Case Study
On‑chain real‑world‑asset collateral meets bullet‑proof smart‑contract engineering.
dOrg supplied Usual with an on‑demand squad of senior smart‑contract engineers, subgraph specialists, and technical leadership. The team supported the development of USD0, a real‑world‑asset (RWA) backed stablecoin that combines various tokenized U.S. Treasury Bills into a singular backing ratio.
Our mandate: accelerate velocity without compromising security. Together we:
The result: A fully secure on-chain backed Stablecoin Protocol with a TVL that grew up to $1.7B, seamless integrations across major DeFi venues, zero critical exploits to date and boasting the largest bug bounty in the world at $16M.
Usual approached dOrg in mid‑2023 as they prepared to take USD0 from private‑alpha to public main‑net.
They needed:
dOrg stood up a Team‑Extension engagement, providing a dedicated Tech Lead & senior smart contract engineers with rotating subject‑matter experts for peak workloads (audit‑fix weeks, release timeline crunch, etc).
Our work for Usual naturally grouped into four complementary areas:
Protocol Engineering
We reviewed & refactored the Usual Protocol core‑contract suite - USD0 mint/burn logic, collateral management, oracle integration, and orderbook module, and introduced several architectural refactors. This effort culminated in a mainnet launch on schedule with a security-first, gas‑optimised protocol architecture ready for the first billion.
Security & Audits
dOrg established an internal audit checklist, implemented fuzz and differential testing, and ran two deep audit sprints before coordinating multiple external audits. Usual followed up with a record‑setting $16 M bug‑bounty program, which to date has produced zero critical findings and significantly boosted community trust.
Team Enablement
Whenever Usual faced hiring gaps or peak delivery pressure, dOrg supplied an interim Tech Lead, senior Solidity engineers, and a dedicated project manager.
We documented every process and handed off ownership cleanly, accelerating the roadmap by several months while lowering long‑term engineering risk.
Data & Subgraphs
To make USD0 transparent from day one, we built and now maintain GraphQL subgraphs that track supply, collateral reserves, incentive emissions, and other protocol metrics. These feeds power real‑time dashboards on Dune and partner dApps, allowing integrators and users to observe protocol health with roughly 30‑second latency.
All contributors had 4+ years of Ethereum main‑net experience and prior audit track records.
Securely launch USD0 on Ethereum mainnet: Achieved with a peak $1.7 B total value locked in the first six months and zero critical vulnerabilities discovered.
Maintain the highest possible security standard: Implemented the largest bug‑bounty in web3 history at $16 M, supplemented by multiple audit rounds; no critical exploits have been reported.
Accelerate shipping velocity without compromising security: By embedding experienced dOrg engineers and instituting rigorous QA pipelines, Usual cut its original audit‑to‑launch timeline by months.
By embedding dOrg's seasoned web3 engineers into their team, Usual moved from concept to a billion‑dollar, security-first RWA aggregate stablecoin faster and safer than going it alone. The collaboration set a new bar for on‑chain asset Collateralization, and continues today on an on‑demand basis from the Usual team.
Category
DeFi & Data
Infrastructure
RWAs
Role
Web3 software architecture
Technical Leadership
Backend (subgraphs & data services)
Internal Audits / Security Hardening
dOrg has a longstanding history of complex web3 development and integration partnerships. We've worked with +85 web3 projects since 2019, generating +$2B of total lifetime value in shipped products as well +$8M on-chain revenue.
December 23, 2024
The block
December 20, 2024
Coindesk
December 19, 2024
Ledger insights
August 22, 2024
Blockworks