Usual ETH
ETH0
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
ETH0 (Usual ETH) is a synthetic ETH-pegged asset collateralized by wstETH within the Usual Protocol ecosystem. Evaluation is significantly constrained by substantial data gaps, with Tokenomics, Market and Use Case, and Security and Audit History all scoring -1.0 due to retrieved sources lacking token-specific coverage. Among the evaluated areas, Team and Governance scored 6.5/10, reflecting active DAO oversight via staked USUAL (USUALx) stakers and structured collateral risk limits despite reliance on off-chain Snapshot voting. Active Development scored 4.5/10, noting public early 2025 development and a Sherlock audit for the ETH0 Beta release, though ongoing changelogs remain limited. Community Support scored 3.0/10 due to minimal verifiable grassroots engagement. No qualifying red-flag events or fraudulent activities were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Usual ETH (ETH0)
ETH0 (Usual ETH) is a synthetic ETH-pegged token operating on the Ethereum blockchain, issued within the Usual Protocol ecosystem. The token is designed as a synthetic asset collateralized by wrapped liquid staking tokens, specifically wstETH, as well as liquid restaking tokens (LST/LRT). The protocol enables core functionalities including minting, redemption, and oracle price feed integrations, with an ETH0 Beta implementation that underwent a security audit by Sherlock in February 2025.
Governance over ETH0 and its risk parameters is managed by the Usual DAO through staked USUAL (USUALx) holders utilizing off-chain Snapshot voting. The DAO is structured to oversee collateral eligibility, risk limits, and asset-specific parameters across the protocol's offerings.
Evaluation of the project highlights several risk considerations and governance limitations. Historical governance exhibited centralization through a pre-November 2025 USUAL* insider token structure, and the protocol remains in an ongoing transition toward decentralized administration while relying on off-chain voting mechanisms. In addition, team credentials remain unverified in evaluation records, and there is a lack of verifiable post-launch release notes, changelogs, and tokenomic documentation specific to ETH0.