jrUSDe
Strata Junior USDe
Junior USDe is a yield-bearing investment product, representing the junior tranche in Strata’s structure. It provides leveraged upside to sUSDe APY while simultaneously functioning as a liquid insurance fund for srUSDe. By absorbing excess risk and volatility associated with sUSDe APY, jrUSDe earns a risk premium from the senior tranche, delivering potentially higher yield for risk-tolerant investors.
jrUSDe receives the residual yield after the senior tranche is paid and absorbs any shortfall when sUSDe APY falls below the guaranteed minimum yield for srUSDe tied to the benchmark rate. As a result, jrUSDe outperforms sUSDe APY in high-yield environments but may underperform when sUSDe APY drops below the benchmark rate.
Mint
jrUSDe can be minted by depositing USDe. The amount of jrUSDe received is determined by the jrUSDe/USDe exchange rate minus any applicable minting fees.
At the current stage of protocol implementation:
USDe and sUSDe can be used to mint jrUSDe through the Strata UI.
Minting fees are currently waived.
jrUSDe can also be acquired on secondary markets using any asset on DEXs.
Redeem
When jrUSDe is redeemed, the user receives USDe based on the jrUSDe/USDe exchange rate, minus any applicable redemption fees.
At the current stage of protocol implementation:
jrUSDe can be redeemed for USDe and sUSDe through the Strata UI.
Redemption fee is 10 bps.
jrUSDe can be instantly redeemed for sUSDe while USDe redemptions follow a 7 day cooldown period, consistent with Ethena’s sUSDe unbonding period. USDe can be claimed after 7 days in the portfolio section.
jrUSDe can also be traded for other assets on DEXs.
The jrUSDe Dashboard on the Strata app displays the current jrUSDe/USDe 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 jrUSDe’s performance at any moment.
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