> 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/how-delpho-works.md).

# How Delpho works

This chapter is the technical reference for Delpho. It covers the system architecture, the user-facing flows, the yield engine, and the underlying infrastructure. **Read this if you need to understand how the protocol behaves end to end - before allocating, integrating, or running due diligence.**

## Pages

* [System overview](/delpho-docs/how-delpho-works/system-overview.md) - how the components fit together.
* [Minting USDV](/delpho-docs/how-delpho-works/minting-usdv.md) - depositing collateral and creating a debt position.
* [Liquidations](/delpho-docs/how-delpho-works/liquidations.md) - what happens as a position approaches its threshold.
* [Redemptions and the peg](/delpho-docs/how-delpho-works/redemptions-and-the-peg.md) - exiting USDV through the treasury-first redemption ladder.
* [The yield engine: funding capture](/delpho-docs/how-delpho-works/yield-engine-delta-neutral.md) - how Delpho captures perp funding for sUSDV.
* [sUSDV mechanics](/delpho-docs/how-delpho-works/susdv-mechanics.md) - per-share accrual, staking, and unstaking.
* [CoreWriter and atomic hedge management](/delpho-docs/how-delpho-works/corewriter-and-atomic-hedge-management.md) - how HyperEVM and HyperCore stay synchronised.
* [Oracles](/delpho-docs/how-delpho-works/oracles.md) - price feeds, staleness, and manipulation defense.
* [Stability mechanisms](/delpho-docs/how-delpho-works/stability-mechanisms.md) - caps, pauses, circuit breakers.

For risk-side detail (failure modes, structural responses, stress test results), see the [Risk](/delpho-docs/risk.md) chapter. For current parameter values, see [Parameters](/delpho-docs/parameters.md). For term definitions, see the [Glossary](/delpho-docs/resources/glossary.md).