USUALx
USUALX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
USUALx serves as the staked vault receipt and governance token for Usual Protocol, capturing ~22.5% of daily USUAL emissions alongside weekly revenue distributions. Active development is solid (7.5/10), evidenced by the deployment of the USUALx locking system (UIP-9), the Syrup Vault, and continuous feature expansion into 2026. Security and audit practices are well-documented with reviews from Hexens, Halborn, Spearbit, and Sherlock; a minor ~$43K arbitrage exploit on May 28, 2025 caused no loss of user funds and falls far below red-flag thresholds. Governance reforms in late 2025 streamlined token structures and activated fee distributions. However, the asset's investment profile is constrained by tokenomics tied to heavily-dilutive USUAL parent emissions (5.5/10), thin market liquidity with ~$45.5k daily volume on an $8.96M market cap (3.5/10), and a modest community footprint (4.0/10). No qualifying red-flag events or fraudulent mechanics 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 USUALx (USUALX)
USUALx is the staked vault receipt and governance token of the Usual Protocol, operating on the Ethereum blockchain. Functioning as an elastic mint and burn staking derivative with no fixed supply cap, the token represents staked USUAL within the protocol's ecosystem. USUALx accrues value through an appreciating exchange rate, capturing approximately 22% to 22.5% of daily USUAL emissions, and receives weekly protocol revenue distributions in USD0 following the activation of the protocol's Revenue Switch in January 2025. Stakers can commit tokens to immutable lockup periods of one to twelve months to receive boosted rewards, subject to a 10% DAO-governed unstaking fee.
Governance rights in the Usual DAO are largely held by USUALx holders, allowing participation in votes concerning protocol parameters, fee structures, collateral onboarding, and treasury management. In November 2025, governance reforms retired the protocol's internal USUAL* token and transitioned it into a soulbound asset, while leaving USUALx as the primary liquid staking and voting mechanism. The token also interacts with decentralized finance integrations, including utility in lending markets such as Morpho and dedicated protocol vaults.
In terms of security, the protocol's contracts have been audited by firms including Blackthorne, Hexens, Halborn, Spearbit, and Sherlock. However, on May 28, 2025, a smart contract logic vulnerability involving an unauthorized swap path between USD0++ and USD0 was identified by BlockSec, resulting in an exploiter capturing approximately $43,000 in arbitrage profits. Protocol contracts were temporarily paused, and no user funds or liquidity pool reserves were reported lost. Market considerations include low daily trading liquidity and reliance on the emissions model of the underlying USUAL asset.