> 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/usd.infra-vault/participate-in-the-usd.infra-vault.md).

# Participate in the USD.infra Vault

The USD.infra Vault is DAWN’s on-chain project finance vault. It routes capital into real digital infrastructure deployments and cashflow acquisitions, with Vault yield reported transparently through exchange rate and the Deal Explorer.<br>

**Step-by-step:**

1. **Get USD.infra:** USD.infra is the digital infrastructure-native stable asset used to participate in the USD.infra Vault. It is the unit for deposits, accounting, and capital routing through the Vault.
2. **Receive sUSD.infra:** When you deposit USD.infra into the vault, you receive sUSD.infra, the Vault participation token that represents your claim on the Vault's shared pool and its yield.
3. **Understand liquidity + exits:** The USD.infra Vault finances real infrastructure, which can be illiquid. Protocol redemptions from sUSD.infra back to USD.infra depend on available Vault liquidity and may be subject to queues or other policies during periods of stress. Separately, sUSD.infra may trade on DEXs above or below exchange rate (See [Liquidity & Redemptions](/usd.infra-vault/liquidity-and-redemptions.md)).
4. **Verify where capital is deployed:** The Deal Explorer shows where capital has been deployed, the status of each SPV, revenue pool inflows, yield distributions, and historical performance (See [Transparency and Reporting](/usd.infra-vault/transparency-and-reporting.md)).