Welcome to Strata
Building the next generation of on-chain structured yield products.
Strata is a perpetual risk-tranching protocol offering structured yield products on USDe, Ethena’s synthetic dollar backed by delta-neutral positions on blue-chip crypto assets. It allows investors to customize their risk and return exposure through two tranches, Senior and Junior, while earning crypto-native yields sourced from carry and basis trades.
The protocol introduces two liquid and composable tokens built on Ethena’s reward-bearing synthetic dollar, sUSDe: Strata Senior USDe (srUSDe) and Strata Junior USDe (jrUSDe).
Strata Senior USDe (srUSDe) An over-collateralized, yield-bearing synthetic dollar backed by USDe, representing the senior risk tranche in Strata’s structure. It offers superior risk-adjusted yield by providing principal-protection and guaranteed minimum yield tied to the benchmark rate and uncapped upside exposure to sUSDe APY.
Strata Junior USDe (jrUSDe) A yield-bearing investment product, representing the junior risk tranche in Strata’s structure. It provides leveraged upside to sUSDe APY while simultaneously functioning as a liquid insurance pool for srUSDe. By absorbing excess risk and volatility associated with sUSDe APY, jrUSDe earns a risk premium from the senior tranche, delivering potentially higher yields for risk-tolerant investors.
Over time, Strata will expand to offer a wider range of structured yield products built on diverse crypto-native yield products, transforming them into over-collateralized, yield-bearing synthetic dollars (senior tranche) and liquid, high-yield investment products (junior tranche) through its generalized risk-tranching mechanism.
Strata’s risk-tranching protocol transforms one-size-fits-all yields into two tokenized tranches, each tailored to a distinct risk–reward profile and delivering structured yields.
Last updated