
Strata
Strata is an Ethereum risk-tranching protocol that splits yield from strategies like Ethena USDe into senior (srUSDe) and junior (jrUSDe) tokens.

What is Strata?
Strata is a risk-tranching protocol on Ethereum that turns a single yield strategy into two tokenized tranches. Users can mint the senior tranche (srUSDe), an over-collateralized synthetic dollar with a minimum yield and uncapped upside, or the junior tranche (jrUSDe), which absorbs first-loss exposure for leveraged returns. Built on top of Ethena's USDe yield, the protocol holds around $85M in deposits.
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