> ## Documentation Index
> Fetch the complete documentation index at: https://docs.drakewell.fi/llms.txt
> Use this file to discover all available pages before exploring further.

# Drakewell: onchain structured products

> Drakewell issues onchain structured products: USDdw, fixed yield credit vaults, and SPYdw, a hedged SPY portfolio. Start here to find each product.

Drakewell is an issuer of onchain structured products, incubated by JPEG Trading and offered to eligible institutional participants. Its products are USDdw, fixed yield credit vaults, and SPYdw, a hedged SPY portfolio. Learn more at [drakewell.fi](https://drakewell.fi).

> [!NOTE]
>
> JUSD is now Drakewell.

These docs are the reference for how each product works, what backs it and the risks that come with it.

## Products

> [card] [USDdw](https://docs.drakewell.fi/usddw/overview.md)
>
> USDdw gives access to fixed-rate yield through credit vaults.

> [card] [SPYdw](https://docs.drakewell.fi/spydw/overview.md)
>
> SPYdw is a hedged SPY portfolio. Yield pays for the hedge.

| Product | Descriptor | Status |
| - | - | - |
| USDdw | Fixed yield credit vaults | Live on Ethereum, Arbitrum and Aleo |
| SPYdw | Hedged SPY portfolio | Live on Ethereum |

## Trust and transparency

> [card] [Proof of reserves](https://docs.drakewell.fi/trust/proof-of-reserves.md)
>
> Live reserve data published by Drakewell, and how to check vaults onchain.

> [card] [Glossary](https://docs.drakewell.fi/glossary.md)
>
> One definition for each term used across these docs.

> [card] [Disclosures](https://docs.drakewell.fi/trust/disclosures.md)
>
> Eligibility, venue terms and the legal basis of each product.

## Stay up to date

Follow [@drakewell\_fi](https://x.com/drakewell_fi) on X for announcements. Current rates and vault terms are at [drakewell.fi](https://drakewell.fi).

> [!NOTE]
>
> Rates are set per vault. Current terms at [drakewell.fi](https://drakewell.fi).


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