> For the complete documentation index, see [llms.txt](https://delpho.gitbook.io/delpho-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://delpho.gitbook.io/delpho-docs/delpho-101.md).

# Delpho 101

Delpho 101 is the plain-language introduction to the protocol. It covers what Delpho is, what USDV and sUSDV are, and where the yield comes from. Read this if you're new to Delpho.

## Pages

* [What is Delpho](/delpho-docs/delpho-101/what-is-delpho.md) - one-page summary of the protocol.
* [USDV: minting against collateral](/delpho-docs/delpho-101/usdv-minting-against-collateral.md) - how a holder turns collateral into dollar liquidity.
* [sUSDV: the yield engine](/delpho-docs/delpho-101/susdv-the-yield-engine.md) - how staked USDV earns from Hyperliquid perp funding.

If you already know the basics, skip to [How Delpho works](/delpho-docs/how-delpho-works.md) for the mechanics or [Risk](/delpho-docs/risk.md) for failure modes.