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

# Welcome to Mezzanine

## Tranche Anything

Mezzanine is a framework for creating structured vaults around individual assets and yield strategies.

Each strategy operates through its own vault. A vault may hold a single asset, deploy a simple yield position, or execute a more complex strategy across multiple protocols. Each vault has its own parameters, including yield allocation, tranche capacity, withdrawal periods, fees, reserve requirements, and loss mechanics.

Users deposit the asset supported by the vault and select a risk tranche. The protocol bundles the required transactions, allowing the user to move directly from the deposit asset into their selected tranche.

> For example:
>
> **USDC** → **Senior Prime** or **Junior Prime**\
> \
> Behind the scenes, **USDC** is converted into **mxPrime**, the Prime Vault’s non-yield-bearing, **super-senior base token**, before being deposited into the selected tranche. This intermediate step is abstracted from the normal user experience.

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