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Embedded tranching infrastructure for tokenization platforms

Turn any yield-bearing vault into Senior and Junior products.

Ladder is embedded tranching infrastructure for tokenization platforms. Integrate once to offer a priority Senior tranche and a first-loss Junior tranche on top of your ERC-4626 vault, while you keep your vault, users, brand, and fees.

Book an integration callSee how tranching works

Mainnet November 2026. Now onboarding launch partners.

Example structure · Illustrative

Tokenized T-bill vault

Underlying vault yield: 10.0% net

Senior

80% of NAV

  • Priority claim
  • Capped target return

5%

Target annualized return

Junior

20% of NAV

  • First-loss claim
  • Residual upside

30.0%

Illustrative annualized return

Illustrative capital stack: 80% Senior / 20% Junior

Protocol-managed pricing and risk controls · Redemption processed at the next NAV window

Illustrative allocation before losses. Terms and returns vary by vault.

Why platforms integrate Ladder.

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Expand your investor base. Create priority Senior and first-loss Junior exposures from the same underlying vault.

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Offer more from the same vault. Serve distinct risk mandates without launching a separate strategy.

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Keep the customer relationship. Your vault, brand, distribution, and economics remain yours.

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Integrate without rebuilding. One adaptor connects your vault to Ladder's tranching and risk controls.

Integrate once.Tranche thevaults youalready run.

Ladder adds Senior and Junior claims to eligible ERC-4626 vaults. Configure product terms within vault-specific risk limits while Ladder handles forward-priced settlement and automated risk controls.

View integration docs
Solidity
1contract YourFundAdaptor is LadderAdaptor {
2 function getLatestYtPrice() public view returns (uint256 price,
3 uint256 ts) {
4 return (oracle.latestPrice(), oracle.updatedAt());
5 }
6 
7 function _submitFundDepositRequest(address token, uint256
8 amount)
9 internal returns (uint256 requestId)
10 {
11 return fund.deposit(token, amount); // BT → YT
12 }
13 
14 function _submitFundWithdrawRequest(address token, uint256
15 amount)
16 internal returns (uint256 requestId)
17 {
18 return fund.redeem(token, amount); // YT → BT
19 }
20}

How tranching works

One vault. Two ranked claims.

Adjust the inputs to see how return and first-loss exposure are allocated.

10.0%

Assumed annualized return of the underlying vault.

5.0%

Senior benchmark used in this illustration.

80%

80% Senior · 20% Junior · 4.0:1 Senior / Junior
Production limits are configured per vault.

Illustrative only · not a quote, forecast, or investment product

Senior · priority claim

~ 80% of NAV

5.0%

80% of NAV

Target annualized return

Characteristics

  • Priority claim
  • Capped target return

Junior · first-loss

~ 20% of NAV

26.0%

20% of NAV

Illustrative annualized return

Characteristics

  • First-loss claim
  • Residual upside

Junior return multiplier

2.6x

Junior return / underlying return

Junior loss buffer

16%

Decline that depletes Junior

Senior / Junior

4.0:1

Production limits are configured per vault

In this illustration, a 16% NAV decline depletes Junior while Senior still receives its benchmark. Senior's starting NAV is impaired only after a 20% decline.

Senior · 80%

5.0%

Junior · 20%

26.0%

Buffer

16%

Frequently asked questions

Mainnet November 2026. Now onboarding launch partners.

Book an integration call
How does the integration work?

One adaptor connects Ladder to your vault's NAV, deposit, and redemption hooks. Ladder adds the Senior/Junior claim layer and handles tranche pricing and settlement logic.

Do I migrate assets or depositors?

No. Your underlying assets and existing vault remain on your rails. Ladder adds a claim layer on top; it does not re-custody assets or replace your vault.

How do users access the Senior and Junior tranches?

You distribute both tranches through your existing UI. Ladder provides optional SDKs and components to add tranche views, deposits, and redemptions to your product experience.

What happens if the underlying loses value?

Junior takes losses first. That gives Senior a buffer. If losses exceed the Junior buffer, Senior can also lose value.

What if I need help structuring a tranche?

We help configure the Senior benchmark, Junior first-loss buffer, maximum Senior capacity, settlement cadence, loss waterfall, and carry terms for each eligible vault.

Bring a vault. Leave with a tranche design.

Share the yield-bearing vault you want to tranche. We assess eligibility, map a preliminary Senior/Junior structure, and outline an integration path.

Book an integration callExplore the architecture