srPRIME

Strata Senior PRIME

Senior PRIME is a liquid, yield-bearing derivative of Hastra PRIME that provides low-risk exposure to a HELOC-backed warehouse lending facility originated by Figure Technologies. As the senior tranche, it receives priority on cash flows and benefits from a junior capital buffer that absorbs first losses, offering protection against underlying credit risk. This structure enables investors to access stable, institutional-grade private credit yields through a liquid onchain asset with returns that are largely uncorrelated to broader crypto market movements.

Mint

Users can mint srPRIME by depositing USDC/wYLDS/PRIME. The amount of srPRIME received is determined by the real-time srPRIME/USD exchange rate minus any applicable minting fees by Hastra.

At the current stage of protocol implementation:

• PRIME and USDC/wYLDS can be used to mint srPRIME through the Strata UI.

• Minting fees on Strata are currently waived.

• srPRIME minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold.

• srPRIME can also be acquired on secondary markets using any asset on DEXs.

Redeem

When srPRIME is redeemed, the user receives PRIME/USDC/wYLDS based on the srPRIME/USD exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

• srPRIME can be redeemed for PRIME, USDC and wYLDS through the Strata UI.

• 0–5 bps redemption fee is applied depending on the srPRIME coverage level. The applicable fee is displayed on the UI prior to confirmation.

• PRIME redemptions are processed instantly, while USDC/wYLDS redemptions follow a cooldown period, consistent with Hastra's PRIME redemption period. USDC/wYLDS can be claimed in the portfolio section.

• srPRIME can also be traded for other assets on DEXs.

The srPRIME Dashboard on the Strata app displays the current srPRIME/USDC exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srPRIME's performance at any moment.