Global notional
$10T+
Structured products outstanding
Institutional · On-chain · Forward-priced
Structured products,
finally liquid.
The first institutional-grade marketplace for on-chain structured products. Forward-priced. Bounded-risk. Unified across yield assets.
- TVL
- $124.3M
- Senior APY
- 5.2%
- Junior APY
- 18.4%
- Active Pools
- 4
- Settlement
- SEC Rule 22c-1
- Status
- Live on mainnet
The opportunity
A $10T category. Never had a unified secondary market.
Every structured product issued today lives inside a bilateral bank-to-client relationship, ring-fenced by jurisdiction, fragmented across clearinghouses, gated behind $1M+ tickets.
Annual issuance
$2T
New product issued each year
APAC sales (2023)
$450B
Hong Kong · Singapore · Japan
Tokenized yield TVL (2025)
$25B
ERC-4626 vaults
How Ladder works
Three primitives. One protocol.
The token split
One pool, two return profiles, no cross-subsidy.
Ladder tranches any yield-bearing ERC-4626 asset into two ERC-4626 tokens - a Senior with fixed yield and priority redemption, and a Junior that earns the leveraged residual in exchange for absorbing first-loss exposure.
Senior · Priority redemption
~ 80% of pool
5%
Fixed yield · base case
Characteristics
- Fixed yield, capped at the protocol rate.
- Priority redemption when assets are sold.
- Settles at forward-priced NAV - no stale-price MEV.
- ERC-4626 - composable across DeFi as collateral.
For institutional capital that needs a modelable, compliance-defensible exposure.
Junior · First-loss
~ 20% of pool
30%
Leveraged residual · base case
Characteristics
- Leveraged residual - earns the spread over Senior.
- Absorbs drawdowns first; protects Senior principal.
- Leverage capped 5x by VaR; auto-delever fires same block.
- ERC-4626 - usable as on-chain collateral.
For capital seeking leveraged on-chain yield with bounded, modelable downside.
Protocol parameters
Senior : Junior ratio cap
4 : 1
Junior leverage cap
5x
Auto-deleveraging
Same block as breach
Settlement
Forward-priced NAV
Who's building
Two founders. Built to ship
Crypto-native VC and formal-verification engineering. Ladder is being built by two founders with deep institutional networks and a security-first approach to smart-contract design.
Co-founder & CEO
Richard Yuen
Founder of Velocity Capital. Early-stage investor in Ethena, MegaETH, and hundreds of other protocols. Exited the fund to build Ladder full-time.
Co-founder & CTO
Norbert Chiang
Smart contract security engineer. Founding research engineer at Manifold, MS CS, UIUC. Specialty: formal verification & quantitative modeling of decentralized systems.