Strata Tranches - Protocol Analytics

Strata is a perpetual risk-tranching protocol that delivers structured yield products on crypto-native yields, starting with USDe from Ethena. It allows investors to tailor their risk-return exposure through two tokenized tranches: Senior and Junior. The senior tranche (srUSDe) offers an over-collateralized, principal-protected synthetic dollar with superior risk-adjusted yield, while the junior tranche (jrUSDe) provides leveraged exposure to sUSDe APY and earns a risk premium by absorbing volatility. Built on Ethena’s reward-bearing sUSDe, Strata issues liquid and composable yield-bearing assets and aims to expand its mechanism to a broader set of crypto-native yield sources.