Tranching SDK

Set up the Exponent SDK and walk through the main tranching lifecycle - loading a market, depositing into Senior or Junior, withdrawing, and reading market state.

Installation

yarn add @exponent-labs/exponent-sdk

npm install @exponent-labs/exponent-sdk

pnpm add @exponent-labs/exponent-sdk

Setup

import {
  LOCAL_ENV,
  TranchingMarket,
} from "@exponent-labs/exponent-sdk";
import { TrancheSide } from "@exponent-labs/exponent-sdk/client/tranching";
import {
  Connection,
  Keypair,
  PublicKey,
  Transaction,
  sendAndConfirmTransaction,
} from "@solana/web3.js";

const connection = new Connection("https://api.mainnet-beta.solana.com");
const wallet = Keypair.fromSecretKey(/* your keypair */);
const marketAddress = new PublicKey("...");

// Loads onchain market state, return model storage, SY linkage, and tranche LP mints.
const market = await TranchingMarket.load(connection, marketAddress, LOCAL_ENV);

Amount inputs use raw token units. amountBase uses the base token’s smallest units, amountIn uses SY token units, and LP amounts use tranche LP token units. APY inputs use decimal rates, so 0.10 means 10%.

Choose a tranche

Use TrancheSide.Senior for protected exposure and TrancheSide.Junior for first-loss exposure with higher expected return.

const trancheSide = TrancheSide.Senior;

Deposit base assets

Use ixWrapperDeposit to deposit the market’s base asset. The wrapper mints SY first, deposits SY into the selected tranche, and mints Senior or Junior LP shares.

const { ixs, setupIxs } = await market.ixWrapperDeposit({
  user: wallet.publicKey,
  trancheSide: TrancheSide.Senior,
  amountBase: 1_000_000_000n, // raw base-token units; for 9 decimals, this is 1 token
  minLpOut: 0n,               // raw Senior LP units; set above 0 for output protection
});

const tx = new Transaction().add(...setupIxs, ...ixs);
await sendAndConfirmTransaction(connection, tx, [wallet]);

Set minLpOut to protect against stale exchange-rate or NAV assumptions. The transaction reverts if LP output is below that value.

Deposit into Junior

Junior deposits use the same wrapper with TrancheSide.Junior.

const { ixs, setupIxs } = await market.ixWrapperDeposit({
  user: wallet.publicKey,
  trancheSide: TrancheSide.Junior,
  amountBase: 1_000_000_000n, // raw base-token units
  minLpOut: 0n,               // raw Junior LP units
});

const tx = new Transaction().add(...setupIxs, ...ixs);
await sendAndConfirmTransaction(connection, tx, [wallet]);

Withdraw to base assets

Use ixWrapperWithdraw to burn tranche LP shares, withdraw SY from the market, and redeem SY back to the base asset.

const { ixs, setupIxs } = await market.ixWrapperWithdraw({
  user: wallet.publicKey,
  trancheSide: TrancheSide.Senior,
  lpAmountIn: 500_000_000n, // raw Senior LP units to burn
  minBaseOut: 0n,           // raw base-token units; set above 0 for output protection
});

const tx = new Transaction().add(...setupIxs, ...ixs);
await sendAndConfirmTransaction(connection, tx, [wallet]);

Senior withdrawals are only allowed while the market is Active. During FixedTermRecovery, Senior withdrawals are paused.

Read market state

Use read helpers to inspect current NAV, LP prices, capacity, APY, and Senior protection before sending transactions.

console.log("Market size:", market.getMarketSize());
console.log("Effective market size:", market.getEffectiveMarketSize());
console.log("Senior LP price:", market.getSrLpPriceNetAsset());
console.log("Junior LP price:", market.getJrLpPriceNetAsset());
console.log("Target coverage:", market.getTargetCoverageRatio());

const seniorApy = market.calculateSeniorApy(0.10); // 0.10 = 10% underlying APY
const juniorApy = market.calculateJuniorApy(0.10);

console.log("Senior APY:", seniorApy);
console.log("Junior APY:", juniorApy);

SY-only instructions

If you already hold SY, use ixDeposit and ixWithdraw instead of the wrappers. These methods skip base asset minting and redemption.

const ix = market.ixDeposit({
  user: wallet.publicKey,
  trancheSide: TrancheSide.Senior,
  amountIn: 1_000_000_000n, // raw SY units
  minLpOut: 0n,             // raw Senior LP units
  tokenSrc: userSyTokenAccount,
  tokenLpDst: userSeniorLpTokenAccount,
});

Next Steps

Technical Concepts

Understand coverage, utilization, return curves, recovery periods, and LP pricing.

TypeScript Instructions

Explore high-level deposit and withdraw builders.

Read Functions

Query NAV, capacity, APY, and Senior protection without submitting transactions.

Account References

Inspect the market account, return model storage, risk config, and fee config.

Tranching Basics

DeFi Integrations

Other Resources

Tranching SDK

Installation

Setup

SY-only instructions

Next Steps

Technical Concepts

TypeScript Instructions

Read Functions

Account References

​Installation

​Setup

​SY-only instructions

​Next Steps

Technical Concepts

TypeScript Instructions

Read Functions

Account References

Installation

Setup

SY-only instructions

Next Steps