# Tranche Tokens Most of pools on Qiro marketplace will have tranching where it will split into senior/junior tranche. To keep track of the investors we use tranche tokens. Every time investors put capital in a particular tranche, they receive tranche tokens pro-rate to their investment. These tokens represent share of the investors in the pool and can be redeemed to receive the share from the pool. \ \ There will be two kind of tranche tokens on Qiro marketplace. \ \ **Senior Tranche Token:** These tokens holders will receive the pool cashflows in second priority after Senior tranche token holders. This token holders receive a fixed interest rate. **Junior Tranche Token:** These tokens holders are mostly underwriters, and will receive the pool cashflows in second priority after Senior tranche token holders. This token holders receive a variable interest rate. \ \ These tokens are non-transferable to maintain the KYC restrictions, we foresee secondary markets in coming time when we would allow transfers to other KYCed investors.