USD.AI aims to transform AI hardware, computing devices, and DePIN assets, which originally lack liquidity, into efficient and liquid productive capital through the dual-token system of USDai/sUSDai.

Author: Biteye

Currently, the rapid development of AI has created a huge demand for computing resources and related infrastructure. However, traditional financing models have many drawbacks: they are slow, opaque, geographically restricted, and lack scalability.

The birth of USD.AI targets the financing pain points of AI hardware and DePIN. Projects such as GPU computing clusters and new IoT networks often require significant capital expenditure but struggle to obtain loans from traditional banks (even if they have stable cash flows). At the same time, a large amount of DeFi funds lack reliable high-yield destinations.

USD.AI connects the two: by using a protocol pool to lend users' stablecoins to rigorously selected AI infrastructure operators, with their expensive hardware as collateral. This way, these operators obtain the much-needed expansion funds to purchase more equipment and scale up computing power, while the contributing crypto users earn high lending interest returns, achieving a win-win situation.

⭐️ 1. Core Mechanism

USD.AI adopts a dual-token model, issuing two types of stablecoin assets: USDai and sUSDai, allowing users to deposit stablecoins to mint USDai; staking USDai can earn sUSDai.

• USDai is a low-risk synthetic dollar, backed by stablecoins supported by interest-bearing government bonds (such as the "M" token of M^0) as collateral, but the underlying government bond yields generated will not be distributed to USDai holders. It provides stability and liquidity, redeemable at any time.

• sUSDai is an "income version" token aimed at investors, with funds directed towards loans for AI computing power, energy, communication, and other infrastructure to obtain returns from these physical assets. Therefore, the income sources for sUSDai come from two parts: first, the yields generated by the underlying government bonds of USDai, and second, the interest from loans for physical infrastructure such as AI hardware and DePIN assets.

Note that sUSDai has a 30-day redemption window. If you do not want to wait 30 days and wish to obtain priority redemption rights early, you can participate in the QEV auction mechanism to bid. (A detailed introduction to QEV will be provided in the next section.)

In summary, USD.AI aims to transform AI hardware, computing devices, and DePIN assets, which originally lack liquidity, into efficient and liquid productive capital through the dual-token system of USDai/sUSDai.

⭐️ 2. Technical Interpretation

In terms of technical mechanism design, USD.AI introduces the CALIBER asset framework and QEV redemption mechanism, providing a safety net and liquidity assurance for the aforementioned model.

The CALIBER framework is a solution for digitizing and legally custodizing physical assets. When borrowers use AI hardware as collateral for loans, USD.AI will mint an NFT ownership certificate on-chain representing that asset. In this way, if the borrower defaults, the protocol can legally reclaim and dispose of the equipment to repay investors. For users, CALIBER means that the assets backing sUSDai are real and secured hardware, enhancing the overall credibility of the system.

The QEV mechanism is used to manage the redemption liquidity of sUSDai. Unlike the first-come-first-served queue of general stablecoins, USD.AI designs redemption as a monthly blind auction, where the protocol packages the funds available for redemption in that period, allowing holders who wish to exit to bid anonymously for redemption. The higher the bid (the less interest they are willing to forgo), the higher the priority for exchange, effectively using market means to determine who exits first. This auction mechanism prevents panic withdrawals and incentivizes long-term holding.

⭐️ 3. Participation Method

Currently, USD.AI is in the internal testing phase, and participants can mint USDai and sUSDai on Arbitrum. As it is still a closed test, the official public application interface has not yet been opened, and ordinary users need to fill out a whitelist on the official website to strive for participation eligibility.

According to the roadmap, the project plans to open public testing soon, launching on the Ethereum mainnet, Berachain, and more chains, while also introducing a points reward mechanism called Cores: early testers and contributors will earn points based on their activities for future rewards.

⭐️ 4. Risk Warning:

Liquidity lag risk: Due to the closed-cycle redemption design of sUSDai, normally, redemption requires waiting for a cycle (about 30 days) to withdraw the underlying assets. If there is a concentrated redemption demand in a short period, users' fund liquidity will be restricted. To mitigate this, the project has introduced the QEV auction mechanism, but secondary market liquidity may still experience temporary shortages in extreme cases, requiring some liquidity expectation management.

Early protocol risk: USD.AI is still in the early testing phase, and its smart contracts, auction mechanisms, and other aspects may have undisclosed issues that need to be tested over time. Participants need to be mentally prepared and conduct risk assessments for possible extreme situations before participating.

⭐️ 5. Future Outlook

With the explosive growth in demand for AI infrastructure, USD.AI's model operates well, not only indicating that DeFi funds can flow in large quantities to support the construction of AI networks but also suggesting that USD.AI may become an indispensable part of the AI infrastructure era.

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