jrmHYPER

Strata Junior mHYPER

Junior mHYPER is a yield-bearing investment product that functions as a market-priced insurance fund, absorbing any shortfall required to meet the senior tranche’s minimum guaranteed yield, while underwriting strategy and counterparty risks. In return, it earns a risk premium from the senior tranche, resulting in potentially higher yields than mHYPER for risk-tolerant investors.

jrmHYPER captures the residual returns after the senior tranche is paid and absorbs any underlying strategy losses or underperformance relative to the benchmark. As a result, it outperforms mHYPER during high-yield periods, but may underperform in low-yield environments or when mHYPER incurs losses. In adverse scenarios, jrmHYPER may generate negative returns, reflecting its role as first-loss capital with a high-risk, high-return profile.

Mint

jrmHYPER can be minted by depositing mHYPER/stablecoins. The amount of jrmHYPER received is determined by the jrmHYPER/USD exchange rate minus any applicable Midas minting fees.

At the current stage of protocol implementation:

• mHYPER and USDC can be used to mint jrmHYPER through the Strata UI.

• Minting fees on Strata are currently waived.

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

Redeem

When jrmHYPER is redeemed, the user receives mHYPER/stablecoins based on the jrmHYPER/USD exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

• jrmHYPER can be redeemed for mHYPER and USDC through the Strata UI.

• 0–20 bps redemption fee is applied depending on the srmHYPER coverage level. The applicable fee is displayed on the UI prior to confirmation.

• jrmHYPER can be redeemed for mHYPER after a cooldown period that ranges from zero up to three weeks, depending on the srmHYPER coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrmHYPER holders remain exposed to jrmHYPER performance. Once the cooldown ends, mHYPER can be claimed or redeemed for USDC in the Portfolio section.

• jrmHYPER can also be redeemed for USDC, subject to the jrmHYPER cooldown plus an additional up to 3 days cooldown, consistent with Midas’s mHYPER redemption period. USDC can then be claimed in the Portfolio section.

• jrmHYPER redemption is temporarily paused when the srmHYPER coverage ratio falls below the min. threshold.

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

The jrmHYPER Dashboard on the Strata app displays the current jrmHYPER/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 jrmHYPER's performance at any moment.