srUSDe

Strata Senior USDe

Senior USDe is an over-collateralized, yield-bearing synthetic dollar backed by USDe, representing the senior tranche in Strata’s structure. It offers the best-in-class risk-adjusted yield by providing principal-protection and guaranteed minimum yield tied to the benchmark rate and uncapped upside exposure to sUSDe APY. It has a risk profile comparable to lending USDe/stablecoins on Aave, superior risk profile than Sky Savings, and historically delivering significantly higher yields than both.

The current benchmark rate is supply-weighted average of USDC and USDT lending rates on Aave v3 Core market. These lending rates function as DeFi’s base reference rate and effectively represent the ecosystem’s on-chain risk-free rate. Stablecoin lending rates on Aave reflect a market-driven, transparent, and investable interest rate, directly derived from organic on-chain demand for leverage while sUSDe yields primarily reflect leverage demand within CeFi markets. This makes Aave’s rate a purer measure of on-chain capital cost and a more neutral benchmark for Strata Senior USDe.

srUSDe always earns a share of the yield generated by the protocol on the pooled USDe collateral by staking USDe. Its yield has a floor equivalent to the benchmark rate and uncapped upside exposure to sUSDe APY. In extreme scenarios (jrUSDe TVL ~ 0, sUSDe APY < benchmark rate), srUSDe will simply earn the same APY as sUSDe.

Mint

Users can mint srUSDe by depositing USDe. The amount of srUSDe received is determined by the real-time srUSDe/USDe exchange rate minus any applicable minting fees.

At the current stage of protocol implementation:

• USDe and sUSDe can be used to mint srUSDe through the Strata UI.

• Minting fees are currently waived.

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

Redeem

When srUSDe is redeemed, the user receives USDe based on the srUSDe/USDe exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

• srUSDe can be redeemed for USDe and sUSDe through the Strata UI.

• 2.5 bps redemption fee.

• sUSDe redemptions are processed instantly, 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.

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

The srUSDe Dashboard on the Strata app displays the current srUSDe/USDe 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 srUSDe’s performance at any moment.