$ENA Strata mainnet officially launched on October 13, 2025. In April of this year, $STRATA was released, and airdrop rewards for Season 0 and Season 1 were distributed. Currently, Season 1 savings and airdrop activities are ongoing. Within two months of launch, Strata's total value locked (TVL) has exceeded $210 million.
📘 Project Introduction: What is Strata?
Strata is a decentralized finance (DeFi) structured yield protocol aimed at layering and packaging the overall yields generated by a single asset (such as stablecoins or synthetic dollars) into different risk-return products for participants with varying risk preferences to choose from.
The development team of Strata, Frontera Labs, has completed a seed round financing of $3 million, led by Maven 11 Capital, with participation from Lightspeed Faction, Halo Capital, and Anchorage Digital Ventures. The raised funds will be used for protocol improvement, multi-asset support, and expanding ecosystem integration.
Strata is built on Ethena's synthetic assets USDe / sUSDe, with its underlying yield sources including perpetual contract funding rates and arbitrage strategies.
🎯 Core Mechanism of the Project
💡 Risk Tranching
Strata divides a type of base yield asset (currently mainly Ethena's synthetic USDe / sUSDe) into two categories of tokens based on risk exposure:
Senior Tranche (srUSDe): a stable asset providing more predictable yields and downside protection for conservative capital.
Junior Tranche (jrUSDe): a risk-bearing asset that takes on the fluctuations of underlying yields but offershigher potential returns.
— This structure is analogous to structured notes or asset grading mechanisms in traditional finance.
📊 Dynamic Yield Distribution Mechanism
The protocol dynamically reallocates base yields in each yield period, ensuring that yields are prioritized for Senior level, while jrUSDe bears the remaining volatility. srUSDe is similar to 'stable interest bonds', while jrUSDe is akin to 'high-leverage yield products'.
📌 The tutorial is as follows:
Airdrop yields are divided into 3 categories: Strata airdrop + Ethena airdrop + deposit interest, all obtained simultaneously!
srUSDe can yield: 3%-5% guaranteed annualized + 30 times Strata points + 30 times Ethena points
jrUSDe can yield: 0-20% dynamic annualized + 10 times Strata points + 5 times Ethena points
(No guarantee, may be negative, loss of principal, increases may be higher, running for several months, overall yield is acceptable, occasionally negative for a few days, most of the time positive)
For those wanting interest yields, choose jrUSDe; for those aiming to grab $Strata airdrops, choose srUSDe. I strongly recommend grabbing the $STRATA airdrop; I am not here just for that little interest.
In the main menu BUY AND EARN, you can use USDe, sUSDe, pUSDe to buy srUSDe or jrUSDe.
Pendle has also newly launched YT-srUSDe and YT-jrUSDe:
YT-srUSDe: 4.75% annualized + 60 times Strata points + 35 times Ethena points
But the YT-jrUSDe points are too few and not suitable for airdrop arbitrage.
This YT-srUSDe is very suitable for pairing with Ethena's airdrop, serving as an asset of USDe, paired with sENA bonuses, where the principal for purchasing YT-srUSDe can be recovered through Ethena's points, and the remaining Strata points' earnings are essentially free.
📌 Operation Steps
First, go to the Strata event official website to activate the airdrop qualification and enjoy a 10% bonus:
https://app.strata.money/?ref=PR8u2dqg
Then go to the Ethena event official website to activate the airdrop qualification:
https://app.ethena.fi/join/kxhze
After that, go to the Pendle official website https://app.pendle.finance/trade/markets, search for srUSDe inside, and complete the purchase. This should be familiar to everyone and won't be elaborated on further. You can refer to the image below.
As shown, 10,000u can buy over 400,000 YT-srUSDe. Pendle's YT assets are considered consumable assets, and as the expiration date approaches, their value will decrease, but you will receive a large amount of airdrop points as a return, so certain projects present significant arbitrage opportunities.
Regarding the project background, you can find it in my previous Strata Season 0 Airdrop Tutorial.
My airdrop catcher Pro3.0-YT arbitrage version will quickly integrate these two new YT assets.
Ethena airdrop tutorial can be viewed here.
Updated on October 24:
Strata Season 1 Airdrop, YT Arbitrage Situation
With a cost of 10000U, it can generate about 4400+u in interest.
Ethena airdrop points can yield about 21600 sENA, currently valued at 10300u.
Combined, it is 14700u.
Then there is an unknown value Strata Season 1 airdrop reward, which I estimate could be around 5-8K u.