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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.
What is Delpho - one-page summary of the protocol.
USDV: minting against collateral - how a holder turns collateral into dollar liquidity.
sUSDV: the yield engine - how staked USDV earns from Hyperliquid perp funding.
If you already know the basics, skip to How Delpho works for the mechanics or Risk for failure modes.
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