Why Strata?

Strata unlocks the full potential of Ethena’s crypto-native dollar by introducing structured products on top of USDe, offering tailored and risk-optimized digital dollar yields. Its risk tranching mechanism allows users to tailor their exposure to match their risk profile while enhancing capital efficiency and DeFi composability.

Internet-Native Yield, Redefined

Tailored Risk Exposure Conservative investors prioritize predictable, low‑risk returns, while risk-tolerant users seek higher-yield opportunities with greater upside. Enhanced Risk-Return Pricing Splitting USDe rewards into senior and junior risk tranches enables real-time and transparent market-based pricing of risk and returns. Capital-Efficient Access Both tranches are tokenized as fully permissionless and composable assets, enabling seamless integration across DeFi and CeFi. This design offers enhanced capital efficiency, flexibility, and broad accessibility for a wide range of users. Accelerating Ethena’s Growth With USDe as the underlying collateral for both tranches, Strata draws liquidity from existing DeFi users while also attracting new capital from TradFi—driving increased demand for Ethena’s products and expanding its user base.

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