Welcome to Strata

Next-generation structured yield products, engineered for tailored risk-reward.

Strata is a generalized risk-tranching protocol that brings structured yield products to any on-chain or off-chain yield strategy by splitting yield into two tokenized risk-based tranches, each tailored to distinct risk–reward profiles.

The protocol introduces two liquid and composable tokens built on the underlying yield product, Strata Senior Tranche and Strata Junior Tranche. For e.g., Strata Senior USDe (srUSDe) and Strata Junior USDe (jrUSDe) offer structured yields on Ethena’s reward-bearing synthetic dollar, sUSDe.

Strata Senior Tranche An over-collateralized, yield-bearing synthetic dollar, representing the senior risk tranche in Strata’s structure. It delivers superior risk-adjusted yield by providing protection against underlying strategy and collateral risks, guaranteed minimum yield tied to the benchmark rate, and uncapped upside exposure to the underlying yield.

Strata Junior Tranche A yield-bearing investment product, representing the junior risk tranche in Strata’s structure. It provides leveraged upside to the underlying yield while simultaneously functioning as a liquid insurance pool for the senior tranche. By absorbing excess risk and volatility associated with the underlying yield strategy, junior tranche earns a risk premium from the senior tranche, delivering potentially higher yields for risk-tolerant investors.

Strata launched its first structured yield products on 13th October 2025, built on Ethena's USDe. Strata is a fully on-chain protocol with a modular, chain-agnostic architecture that enables expansion beyond USDe into a broad range of USD and non-USD assets and strategies across multiple ecosystems. These include curated lending vaults, managed multi-strategy vaults, exotic delta-neutral strategies, tokenized private credit, high-yield RWAs etc. As Strata evolves, it becomes the default chassis for the next generation of on-chain structured yield products, with its risk-tranching protocol serving as the engine that powers them.

Strata’s risk-tranching protocol re-engineers one-size-fits-all yields into two tokenized tranches, purpose-built for distinct risk–reward profiles.

Website: https://strata.markets

Twitter: https://x.com/strata_markets

Discord: https://discord.gg/sHtZDvTPxB