junior tranche

Junior tranche holders earn higher yields but absorb the first losses if any borrowers default.劣后层持有人可获得更高的收益率，但若有借款人违约，则需吸收首笔损失。

Protocols often require the protocol itself to hold the junior tranche to align its incentives with pool performance.协议通常要求协议自身持有劣后层，以使其激励机制与资金池表现保持一致。