Ethena USDe

Structured Yield Products on Ethena USDe

The one-size-fits-all design of Ethena’s sUSDe, although elegant and simple, is not ideal for many investors across DeFi and TradFi. 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 USDe, Ethena’s synthetic dollar backed by delta-neutral positions on blue-chip crypto assets. It allows investors to customize their risk and return exposure through two tranches, Senior and Junior, while earning crypto-native yields sourced from carry and basis trades.

The protocol introduces two liquid and composable tokens built on Ethena’s reward-bearing synthetic dollar, sUSDe: Strata Senior USDe (srUSDe) and Strata Junior USDe (jrUSDe).

• srUSDe (Senior Tranche): Designed for capital preservation, srUSDe offers a stable yield floor benchmarked to Aave’s USDC/USDT lending rates while still participating in the upside of sUSDe APY.

• jrUSDe (Junior Tranche): Provides leveraged upside to sUSDe’s variable APY, absorbing sUSDe APY volatility and other associated risks in exchange for potentially higher returns.

Ethena’s yield engine combined with Strata’s risk-tranching democratises access to tailored, risk-adjusted yields by unlocking a new class of investment products. By bringing together the principles of traditional structured finance with DeFi’s programmability and composability, Strata delivers enhanced risk-adjusted yields and capital efficiency, reinforcing USDe’s position as a core asset for scalable, programmable crypto-native yields in DeFi.