Strata temporarily pauses token issuance, but a capital flight is unlikely
Strata announced the launch of a new Pendle Market phase, stating that based on the current market environment (bear market), they have decided to wait until the market warms up before proceeding with the token issuance.
srUSDe and jrUSDe can now rollover to the new market (expires on 6/25), with the current jrUSDe LP around 100% and srUSDe LP APY around 20% (those interested in continuing to hold can rollover early to earn more PENDLE).
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Regardless of whether Strata issues tokens, it does not affect the current capital retention.
This year's low point for Strata USDe TVL was 125m on 2/7, and just a month later it climbed to 260m, with most of the funds flowing into srUSDe.
The reason is simple: Aave V3 offers PT srUSDe as collateral for circular lending operations, making it an alternative choice for those who can't secure PT sUSDe deposit quotas.
PT srUSDe does not gain any airdrop points (whether from Ethena or Strata), indicating that most of Strata's funds belong to users who are not sensitive to airdrops, focusing solely on leveraging circular lending to enhance base interest rates.
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Reminder: Next Monday (3/30) is the Based token issuance day, but the details about the sENA airdrop have not yet been announced and cannot be inquired about.
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※ The above content does not constitute investment advice (NFA). Users are advised to act according to their own risk tolerance. DYOR and participate in the investment market with caution.
※ The attached image is sourced from Aave
#ethena #strata #Airdrops #PENDLE $ENA $PENDLE
