Programs

Exponent consists of multiple onchain programs that you interact with through the TypeScript SDK.

Program	What it does	SDK class
Exponent Core	Strip SY into PT + YT, merge back, manage yield positions	`Vault`
Exponent CLMM	Concentrated liquidity AMM — buy/sell PT and YT, provide liquidity	`MarketThree`
Exponent Orderbook	Limit order book — post offers at specific APY levels, market orders	`Orderbook`
Exponent Tranching	Split one SY yield asset into Senior and Junior risk tranches	`TranchingMarket`
Strategy Vaults	Managed vault layer with policy-gated execution	`ExponentVault`

Exponent Core is the foundation — it manages vaults, mints PT and YT, and handles yield positions. CLMM and Orderbook depend on it.
Exponent CLMM is a concentrated liquidity AMM designed for trading PT and YT. It uses an APY-based tick system where liquidity providers concentrate capital around specific yield ranges. Trades execute instantly at market price, and the program calls into core automatically when a swap requires stripping or merging under the hood.
Exponent Orderbook is a limit order book where users post offers at a specific implied APY. Orders can be filled immediately (market orders) or sit passively until matched. YT offers continue to accrue yield while resting on the book. Like the CLMM, the orderbook calls into core when settlement requires stripping or merging.
Exponent Tranching splits one SY yield asset into Senior and Junior LP tranches. Senior receives more protected exposure, while Junior provides first-loss protection and receives a higher share of upside through a utilization-driven return curve.
Strategy Vaults are policy-gated managed vaults. Managers can deploy vault capital across approved protocols and strategies while depositors hold LP shares representing proportional ownership.

Core Program Addresses

Program	Address
Exponent Core	`ExponentnaRg3CQbW6dqQNZKXp7gtZ9DGMp1cwC4HAS7`
Exponent CLMM	`XPC1MM4dYACDfykNuXYZ5una2DsMDWL24CrYubCvarC`
Exponent Orderbook	`XPBookgQTN2p8Yw1C2La35XkPMmZTCEYH77AdReVvK1`
Exponent Tranching	`XPTrnchoawiUc9iYJrpfchS8vgr8Y5X2QGBdHPXukty`
Strategy Vaults	`sVau1tXvayVWfotzm9Ahcv2qfnnfRWttt78BCnNC6dD`

Each SY program handles wrapping/unwrapping for a specific yield source.

Program	Flavor	Address
Generic	`generic`	`XP1BRLn8eCYSygrd8er5P4GKdzqKbC3DLoSsS5UYVZy`
Kamino	`kamino`	`XPK1ndTK1xrgRg99ifvdPP1exrx8D1mRXTuxBkkroCx`
marginfi	`marginfi`	`XPMfipyhcbq3DBvgvxkbZY7GekwmGNJLMD3wdiCkBc7`
Jito Restaking	`jitoRestaking`	`XPJitopeUEhMZVF72CvswnwrS2U2akQvk5s26aEfWv2`
Perena	`perena`	`XPerenaJPyvnjseLCn7rgzxFEum6zX1k89C13SPTyGZ`

Decide between Core, CLMM, Orderbook, Tranching, and Strategy Vaults