For most of its history, DeFi has focused on chasing the highest APY, often without making risk explicit, a gap that has surfaced repeatedly during periods of stress as seen in recent examples like Stream Finance and Elixir, where yield was easy to advertise but harder to truly underwrite. 2026 marks a shift toward a new generation of DeFi primitives built with risk at the core, enabling users to look beyond headline APYs and make decisions based on clear and comparable risk-reward profiles. Strata is built for this phase of DeFi as the ecosystem moves from supply-led products to demand-driven markets, where investors increasingly expect tailored exposure that aligns with their individual risk-reward preferences.

Strata launched its first structured yield products on Ethena USDe and rolled out Season 1 of its points program in close collaboration with Ethena. This phase validated strong demand for risk-tranching, proved the model in production, and established composability across DeFi. With these foundations in place, Strata is ready for its next phase of growth to build the risk-tranching layer for DeFi. Epoch 2 of Season 1 expands beyond a single yield source and brings risk-tranching to multiple strategies and assets. This step advances Strata’s vision to democratize on-chain yields, aligned with the broader push toward Vitalik’s vision of low-risk DeFi while continuously growing the community and strengthening the protocol.

At the end of Season 1, the launch of the $STRATA token advances Strata toward progressive decentralization. It brings the community into the core of the protocol, not only as users, but as long-term stakeholders in the protocol.

Strata introduced its first structured yield products built on Ethena’s USDe, Senior USDe (srUSDe) and Junior USDe (jrUSDe) on Ethereum mainnet in October 2025. By pairing a purpose-built design for the evolving demand of on-chain yields with Ethena’s proven yield engine, Strata now exceeds $225M in TVL, offering users the safest way to access USDe yield through the senior tranche and the opportunity to earn >20% APY via the junior tranche.

Strata’s tokenized tranches are already integrated across the DeFi ecosystem, including Pendle, Morpho, Euler etc. and are expected to be listed as collateral on Aave pending ongoing governance approval. Stablecoin protocols like infiniFi, Yuzu and Reservoir began holding srUSDe in their reserves, validating senior tranches as the safest, most capital-efficient way to access Ethena's yield. 

The foundation is set. Now we scale.

This is where Strata's generalized risk-tranching protocol comes to life. Epoch 2 isn't an update—it's an expansion of existing USDe products and going beyond to build the next generation of structured yield products designed to offer tailored risk-reward exposure to diverse on-chain and off-chain yield strategies. It brings new srUSDe & jrUSDe market maturities on Pendle, new yield sources and assets, broader risk coverage, deeper partnerships, and expansion across new chains.

Strata’s modular, chain-agnostic architecture enables expansion beyond USDe into a wide range of USD and non-USD assets and yield strategies across multiple ecosystems, including curated lending vaults, managed multi-strategy vaults, DEX LP vaults, exotic delta neutral strategies, tokenized on-chain and off-chain private credit and more as it evolves into the default chassis for the next generation of on-chain structured yield products, and its risk-tranching protocol becomes the engine that powers them.

Over time, Strata’s architecture will evolve from a single-strategy vault to multi-strategy vault to isolated strategy vaults, solving for the duration, liquidity and smart contract risks of underlying strategies as junior tranche evolves into an insurance layer providing wider risk coverage while unlocking a new yield source delivering the highest yields across the DeFi ecosystem on existing yield-bearing stablecoins and other assets. 

Strata evolves into the programmable and composable risk layer of DeFi, moving beyond an Ethena-centric product to become a distribution layer for underlying yields, structured into risk-based tranches for distinct risk–reward profiles. We will be announcing our next structured yield products in the coming weeks. Keep an eye on our 2026 product roadmap for a deeper look at what’s coming next.

Strata will introduce a refreshed brand identity and a redesigned UI focused on a simpler, more intuitive user experience supporting multiple markets as Strata evolves into a true marketplace for risk, connecting users who want to transfer risk with those willing to take on additional risk in exchange for higher returns.

Pendle launched PT/YT markets on srUSDe and jrUSDe, giving users the ability to fix or trade the underlying yield exposure. Now, Season 1's most anticipated milestone is on the horizon: PT-srUSDe on Aave, having already passed due diligence reviews by LlamaRisk and Chaos Labs, with final governance approval pending. Once live, users can leverage their PT-srUSDe positions on DeFi's most trusted and liquid lending protocol—unlocking massive capital efficiency for anyone holding fixed-rate yield positions.

But Aave is just the next step. Every new structured yield product we launch gets integrated across top DeFi protocols from day one. Deep liquidity. Maximum composability. We're not building products that sit in isolation—we're building the next-generation structured yield products that are most capital-efficient and composable across DeFi.

Strata is also going multi-chain very soon with its assets expanding to new EVM chains and non-EVM ecosystems, bringing institutional-grade structured products to every major blockchain. 

New Pendle markets for srUSDe and jrUSDe will be live before the current expiry with April 2nd, 2026 expiry. The extended maturity gives users more runway for their yield strategies—lock in fixed rates with PT, speculate on yield and maximize Strata and Ethena Points with YT. Users will be able to roll over the existing positions seamlessly through the Pendle UI. More time. More flexibility. More opportunities to stack points before TGE.

Here's why this matters: Strata tranches yield by risk. Pendle tranches yield by time. Together, they create a full yield curve × risk curve marketplace—something TradFi doesn't even have in a single unified system. Users can now optimize across both dimensions: choose your risk profile with Strata, choose your time horizon with Pendle.

Epoch 2 of Season 1 runs through April 2026, giving the community a clear window to participate ahead of the anticipated $STRATA token launch. Throughout this period, holding srUSDe, jrUSDe, or any new product launched across new markets earns Strata Points, with points accumulating through usage, integrations, and deeper engagement across DeFi. Points earned during Season 0 and Season 1 are expected to play a significant role in the token distribution, reflecting the contributions of users who helped bootstrap the protocol by providing liquidity, testing products, and supporting Strata in its early stages.

Season 1 concludes in April 2026, followed by the $STRATA token launch, marking a major milestone in Strata’s path toward decentralization. Early participants are expected to form the core stakeholder base of the protocol as it evolves. Further details on how both the existing Strata community and the wider ecosystem can participate in $STRATA will be shared over time.

Let’s keep tranching on.

This article is for informational purposes only and should not be considered financial advice. Always conduct your own research and consider your risk tolerance before participating in DeFi protocols. Past performance does not guarantee future results.

Join us as we build the next era of DeFi.

Docs          Twitter / X        Discord     Telegram

For most of its history, DeFi has focused on chasing the highest APY, often without making risk explicit, a gap that has surfaced repeatedly during periods of stress as seen in recent examples like Stream Finance and Elixir, where yield was easy to advertise but harder to truly underwrite. 2026 marks a shift toward a new generation of DeFi primitives built with risk at the core, enabling users to look beyond headline APYs and make decisions based on clear and comparable risk-reward profiles. Strata is built for this phase of DeFi as the ecosystem moves from supply-led products to demand-driven markets, where investors increasingly expect tailored exposure that aligns with their individual risk-reward preferences.

Strata launched its first structured yield products on Ethena USDe and rolled out Season 1 of its points program in close collaboration with Ethena. This phase validated strong demand for risk-tranching, proved the model in production, and established composability across DeFi. With these foundations in place, Strata is ready for its next phase of growth to build the risk-tranching layer for DeFi. Epoch 2 of Season 1 expands beyond a single yield source and brings risk-tranching to multiple strategies and assets. This step advances Strata’s vision to democratize on-chain yields, aligned with the broader push toward Vitalik’s vision of low-risk DeFi while continuously growing the community and strengthening the protocol.

At the end of Season 1, the launch of the $STRATA token advances Strata toward progressive decentralization. It brings the community into the core of the protocol, not only as users, but as long-term stakeholders in the protocol.

Strata introduced its first structured yield products built on Ethena’s USDe, Senior USDe (srUSDe) and Junior USDe (jrUSDe) on Ethereum mainnet in October 2025. By pairing a purpose-built design for the evolving demand of on-chain yields with Ethena’s proven yield engine, Strata now exceeds $225M in TVL, offering users the safest way to access USDe yield through the senior tranche and the opportunity to earn >20% APY via the junior tranche.

Strata’s tokenized tranches are already integrated across the DeFi ecosystem, including Pendle, Morpho, Euler etc. and are expected to be listed as collateral on Aave pending ongoing governance approval. Stablecoin protocols like infiniFi, Yuzu and Reservoir began holding srUSDe in their reserves, validating senior tranches as the safest, most capital-efficient way to access Ethena's yield. 

The foundation is set. Now we scale.

This is where Strata's generalized risk-tranching protocol comes to life. Epoch 2 isn't an update—it's an expansion of existing USDe products and going beyond to build the next generation of structured yield products designed to offer tailored risk-reward exposure to diverse on-chain and off-chain yield strategies. It brings new srUSDe & jrUSDe market maturities on Pendle, new yield sources and assets, broader risk coverage, deeper partnerships, and expansion across new chains.

Strata’s modular, chain-agnostic architecture enables expansion beyond USDe into a wide range of USD and non-USD assets and yield strategies across multiple ecosystems, including curated lending vaults, managed multi-strategy vaults, DEX LP vaults, exotic delta neutral strategies, tokenized on-chain and off-chain private credit and more as it evolves into the default chassis for the next generation of on-chain structured yield products, and its risk-tranching protocol becomes the engine that powers them.

Over time, Strata’s architecture will evolve from a single-strategy vault to multi-strategy vault to isolated strategy vaults, solving for the duration, liquidity and smart contract risks of underlying strategies as junior tranche evolves into an insurance layer providing wider risk coverage while unlocking a new yield source delivering the highest yields across the DeFi ecosystem on existing yield-bearing stablecoins and other assets. 

Strata evolves into the programmable and composable risk layer of DeFi, moving beyond an Ethena-centric product to become a distribution layer for underlying yields, structured into risk-based tranches for distinct risk–reward profiles. We will be announcing our next structured yield products in the coming weeks. Keep an eye on our 2026 product roadmap for a deeper look at what’s coming next.

Strata will introduce a refreshed brand identity and a redesigned UI focused on a simpler, more intuitive user experience supporting multiple markets as Strata evolves into a true marketplace for risk, connecting users who want to transfer risk with those willing to take on additional risk in exchange for higher returns.

Pendle launched PT/YT markets on srUSDe and jrUSDe, giving users the ability to fix or trade the underlying yield exposure. Now, Season 1's most anticipated milestone is on the horizon: PT-srUSDe on Aave, having already passed due diligence reviews by LlamaRisk and Chaos Labs, with final governance approval pending. Once live, users can leverage their PT-srUSDe positions on DeFi's most trusted and liquid lending protocol—unlocking massive capital efficiency for anyone holding fixed-rate yield positions.

But Aave is just the next step. Every new structured yield product we launch gets integrated across top DeFi protocols from day one. Deep liquidity. Maximum composability. We're not building products that sit in isolation—we're building the next-generation structured yield products that are most capital-efficient and composable across DeFi.

Strata is also going multi-chain very soon with its assets expanding to new EVM chains and non-EVM ecosystems, bringing institutional-grade structured products to every major blockchain. 

New Pendle markets for srUSDe and jrUSDe will be live before the current expiry with April 2nd, 2026 expiry. The extended maturity gives users more runway for their yield strategies—lock in fixed rates with PT, speculate on yield and maximize Strata and Ethena Points with YT. Users will be able to roll over the existing positions seamlessly through the Pendle UI. More time. More flexibility. More opportunities to stack points before TGE.

Here's why this matters: Strata tranches yield by risk. Pendle tranches yield by time. Together, they create a full yield curve × risk curve marketplace—something TradFi doesn't even have in a single unified system. Users can now optimize across both dimensions: choose your risk profile with Strata, choose your time horizon with Pendle.

Epoch 2 of Season 1 runs through April 2026, giving the community a clear window to participate ahead of the anticipated $STRATA token launch. Throughout this period, holding srUSDe, jrUSDe, or any new product launched across new markets earns Strata Points, with points accumulating through usage, integrations, and deeper engagement across DeFi. Points earned during Season 0 and Season 1 are expected to play a significant role in the token distribution, reflecting the contributions of users who helped bootstrap the protocol by providing liquidity, testing products, and supporting Strata in its early stages.

Season 1 concludes in April 2026, followed by the $STRATA token launch, marking a major milestone in Strata’s path toward decentralization. Early participants are expected to form the core stakeholder base of the protocol as it evolves. Further details on how both the existing Strata community and the wider ecosystem can participate in $STRATA will be shared over time.

Let’s keep tranching on.

This article is for informational purposes only and should not be considered financial advice. Always conduct your own research and consider your risk tolerance before participating in DeFi protocols. Past performance does not guarantee future results.

Join us as we build the next era of DeFi.

Docs          Twitter / X        Discord     Telegram