> ## Documentation Index > Fetch the complete documentation index at: https://docs.exponent.finance/llms.txt > Use this file to discover all available pages before exploring further. # ExponentTranchingMarket > Main tranching market account structure and fields 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 ```rust theme={null} const MARKET_STATUS_FLAG_PAUSED: u8 = 1 << 0; ``` When the paused bit is set, user deposit and withdraw instructions are blocked. ## ExponentTranchingMarket ```rust theme={null} 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 ```rust theme={null} 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 ```rust theme={null} 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 ```rust theme={null} 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 ```rust theme={null} 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 ```rust theme={null} 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 ```rust theme={null} 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 ```rust theme={null} pub struct TranchingMarketRoles { pub admin: Vec, pub sentinel: Vec, } ``` 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.