> ## 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.

# Programs

> The programs that make up Exponent — what each one does, how they relate, and their onchain addresses

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`   |

### What Each Program Does

* **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`  |

## SY (Standardized Yield) Programs

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` |

## Next Steps

<CardGroup cols={2}>
  <Card href="/developers/choosing-your-sdk" title="Choosing Your Exponent SDK">
    Decide between Core, CLMM, Orderbook, Tranching, and Strategy Vaults
  </Card>
</CardGroup>