{"license":"CC-BY-4.0","licenseUrl":"https://creativecommons.org/licenses/by/4.0/","attribution":"ChainChoice (https://chainchoice.io)","category":"structured_products","evidenceReadAt":"2026-09-28","generatedAt":"2026-11-12","criteria":[{"id":"contract_defined_payoff","label":"Payoff defined in a readable contract","weight":30},{"id":"counterparty_backing","label":"Counterparty backing the payoff","weight":28},{"id":"embedded_fee_disclosure","label":"Fee embedded in the quote","weight":24},{"id":"settlement_and_exit","label":"Settlement and early exit terms","weight":18}],"providers":{"sofa_org":{"contract_defined_payoff":{"s":9,"q":"The contract for calculating product payoffs is completely standardized, and is Vault-independent and collateral agnostic. | calculation contracts are defined by the underlying type of structured product to calculate the model payouts. | Some payoff examples are listed below:","u":"https://docs.sofa.org/en/technical-design/settlement.html","d":"2026-09-28"},"counterparty_backing":{"s":9,"q":"Both your assets and the market maker's assets are locked in the Vault. | You and the market maker get tokens that represent your positions.","u":"https://docs.sofa.org/en/protocols/","d":"2026-09-28"},"embedded_fee_disclosure":{"s":10,"q":"SOFA will collect 15% of the user's option premium as a base trading fee. Furthermore, in the event of a 'winning' payout occurring for the user, a further 5% settlement fee will be charged against the total Gross Upside Payout. | Premium * (1 - 0.15 - 0.05)","u":"https://docs.sofa.org/en/technical-design/fees.html","d":"2026-09-28"},"settlement_and_exit":{"s":8,"q":"You can trade Position Tokens like regular tokens. Owners of the position tokens will always have final ownership of the assets in the vault.","u":"https://docs.sofa.org/en/protocols/","d":"2026-09-28"}},"ithaca_protocol":{"contract_defined_payoff":{"s":7,"q":"Ledger - keeps track of user positions and allows backend to settle trades","u":"https://docs.ithacaprotocol.io/docs/overview/officla-links.md","d":"2026-09-28"},"counterparty_backing":{"s":8,"q":"Ithaca is a non-custodial protocol: user funds are not held by an exchange, but by smart contracts. | There is no private key associated with the FundLock smart contract.","u":"https://docs.ithacaprotocol.io/docs/architecture/post-match-processing/user-funds.md","d":"2026-09-28"},"embedded_fee_disclosure":{"s":7,"q":"Forward fee: 0.01% of notional | Option fee: 0.04% of notional | Digital Option fee: 1% of notional | Fees are capped at 12.5% of option premia and 25% of digital option premia.","u":"https://docs.ithacaprotocol.io/docs/ecosystem/fees.md","d":"2026-09-28"},"settlement_and_exit":{"s":5,"q":"By default, all contracts are auto-exercised at maturity if and only if the contract has exercisable intrinsic value. Contracts cannot be exercised early. | If the next auction forward is more than 0.01% different from the Uniswap volume-weighted average price (VWAP), reference fixing is Uniswap.","u":"https://docs.ithacaprotocol.io/docs/architecture/post-match-processing/settlement.md","d":"2026-09-28"}},"aevo_perps_plus":{"contract_defined_payoff":{"s":7,"q":"The strike prices are determined by the percentage slider and the current mark price. | Buy OTM Call + Sell OTM Put","u":"https://www.aevo.xyz/docs/aevo-products/aevo-perps+/technical-architecture.md","d":"2026-09-28"},"counterparty_backing":{"s":6,"q":"Trades are created and settled on the smart contracts which live on the Aevo Rollup. | posts batches of transactions to Ethereum Mainnet every 1 hour | The dispute period for transactions on the Aevo Rollup is 2 hours.","u":"https://www.aevo.xyz/docs/aevo-products/aevo-exchange/technical-architecture/exchange-structure/layer-2-architecture.md","d":"2026-09-28"},"embedded_fee_disclosure":{"s":7,"q":"Taker fees: 0.05% of the notional | Maker fees: 0.03% of the notional | Options fees can never be higher than 12.5% of the options price. | min((taker or maker * qty * index_price), (0.125 * option_price))","u":"https://www.aevo.xyz/docs/aevo-products/aevo-exchange/fees/options-fees.md","d":"2026-09-28"},"settlement_and_exit":{"s":7,"q":"Close Position and Perps+ | closes your perp and all attached options in a single action. | There is no automatic rollover. | If your perp is liquidated, the PERPS+ options are not automatically closed: they become orphaned.","u":"https://www.aevo.xyz/docs/aevo-products/aevo-perps+/faq.md","d":"2026-09-28"}},"tranchess":{"contract_defined_payoff":{"s":7,"q":"Stable's fair value calculates its fixed interest earning | Turbo's fair value calculates its cost of holding all Stable's point-earning shares | This means that every Turbo of the fund can be redeemed into 0.73 underlying asset tokens.","u":"https://docs.tranchess.com/faq/turbo-and-stable/upon-maturity.md","d":"2026-09-28"},"counterparty_backing":{"s":4,"q":"Turbo gets all the point shares allocated to Stable, in return, it pays Stable a fixed interest rate as cost.","u":"https://docs.tranchess.com/faq/turbo-and-stable/turbo.md","d":"2026-09-28"},"embedded_fee_disclosure":{"s":4,"q":"Tranchess would charge 3% of all Turbo points allocated to Turbo holders as a protocol fee. | This applies to STONE Fund 2 and weETH Fund.","u":"https://docs.tranchess.com/faq/turbo-and-stable/turbo.md","d":"2026-09-28"},"settlement_and_exit":{"s":6,"q":"You can swap Stable back to underlying assets anytime via our Swap function or hold it until the fund ends | Stable could be trading at a premium or discount, depending on market demand.","u":"https://docs.tranchess.com/faq/turbo-and-stable/stable.md","d":"2026-09-28"}},"idle_yield_tranches":{"contract_defined_payoff":{"s":7,"q":"Senior Tranches intrinsically **have a first lien on the underlying assets** — they’re first in line to be repaid in case of default (hack or loss of funds). | Junior holders have a second lien or no lien at all in case of fund losses.","u":"https://docs.idle.finance/products/yield-tranches/overview.md","d":"2026-09-28"},"counterparty_backing":{"s":6,"q":"Junior TVL will cover Senior TVL from a full spectrum of oracle/smart contract risks on: | In the case when the loss is higher than the Junior liquidity, also the Senior Tranche will suffer from the hack.","u":"https://docs.idle.finance/products/yield-tranches/overview.md","d":"2026-09-28"},"embedded_fee_disclosure":{"s":8,"q":"No hidden fees: 10-15% performance fee.","u":"https://docs.idle.finance/products/yield-tranches/overview.md","d":"2026-09-28"},"settlement_and_exit":{"s":8,"q":"Deposits and withdrawals are possible at any time due to no locking periods or epochs;","u":"https://docs.idle.finance/products/yield-tranches/overview.md","d":"2026-09-28"}},"exponent_risk_tranching":{"contract_defined_payoff":{"s":6,"q":"coverage utilization = required junior coverage / actual junior effective NAV | Each market is configured with a **Minimum Coverage** and a **Target Coverage** | The settlement threshold is not configured independently. It is derived from:","u":"https://docs.exponent.finance/user-documentation/risk-tranching.md","d":"2026-09-28"},"counterparty_backing":{"s":5,"q":"Exponent does not own or manage these third-party protocols and contracts and consequently is not responsible for any funds lost due to exploits in these third-party contracts","u":"https://docs.exponent.finance/user-documentation/protocol-risks-fees.md","d":"2026-09-28"},"embedded_fee_disclosure":{"s":2,"q":"Fees can differ across markets, maturities, and product surfaces. | These fees can vary depending on the liquidity venue used | Depending on the venue and market, fee levels may be fixed or dynamic. | Always review the relevant market or vault interface before confirming a transaction.","u":"https://docs.exponent.finance/user-documentation/protocol-risks-fees.md","d":"2026-09-28"},"settlement_and_exit":{"s":5,"q":"Senior withdrawals are paused until Junior recovers or the period ends | can be restricted if exiting would leave the market with a protection below the market's minimum coverage | If the market moves beyond its configured settlement threshold, the Recovery Period is skipped and the market moves…","u":"https://docs.exponent.finance/user-documentation/tranching-markets.md","d":"2026-09-28"}},"dyson_finance":{"contract_defined_payoff":{"s":4,"q":"is the volatility of the token pair, it will be determined by a group of professionals elected through governance voting. | As long as the fair price is higher than the strike price when investors redeem, they will get `token1Amt` of token1; if the fair price is lower than the strike price, then…","u":"https://docs.dyson.finance/mechanisms/dual-investment.md","d":"2026-09-28"},"counterparty_backing":{"s":3,"q":"Under the design of Dyson's Dual Investment, the protocol holds a significant advantage over the users, as there are only two possible outcomes: either profit or breakeven","u":"https://docs.dyson.finance/mechanisms/dual-investment.md","d":"2026-09-28"},"embedded_fee_disclosure":{"s":3,"q":"Regardless of whether the market rises or falls, as long as the volatility exceeds 11.5%, the protocol gains a net profit. | the calculation result of this Virtual Swap will change the trading fee rate of token1 even without really taking out token1 from the pool.","u":"https://docs.dyson.finance/mechanisms/dual-investment.md","d":"2026-09-28"},"settlement_and_exit":{"s":3,"q":"a predetermined settlement period is agreed upon, during which the protocol retains the authority to reverse the transaction, effectively refunding the users' initial investment. | After maturity, investors can withdraw the token that had lower impact on the reserve product in the pool","u":"https://docs.dyson.finance/mechanisms/dual-investment.md","d":"2026-09-28"}}}}