interpreting dividend/daily factor for MMF

i think i’m blanking out… but on this sheet: https://www.gsipventures.com/content/dam/gsam/pdfs/us/en/fund-resources/daily-rate-sheet/DailyRates.pdf?sa=n

I know the dividend factor is derived from the 1-day yield… (or is it the other way around). But is the 1-day yield based off of market demand or coupons?

:blush: