Deep Dive
1. Transfer of Labs Assets to DAO (Early 2026)
Overview: A core upcoming governance proposal involves transferring assets and intellectual property developed by the founding "Labs" entity into the direct ownership of the Usual DAO (Usual Blog). This includes protocol infrastructure and code, cementing the DAO's control over the system it governs. The move aims to clarify ownership, separating the DAO's role as owner from the Labs' role as a service provider executing a validated roadmap.
What this means: This is bullish for USUAL because it strengthens true decentralization and aligns all protocol value directly with token holders. It reduces central points of control, potentially increasing institutional confidence. A key risk is ensuring smooth operational handover without disrupting development momentum.
2. Sunset of USUAL STAR Rights (2026)
Overview: The USUAL STAR token, issued to early investors, is designed to sunset at maturity in 2026 (Usual Blog). This process will remove its associated governance and economic rights, consolidating all authority into the main USUAL token. It's a planned step to mature the governance structure post-launch.
What this means: This is neutral to bullish for USUAL. It simplifies the governance model, reducing complexity and potential conflicts, which could make the token more attractive to new holders. The bearish angle is that it might trigger selling from early investors if not managed as part of a clear value-accrual narrative for USUAL itself.
3. Scaling EUR0 & FX Rails (2026)
Overview: Following the launch of the euro stablecoin EUR0 and the activation of USD/EUR foreign exchange rails, the 2026 focus shifts to scaling this multi-currency infrastructure (Usual Blog). This involves deepening liquidity pools, improving arbitrage efficiency, and integrating with more fiat gateways to facilitate seamless cross-currency transactions.
What this means: This is bullish for USUAL because it expands the protocol's total addressable market beyond dollar-denominated DeFi. Successful scaling could drive significant new usage and revenue, which is shared with USUAL holders via buybacks and staking rewards. The risk lies in competing with established forex and stablecoin incumbents.
Conclusion
Usual's near-term path focuses on cementing decentralization through DAO asset control and simplified governance, while scaling its novel euro and FX products to capture broader market utility. Will deepening multi-currency liquidity be the key driver for the next phase of protocol revenue and token demand?