> ## Documentation Index
> Fetch the complete documentation index at: https://docs.stratareserve.co/llms.txt
> Use this file to discover all available pages before exploring further.

# Markets

> Liquidity, structured products, and protocol-owned-liquidity management.

The **Markets** engine provides the liquidity and financial primitives the rest
of the system builds on. It combines a borrowing / liquidity engine (a fork of
**LlamaLend**) with a structured-products layer (a fork of **FXN v1**) for
tranching and leverage.

## Two layers

<CardGroup cols={2}>
  <Card title="Markets (infrastructure)" icon="arrows-split-up-and-left">
    A borrowing and liquidity engine — the primitive that lets collateral be
    borrowed against and liquidity to be routed across the system.
  </Card>

  <Card title="Markets (products)" icon="sliders">
    A structured-products layer for tranching and leverage — the financial
    engineering that shapes payoffs on top of the liquidity primitives.
  </Card>
</CardGroup>

## Protocol-owned liquidity

Strata manages **protocol-owned liquidity (POL)** and treasury strategy through
the Markets engine, so that liquidity depth is a durable property of the system
rather than a function of mercenary capital. POL backs srUSD liquidity and the
structured-product markets.

<Info>
  Markets supply the liquidity and primitives; Money governs issuance; Credit
  originates assets. Markets is where those threads compose into tradable,
  structured exposure.
</Info>

## Market coordination

Market activity is coordinated through Strata's tokenomics and incentive design
(vote-escrow style coordination), aligning liquidity providers and the protocol's
long-term health.

<Card title="srUSD monetary system" icon="coins" href="/protocol/srusd-monetary-system">
  How Markets liquidity and the Money control plane interact to keep srUSD
  stable and liquid.
</Card>