Vault Synopsis

The USD0++ 5xx vault accepts deposits denominated in USD0++ 5x.

Usual (USD0) is a decentralised fiat-backed stablecoin. Users may unlock the productive potential of USD0 by buying USD0 Liquid Bonds (USD0++), which is an enhanced 4-year DeFi T-Bill secured by locked USD0. Users may exit USD0++ at any time at the current market price.

USD0++ is designed to exceed the risk-free yield and which is liquid, composable, and backed solely by locked USD0 over a 4-year period. USD0++ not only provides a boosted yield, but also provides a stake in the Usual Protocol’s governance and future revenues.

Post pre-launch, USD0++ yield will be paid daily in $USUAL, with a guaranteed minimum return equal to the actual risk-free rate, paid in USD0. Protocol yields are distributed through the $USUAL token, which will also serve as the governance token. Through the $USUAL token, the user may benefit directly from the growth and success of the Usual protocol.

During the Pills campaign, holding USD0++ gives you access to Pills and a proportional share of the $USUAL airdrop. Once the campaign concludes, USD0++ will continue to generate returns in $USUAL tokens, ensuring ongoing rewards.

The Origami USD0++ 5x vault allows users to farm Pills with 5x leverage. When the user deposits USD0++, the vault will fold the effective exposure to the underlying by borrowing USDC against the USD0++ collateral in the Morpho USD0++/USDC 86% LLTV pool and swapping it for more USD0++. Instead of farming 3 Pills per initial USD0++ per day, they will be farming 15 Pills per day whilst paying the associated borrow interest at 5x leverage from their initial USD0++ deposit. Origami provides an estimated implied APY based on what users are currently paying for the USD0++ YT token on Pendle. See here for how we derive the implied APY from the Pendle YT Oracle.