jrUSDat
Strata Junior USDat
Junior USDat (jrUSDat) is a liquid, yield-bearing derivative of USDat that provides leveraged upside to sUSDat yield, while absorbing its volatility from STRC exposure and underwriting underlying strategy and collateral risks as first-loss capital. In return, it earns a risk premium from the senior tranche, resulting in potentially higher returns than sUSDat.
Junior USDat captures the residual returns after the senior tranche is paid and absorbs any shortfall to the guaranteed yield for srUSDat. As a result, it tends to outperform sUSDat when its NAV increases but may underperform when sUSDat incurs losses, reflecting its role as first-loss capital with a high-risk, high-return profile.
Mint
jrUSDat can be minted by depositing USDat/sUSDat. The amount of jrUSDat received is determined by the jrUSDat/USDat exchange rate minus any applicable Saturn minting fees.
At the current stage of protocol implementation:
USDat and sUSDat can be used to mint jrUSDat through the Strata UI.
Minting fees on Strata are currently waived.
jrUSDat can also be acquired on secondary markets using any asset on DEXs.
Redeem
When jrUSDat is redeemed, the user receives USDat/sUSDat based on the jrUSDat/USDat exchange rate, minus any applicable redemption fees.
At the current stage of protocol implementation:
jrUSDat can be redeemed for USDat and sUSDat through the Strata UI.
0–20 bps redemption fee is applied depending on the srUSDat coverage level. The applicable fee is displayed on the UI prior to confirmation.
jrUSDat can be redeemed for sUSDat after a cooldown period that ranges from zero up to four weeks, depending on the srUSDat coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrUSDat holders remain exposed to jrUSDat performance. Once the cooldown ends, sUSDat can be claimed or unstaked for USDat in the Portfolio section.
jrUSDat can also be redeemed for USDat, subject to the jrUSDat cooldown plus an additional cooldown, consistent with Saturn's sUSDat unstaking period. USDat can then be claimed in the Portfolio section.
jrUSDat redemption is temporarily paused when the srUSDat coverage ratio falls below the min. threshold.
jrUSDat can also be traded for other assets on DEXs.
The jrUSDat Dashboard on the Strata app displays the current jrUSDat/USDat 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 jrUSDat's performance at any moment.
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