Fees and Incentives

Protocol Fees

Protocol fees cover:

• Core protocol maintenance (contracts, accounting, operations);

• Treasury sustainability (especially during early bootstrapping); and/or

• Mint/burn or management fees.

Servicing & Operating Fees

Operating fees include:

• Deployment and servicing costs (Operator as service provider);

• SPV administration (accounting, legal, compliance); and/or

• Reporting and attestations (audits, reserve reporting, disclosures).

Exit Fee

Protocol redemptions are subject to a dynamic exit fee that starts at 0% and increases as the liquidity sleeve is depleted. The fee is paid into the Vault and accrues to exchange rate. It is not a protocol fee and no portion is retained by DAWN or any operator (See Liquidity and Redemptions).

Alignment with AI Infrastructure Finance

The USD.infra Vault is positioned as the project-finance layer that finances contracted AI infrastructure projects and grows as qualifying projects are onboarded.

• USD.infra functions as the non-yield-bearing settlement/accounting unit within the protocol.

• Vault performance is reflected in sUSD.infra exchange rate.