Strata

Strata divides the return from a yield source into two tokens.

The senior tranche, srUSDe, is an overcollateralized synthetic dollar with a minimum yield and protection against strategy losses.

The junior tranche, jrUSDe, takes first loss in exchange for leveraged upside, acting as a market-priced insurance fund.

The first products are built on Ethena's USDe, with more strategies planned.