PASS

Usual Protocol (USUAL)

USD0 stablecoin protocol with real-world asset backing, but collapsed 96% from ATH amid depeg fears and hyperinflationary tokenomics

Ranked 147th of 251 rated tokens. Scoring pass 11 Jun 2026.

Score
99/250
147th of 251
Percentile
41.8%
of the rated universe
Circulating
61.9%
38.1% of value still to vest
Off all-time high
-99.47%
188.7x to recover
EthereumERC-20-3 since last pass
01

What the numbers say

USUAL scores 99 of 250 across the 25-variable framework, which places it 147th of 251 rated tokens and inside the lower half of the set. The framework verdict is PASS.

The score rests on P/S Multiple 6/10, 23rd of 251, Exchange Depth 6/10, 37th of 251, Real Staking Yield 5/10, 37th of 251 and Buyback and Burn 4/10, 40th of 251.

Against the same universe, USUAL sits in the bottom third on Supply Inflation 2/10, 228th of 251, Vesting Schedule 2/10, 223rd of 251, Circulating / FDV Ratio 4/10, 203rd of 251 and Insider Selling 3/10, 201st of 251. These are the variables that would have to move for the verdict to change.

Only 61.9% of USUAL's maximum supply is in circulation, so 1.61x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 38.1% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.

USUAL trades 99.47% below its all-time high of $1.61. Recovering that level is a 188.7x move, not a 99.47% one, which is the arithmetic most drawdown charts hide.

$350.0M sits in the protocol. The token is capitalised below the value locked in the protocol.

02

25-variable breakdown

Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.

Cash flow

Cash flow variables for USUAL, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
460th of 251
Revenue Trend
3117th of 251
P/S Multiple
623rd of 251
Real Staking Yield
537th of 251

Supply

Supply variables for USUAL, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
2228th of 251
Vesting Schedule
2223rd of 251
Circulating / FDV Ratio
4203rd of 251
Buyback and Burn
440th of 251

Ownership

Ownership variables for USUAL, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
493rd of 251
Insider Selling
3201st of 251
Holder Concentration
458th of 251

Traction

Traction variables for USUAL, scored 1 to 10 and ranked against 251 tokens
TVL Trend
3111th of 251
Active Users
491st of 251
Developer Activity
583rd of 251
Network Growth
4100th of 251

Position

Position variables for USUAL, scored 1 to 10 and ranked against 251 tokens
Market Share
3131st of 251
Competitive Moat
4114th of 251
Institutional Adoption
471st of 251
Exchange Depth
637th of 251
Social Mindshare
486th of 251

Risk

Risk variables for USUAL, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
5102nd of 251
Catalyst Calendar
490th of 251
BTC Alpha Potential
3114th of 251
Team Execution
4147th of 251
Treasury Runway
574th of 251

The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.

03

Catalyst and risk

Next catalyst

USD0++ liquid staking recovery and new RWA yield products bringing TVL back above $500M

Principal risk

USD0++ depeg incident in Jan 2025 destroyed trust; USUAL token hyperinflation via revenue redistribution model; TVL down 80%+ from peak

04

Market and supply

Price$0.008537
Market cap$15.9Mrank 925
All-time high$1.6120 Dec 2024
Circulating supply1,858,355,554
Eventual supply (max supply)3,000,000,000
Dilution to full supply1.61x
Total value locked$350.0M
Listed onBinance, OKX, Curve

Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.

05

Tokens with a similar profile

These are the closest matches to USUAL measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.

06

Sources

  • [CoinGecko] USUAL down 96% from $1.61 ATH after USD0++ depeg event in January 2025 shattered confidence
  • [DefiLlama] Usual Protocol TVL fell from $1.8B peak to ~$350M following USD0++ depeg and mass redemption event
  • [Usual Docs] USUAL token model redistributes protocol revenue but circulating supply inflation from emissions remains very high
07

Common questions

What is the Early Thunder score for Usual Protocol (USUAL)?
USUAL scores 99 out of 250 on the 25-variable framework, ranking 147th of 251 rated tokens (lower half). The framework verdict is PASS.
What are USUAL's strongest fundamentals?
USUAL ranks highest on P/S Multiple 6/10, 23rd of 251, Exchange Depth 6/10, 37th of 251, Real Staking Yield 5/10, 37th of 251 and Buyback and Burn 4/10, 40th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
What are the weakest parts of the USUAL thesis?
USUAL scores in the bottom third of the universe on Supply Inflation 2/10, 228th of 251, Vesting Schedule 2/10, 223rd of 251, Circulating / FDV Ratio 4/10, 203rd of 251 and Insider Selling 3/10, 201st of 251. The single risk carried on the scorecard is: USD0++ depeg incident in Jan 2025 destroyed trust; USUAL token hyperinflation via revenue redistribution model; TVL down 80%+ from peak
How much USUAL supply is still to enter circulation?
61.9% of eventual USUAL supply is circulating today, leaving 1.61x the current float still to arrive. At a flat price per token that is 38.1% of fully diluted value ahead of current holders.
How far is USUAL from its all-time high?
USUAL trades 99.47% below its all-time high of $1.61. Returning to that high requires a 188.7x move from the level used in this scoring pass.
Which tokens have a similar profile to USUAL?
Measured on the shape of all 25 scored variables rather than on price, the closest matches to USUAL are ZK (95), BLAST (87), MOVE (67) and STRK (93). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
What is the next catalyst for USUAL?
USD0++ liquid staking recovery and new RWA yield products bringing TVL back above $500M

Keep reading

Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.