> ## 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.

# Overview

> Plan integrations around Senior and Junior LP tokens

***

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](/developer-tranching/overview). For the accounting rules behind these integrations, see [Technical Concepts](/developer-tranching/concepts).

## Integration Surface

Tranching LP tokens can be integrated like other fungible Solana tokens, but pricing and risk checks come from the tranching market account.

| Integration type           | What to integrate                                        | Required reads                                               |
| -------------------------- | -------------------------------------------------------- | ------------------------------------------------------------ |
| Wallet or portfolio view   | Senior and Junior LP mint balances                       | LP mint addresses, LP price, tranche NAV                     |
| AMM or order venue         | Transferable Senior or Junior LP tokens                  | LP mint addresses, market state, pricing model               |
| Credit market              | LP tokens as collateral                                  | LP price, utilization, recovery state, coverage, risk config |
| Vault or router            | Deposit base assets or SY into a selected tranche        | Capacity, lifecycle state, min output, deposit restrictions  |
| Liquidation or risk engine | Senior/Junior collateral value and withdrawal conditions | Effective NAV, LP supply, utilization, recovery window       |

Use [TypeScript Instructions](/developer-tranching/typescript/instructions/overview) for transaction builders and [Read Functions](/developer-tranching/typescript/read-functions/overview) for current-state reads.

## 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`.

## Pages

<CardGroup cols={2}>
  <Card title="LP Token Model" icon="coins" href="/developer-tranching/defi-integrations/token-model">
    Identify LP mints, user token accounts, market fields, and the state values integrations must read.
  </Card>

  <Card title="Pricing and Previews" icon="calculator" href="/developer-tranching/defi-integrations/pricing-and-previews">
    Calculate LP price, deposit output, withdrawal output, fees, and concrete example values.
  </Card>

  <Card title="Restrictions and Risk Checks" icon="shield-check" href="/developer-tranching/defi-integrations/restrictions">
    Understand Senior and Junior deposit/withdraw restrictions, utilization checks, and the observation period.
  </Card>

  <Card title="SDK Preflight" icon="file-code" href="/developer-tranching/defi-integrations/sdk-preflight">
    Use SDK helpers before routing users, accepting LP collateral, or building transactions.
  </Card>
</CardGroup>

## Related Pages

<CardGroup cols={2}>
  <Card title="Tranching Overview" icon="shapes" href="/developer-tranching/overview">
    Product-level explanation of Senior and Junior LP tokens.
  </Card>

  <Card title="Technical Concepts" icon="layer-group" href="/developer-tranching/concepts">
    NAV accounting, utilization, recovery periods, fees, and LP pricing.
  </Card>

  <Card title="Return Curves" icon="chart-line" href="/developer-tranching/return-curves">
    Return allocation formulas and waterfall examples.
  </Card>

  <Card title="Account References" icon="folder-grid" href="/developer-tranching/account-references/exponent-tranching-market">
    Raw market account fields used by external indexers and risk engines.
  </Card>
</CardGroup>