# jrmM1-USD

Junior mM1-USD is a liquid, yield-bearing derivative that provides leveraged upside to the M1 Capital flagship USD fund. In exchange, it absorbs any NAV risk and counterparty risk as first-loss capital.

<details>

<summary>Mint</summary>

jrmM1-USD can be minted by depositing mM1-USD. The amount of jrmM1-USD received is determined by the jrmM1-USD/USD exchange rate minus any applicable Midas minting fees.

At the current stage of protocol implementation:

* Only mM1-USD can be used to mint jrmM1-USD through the Strata UI.
* Users need to mint mM1-USD on Midas first and then deposit on Strata to mint jrmM1-USD.
* Minting fees on Strata are currently waived.

</details>

<details>

<summary>Redeem</summary>

When jrmM1-USD is redeemed, the user receives mM1-USD based on the jrmM1-USD/USD exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

* jrmM1-USD can be redeemed for mM1-USD only through the Strata UI. mM1-USD can be redeemed for stablecoins on Midas.
* 0–20 bps redemption fee is applied depending on the srmM1-USD coverage level. The applicable fee is displayed on the UI prior to confirmation.
* jrmM1-USD can be redeemed for mM1-USD after a cooldown period that ranges from zero up to four weeks, depending on the srmM1-USD coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrmM1-USD holders remain exposed to jrmM1-USD performance. Once the cooldown ends, mM1-USD can be claimed in the Portfolio section and redeemed for stablecoins on Midas.
* jrmM1-USD redemption is temporarily paused when the srmM1-USD coverage ratio falls below the min. threshold.

</details>

{% hint style="success" %}
The jrmM1-USD [Dashboard](https://app.strata.markets/market/mM1-USD?action=buy\&tranche=jrmM1-USD) on the Strata app displays the current jrmM1-USD/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 jrmM1-USD's performance at any moment.
{% endhint %}


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