> 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/publish-your-docs.md).

# Why Mezzanine

The protocol is designed with **two primary objectives**:

**Increase yield efficiency**: risk is compensated directly rather than averaged across all deposited capital.

**Provide explicit risk positioning**: loss exposure is defined and isolated within each tranche, rather than shared implicitly across a pooled structure.

Most DeFi yield products treat all depositors the same. Risk and return are pooled, leaving conservative capital undercompensated and risk-tolerant capital without meaningful upside. Mezzanine introduces structured tranching to fix this: each depositor chooses their position in the risk stack, and yield is allocated accordingly.

Mezzanine does not eliminate risk. **It makes risk explicit**.\
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