Tranches¶
API reference: TranchedVault · Tranche · MultiStrategyVault
ELI5: Optional risk layers on top of Keep — seniors get paid first at a fixed rate; juniors take losses first but keep extra profit.
What you can do¶
| Tranche | Token | Risk/reward |
|---|---|---|
| Senior | skUSD | Fixed APR, paid first |
| Junior | jkUSD | First loss, excess yield |
Deposit to TranchedVault instead of raw MultiStrategyVault.
Flywheel fit¶
Tranches are optional for users. Flywheel fee flows hit underlying MSV regardless — tranche split is internal accounting.
Contract walkthrough¶
TranchedVault.vy + Tranche.vy:
Senior owed = principal + accrued fixed APR
Senior value = min(senior owed, vault assets)
Junior value = vault assets - senior value
flowchart TD
TV[TranchedVault] --> MSV[MultiStrategyVault]
TV --> Senior[skUSD senior]
TV --> Junior[jkUSD junior]Junior absorbs losses before senior misses payment; junior captures upside when vault beats senior APR.
What can go wrong¶
Risks
- Junior tranche can lose significantly in drawdowns.
- Senior not risk-free — insolvency can impair if vault assets < senior owed.
- Same admin trust as underlying vault.
Source: khomdev-keep/src/TranchedVault.vy, Tranche.vy