> 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/srnopal.md).

# srnOPAL

Strata Senior nOPAL

Senior nOPAL is a liquid, yield-bearing derivative of nOPAL that provides low-risk exposure to LiquidStone II, a Brazilian credit card payment receivables fund managed by BlackOpal and brought onchain via Plume vault. As the senior tranche, it receives principal priority and benefits from a junior capital buffer that absorbs first losses, offering explicit, contract-enforced protection against underlying strategy and credit risk up to available coverage. This structure enables investors to access stable, institutional-grade short-duration private credit yields through a liquid onchain asset with returns that are largely uncorrelated to broader crypto market movements.

<details>

<summary>Mint</summary>

Users can mint srNOPAL by depositing USDC/nOPAL. The amount of srnOPAL received is determined by the real-time srnOPAL/USDC exchange rate minus any applicable minting fees by Plume.

At the current stage of protocol implementation:

* nOPAL and USDC can be used to mint srnOPAL through the Strata UI.
* Minting fees on Strata are currently waived.
* srnOPAL minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold.
* srnOPAL can also be acquired on secondary markets using any asset on DEXs.

</details>

<details>

<summary>Redeem</summary>

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

At the current stage of protocol implementation:

* srNOPAL can be redeemed for nOPAL and USDC through the Strata UI.
* 0–5 bps redemption fee is applied depending on the srNOPAL coverage level. The applicable fee is displayed on the UI prior to confirmation.
* srNOPAL redemptions are processed instantly, while USDC redemptions follow a cooldown period, consistent with Plume's nOPAL redemption period. USDC can be claimed in the portfolio section.
* srNOPAL can also be traded for other assets on DEXs.

</details>

{% hint style="success" %}
The srnOPAL [Dashboard](https://app.strata.markets/market/nOPAL?action=buy\&tranche=srnOPAL) on the Strata app displays the current srnOPAL/USDC exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srnOPAL's performance at any moment.
{% endhint %}