Neutrl NUSD

Structured Yield Products on Neutrl NUSD

The one-size-fits-all design of Neutrls sNUSD is not ideal for many investors across DeFi and TradFi as different capital allocators have varying risk appetites and return expectations, which a single yield product cannot fully satisfy.

Strata is purpose-built to deliver structured yields on NUSD, Neutrl’s synthetic dollar designed to deliver a novel crypto-native yield through a diversified set of market-neutral strategies, including OTC arbitrage, funding rate arbitrage, and DeFi-native strategies.

The protocol introduces two liquid and composable tokens built on Neutrl’s yield-bearing synthetic dollar, sNUSD: Strata Senior NUSD (srNUSD) and Strata Junior NUSD (jrNUSD).

• srNUSD (Senior Tranche): Designed for capital preservation, srNUSD offers a stable yield floor benchmarked to Ethena sUSDe APY while still participating in the upside of sNUSD APY and protected against underlying strategy risks.

• jrNUSD (Junior Tranche): Provides leveraged upside to sNUSD’s variable APY by earning a risk premium from the senior tranche, acting as first-loss capital that underwrites sNUSD’s underperformance against the benchmark and underlying strategy risks.

Market Specifications

Underlying Protocol	Neutrl
Yield Source	sNUSD
Base Asset	NUSD
Benchmark	Ethena sUSDe APY
Performance Fee	7.5%
Senior Redemption Fee	0.05% when coverage is above 120% 0.025% when coverage is 110-120% 0% when coverage is below 110%
Junior Redemption Fee	0.20% when coverage is above 120% 0.10% when coverage is 110-120% 0% when coverage is below 110%
Senior Cooldown Period	None
Junior Cooldown Period	None when coverage is above 120% 7 days when coverage is 110-120% 35 days when coverage is below 110%