Can Common’s income swap ship on its guarantees, regardless of rising issues?
The Income Swap, a mechanism designed to distribute 100% of Common’s (USUAL) protocol income to USUALx stakers, has been launched by the creators of the USUAL token and USD0 stablecoin ecosystem. Whereas the initiative represents a big step ahead for decentralized finance, its debut comes amid ongoing group issues about current adjustments to the protocol’s reimbursement characteristic.
Activated on January 13, 2025, the Income Swap permits USUALx stakers to obtain income generated by the protocol, estimated at $5 million per 30 days, immediately in USD 0. This mechanism hyperlinks symbolic worth to precise income, with the objective of encouraging long-term staking and supporting sustainable protocol progress.
As of at present UTC+0, the Income Swap is activated for USUALx holders. Those that maintain their USUALx positions this week shall be eligible for distribution of final week’s collateral revenue.
Extra particulars right here and on the dApp: https://t.co/syOdYwHXW5
The 1:1…— Common (@usualmoney) January 13, 2025
As of January 14, 2025, the USUAL token is buying and selling at $0.5319, with a market cap of $275.68 million and a 24-hour buying and selling quantity of $194.6 million. Roughly 36.53% of the token provide has been staked, delivering an annualized return of 275%, 42% in USD0 rewards and 233% in USUAL.

USUAL 1D Chart | Supply: CoinmarketCap
Regardless of the thrill surrounding the Income Swap, the protocol has obtained criticism for its choice to replace the redemption characteristic for USD0 stablecoins. The brand new characteristic permits a short lived suspension of refunds below particular circumstances, corresponding to in periods of market volatility or liquidity constraints. Whereas USUAL has clarified that this alteration is meant to take care of stability in excessive situations, it has raised issues in regards to the focus of management and attainable implications for decentralization.
The introduction of the Income Swap and changes to the redemption characteristic are a part of USUAL’s broader technique to safe its place because the main DeFi protocol. The Income Swap goals to extend the utility of USUAL tokens, stabilize returns for stakers, and supply a clear income distribution mechanism. USUAL has additionally indicated plans to refine its mannequin within the coming months, integrating superior staking and governance frameworks impressed by the “veModel” utilized in different DeFi initiatives.
As USUAL navigates these developments, the success of the Income Swap may function a proof of idea for revenue-based tokenomics, doubtlessly influencing future business practices. On the identical time, the protocol’s response to group issues shall be intently watched because it may impression belief and adoption in an more and more aggressive DeFi ecosystem.