jrnOPAL

Strata Junior nOPAL

jrnOPAL is a liquid, yield-bearing derivative of nOPAL that provides leveraged upside to the yield generated from LiquidStone II, BlackOpal’s Brazilian credit card payment receivables fund. It acts as first-loss capital underwriting underlying strategy and credit risks, and in return earns a risk premium from the Senior tranche.

Mint

jrnOPAL can be minted by depositing nOPAL/USDC. The amount of jrnOPAL received is determined by the jrnOPAL/USDC exchange rate minus any applicable minting fees.

At the current stage of protocol implementation:

• nOPAL and USDC can be used to mint jrnOPAL through the Strata UI.

• Minting fees on Strata are currently waived.

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

Redeem

When jrnOPAL is redeemed, the user receives nOPAL/USDC based on the jrnOPAL/USDC exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

• jrnOPAL can be redeemed for nOPAL and USDC through the Strata UI.

• 0–15 bps redemption fee is applied depending on the srnOPAL coverage level. The applicable fee is displayed on the UI prior to confirmation.

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

• jrnOPAL can also be redeemed for USDC, subject to the jrnOPAL cooldown plus an additional cooldown, consistent with Plume's nOPAL redemption period. USDC can then be claimed in the Portfolio section.

• jrnOPAL redemption is temporarily paused when the srnOPAL coverage ratio falls below the min. threshold.

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

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