When I first started following DAWN, it was more of a DePIN-focused project. DePIN was super hot and profitable for a while. Looking at it now, they've expanded their scope to include AI + network services financing. With $40M in total funding and backing from capital like Dragonfly, this is definitely worth keeping an eye on. 1. What they're trying to do now can be summed up in one sentence: lend on-chain money to companies working on AI computing power, broadband, and network services. 2. They're targeting a market that traditional finance isn't too keen on. Right now, many AI and network infrastructure companies already have customers, contracts, and future cash flow, but their projects are too small and scattered to secure funding from traditional institutions. DAWN steps in by lending them money based on their future revenue so they can buy GPUs, lay networks, and expand equipment, then gradually repay through service fees. 3. This is somewhat similar to what we saw with http://USD.AI, which started as a savings-focused project and later launched on Binance spot trading. Both projects share a core logic: they're not betting on AI hype but rather financing the real infrastructure behind AI and bringing that tangible cash flow on-chain. The difference is that DAWN @dawninternet seems to cover a broader scope—not just GPUs and computing power but also broadband, network services, and other digital infrastructure. 4. For retail participants, you can deposit USDC to earn base lending yields plus future incentives. It's not officially open yet but will be in 10 days. Path: Deposit USDC → into the official USD.infra → into the Vault → receive sUSD.infra → earn yields + expected protocol incentives. 5. Another reason I think it's worth paying attention to is the massive demand for financing behind it, and the underlying businesses can actually generate real cash flow. This reminds me of Venice VVV, which has been surging in this AI wave. It set a great example for the market—not just hyping up AI stories but having clear revenue streams, with tokens that can capture this income and value, ultimately forming its own value flywheel and skyrocketing.