> For the complete documentation index, see [llms.txt](https://ladder-markets.gitbook.io/ladder-markets-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ladder-markets.gitbook.io/ladder-markets-docs/ladder.md).

# Ladder Markets

Ladder Markets is a senior / junior tranching protocol over a yield-bearing token (**YT**), priced in a base token (**BT**, typically USDC).

* **Senior tranche (ST)** targets a curator-set benchmark return. It may hold YT and idle BT.
* **Junior tranche (JT)** absorbs first losses and residual upside. It holds YT only.

Users deposit BT and receive ST or JT shares. The market converts BT ↔ YT through a fund **adaptor** (for example Midas). Those conversions are asynchronous and all-or-nothing: a round either settles in full or is canceled.

## Who this is for

| You are…                                            | Start here                                                           |
| --------------------------------------------------- | -------------------------------------------------------------------- |
| Depositing or withdrawing as an LP                  | [How to deposit](/ladder-markets-docs/how-to-use/how-to-deposit.md)  |
| Running a market (risk, fees, rounds)               | [What you set](/ladder-markets-docs/market-curation/what-you-set.md) |
| Integrating a frontend, keeper, or another protocol | [Architecture](/ladder-markets-docs/integrations/architecture.md)    |

## How to read this book

1. **Overview** — how tranching, rounds, and conversions work.
2. **How to use** — deposit, withdraw, and claim in the app.
3. **Market curation** — parameters a curator sets, how to run rounds, and how to point a market at a new underlying fund.
4. **Integrations** — contract map, raw transactions, events, and the adaptor interface.