> 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/plume-nopal.md).

# Plume nOPAL

Structured Yield Products on Plume nOPAL

[**Plume nOPAL**](https://app.plume.org/vaults/nest-opal-vault) is a tokenized vault on Plume Vaults that brings LiquidStone II onchain — a Brazilian credit card payment receivables fund managed by [BlackOpal](https://www.blackopal.finance/). The facility finances short-duration, interest-free installment transactions already authorized and settled on Visa and Mastercard rails. Investors gain exposure to a diversified pool of payment receivables where the obligor is a regulated acquirer (not the merchant or consumer), with collections automatically routed via Brazil’s Central Bank-mandated C3 registry and backstopped by the card networks under BCB Resolution 522.

While these assets sit lower on the risk spectrum than many credit products — with 0.0% default rate since inception — they still carry exposure to tail risks such as merchant defaults, originator risks, residual chargeback risks, manager concentration, liquidity/duration mismatch, FX hedging basis risk, and complaince or regulatory risks.

The one-size-fits-all design of nOPAL is not ideal for many investors across DeFi and TradFi. Different capital allocators have varying risk appetites and return expectations that a single yield product cannot fully satisfy.

Strata is purpose-built to deliver structured yields on nOPAL by transforming underlying risk into programmable tranches. This allows depositors to access the underlying yield with built-in protection or opt for higher returns by taking on incremental risk. At the same time, tranching nOPAL significantly improves the product’s composability across the broader DeFi ecosystem.

The protocol introduces two liquid and composable tokens built on nOPAL: **Strata Senior nOPAL (srnOPAL)** and **Strata Junior nOPAL (jrnOPAL)**.

* **srnOPAL (Senior Tranche):** Senior nOPAL is a liquid, yield-bearing derivative of nOPAL that provides low-risk exposure to the LiquidStone II Brazilian credit-card receivables strategy. It is designed to offer safe, structurally protected USD yield in DeFi with explicit, contract-enforced first-loss protection from the junior tranche (up to available coverage), principal priority, and instant redemption into nOPAL (or USDC up to the liquidity buffer). 
* **jrnOPAL (Junior Tranche):** Junior nOPAL is a liquid, yield-bearing derivative of nOPAL that provides leveraged upside to the yield generated by LiquidStone II. It acts as first-loss capital, absorbing strategy and credit losses within an epoch ahead of senior holders, and in return earns a market-priced risk premium from the senior tranche. 

<figure><img src="https://4067234938-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FfOoKrLDBvnKV3tBN5lYD%2Fuploads%2FfalXA8ytw6nukjxE5Cd9%2FPicture%20for%20.docs.png?alt=media&amp;token=6b8702d1-9585-47c9-ad88-dca1daa07a24" alt=""><figcaption></figcaption></figure>

#### Market Specifications

<table data-header-hidden><thead><tr><th width="275.515625"></th><th width="474.06640625"></th></tr></thead><tbody><tr><td>Underlying Protocol</td><td>Plume Vaults</td></tr><tr><td>Yield Source</td><td>nOPAL (BlackOpal LiquidStone II)</td></tr><tr><td>Base Asset</td><td>USDC</td></tr><tr><td>Benchmark</td><td>None</td></tr><tr><td>Performance Fee</td><td>5%</td></tr><tr><td>Senior Redemption Fee</td><td><p>0.05% when coverage is above 130%</p><p>0.025% when coverage is 130-115%</p><p>0% when coverage is below 115%</p></td></tr><tr><td>Junior Redemption Fee</td><td><p>0.15% when coverage is above 130%</p><p>0.075% when coverage is 130-115%</p><p>0% when coverage is below 115%</p></td></tr><tr><td>Senior Cooldown Period</td><td>None</td></tr><tr><td>Junior Cooldown Period</td><td>None when coverage is above 130%<br>14 days when coverage is 130-115%<br>28 days when coverage is below 115%</td></tr><tr><td>Min. Coverage Threshold</td><td>107.5%</td></tr></tbody></table>