Strata is a generalized risk-tranching protocol that brings structured yield products to diverse on-chain and off-chain yield strategies by splitting underlying yield into tokenized Senior and Junior tranches, each tailored to distinct risk–reward profiles.
Since launching its first product on USDe on 13th Oct 2025, Strata has grown to over $230M in TVL across Senior USDe (srUSDe) and Junior USDe (jrUSDe), with participation from more than 10,000 users. Now, Strata is bringing structured yield products to Neutrl's NUSD—transforming sNUSD into two tokenized tranches designed for distinct risk-reward profiles.
Over the coming months, Strata plans to expand horizontally to additional yield products, including curated lending vaults, managed multi-strategy vaults, exotic delta-neutral strategies, tokenized private credit, high-yield RWAs etc.
Neutrl NUSD has established itself as a leading market-neutral synthetic dollar, generating consistent yields through OTC arbitrage, funding rate arbitrage, and DeFi-native strategies. But the one-size-fits-all design of Neutrls sNUSD is not ideal for many investors across DeFi and TradFi as different capital allocators have varying risk appetites and return expectations, which a single yield product cannot fully satisfy.
Conservative capital demands protection.
Risk-tolerant capital wants amplified yields.
Strata's fully on-chain risk-tranching mechanism solves this and distributes Neutrl's yield to a diverse user base. By splitting sNUSD yield into Senior and Junior tranches, Strata enables Neutrl to serve a broader spectrum of on-chain users—from institutions seeking predictable, protected dollar yields to DeFi-native users maximizing exposure to Neutrl's delta-neutral yield.
The protocol introduces two liquid and composable tokens built on Neutrl’s yield-bearing synthetic dollar, sNUSD: Strata Senior NUSD (srNUSD) and Strata Junior NUSD (jrNUSD).
Next-gen structured yield products for the next generation of crypto-native yield.
srNUSD is an overcollateralized, yield-bearing synthetic dollar, providing a minimum guaranteed yield floored at Ethena sUSDe yield while retaining uncapped upside to sNUSD yield. srNUSD is protected against any underlying strategy’s underperformance against the benchmark rate and underlying credit risk, with coverage provided by the junior tranche.
Senior NUSD → Risk-off asset
Minimum guaranteed yield linked to @ethena sUSDe APY as the benchmark.
Retains uncapped upside to sNUSD APY.
Protected against any underlying strategy risks with coverage provided by the junior tranche.
srNUSD is well suited for risk-averse investors looking for safer, more predictable yields on digital dollars that outperform sUSDe, Aave lending yield, Sky Savings etc. where conservative capital in DeFi typically resides today.
srNUSD holders receive both Neutrl and Strata Points in addition to the native yield. While the yield may be lower than sNUSD as Senior NUSD pays a risk premium to the junior tranche, the higher points accrual makes it particularly attractive to the users who want to maximise incentives.
jrNUSD is a liquid investment product and serves as a market-priced insurance layer that underwrites underlying strategy’s underperformance against the benchmark rate and underlying credit risk, earning a risk-premium from the senior tranche leading to potentially higher yield than sNUSD.
Junior NUSD → Risk-on asset
Leveraged upside to sNUSD APY by earning a risk premium from the senior tranche.
First-loss capital underwriting sNUSD’s underperformance against the benchmark and the underlying strategy's risks.
jrNUSD is well-suited for users with a more aggressive risk profile, including DeFi-native power users, hedge funds, and yield farmers who seek higher yields and have a slightly higher risk tolerance.
jrNUSD holders receive both Neutrl and Strata Points in addition to the native yield. It potentially carries higher yield but lower points than sNUSD, making it attractive for real yield seekers.
Strata’s Dynamic Yield Split (DYS) mechanism dynamically distributes realized yield from staked NUSD between the senior and junior tranches. The mechanism references the sNUSD APY, benchmark rate, relative liquidity distribution between the two tranches and exogenously defined risk-premium parameters. This mechanism creates a natural balance between risk and reward, ensuring efficient capital utilization while maintaining stability and optmizing risk–reward.
The market prices risk in real-time. When more capital flows to Senior, Junior yield increases as fewer participants share the risk premium. When capital flows to Junior, senior coverage improves and Senior becomes even safer. This system enables the senior tranche to benefit from coverage provided by the junior tranche, while allowing the junior tranche to consistently outperform the underlying yield.
The table below presents simulated APYs for srNUSD and jrNUSD across different scenarios.
Both senior and junior tranches of NUSD are tokenized and fully composable across the DeFi ecosystem.
srNUSD and jrNUSD Pendle markets are already live on Pendle. Integration of srNUSD and jrNUSD assets across lending protocols will be announced soon.
Both srNUSD and jrNUSD are fully permissionless tokens built on ERC-4626 and LayerZero's OFT standard to allow seamless integration across DeFi and CeFi, cross-chain minting and transfers and unified liquidity across deployments. First multi-chain deployment of Senior and Junior NUSD assets will be announced soon.
Senior and Junior NUSD are live. Mint using NUSD, sNUSD, USDC, USDT, or USDe directly through Strata UI.
Users can mint srNUSD by depositing NUSD/USDC/USDT/USDe. The amount of srNUSD received is determined by the real-time srNUSD/NUSD exchange rate.
At the current stage of protocol implementation:
NUSD/USDC/USDT/USDe and sNUSD can be used to mint srNUSD through the Strata UI.
srNUSD minting is temporarily paused when the senior coverage ratio falls below then min. coverage threshold.
There is no minting fee.
When srNUSD is redeemed, the user receives NUSD/sNUSD based on the srNUSD/NUSD exchange rate, minus any applicable redemption fees.
At the current stage of protocol implementation:
srNUSD can be redeemed for NUSD and sNUSD through the Strata UI.
0–5 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation.
sNUSD redemptions are processed instantly, while NUSD redemptions follow a 10 day cooldown period, consistent with Neutrl's sNUSD unstaking period. NUSD can be claimed in the portfolio section.
The srNUSD Dashboard on the Strata app displays the current srNUSD/NUSD 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 srNUSD’s performance at any moment.
jrNUSD can be minted by depositing NUSD/USDC/USDT/USDe. The amount of jrNUSD received is determined by the jrNUSD/NUSD exchange rate minus any applicable minting fees.
At the current stage of protocol implementation:
USD/USDC/USDT/USDe and sNUSD can be used to mint jrNUSD through the Strata UI.
There is no minting fee.
When jrNUSD is redeemed, the user receives NUSD/sNUSD based on the jrNUSD/NUSD exchange rate, minus any applicable redemption fees.
At the current stage of protocol implementation:
jrNUSD can be redeemed for NUSD and sNUSD through the Strata UI.
0–20 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation.
jrNUSD can be redeemed for sNUSD after a cooldown period that ranges from zero up to five weeks, depending on the srNUSD coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrNUSD holders remain exposed to jrNUSD performance. Once the cooldown ends, sNUSD can be claimed or unstaked for NUSD in the Portfolio section.
jrNUSD can also be redeemed for NUSD, subject to the sNUSD cooldown plus an additional 10-day cooldown, consistent with Neutrl’s sNUSD unstaking period. NUSD can then be claimed in the Portfolio section.
jrNUSD redemption is temporarily paused when the srNUSD coverage ratio falls below the min. threshold.
As Strata evolves from single-strategy to multi-strategy vault, srNUSD holders will be able to redeem instantly into USDC, while jrNUSD underwrites the duration risk associated with sNUSD.
The jrNUSD Dashboard on the Strata app displays the current jrNUSD/NUSD 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 jrNUSD’s performance at any moment.
The full market specifications, including detailed information on applicable cooldown periods and redemption fees:
Learn more about how Strata is democratising access to on-chain yields with its next-generation structured yield products at strata.markets.
Strata is a generalized risk-tranching protocol that brings structured yield products to diverse on-chain and off-chain yield strategies by splitting underlying yield into tokenized Senior and Junior tranches, each tailored to distinct risk–reward profiles.
Since launching its first product on USDe on 13th Oct 2025, Strata has grown to over $230M in TVL across Senior USDe (srUSDe) and Junior USDe (jrUSDe), with participation from more than 10,000 users. Now, Strata is bringing structured yield products to Neutrl's NUSD—transforming sNUSD into two tokenized tranches designed for distinct risk-reward profiles.
Over the coming months, Strata plans to expand horizontally to additional yield products, including curated lending vaults, managed multi-strategy vaults, exotic delta-neutral strategies, tokenized private credit, high-yield RWAs etc.
Neutrl NUSD has established itself as a leading market-neutral synthetic dollar, generating consistent yields through OTC arbitrage, funding rate arbitrage, and DeFi-native strategies. But the one-size-fits-all design of Neutrls sNUSD is not ideal for many investors across DeFi and TradFi as different capital allocators have varying risk appetites and return expectations, which a single yield product cannot fully satisfy.
Conservative capital demands protection.
Risk-tolerant capital wants amplified yields.
Strata's fully on-chain risk-tranching mechanism solves this and distributes Neutrl's yield to a diverse user base. By splitting sNUSD yield into Senior and Junior tranches, Strata enables Neutrl to serve a broader spectrum of on-chain users—from institutions seeking predictable, protected dollar yields to DeFi-native users maximizing exposure to Neutrl's delta-neutral yield.
The protocol introduces two liquid and composable tokens built on Neutrl’s yield-bearing synthetic dollar, sNUSD: Strata Senior NUSD (srNUSD) and Strata Junior NUSD (jrNUSD).
Next-gen structured yield products for the next generation of crypto-native yield.
srNUSD is an overcollateralized, yield-bearing synthetic dollar, providing a minimum guaranteed yield floored at Ethena sUSDe yield while retaining uncapped upside to sNUSD yield. srNUSD is protected against any underlying strategy’s underperformance against the benchmark rate and underlying credit risk, with coverage provided by the junior tranche.
Senior NUSD → Risk-off asset
Minimum guaranteed yield linked to @ethena sUSDe APY as the benchmark.
Retains uncapped upside to sNUSD APY.
Protected against any underlying strategy risks with coverage provided by the junior tranche.
srNUSD is well suited for risk-averse investors looking for safer, more predictable yields on digital dollars that outperform sUSDe, Aave lending yield, Sky Savings etc. where conservative capital in DeFi typically resides today.
srNUSD holders receive both Neutrl and Strata Points in addition to the native yield. While the yield may be lower than sNUSD as Senior NUSD pays a risk premium to the junior tranche, the higher points accrual makes it particularly attractive to the users who want to maximise incentives.
jrNUSD is a liquid investment product and serves as a market-priced insurance layer that underwrites underlying strategy’s underperformance against the benchmark rate and underlying credit risk, earning a risk-premium from the senior tranche leading to potentially higher yield than sNUSD.
Junior NUSD → Risk-on asset
Leveraged upside to sNUSD APY by earning a risk premium from the senior tranche.
First-loss capital underwriting sNUSD’s underperformance against the benchmark and the underlying strategy's risks.
jrNUSD is well-suited for users with a more aggressive risk profile, including DeFi-native power users, hedge funds, and yield farmers who seek higher yields and have a slightly higher risk tolerance.
jrNUSD holders receive both Neutrl and Strata Points in addition to the native yield. It potentially carries higher yield but lower points than sNUSD, making it attractive for real yield seekers.
Strata’s Dynamic Yield Split (DYS) mechanism dynamically distributes realized yield from staked NUSD between the senior and junior tranches. The mechanism references the sNUSD APY, benchmark rate, relative liquidity distribution between the two tranches and exogenously defined risk-premium parameters. This mechanism creates a natural balance between risk and reward, ensuring efficient capital utilization while maintaining stability and optmizing risk–reward.
The market prices risk in real-time. When more capital flows to Senior, Junior yield increases as fewer participants share the risk premium. When capital flows to Junior, senior coverage improves and Senior becomes even safer. This system enables the senior tranche to benefit from coverage provided by the junior tranche, while allowing the junior tranche to consistently outperform the underlying yield.
The table below presents simulated APYs for srNUSD and jrNUSD across different scenarios.
Both senior and junior tranches of NUSD are tokenized and fully composable across the DeFi ecosystem.
srNUSD and jrNUSD Pendle markets are already live on Pendle. Integration of srNUSD and jrNUSD assets across lending protocols will be announced soon.
Both srNUSD and jrNUSD are fully permissionless tokens built on ERC-4626 and LayerZero's OFT standard to allow seamless integration across DeFi and CeFi, cross-chain minting and transfers and unified liquidity across deployments. First multi-chain deployment of Senior and Junior NUSD assets will be announced soon.
Senior and Junior NUSD are live. Mint using NUSD, sNUSD, USDC, USDT, or USDe directly through Strata UI.
Users can mint srNUSD by depositing NUSD/USDC/USDT/USDe. The amount of srNUSD received is determined by the real-time srNUSD/NUSD exchange rate.
At the current stage of protocol implementation:
NUSD/USDC/USDT/USDe and sNUSD can be used to mint srNUSD through the Strata UI.
srNUSD minting is temporarily paused when the senior coverage ratio falls below then min. coverage threshold.
There is no minting fee.
When srNUSD is redeemed, the user receives NUSD/sNUSD based on the srNUSD/NUSD exchange rate, minus any applicable redemption fees.
At the current stage of protocol implementation:
srNUSD can be redeemed for NUSD and sNUSD through the Strata UI.
0–5 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation.
sNUSD redemptions are processed instantly, while NUSD redemptions follow a 10 day cooldown period, consistent with Neutrl's sNUSD unstaking period. NUSD can be claimed in the portfolio section.
The srNUSD Dashboard on the Strata app displays the current srNUSD/NUSD 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 srNUSD’s performance at any moment.
jrNUSD can be minted by depositing NUSD/USDC/USDT/USDe. The amount of jrNUSD received is determined by the jrNUSD/NUSD exchange rate minus any applicable minting fees.
At the current stage of protocol implementation:
USD/USDC/USDT/USDe and sNUSD can be used to mint jrNUSD through the Strata UI.
There is no minting fee.
When jrNUSD is redeemed, the user receives NUSD/sNUSD based on the jrNUSD/NUSD exchange rate, minus any applicable redemption fees.
At the current stage of protocol implementation:
jrNUSD can be redeemed for NUSD and sNUSD through the Strata UI.
0–20 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation.
jrNUSD can be redeemed for sNUSD after a cooldown period that ranges from zero up to five weeks, depending on the srNUSD coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrNUSD holders remain exposed to jrNUSD performance. Once the cooldown ends, sNUSD can be claimed or unstaked for NUSD in the Portfolio section.
jrNUSD can also be redeemed for NUSD, subject to the sNUSD cooldown plus an additional 10-day cooldown, consistent with Neutrl’s sNUSD unstaking period. NUSD can then be claimed in the Portfolio section.
jrNUSD redemption is temporarily paused when the srNUSD coverage ratio falls below the min. threshold.
As Strata evolves from single-strategy to multi-strategy vault, srNUSD holders will be able to redeem instantly into USDC, while jrNUSD underwrites the duration risk associated with sNUSD.
The jrNUSD Dashboard on the Strata app displays the current jrNUSD/NUSD 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 jrNUSD’s performance at any moment.
The full market specifications, including detailed information on applicable cooldown periods and redemption fees:
Learn more about how Strata is democratising access to on-chain yields with its next-generation structured yield products at strata.markets.
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