For the complete documentation index, see llms.txt. This page is also available as Markdown.
Welcome
Covenant is a permissionless, fully on‑chain protocol for tranching risk on tokenized vaults. Any oracle-priced asset can be split into two fungible ERC‑20 claims: a senior debt tranche (Yield Coin) and a junior equity tranche (Leverage Coin). Both are fully collateralized against the underlying and redeemable on demand, with prices and the funding rate set continuously by an on‑chain market against the asset's net asset value.
