Strata Junior PRIME
Junior PRIME is a liquid, yield-bearing derivative of Hastra PRIME that provides leveraged upside to the yield generated from Figure’s HELOC-backed lending facility. It acts as first-loss capital underwriting underlying credit and counterparty risks, and in return earns a risk premium from the Senior tranche.
jrPRIME can be minted by depositing PRIME/wYLDS/USDC. The amount of jrPRIME received is determined by the jrPRIME/USD exchange rate minus any applicable Hastra minting fees.
At the current stage of protocol implementation:
PRIME, wYLDS and USDC can be used to mint jrPRIME through the Strata UI.
Minting fees on Strata are currently waived.
jrPRIME can also be acquired on secondary markets using any asset on DEXs.
When jrPRIME is redeemed, the user receives PRIME/wYLDS/USDC based on the jrPRIME/USD exchange rate, minus any applicable redemption fees.
At the current stage of protocol implementation:
jrPRIME can be redeemed for PRIME, wYLDS and USDC through the Strata UI.
0–15 bps redemption fee is applied depending on the srPRIME coverage level. The applicable fee is displayed on the UI prior to confirmation.
jrPRIME can be redeemed for PRIME after a cooldown period that ranges from zero up to two weeks, depending on the srPRIME coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrPRIME holders remain exposed to jrPRIME performance. Once the cooldown ends, PRIME can be claimed or redeemed for USDC/wYLDS in the Portfolio section.
jrPRIME can also be redeemed for wYLDS/USDC, subject to the jrPRIME cooldown plus an additional cooldown, consistent with Hastra’s PRIME redemption period. wYLDS/USDC can then be claimed in the Portfolio section.
jrPRIME redemption is temporarily paused when the srPRIME coverage ratio falls below the min. threshold.
jrPRIME can also be traded for other assets on DEXs.
The jrPRIME Dashboard on the Strata app displays the current jrPRIME/USDC exchange rate, APY, overperformance, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of jrPRIME's performance at any moment.
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