Forwarding the original title “Depth Interpretation of AI stablecoin Early Project 02——http://USD.AI @USDai_Official>

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 limited, and lack scalability.

http://USD.AIThe birth of aims to address the financing pain points of AI hardware and DePIN. Projects such as GPU computing clusters and new types of IoT networks often have huge capital expenditures 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.

http://USD.AIConnecting the two: Through the protocol pool, users can lend their stablecoins to rigorously selected AI infrastructure operators, using their expensive hardware as collateral. In this way, these operators obtain the much-needed expansion capital 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

http://USD.AIAdopting a dual-token model, issuing two types of stablecoin assets: USDai and sUSDai, allowing users to deposit stablecoins to mint USDai; staking USDai will yield sUSDai.

• USDai is a low-risk synthetic dollar, collateralized by stablecoins supported by interest-bearing government bonds (such as the “M” token of M^0), 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, generating returns from these physical assets. Therefore, the revenue sources of sUSDai consist of two parts: one is the income generated from the underlying government bonds of USDai, and the second is 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 for 30 days and wish to obtain priority redemption rights in advance, you can participate in the QEV auction mechanism to bid. (A detailed introduction to QEV will be provided in the next section.)

In conclusion,http://USD.AIThe goal is to transform AI hardware, computing devices, and DePIN assets that originally lack liquidity into efficient, liquid productive capital through the dual-token USDai/sUSDai.

2. Technical Interpretation

In terms of technical mechanism design,http://USD.AIThe CALIBER asset framework and QEV redemption mechanism have been introduced, 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,http://USD.AI On-chain minting will create an NFT ownership certificate representing the asset. In this way, if the borrower defaults, the agreement can legally reclaim and dispose of the equipment to pay back the investors. From the user’s perspective, CALIBER signifies that the assets behind sUSDai are real and secured hardware, enhancing the credibility of the entire system.

The QEV mechanism is used to manage the redemption liquidity of sUSDai. Unlike the first-come-first-served queue of general stablecoins,http://USD.AIThe redemption is designed as a monthly blind auction, where the protocol packages the funds available for redemption and allows holders who wish to exit to bid anonymously. Those who bid higher (willing to give up less interest) have priority for redemption, effectively using market mechanisms to determine who exits first. This auction mechanism prevents panic withdrawal and incentivizes long-term holding.

3. Participation Method

Currently http://USD.AIIn the internal testing phase, 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 regular users need to fill out the whitelist on the official website to strive for participation eligibility.

According to the roadmap, the project plans to soon open public testing, launching the Ethereum mainnet, Berachain, and more chains, while also introducing a point 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 one cycle (about 30 days) to withdraw the underlying assets. If there is a concentrated redemption demand in a short period, users’ capital liquidity will be restricted. To address this, the project has introduced the QEV auction mechanism as a buffer, but secondary market liquidity may still experience temporary shortages in extreme cases, requiring certain liquidity expectation management.

Early protocol risk:http://USD.AIIt is still in the early testing stage, and there may be issues with its smart contracts, auction mechanisms, etc. that have not yet been exposed, which need to be verified over time. Before participating, one needs to be mentally prepared and conduct a risk assessment for possible extreme situations.

5. Future Outlook

With the explosive growth of demand for artificial intelligence infrastructure,http://USD.AIthis model runs well, which not only means that DeFi funds can flow in large amounts to support the construction of AI networks, but also means that http://USD.AIIt may become an indispensable part of the era of AI infrastructure.

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