> For the complete documentation index, see [llms.txt](https://docs.tydro.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tydro.com/ii.-core-concepts.md).

# II. Core Concepts

- [Markets](https://docs.tydro.com/ii.-core-concepts/markets.md): How collateral is valued and loans are taken from Tydro markets
- [Isolated Markets](https://docs.tydro.com/ii.-core-concepts/markets/isolated-markets.md)
- [Clusters and Pooled Markets](https://docs.tydro.com/ii.-core-concepts/markets/clusters-and-pooled-markets.md)
- [Efficiency Mode (eMode)](https://docs.tydro.com/ii.-core-concepts/markets/efficiency-mode-emode.md): Efficiency Mode (eMode) unlocks higher borrowing power when collateral and debt are correlated assets, for example, borrowing one stablecoin against another
- [Interest Rates](https://docs.tydro.com/ii.-core-concepts/interest-rates.md): How borrower and lender interest rates are determined
- [Asset Price Feeds (Oracles)](https://docs.tydro.com/ii.-core-concepts/asset-price-feeds-oracles.md): Tydro prices collateral and debt using external price feeds. This page describes the oracle sources. Reliability and fallback are covered in Oracle reliability
- [Liquidations & Risk Management](https://docs.tydro.com/ii.-core-concepts/liquidations-and-risk-management.md): How the Tydro Protocol operates to manage risk through an open market liquidation process
- [Risk Paramaters](https://docs.tydro.com/ii.-core-concepts/risk-paramaters.md): How risk parameters impact markets
- [Protocol Governance](https://docs.tydro.com/ii.-core-concepts/protocol-governance.md): How the Tydro Protocol is maintained
- [Lending Vaults](https://docs.tydro.com/ii.-core-concepts/lending-vaults.md): Managed capital allocation to various lending markets
- [Tranching](https://docs.tydro.com/ii.-core-concepts/tranching.md): Tranching splits a loan into senior and junior claims so lenders can choose their place in the loss waterfall for their preferred risk & return profile
- [Term Lending](https://docs.tydro.com/ii.-core-concepts/term-lending.md)
- [Fixed Rates](https://docs.tydro.com/ii.-core-concepts/fixed-rates.md)
- [Strategies](https://docs.tydro.com/ii.-core-concepts/strategies.md): How externally managed capital is


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