> For the complete documentation index, see [llms.txt](https://docs.smardex.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol.md).

# THE USDN Protocol

- [Protocol USDN Overview](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/protocol-usdn-overview.md)
- [Simplified Examples](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/protocol-usdn-overview/simplified-examples.md): We will demonstrate through simplified examples how the price of the USDN token can remain stable even if the price of the underlying asset rises or falls. This is the delta-neutral strategy.
- [Protocol Balance](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/protocol-balance.md)
- [Imbalance Protections](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/protocol-balance/imbalance-protections.md)
- [Equilibrium: The Role of the Funding Rate](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/protocol-balance/equilibrium-the-role-of-the-funding-rate.md)
- [Vault Side](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/vault-side.md)
- [Vault Overview](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/vault-side/vault-overview.md)
- [Rebase Mechanism](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/vault-side/rebase-mechanism.md)
- [Yields](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/vault-side/yields.md)
- [Funding Rates](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/vault-side/yields/funding-rates.md): The Funding Rate as a Yield Mechanism
- [Yield-bearing asset](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/vault-side/yields/yield-bearing-asset.md)
- [Long Side](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/long-side.md)
- [Long Perpetual](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/long-side/long-perpetual.md)
- [Long Overview](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/long-side/long-overview.md)
- [Dip Accumulator](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/long-side/dip-accumulator.md): The Dip Accumulator: Maximize Your Gains While Rebalancing the USDN Protocol
- [wstETH Collateralization](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/long-side/wsteth-collateralization.md)
- [Liquidations and Minimum Position](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/long-side/liquidations-and-minimum-position.md): Technical Details on Liquidations and Minimum Amount for Long Positions
- [Inside the Protocol](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/inside-the-protocol.md): What really happens inside the USDN protocol? This is what we will detail in this section, so you can gain a clear understanding of its operation.
- [Protocol vs Market Fluctuations](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/inside-the-protocol/protocol-vs-market-fluctuations.md)
- [1. Providing a Price](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/inside-the-protocol/1.-providing-a-price.md): Interaction with the USDN Protocol
- [2. Calculating Long PnLs](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/inside-the-protocol/2.-calculating-long-pnls.md)
- [3. Applying the Funding Rate](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/inside-the-protocol/3.-applying-the-funding-rate.md)
- [4. Liquidating Positions](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/inside-the-protocol/4.-liquidating-positions.md)
- [Integration](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/integration.md)
- [WUSDN](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/integration/wusdn.md)
- [Fees](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/fees.md)
- [Protocol Fees](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/fees/protocol-fees.md)
- [Liquidation Fee](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/fees/liquidation-fee.md)
- [Protocol parameters](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/protocol-parameters.md)
- [Oracles](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/oracles.md)
- [Governance](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/governance.md): Priviledged functionalities managed by roles.
- [Risks](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/risks.md)
- [SDEX](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/sdex.md)
- [Addresses](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/addresses.md)
- [FAQ](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/faq.md)
- [Glossary](https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/glossary.md)