🎉 The #CandyDrop Futures Challenge is live — join now to share a 6 BTC prize pool!
📢 Post your futures trading experience on Gate Square with the event hashtag — $25 × 20 rewards are waiting!
🎁 $500 in futures trial vouchers up for grabs — 20 standout posts will win!
📅 Event Period: August 1, 2025, 15:00 – August 15, 2025, 19:00 (UTC+8)
👉 Event Link: https://www.gate.com/candy-drop/detail/BTC-98
Dare to trade. Dare to win.
Unveiling the Truth of the USUAL protocol: The $2 billion TVL Behind the RWA Ponzi Scheme
The Truth About USUAL Protocol: A Ponzi Scheme Dressed in RWA Clothing
The USUAL protocol appears to be a Real World Asset project that provides US Treasury yield (RWA), but in reality, it is a carefully designed Ponzi Scheme. The protocol has a total of 5 tokens:
The banner raised by the project party is: obtain 4% US Treasury yield without permission. However, to attract users, they launched USUAL token mining with returns as high as 70%. Users can mint USD0++ at a 1:1 ratio while also receiving USUAL token rewards.
The high returns are hiding significant risks. Although USD0++ is minted at 1 dollar, it is actually a government bond token with a 4-year lock-up period, worth only 0.84 dollars after discounting. The project party uses various means to cover up this fact, even fixing the price of USD0++ at 1 dollar on lending platforms, enticing users to engage in high-leverage operations.
After the TVL reached nearly $2 billion, the project team suddenly closed the USD0++ 1:1 redemption channel, allowing redemption only at a floor price of $0.87. This means users instantly lost 13%, approximately $260 million was cashed out by the project team. This fund was distributed to USUALX holders and the project team.
The project party has also reserved USUAL* tokens, holding a large amount of equity. Through this method, the team has already profited at least 72 million dollars.
The price of USUAL continues to fall, and the project team has no choice but to take extreme measures to maintain operations. However, this only delays the collapse; ultimately, USUAL will surely go to zero. All participants will suffer losses, and the only winner will be the project team.
In the unregulated cryptocurrency market, projects without moral bottom lines emerge endlessly. Investors need to remain highly vigilant and cautiously participate in such high-risk projects.