RIADeFiPublished by Ketju Research
Not approved · Trading-strategy yield

Ketju memo: Reflect Tranches

Not approvedPublished by Ketju Research

This memo sets out what the holder owns, who controls it, how holders could lose money, and whether a position can be sold. The advisor decides any client action and amount. Not investment, legal, tax, or compliance advice.

Summary

Ketju does not approve Reflect Tranches: the junior token is a first-loss position that holders cannot redeem at once, and the senior token is covered only by a thin junior tranche made of the same asset it protects. Reflect Tranches splits a yield-bearing Solana token into a senior and a junior token. Junior takes the first loss and receives part of senior’s interest in return. DefiLlama’s yield feed listed six pools on 2026-10-16 with about $2.2 million: a senior and a junior over each of syrupUSDC (Maple), PRIME (Hastra), and eHYUSD (Hylo). The junior tranche is between a fifth and a quarter of the senior tranche’s size. Ketju approves none of the three underlying assets. Reflect’s docs list audits of the tranche program but publish no reports. Ketju will review the protocol again if any of the review triggers below occurs.

Review triggers

  • Reflect publishes the audit reports for the tranche program with no unresolved high-severity finding
  • Each underlying asset of a market passes a separate Ketju review and is approved
  • The junior tranche holds more than 40% of senior capital in a market for 30 days

Facts

Verdict
Not approved
Type
Trading-strategy yield
Chains examined
Solana
Instruments
SYRUPUSDC, PRIME, EHYUSD
Reviewed
Last confirmed

← All protocols not approved