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

# Glossary

* **Digital Infrastructure:** the physical assets that power the internet, spanning two categories: connectivity (wireless access equipment, backhaul, ISP networks) and compute (servers, edge processing, and hosting capacity). The asset classes the USD.infra Vault finances and brings on-chain.
* **USD.infra Vault:** infrastructure finance conducted on-chain. The USD.infra Vault is the project-finance layer that routes stablecoin capital into digital infrastructure deployments through a vault and bankruptcy-remote SPVs, then returns contracted cashflows to participants.
* **Compute:** the deal-type category covering processing and storage infrastructure like edge compute and hosting/processing capacity monetized through contracted arrangements.
* **Connectivity:** the deal-type category covering internet delivery infrastructure like apartment building agreements, ISP acquisitions, and carrier offload arrangements.
* **USD.infra:** digital infrastructure-native, non-yield-bearing stablecoin used as the settlement and accounting unit in the USD.infra Vault.
* **sUSD.infra:** vault participation token; composable across supported DeFi venues; represents a participation claim on vault performance, subject to eligibility and transfer restrictions.
* **SPV (Special Purpose Vehicle):** bankruptcy-remote project entity that owns/finances deployments.
* **Exchange Rate:** The per-token value of sUSD.infra. Total vault value (assets + revenue − losses) divided by sUSD.infra supply.
* **Proof of Reserves:** A transparency mechanism proving the assets backing a token or portfolio.
* **Attestation Provider:** Independent validator of off-chain portfolio inputs.
* **Oracle:** On-chain data publishing mechanism used by smart contracts.
* **Impairment:** Loss or write-down applied to portfolio value.
* **M0:** the stablecoin infrastructure protocol underlying USD.infra and sUSD.infra. M0 provides minting, redemption, with backing that includes short-duration U.S. Treasuries.
* **Bytes:** DAWN's non-transferable reward points system, used to recognize participation in the USD.infra Vault ecosystem during a defined season. Bytes have no monetary value and are not redeemable, tradable, or transferable.
* **TVL (Total Value Locked):** the total value of assets held in the vault, used as the denominator for the undeployed liquidity sleeve target.