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Cross-protocol curation + a senior / junior tranche split, all in one vault.
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Overview
Two-layer risk product: cross-protocol curation underneath, senior / junior tranches on top.
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Terminology
Senior, junior, share price, leverage cap, premium.
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Standard Funds
Plain Morpho V2 vaults — one share class, one return stream. The un-tranched baseline LayerCover's curator tooling supports alongside Tranched Funds.
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Tranched Funds
Wrapped Morpho V2 vaults with senior (lcSEN) and junior (lcJUN) share classes — what they are and why curators launch them.
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Senior tranche
Protected yield, premium drag, exit mechanics.
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Junior tranche
First-loss capital with premium income and a 10-day notice.
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Protection model
20% first-loss target enforced as a 4× leverage cap.
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Withdrawal notice
5 days senior, 10 days junior. Same lock and cancel semantics on both sides.
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Premium rate changes
Owner-scheduled with a 10-day timelock.
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Fees
Protocol fee, curator fee, and the keeper-side withdrawal fee.
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Security
Audits, reviews, and known limitations.
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Contracts
Deployed addresses by chain.
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FAQ
Common questions about tranched metavaults.
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Developer overview
Where to start integrating.
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Quickstart
Read state, deposit, withdraw in 5 minutes.
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Tranched MetaVault
Public surface of the main contract.
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Receipt tokens
Fungible ERC20 lcSEN / lcJUN with metavault-controlled mint, burn, and notice locking.
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Lens
Read aggregator: one call, every field.
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Events
Every event the metavault emits.
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Errors
Custom error selectors, when each fires.
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Subgraph
GraphQL schema and query patterns.
Curate
Curator overview
Allocate across Morpho Blue / Euler V2 / Aave V4 from one vault, then wrap it in senior / junior tranches.
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Curator quickstart
Fastest path from a curator wallet to a live tranched vault.
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Premium control
Curator-managed vs protocol-managed premium. The toggle on the deploy form, and what each implies.
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Roles & permissions
What's on the curator (OPERATOR_ROLE), what's on the protocol (PROTOCOL_ROLE), and what's irreversible (gate abdication).
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Loss realisation
How Morpho V2 picks up adapter losses automatically via accrueInterest, when an adapter's realAssets() can lag economic reality, and the curator levers (forceDeallocate, decreaseCap) for the lag case.