以赚取 5 粒药丸。

   2. 持有：持有 USD 0++ 的用户每天可以获得 3 粒药丸。

   3. USD 0/USDC 池：用户在 Curve 的 USD 0/USDC 池中提供流动性，每天可以获得 1 粒药丸。

4. USD 0/USD 0++ 池：

  • 向该池贡献 USD 0 的用户每天可以获得 3 粒药丸。
  • 每铸造一枚 USD 0++，还可以获得 5 粒药丸，按比例分配给该池中的 USD 0 LP。
  • 注意：向该池提供 USD 0++ 不会产生任何药丸。
  • 同时，还有一个时间乘数，从 1 开始，每天增加 2% 。如果用户退出其位置则重置为 1 。

4. 添加流动性获得 pills： 选择 USD 0/USD 0++ 选项，输入 USD 0 数量。链接：https://app.usual.money/desk/liquidity

Pills 活动第二期

  • 8 月 4 日，Usual 发布了第二期活动，通过在 Galxe 上完成任务来获得 Pills。活动链接：https://app.galxe.com/quest/usual/GCsgvtvTNA

Letture associate

The Impossible Trilemma Is Basically a Pseudo-Problem

The article argues that the core limitation of blockchain technology is not the scalability trilemma, but its fundamental lack of privacy, which acts as a barrier to institutional capital. It defines blockchain as a slow, expensive, shared computer whose primary value is "permissionlessness" (no administrator) and verifiable trust. While this is ideal for native financial assets like stable币, which now process trillions, two critical flaws remain for mainstream adoption: regulatory legitimacy and a default transparency that leaks all financial activity. The author contends that transparency is not a feature but a tax, quantified through MEV extraction, making the public ledger unusable for serious institutions. However, modern cryptography, specifically zero-knowledge proofs, now offers a solution: "provable privacy." This allows users to prove compliance (e.g., solvency, KYC) without revealing underlying data. This fusion of privacy and auditability resolves the transparency-compliant privacy-compliance dichotomy, enabling a purely upgraded system where transactions are verified but not broadcasted. Closing these flaws is presented as the essential bridge to onboard the next wave of trillions in capital.

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The Impossible Trilemma Is Basically a Pseudo-Problem

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The "Impossible Triad" Is Fundamentally a Pseudo-Problem

The article argues that blockchain's fundamental limitation is not the scalability trilemma (decentralization, scalability, security), which has been largely solved, but the lack of **privacy** and, until recently, clear **legitimacy**. Blockchain is described as a slow, expensive, globally shared computer whose core value is censorship resistance and verifiability. While ideal for native digital assets like money (e.g., stablecoins), its default transparency acts as a **tax**, exposing all transactions and enabling MEV extraction, which deters serious institutional capital. Simultaneously, its permissionless nature created regulatory ambiguity. The piece contends that **privacy** is the missing critical feature. It rejects the false choice between total transparency and complete anonymity. Modern cryptography (like zero-knowledge proofs) enables **compliant privacy**: users can prove facts (solvency, KYC status, compliance) without revealing the underlying sensitive data (specific holdings, identities). This preserves auditability for regulators and eliminates the leak of financial information. With recent regulatory progress (e.g., the GENIUS Act) addressing legitimacy, adding default, provably compliant privacy becomes a pure upgrade. It transforms blockchain from a costly, public ledger into a confidential settlement layer, finally bridging the gap to mainstream institutional and individual adoption of on-chain finance.

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The "Impossible Triad" Is Fundamentally a Pseudo-Problem

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Optical Chips: Collective Capacity Expansion

The global optical chip industry is experiencing a massive wave of expansion driven by surging AI data center demand. Major players across the US, Japan, Europe, and China are aggressively investing to ramp up production capacity. In the US, Coherent is expanding its 6-inch Indium Phosphide (InP) semiconductor fab in Texas, supported by CHIPS Act funding and a $2 billion strategic investment from NVIDIA. Lumentum is building a new factory for InP optical devices, and Nokia is scaling its advanced photonic chip packaging and testing capabilities. NVIDIA's investments aim to secure future supply of critical lasers and optical interconnect products for AI infrastructure. Japan's JX Advanced Metals, a leading InP substrate supplier, plans a multi-billion yen investment to increase its capacity 7-10 times, strengthening its grip on the crucial upstream materials market. In Europe, IQE and Tower Semiconductor settled a patent dispute and signed a multi-year InP epitaxial wafer supply agreement, highlighting that next-generation silicon photonics platforms will integrate high-performance InP components. STMicroelectronics and Sivers Semiconductors are also expanding silicon photonics production and partnerships. China is rapidly building out its domestic supply chain. Dongshan Precision's subsidiary, Source Photonics, announced a $12 billion project to expand optical chip and module production. Companies like Sanan Optoelectronics and Yunnan Germanium are scaling up InP chip manufacturing and substrate production, moving towards vertical integration from materials to modules. While debate continues around the exact future architecture—whether CPO (Co-Packaged Optics), NPO, or pluggables will dominate—analysts like Morgan Stanley argue the underlying driver is unchangeable: the explosive growth in bandwidth demand. This will inevitably increase the volume of optical engines, lasers, and related content per GPU, regardless of the final technical path. The competition for "more light" in the AI era has intensified into a global, full-chain capacity race.

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Optical Chips: Collective Capacity Expansion

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Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

Stablecoin Real Yield Found: A Deep Dive into On-Chain Reinsurance with Re's Karan Saroya As stablecoin supply exceeds $170 billion, the search for sustainable, non-speculative yield intensifies. Re, an on-chain reinsurance platform, provides an answer: connecting stablecoin capital to the trillion-dollar traditional reinsurance market. Re operates as a regulated reinsurer, accepting stablecoin deposits as collateral to back US insurance companies. These insurers pay premiums, generating yield that flows back to on-chain depositors. Currently supporting 35 insurers and underwriting $500 million, Re projects scaling to over $1 billion soon. Key insights from a Bankless podcast with founder Karan Saroya and investor Avichal of Electric Capital: 1. **Uncorrelated, Real-World Yield:** Re offers stablecoin holders access to reinsurance returns (targeting 12-14%+), an asset class entirely separate from crypto or equity markets. 2. **Operational Efficiency via Smart Contracts:** Re replaces traditional, labor-intensive capital fundraising with smart contracts, allowing a ~12-person team to compete with industry giants. 3. **Regulatory Leverage:** For every $1 of collateral, regulations allow backing $5-7 in written premiums. This leverage amplifies returns from the underlying risk-free rate. 4. **DeFi Integration:** Depositors receive receipt tokens, which can be used in protocols like Morpho for "looping," potentially pushing yields to 18-20%+. 5. **The "DeFi Mullet" Model:** A compliant front-end (regulated reinsurer) paired with a decentralized back-end (smart contracts, DeFi capital markets). 6. **RE Governance Token:** Modeled on Lloyd's of London, the token governs the central capital pool's allocation, counterparty acceptance, and parameters. 7. **Real Economic Impact:** Capital funds real-world productivity (factories, clinics, businesses) via insurance, moving beyond crypto's internal loops. The discussion highlights a pivotal moment: DeFi's supply-side infrastructure is now met by real demand for productive yield, potentially kickstarting a flywheel where vast on-chain stablecoin capital seeks these real-world returns.

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Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

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1996 or 1999? Walsh's First Test is 'How to View AI'

"1996 or 1999? Wall's First Big Test Is 'How to View AI'" Federal Reserve Chairman Wall's initial challenge is not whether to raise or cut rates, but a more fundamental judgment: what kind of boom is the current AI boom? This will determine the Fed's policy path and define his legacy. Economics is split between two opposing views, according to reporter Nick Timiraos. One sees imminent productivity gains that will increase supply and cool inflation, allowing the Fed to hold steady. The other argues that while productivity benefits are distant, demand shocks are here now, and waiting for data confirmation risks missing the intervention window, forcing sharper rate hikes later. Wall has signaled a leaning toward the first view, echoing 1996-era Alan Greenspan, who embraced strong, productivity-driven growth without fear of inflation. However, Wall faces a different macro environment than Greenspan did, with tariff pressures, expanding fiscal deficits, and diminishing globalization benefits, which could force more significant inflation pressures even if AI benefits materialize. Wall's logic, expressed before taking office, is that AI-driven productivity gains won't show in official data for years. If the Fed waits for confirmation, it might mistakenly tighten policy and choke off the very growth that could suppress inflation. This argues for using forward-looking narratives over lagging data. Chicago Fed President Austan Goolsbee presents a key counter-argument. He distinguishes between expected and unexpected productivity booms. A widely anticipated boom, like the current AI wave, can cause people to spend future wealth gains in advance, overheating the economy before productivity actually rises, thus requiring preemptive rate hikes. He cites rising costs for AI data centers as evidence of such overheating. Fed Governor Christopher Waller offers a rebuttal to Goolsbee, noting the "expected spending" mechanism only works if people can borrow against future income, which many households cannot do due to borrowing constraints. Wall also faces a paradox related to his desire to reduce the Fed's use of "forward guidance" (pre-announcing policy moves). This practice was established in 1999 when Greenspan began signaling hikes to avoid market shocks. If the economy follows a less optimistic path, Wall may be forced to choose between using the guidance he wants to abolish or risking market volatility by staying silent. The ultimate question defining Wall's first major test remains: Is this 1996 or 1999?

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1996 or 1999? Walsh's First Test is 'How to View AI'

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