Usual: Two months after the controversy, where does the project stand?

Usual: Two months after the controversy, where does the project stand?
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Two months after a sudden change in the terms of the USD0++ buyout, Usual is facing a loss of confidence and a fall in its TVL. Can it bounce back and restore its credibility in the DeFi ecosystem?

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Florent Vallon

Florent Vallon is an Analyst at The Big Whale, a Paris-based crypto and web3 media founded in 2022, where he has held the role since February 2025. His published work at The Big Whale covers DeFi protocols and on-chain finance, including analyses of Uniswap v4, Aave, Lido, EtherFi, restaking, DEX vaults, real-world assets, and tokenised indices. He also covers broader crypto market topics such as Solana, memecoins, Cardano, and decentralised AI platforms.

Alongside his role at The Big Whale, Vallon is a partner at White Loop Capital, a Paris-based private investment firm specialised in crypto-assets, a position he has held since October 2021. He is also co-founder of SCALIVM, a business consulting firm he launched in January 2020. Prior to these roles, he spent nearly a decade in commercial and entrepreneurial functions across e-commerce, crypto, and SaaS. He is based in the Greater Paris region, holds a degree from Boston University, and a Binance certification.

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Grégory Raymond

Grégory Raymond is Head of Research and co-founder of The Big Whale. A specialist at the intersection of traditional finance and digital assets, he has been covering the regulatory, institutional and technological developments of the sector since 2017 for an audience of decision-makers: ,banks, asset managers and fintechs. He is also the author of Bitcoin & Cryptos: L'enjeu du siècle (Talent Éditions, 2025), a book built around interviews with key figures from the ecosystem.

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