Usual ETH (ETH0): Uses, Supply and Risks

Usual ETH (ETH0) is a synthetic asset issued by the Usual protocol. It is designed to track exposure to Ether (ETH), but it is not Ether itself and is not Ethereum’s native token. The project describes ETH0 as fully backed by Lido’s wstETH, a token representing staked Ether. That backing connects ETH0’s value and risks to both the underlying asset and the protocol that issues ETH0.

ETH0 is aimed at holders who want ETH-related exposure through a token that can be used in decentralised finance (DeFi). The project also describes ETH0 holders as receiving USUAL tokens. This should not be read as a guaranteed return: the amount, availability and value of any rewards may depend on protocol rules and can change. Before acquiring ETH0, check the current issuance, backing, redemption and reward terms in Usual’s own documentation. ETH0’s short name can also be confused with ETH, so confirm the asset and network before sending or trading it.

ETH0’s stated purpose is to provide synthetic ETH exposure while using wstETH as backing. Lido’s wstETH represents staked Ether, so ETH0’s structure may offer exposure to staking-related value as well as changes in ETH’s market price. The Usual project says holders receive USUAL tokens, but that does not establish a fixed yield or mean ETH0 will outperform ETH or wstETH. Reward amounts and token values can vary, and users should review the current rules before relying on them.

Because ETH0 is issued on Ethereum, it may be usable in compatible wallets and DeFi applications, but availability depends on each application’s support for the token. Do not assume that every ETH or wstETH service accepts ETH0. ETH0 is also distinct from the ETH used to pay Ethereum transaction fees. You may need ETH in your wallet to cover those fees when moving or interacting with ETH0. the public information available here do not specify a particular redemption process, so check whether and how ETH0 can be exchanged for its backing before treating it as directly redeemable.

ETH0 has a reported circulating supply of about 709 tokens and a total supply of about 710, as of 2026-07-12. No maximum supply is specified. Supply figures can change as tokens are issued, redeemed or otherwise handled under the protocol, so treat them as a dated snapshot rather than a fixed limit.

On 2026-07-12, ETH0’s reported price was about $1,819, with a market capitalisation and fully diluted valuation each around $1.3 million. These figures are approximate and can move quickly; reported market values do not guarantee that you can trade a token at that price, especially where trading activity is limited. ETH0’s recorded all-time high was about $4,938 on 2025-08-24, and its recorded all-time low was about $1,658 on 2026-06-12. Past prices do not indicate future performance. A small market value or a displayed price alone also does not show how much liquidity is available to buy or sell ETH0.

ETH0 is reported as issued on Ethereum. It is not listed as the native token of a blockchain; Ethereum’s native asset is ETH. This distinction matters when choosing a network for a transfer. Sending ETH0 through a different network or to an address that cannot receive the token could result in loss of access to the funds.

For storage, use a wallet that supports Ethereum tokens and verify that it can display and send the correct ETH0 asset. Confirm the token’s contract address using a trusted Usual source before adding it to a wallet or interacting with a DeFi application. A matching name or ticker is not enough to prove that a token is genuine. Keep your recovery phrase private and offline, and never share it with anyone claiming to provide support. If using a hosted exchange or custodian, check that it supports ETH0 deposits and withdrawals on Ethereum, rather than assuming that ETH trading support includes ETH0.

ETH0 carries smart-contract and issuer risk: a bug, exploit, operational failure or change in protocol rules could affect the token or its backing. Its stated backing in wstETH also links it to Lido and to the possibility that wstETH trades below its expected value or becomes difficult to redeem. “Fully backed” describes the project’s stated design, not a guarantee that backing will always be accessible or that ETH0 will trade at a particular price.

ETH0 may also face limited liquidity, price swings and uncertainty about how rewards are distributed or valued. USUAL rewards, if available to a holder, can change in amount and market value. Review independent contract information, current backing and redemption arrangements, fees, and any applicable lock-up or eligibility conditions before using the token. Do not invest money you cannot afford to lose, and do not treat ETH0 as a bank deposit or a guaranteed-yield product.