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Exponent Tranching issues two fungible LP tokens for each market:
  • Senior LP - a more protected claim on the market’s effective NAV.
  • Junior LP - a first-loss claim that protects Senior and receives more upside when protection is scarce.
This section is for protocols that want to list, route, custody, borrow against, or price these LP tokens. For the product-level model, start with the Tranching Overview. For the accounting rules behind these integrations, see Technical Concepts.

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Integration Surface

Tranching LP tokens can be integrated like other fungible Solana tokens, but pricing and risk checks come from the tranching market account. Use TypeScript Instructions for transaction builders and Read Functions for current-state reads.

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Integration Flow

  1. Load the market with TranchingMarket.load(...).
  2. Identify the Senior or Junior LP mint.
  3. Price LP balances from effective NAV.
  4. Check lifecycle state, pause flags, utilization, capacity, and the recovery observation window.
  5. Build deposit or withdrawal transactions with SDK instruction builders.
  6. Set output protection with minLpOut, minAmountOut, or minBaseOut.

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Pages

LP Token Model

Identify LP mints, user token accounts, market fields, and the state values integrations must read.

Pricing and Previews

Calculate LP price, deposit output, withdrawal output, fees, and concrete example values.

Restrictions and Risk Checks

Understand Senior and Junior deposit/withdraw restrictions, utilization checks, and the observation period.

SDK Preflight

Use SDK helpers before routing users, accepting LP collateral, or building transactions.

Tranching Overview

Product-level explanation of Senior and Junior LP tokens.

Technical Concepts

NAV accounting, utilization, recovery periods, fees, and LP pricing.

Return Curves

Return allocation formulas and waterfall examples.

Account References

Raw market account fields used by external indexers and risk engines.