Deep Dive
1. Asset & IP Transfer to DAO (Early 2026)
Overview: A core principle for 2026 is clarifying ownership. Proposals will ratify the transfer of infrastructure, code, and intellectual property developed by the Labs into the direct ownership of the Usual DAO (Usual Blog). This move aims to make the system's assets collectively owned, tightening the alignment between the protocol and its governors.
What this means: This is bullish for USUAL because it concretely advances decentralization, reducing reliance on the founding team and making the protocol a true community-owned asset. It mitigates centralization risk and could strengthen long-term holder conviction.
2. Sunsetting of USUAL STAR Rights (2026)
Overview: USUAL STAR was a distinct token for early investors, linked to USUAL's issuance mechanics. As governance matures, authority is designed to consolidate under the USUAL token. The associated rights of USUAL STAR are scheduled to sunset at its maturity in 2026, simplifying the governance structure (Usual Blog).
What this means: This is neutral to bullish for USUAL. It removes a complex layer from the tokenomics, making the investment case clearer and potentially reducing future dilution concerns. Governance power becomes more directly tied to USUAL holdings.
3. Multi-Currency & FX Infrastructure Expansion (Ongoing)
Overview: Following the launch of the euro-pegged EUR0 and activation of forex rails in Q4 2025, the focus is on scaling this multi-currency system. This includes ramping up EUR0 liquidity and enhancing the infrastructure for frictionless swaps between USD0 and EUR0 (Usual Blog). A multi-arbitrage bot for these assets was noted as operational in March 2026 (Usual).
What this means: This is bullish for USUAL because it expands the protocol's total addressable market beyond dollar-denominated DeFi. Successful adoption of EUR0 and FX rails could drive significant new protocol revenue, a portion of which fuels buybacks and rewards for USUAL lockers.
4. Strengthening USUAL Utility & Scarcity (2026)
Overview: The roadmap emphasizes moving USUAL into a stage of "sustainable value creation." This involves DAO proposals to optimize token emissions—making them more responsive to protocol revenue and TVL—and to introduce new native utilities for the token (Usual Blog). The goal is to decouple growth from pure incentives and enhance scarcity.
What this means: This is bullish for USUAL as it directly targets the token's value accrual. Reduced sell pressure from optimized emissions and increased demand drivers from new utilities could improve the token's fundamental supply-demand balance over time.
Conclusion
Usual's path is defined by a deliberate shift from bootstrapping to decentralized consolidation, transferring ownership to the DAO while expanding its multi-currency financial infrastructure. How will the activation of new token utilities and the full sunset of USUAL STAR impact the market's perception of USUAL's long-term value proposition?