> For the complete documentation index, see [llms.txt](https://docs.strata.markets/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.strata.markets/markets/hastra-prime/srprime.md).

# srPRIME

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.

<details>

<summary>Mint</summary>

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.

</details>

<details>

<summary>Redeem</summary>

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.

</details>

{% hint style="success" %}
The srPRIME [Dashboard](https://app.strata.markets/market/PRIME?action=buy\&tranche=srPRIME) 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.
{% endhint %}


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