Looping is most of the lending TVL today because it's been the only way to get leverage on a yield position.
Tranching does the same thing from a different direction and opens a second market.
Anyone underwriting yield onchain now has two sets of depositors instead of one.
Equities, treasuries, private credit, RWAs, all of it is getting tokenized and most is landing on @solana.
But the layer that prices risk is missing. Some depositors want less exposure, while others take that exposure for a higher rate.
Tranche everything on Solana.
$15,000 in incentives are now live on Reflect's first tranche market.
Paid over 30 days on top of the market yield.
Participate now: tranches.reflect.money
