# Mezzanine

> Mezzanine is where DeFi strategies get split by risk. Every vault has a higher-yield side and a lower-risk side. Deposit at the level that suits you.

Mezzanine is a framework for creating structured vaults around individual assets and yield strategies. Each strategy runs in its own vault, with its own tranches, yield allocation, withdrawal periods, fees, reserve requirements and loss mechanics. Lower risk is relative to other tranches in the same vault; returns and principal are not guaranteed. Refer to the official documentation for current vault terms and risk disclosures.

## Docs

- [Welcome to Mezzanine](https://docs.mezz.finance/introduction/welcome-to-mezzanine.md): what Mezzanine is and how a deposit works
- [Strategy-Specific Vaults](https://docs.mezz.finance/introduction/strategy-specific-vaults.md): why each strategy gets its own vault
- [Hastra Optimizer](https://docs.mezz.finance/vaults/hastra-optimizer.md): the Hastra Optimizer vault, its strategy, tranches and risks
- [Loss Waterfall](https://docs.mezz.finance/tranches/loss-waterfall.md): the order in which tranches absorb losses
- [Fees](https://docs.mezz.finance/using-mezzanine/fees.md): performance fee and vault-specific fees
- [Audits](https://docs.mezz.finance/security-and-operational-controls/audits.md): security reviews of the contracts
- [Tranche Risk](https://docs.mezz.finance/risks/tranche-risk.md): how losses reach each tranche
- [Docs index](https://docs.mezz.finance/llms.txt): all documentation pages
- [Full docs text](https://docs.mezz.finance/llms-full.txt): all documentation pages in one file

## Links

- [Brand kit](https://mezz.finance/brandkit/): logos, wordmarks and the 3D mark
- [X](https://x.com/mezzanine_fi)
- [Discord](https://discord.gg/j27ARXEfvV)
- [Telegram](https://t.me/+JQ1q4Sg0bFYwZGU0)
- [Who Eats the Loss?](https://medium.com/@Mezzanine_Fi/who-eats-the-loss-why-defi-yield-needs-structured-protection-2ebdbd23ddd1): why DeFi yield needs structured protection