Tranche RealFi
A DeFi protocol that brings structured credit products to on-chain Real World Assets (RWAs), enabling risk-adjusted yield opportunities through senior/junior tranche tokenization.
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描述
Tranche Protocol — Overview
Tranche Protocol is an institutional-grade Real-World Asset (RWA) yield optimization protocol built on Mantle. It brings structured credit tranching on-chain, transforming a single tokenized RWA yield stream into multiple, risk-segmented financial products.
The protocol splits yield into two distinct tranches:
Senior Tranche (msUSD-S): Stable, low-risk returns with first-loss protection
Junior Tranche (msUSD-J): Leveraged exposure with higher volatility and return potential
This design gives investors explicit control over risk–reward profiles while retaining full DeFi composability.
Asset Layer — Deterministic RWA Yield
At the Asset Layer, users deposit msUSD into an on-chain RWA Vault. The vault’s Net Asset Value (NAV) deterministically accrues over time based on underlying real-world asset yield.
Vault shares represent the underlying RWA position
Shares act as the base asset for tranching
Yield accrual is transparent and fully on-chain
These vault shares flow directly into the tranching system.
Tranching Layer — On-Chain Yield Structuring
The Tranche Core contract orchestrates all critical system logic:
Minting and redemption of tranche tokens
Swap operations between Senior and Junior tranches
Market safety checks and invariant enforcement
The Tranche LEX, a fork of Covenant’s Latent Swap model, computes:
Fair mint and redemption ratios
Tranche pricing and fees
Yield distribution using oracle inputs
This ensures transparent, deterministic, and verifiable yield allocation between tranches.
Compliance & Institutional Controls
Tranche Protocol is designed to support regulated asset workflows while remaining fully on-chain.
A KYC Registry gates sensitive actions, especially Senior tranche issuance and transfers
A Curator / Oracle Router controls approved pricing sources
Supports vault NAV adapters and optional Pyth price feeds
These controls allow institutional participation without compromising transparency or auditability.
Token Layer — Composability & Capital Efficiency
Both msUSD-S and msUSD-J are standard ERC-20 tokens, enabling full integration across DeFi.
Beyond yield generation, tranche tokens unlock capital efficiency:
Senior tranche tokens can be used as collateral
Users can borrow HackUSD, the protocol’s stablecoin
Borrowing is governed by oracle-valued pricing, haircuts, and LTV parameters
The Stable Borrow Vault enforces clear liquidation logic and safety margins, enabling leverage strategies while maintaining system solvency.
黑客松進展
We delivered a full end-to-end prototype of Tranche Protocol on Mantle Sepolia. On the smart contract side, we built and deployed the core tranching stack (TrancheCore and TrancheLEX), a deterministic RWA vault, a KYC registry, oracle routing, and tranche token contracts for both senior and junior tranches. We integrated a borrowing module (StableBorrowVault and HackUSD) that enables senior tranche collateralization with LTV controls, haircuts, and liquidation logic. We also wired in oracle adapters for vault NAV and external price feeds. On the frontend, we shipped a complete user flow including wallet connection, KYC status checks, vault deposits, tranche minting and redemption, tranche swaps, borrowing and repayment, liquidation handling, and yield and leverage simulators. All contract addresses were connected in the UI and deployed on Mantle Sepolia. We also produced supporting documentation covering architecture, pitch, and compliance, and built Foundry test suites for vault accounting, tranche flows, and borrowing logic.
技術堆疊
籌資狀態
not yet fundraising