@penzlik

DAWN fact check #2 this year. "$40M from eight funds" going around ahead of USD.infra Vault (Sept 22, 2PM UTC) doesn't match the actual rounds: $15M Series A (2023) + $18M extension (2024), both Dragonfly-led, plus $13M Series B (Dec 2025, Polychain-led). That's $46-51M across three rounds, not one $40M check. No VanEck anywhere in the round data. The vault itself is real: USDC to USD.infra to staked sUSD.infra, backed by Andrena's confirmed 15,000+ households across 10 states. M0/Loopscale mechanics and the 3.5/20% yield split aren't in DAWN's own post, treat as unconfirmed. Also: non-U.S. persons only per official terms. Does infra revenue actually hold up better than DeFi yield in a downturn, or does it just take longer to break?

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