Tranches

A tranche is an ERC1155 token id representing a slice of a managed ve position for a variant and epoch bucket. Managed products use the max epoch bucket for each variant.

Encoding

Tranche ids are canonically encoded via TrancheIdLib (variant + epochs). The same id is used by Ledger, Vault inventory sets, RewardSinks, and ID20 wrappers.

Redeem locks

When fee changes are proposed near epoch end, a freeze window can lock newly minted units so they cannot redeem in the immediately following settlement window. Locks travel with transfers.

Settlement window

• Opens 10 hours into each weekly epoch
• Lasts 6 hours
• Outside the window: redemptions revert / UI shows Await redemption window