The one-size-fits-all design of Neutrl 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.
Strata is purpose-built to deliver structured yields on NUSD, Neutrl’s synthetic dollar designed to deliver a novel crypto-native yield through a diversified set of market-neutral strategies, including OTC arbitrage, funding rate arbitrage, and DeFi-native strategies.
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).
srNUSD (Senior Tranche): Designed for capital preservation, srNUSD offers a stable yield floor benchmarked to Ethena sUSDe APY while still participating in the upside of sNUSD APY and protected against underlying strategy risks.
jrNUSD (Junior Tranche): Provides leveraged upside to sNUSD’s variable APY by earning a risk premium from the senior tranche, acting as first-loss capital that underwrites sNUSD’s underperformance against the benchmark and underlying strategy risks.
Market Specifications
Underlying Protocol | Neutrl |
Yield Source | sNUSD |
Base Asset | NUSD |
Benchmark | Ethena sUSDe APY |
Performance Fee | 7.5% |
Senior Redemption Fee | 0.05% when coverage is above 120% 0.025% when coverage is 110-120% 0% when coverage is below 110% |
Junior Redemption Fee | 0.20% when coverage is above 120% 0.10% when coverage is 110-120% 0% when coverage is below 110% |
Senior Cooldown Period | None |
| None when coverage is above 120% 7 days when coverage is 110-120% 35 days when coverage is below 110% |