For allocators: due diligence in one place
If you are evaluating Trade Dollar for an allocation, start here. This page collects everything an analyst needs, in the order a diligence process usually asks for it. Nothing on this page is new content; it is the map.
The questions a diligence process asks, and where each one is answered:
| Diligence question | Where it is answered | The short answer |
|---|---|---|
| What do I hold? | Legal: what you hold | A share token: a claim on NAV, backed by the vault's beneficial interest in what the SPV holds. |
| Who sets the risk rules, and who executes? | Curator, Risk Committee, and who can change what | The Risk Committee sets the framework; the Curator executes within it. |
| Where does the yield come from? | The yield engine | The financing fee on real commodity trades, with the live track record. |
| How do withdrawals work? | NAV, liquidity and withdrawals | A FIFO queue, priced at NAV on fulfillment, with a 30 to 90 day normal window. |
| What happens in a default? | The non-credit model: default and recovery | The SPV sells the goods it owns and claims insurance; losses hit NAV when they happen. |
| What are the main risks? | Risks | Twelve named categories, from counterparty to tail risks. |
| What are the fees? | Fees and the yield waterfall | One performance fee on realized yield, expected range 10% to 20%. |
| Where do roles concentrate? | Curator, Risk Committee, and who can change what | Salus holds several operational roles; the counterweights are structural. |
| What can I verify myself? | Transparency: the Glass Box | Positions, deal stages, and every NAV update, on-chain. |
Start here
- Trade Dollar at a glance. The key terms on one screen, and the five points to read in full before depositing.
- What Trade Dollar is. The model in one page.
Mechanics
- The LP journey. Deposit to redemption, step by step.
- The yield engine. Where the return comes from, with a worked example.
- NAV, liquidity and withdrawals. How the vault is valued, how you exit, and how the two interact.
- Curator, Risk Committee, and who can change what. Who sets the risk framework, who executes it, where operational roles concentrate, and the protocol powers table.
The risk pack
- Risks. The full risk map, including fraud and documentation risk.
- The non-credit model: default and recovery. The recovery path when a counterparty does not perform.
- Insurance architecture. What is covered, what is not, and the insurance reserve.
- Security and audits. Contract standards, audit, timelock.
- Disclaimers. The risk, legal, and yield disclaimers in one place.
Terms and access
- Fees and the yield waterfall. The fee model, who each fee goes to, and what reaches LPs.
- Access: who can join and how. The verified whitelist, the steps, and the restricted jurisdictions.
- Legal: what you hold. The entity chain behind your claim, the regulatory posture, and the binding documents.
Verification
- Transparency: the Glass Box. What you can check on-chain and how to verify it yourself.
- Salus and IOTA integration. The trade documents layer, separate from the vault.
- Vault architecture: Ethereum and ERC-4626. The contracts and core flows in reference form.
- Contract addresses and parameters. Published at mainnet deployment.
Reference
Published at or before launch
Some diligence material depends on launch and is added as it lands: the audit report, contract addresses and live parameters (loan-to-value limits, buffer targets, concentration limits, timelock durations), final fee rates, the queue pricing rules, the financing vehicle's registered name, the insurance coverage scope, the final performance fee rate, the Terms of Service and Privacy Policy, the names of the Curator and origination partner, and the Risk Committee's composition.
Questions these pages do not answer: [contact link].