ExponentTranchingMarket

The ExponentTranchingMarket account stores market configuration, SY linkage, LP mint addresses, tranche NAV accounting, supply state, risk parameters, protocol fees, roles, and SY CPI account indexes.

Status Flags

const MARKET_STATUS_FLAG_PAUSED: u8 = 1 << 0;

When the paused bit is set, user deposit and withdraw instructions are blocked.

pub struct ExponentTranchingMarket {
    pub address_lookup_table: Pubkey,
    pub sy_mint: Pubkey,
    pub sy_program: Pubkey,
    pub token_sy_escrow: Pubkey,
    pub mint_lp_senior: Pubkey,
    pub mint_lp_junior: Pubkey,
    pub self_address: Pubkey,
    pub return_model_storage: Pubkey,
    pub signer_bump: [u8; 1],
    pub return_model_storage_bump: [u8; 1],
    pub seed_id: [u8; 8],
    pub status_flags: u8,
    pub market_state: TranchingMarketState,
    pub financials: TranchingMarketFinancials,
    pub tranche_supply_state: TrancheSupplyState,
    pub tranche_asset_state: TrancheAssetState,
    pub risk_config: TranchingRiskConfig,
    pub protocol_fee_config: TranchingProtocolFeeConfig,
    pub reserved_padding: [u8; RETURN_MODEL_RESERVED_PADDING_SIZE],
    pub roles: TranchingMarketRoles,
    pub sy_cpi_accounts: CpiAccounts,
}

TranchingMarketState

pub enum TranchingMarketState {
    Uninitialized,
    Active,
    FixedTermRecovery,
}

State	Description
`Uninitialized`	Market has not completed initialization
`Active`	Normal user deposits and withdrawals are evaluated
`FixedTermRecovery`	Recovery window after a covered loss. Senior withdrawals are blocked

TranchingMarketFinancials

pub struct TranchingMarketFinancials {
    pub sr_raw_net_asset: Number,
    pub jr_raw_net_asset: Number,
    pub sr_effective_net_asset: Number,
    pub jr_effective_net_asset: Number,
    pub sr_impermanent_loss: Number,
    pub jr_impermanent_loss: Number,
    pub utilization: Number,
    pub current_junior_return_share: Number,
    pub tw_junior_return_share_accrued: Number,
    pub last_sync_ts: i64,
    pub last_distribution_ts: i64,
    pub fixed_term_end_ts: i64,
}

Field	Description	Raw dimension
`sr_raw_net_asset`	Senior raw NAV from Senior-owned SY	`Number` NAV derived from raw SY units
`jr_raw_net_asset`	Junior raw NAV from Junior-owned SY	`Number` NAV derived from raw SY units
`sr_effective_net_asset`	Senior NAV after waterfall accounting	`Number` NAV
`jr_effective_net_asset`	Junior NAV after waterfall accounting	`Number` NAV
`sr_impermanent_loss`	Senior loss balance waiting for recovery or realization	`Number` NAV
`jr_impermanent_loss`	Junior loss balance waiting for recovery or realization	`Number` NAV
`utilization`	Current utilization ratio	`Number` ratio
`current_junior_return_share`	Last calculated Junior return share	`Number` ratio
`tw_junior_return_share_accrued`	Time-weighted Junior return share accumulator	`Number` ratio multiplied by seconds
`last_sync_ts`	Last market sync timestamp	Unix timestamp seconds
`last_distribution_ts`	Last gain distribution timestamp	Unix timestamp seconds
`fixed_term_end_ts`	Recovery window end timestamp	Unix timestamp seconds

TrancheSupplyState

pub struct TrancheSupplyState {
    pub total_senior_lp_supply: u64,
    pub total_junior_lp_supply: u64,
    pub max_senior_lp_supply: u64,
    pub max_junior_lp_supply: u64,
    pub pending_senior_protocol_fee_lp_shares: u64,
    pub pending_junior_protocol_fee_lp_shares: u64,
    pub pending_senior_deposit_protocol_fee_lp_shares: u64,
    pub pending_junior_deposit_protocol_fee_lp_shares: u64,
    pub pending_senior_withdraw_protocol_fee_lp_shares: u64,
    pub pending_junior_withdraw_protocol_fee_lp_shares: u64,
}

All supply and pending-fee-share fields are u64 values in raw LP mint units. max_*_lp_supply set to 0 means uncapped for that side unless another check, such as coverage, constrains deposits.

TrancheAssetState

pub struct TrancheAssetState {
    pub senior_sy_amount: u64,
    pub junior_sy_amount: u64,
}

These fields track SY amounts assigned to each tranche in raw SY token units.

TranchingRiskConfig

pub struct TranchingRiskConfig {
    pub min_coverage: Number,
    pub beta: Number,
    pub liquidation_utilization: Number,
    pub fixed_term_duration_sec: u32,
    pub min_deposit_amount: u64,
    pub sr_self_liquidation_bonus: Number,
    pub sr_net_asset_dust_tolerance: Number,
    pub jr_net_asset_dust_tolerance: Number,
}

Field	Description	Raw dimension
`min_coverage`	Minimum Junior protection requirement	`Number` ratio
`beta`	Junior-side exposure weight in utilization math	`Number` ratio
`liquidation_utilization`	Utilization threshold that exits recovery and realizes loss	`Number` ratio
`fixed_term_duration_sec`	Recovery period duration. `0` disables fixed-term recovery	Seconds
`min_deposit_amount`	Minimum user deposit amount	Raw SY units
`sr_self_liquidation_bonus`	Bonus used for Senior self-liquidation accounting	`Number` ratio
`sr_net_asset_dust_tolerance`	Senior NAV dust threshold	`Number` NAV
`jr_net_asset_dust_tolerance`	Junior NAV dust threshold	`Number` NAV

TranchingProtocolFeeConfig

pub struct TranchingProtocolFeeConfig {
    pub protocol_fee_recipient: Pubkey,
    pub sr_protocol_fee: Number,
    pub jr_protocol_fee: Number,
    pub junior_return_protocol_fee: Number,
    pub senior_deposit_protocol_fee: Number,
    pub junior_deposit_protocol_fee: Number,
    pub senior_withdraw_protocol_fee: Number,
    pub junior_withdraw_protocol_fee: Number,
}

Field	Description	Raw dimension
`protocol_fee_recipient`	Recipient that can receive accrued LP fee shares	`Pubkey`
`sr_protocol_fee`	Fee charged on Senior-side yield retained by Senior	`Number` ratio
`jr_protocol_fee`	Fee charged on Junior-side raw appreciation retained by Junior	`Number` ratio
`junior_return_protocol_fee`	Fee charged on Senior-side residual return allocated to Junior	`Number` ratio
`senior_deposit_protocol_fee`	Fee charged on Senior LP shares minted during deposit	`Number` ratio
`junior_deposit_protocol_fee`	Fee charged on Junior LP shares minted during deposit	`Number` ratio
`senior_withdraw_protocol_fee`	Fee charged on Senior LP shares burned during withdrawal	`Number` ratio
`junior_withdraw_protocol_fee`	Fee charged on Junior LP shares burned during withdrawal	`Number` ratio

Protocol fees accrue as pending raw LP shares and are minted through mintProtocolFeeShares.

TranchingMarketRoles

pub struct TranchingMarketRoles {
    pub admin: Vec<Pubkey>,
    pub sentinel: Vec<Pubkey>,
}

Admins can modify market parameters. Sentinels can pause or unpause the market.

Number encoding

Number fields use Exponent’s fixed-point representation. One unit is 1_000_000_000_000. Use tranchingNumberToRaw, tranchingFromNumber, or tranchingToNumber from the SDK to convert these values. Number conversion does not apply token mint decimals. NAV values are derived from raw SY units, so UI display must also divide by the relevant token decimals.

Tranching Basics

DeFi Integrations

Tranching SDK

Other Resources

ExponentTranchingMarket

Status Flags