what's strata protocol?
Strata Protocol is a DeFi platform built on Ethena Labs' USDe and sUSDe, offering structured yield products that allow users to select their preferred risk-reward profiles. It introduces two tranches: srUSDe for principal-protected yields with stable interest rates and uncapped upside, and jrUSDe for higher-risk, leveraged exposure to sUSDe APY, acting as a liquid insurance pool that absorbs volatility. The protocol enables instant minting and redemption without lock-ups, enhancing composability in DeFi ecosystems. Launched on mainnet in October 2025, Strata includes incentive programs with points from Ethena and partners to reward users. Its goal is to provide tailored yield opportunities for risk-averse and aggressive investors alike.
Strata Protocol is expanding integration to support Neutrl's NUSD stablecoin.
Links
x.com/strata_moneyFeatured in Infinit Labs' Strategist Rewards Program as one of the example strategies (PT-srUSDe looping strategy created by @the_smart_ape).
Expanded integration with Neutrl's NUSD stablecoin.
Presentation made on Alpen Labs' capability to deliver Bitcoin's execution layer with Strata.
Implied APY decreases by 3.7% over one month, with new positions now offering 7.08% APY and existing positions yielding above 10.78% APY.
Strata launches smart lending pools on Fluid protocol.
PT-srUSDe offers a 28% APY opportunity, substantially higher than the 8% fixed APY base rate.
jrUSDe reports 30-day average APR of 15.31% and 7-day average APR of 21.36%, despite 3 days of negative yield. The IY spread continues to grow.
jrUSDe shows a 5% spread between its underlying and implied yield.
Rewards multipliers for jrUSDe updated to 20× Strata Points plus 10× Ethena Points. PT-jrUSDe now ranks as the highest yielding PT with over 30 days to maturity.
PT-srUSDe with January 15th maturity offers 10.9% yield and is listed as a hot market right now.
Onboarded PT-srUSDe on Aave before February 11, 2026, adding $30M TVL, offering 10% fixed APY with 63.63% APR preliminary looping rates.
Pendle LP offers 9.51% APY for srUSDe with 45x Strata Points and 30x Ethena Sats, compared to native staking which provides 4.33% APY with 30x Strata Points and 30x Ethena Sats.
New sENA pool with February 5, 2026 expiry launches with multiplier structure: Sats 40X, Terminal 3X, Strata 3X, Based 3X, and 1X for Ethereal and Echelon.
Completed security audit by Cyfrin and Quantstamp.
Strata Protocol contributes $500 in incentives to the Penpiexyz_io Voting Market, offering vlPNP voters +22% APR for the current epoch.
Season 1 rewards offer 30× Strata Points for srUSDe holders and 10× for jrUSDe holders, with multipliers reaching up to 60× when positions are used across Pendle, Euler Finance, and Morpho Labs.
Token Generation Event scheduled for April 2026, with new tokens routing rewards to sENA stakers following a BNB-style ecosystem model.
Senior tranche srUSDe delivers 2.04x more yield than standard sUSDe, with 4.5% APY performance.
Season 1 goes live on Ethereum.
jrUSDe goes live on Equilibria with up to 250% vePENDLE power boost on Ethereum.
Strata jrUSDe pool launches on Pendle on January 15th, alongside Strata srUSDe pool.
Strata launches on mainnet, offering users jrUSDe and srUSDe with customizable risk/reward profiles.
Two new Pendle pools for Strata jrUSDe and srUSDe launch with 15-JAN maturity dates, enabling trading of junior and senior USDe tranches.
Protocol splits yield-bearing assets (sUSDe, HLP, mMEV) into senior tranches (principal-protected, lower yield) and junior tranches (higher yield, first-loss risk).
Offers Early Pre-Deposit Vault in partnership with Terminal_fi and etherealdex for Ethena Sats yield tokens.
New vault product launches via partnership with IPOR Protocol, combining multiple DeFi protocols and offering 5x points multiplier with variable APY from 9-50%. The vault integrates Morpho Labs and Pendle Finance for capital-efficient looping strategy with 12-hour withdrawal periods.
Monthly revenue increases 42% with 25% allocated to GEAR LP buyback program, establishing new value accrual mechanism.
372% TVL growth in August 2025 ranks among top 5 highest growing DeFi projects
Pendle PT yields reach 116% APR on Gearbox, leading stablecoin yields among major protocols.
Gearbox Permissionless integration enables leveraged trading of pUSDe PT and passive USDC lending functionality.
Implements zkEVM rollup with hybrid optimistic-ZK bridge utilizing BitVM2 technology for Bitcoin L2 scaling.
TVL reaches $11B with current implied yield at 15.1-15.47% APY; net cost for Strata/Ethereal points is 2.22% APY.
PT-pUSDe product launches on Pendle Finance, expanding principal token offerings.
Protocol reaches $100M+ pre-deposit TVL; airdrop confirmed for October 2025 with estimated 600M total points.
Launched Neutrl NUSD Yield Tranching feature for USDe products on February 13, 2026, utilizing ConvergeOnChain framework, introducing jrNUSD as a junior risk tranche on sNUSD providing insurance coverage and higher yields.
Current pUSDe yields reach 15.71% while naked USDe offers 15%, indicating minimal 0.7% premium for institutional-grade exposure.
YT-pUSDe offers specific reward multipliers: 50x Ethena sats, 60x Strata points, and 1x Ethereal points.
750 USDC incentives launched for pUSDe pool, enabling vlEQB holders to direct future PENDLE emissions allocation.
pUSDe launches on Equilibria with 250% vePENDLE boost and triple points across Strata, Ethena, and Ethereal ecosystems.
$1,000 USDC voting incentives deployed on Penpiexyz, offering 67% APR for pUSDe pool support.
New pUSDe product launches October 16, 2025 with triple rewards across Strata Points, Ethena Sats, and Ethereal Points.
26% of token supply moves to long-term escrow through Foundation holdings (8%) and StablecoinX permanent capital vehicle (11%), while USDe supply reaches $7B+ with >10% APY yields.
Protocol now integrated with DeBank DeFi tracking platform.
Season 0 pre-launch introduces points program for USDe/eUSDe deposits, with daily rewards and integrations with Pendle and Morpho.
New yield farming integration enables eUSDe holders on EtherealDex to earn additional yields through risk tranching protocol.
New yield tranching mechanism guarantees minimum yield for stUSDe holders during market downturns, while stJLP holders absorb volatility risk for potential higher returns.