Structured Credit for Real World Assets on Mantle
Live Demo: https://mantle-hackathon.vercel.app
Tranche Protocol brings structured credit products to decentralized finance by splitting Real World Asset (RWA) yields into two distinct risk-return profiles. Traditional finance has used this model for decades through CDOs and CLOs, but DeFi has lacked the infrastructure to offer similar products on-chain.
Our protocol takes a single RWA yield stream and transforms it into two ERC-20 tokens: Senior Tranches offer stable, protected yields with priority in the capital waterfall, appealing to conservative investors like DAOs and treasuries seeking predictable returns. Junior Tranches absorb the first-loss risk in exchange for leveraged, amplified yields, targeting risk-seeking yield farmers and speculators.
The architecture is built on battle-tested Covenant Protocol smart contracts, deployed on Mantle's low-cost L2 infrastructure. Users deposit stablecoins into an RWA vault, mint tranche tokens representing their risk tier, and can further use these tokens as collateral to borrow additional capital. This capital efficiency enables investors to simultaneously earn RWA yields while deploying their capital elsewhere in DeFi.
Institutional compliance is native to the design through our KYC infrastructure, allowing regulated entities to participate while maintaining on-chain composability. The protocol is permissionless yet compliant, making it suitable for both retail DeFi users and institutional capital seeking exposure to tokenized real-world assets with customized risk profiles.
- Deposit stablecoins into RWA Vault → receive vault shares
- Mint Senior or Junior tranche tokens from vault shares
- Earn yields: Senior gets fixed 5% APY (protected), Junior gets 15-25% (leveraged)
- Borrow against tranche tokens as collateral
- Swap between tranches or redeem back to stablecoins
| Contract | Address | Explorer |
|---|---|---|
| Settlement Token (msUSD) | 0xFf28165F26eB69432E2CB17F3E77b6267f106B91 |
View |
| KYC Registry | 0x01E25650e5a2aD7430E9050937a95F2a1bF74239 |
View |
| RWA Vault | 0x62B1D966B890a832aA621BC4246044DC4B48A908 |
View |
| Oracle Adapter | 0xB144d275568Db13C8599a859928604e55c4b73Ca |
View |
| Tranche Core | 0x5cB718802134eAFfe904C6D7B4E065568ceaAB1F |
View |
| Tranche LEX | 0x06408914C115FA749F4aDC62858CC98bd8f95580 |
View |
| Tranche Curator | 0x45151fc051e47E9e64F7E83d63Ad170C4c51f3c5 |
View |
| Senior Token (msUSD-S) | 0x90026959DA69690FCd5F028Da1f70b12334e0014 |
View |
| Junior Token (msUSD-J) | 0x62b2C74cb1832feE077c75DAd1DeFa2118b4b924 |
View |
| Stable Borrow Vault | 0x2149D2E2609742C1C9Ffc841F669eFE01a3DFAf6 |
View |
| HackUSD | 0xb25742aA9b7f8Dc13d6Cf746c753BaAc045b7abE |
View |
Market ID: 0x739e42eab9605d150e420da33aef904f6a05b160
- Foundry
- Node.js v18+
# Install dependencies
forge install
# Build
forge build
# Test
forge test
# Deploy to Mantle Sepolia
export DEPLOYER_PRIVATE_KEY=0x<your-private-key>
forge script script/DeployMantleSepolia.s.sol:DeployMantleSepolia \
--rpc-url https://rpc.sepolia.mantle.xyz \
--broadcastcd frontend
npm install
npm run dev # Development at localhost:3001
npm run build # Production build| Document | Description |
|---|---|
| Architecture | System design and flows |
| Pitch | Problem, solution, business model, roadmap |
| Compliance | Regulatory disclosure |
| Team | Team information |
- Contracts: Solidity 0.8.30, Foundry, OpenZeppelin
- Frontend: React, Vite, Ethers.js v6
- Network: Mantle Sepolia (Chain ID: 5003)
Built for Mantle Hackathon 2026. Based on Covenant Protocol (BUSL License).