Last week (12/30), Ethena's native project Strata confirmed that the first season will end in April this year, followed by the issuance of the token $STRATA.
-
The announcement is lengthy; here are a few key points:
Future expansion will cover multi-chain and multi-asset, no longer limited to USDe, and will include both EVM and non-EVM blockchains.
Brand and front-end upgrade, aggregating various types of DeFi protocols/strategies.
Launch of the new Pendle Market (maturing in April), aligned with the token issuance schedule.
From Strata's statement, it essentially confirms Terminal's allegations against Ethena: Converge Chain cannot be launched.
Terminal's approach is more direct: if Converge doesn't go live, then we won't either.
I believe Terminal's situation will be more sensitive to whether Converge launches or not, as it is a DEX built on top of Converge/USDe.
Rather than forcing it to desperately rethink how to rebrand, it would be better to start over from scratch.
Strata's product is a structured product, and in fact, it does not rely solely on the USDe asset.
Therefore, this announcement clearly shows that it has chosen to expand into multi-chain and multi-asset directions, as its structured product architecture is applicable to various asset classes.
For Strata, Ethena's USDe has become its home base, but now it's ready to step out of that small world and showcase its full potential on a larger stage.
-
My strategy adjustment
Recent quarter's exposure in Strata:
Small position in srUSDe to earn points returns
Large position in jrUSDe to earn fixed returns (Pendle PT)
*Note: Holding sENA simultaneously to earn Ethena ecosystem airdrop points
The new Pendle market has already launched; I am preparing to adjust my holdings based on the migration status after the old market expires.
Key considerations include:
The decline in jrUSDe APY (native) has stabilized at 15~20% in the previous quarter, and recently it has stabilized at 10~15%
The decline in jrUSDe PT APY: old market around 15%, new market around 11%
I will assess whether to continue holding jrUSDe PT based on the dynamics of capital migration from the old market to the new market.
If PT APY continues to decline, I will switch to LP, currently with around 18% APY, plus 20x Strata points + 10x Ethena points.
In other words, I am willing to sacrifice a portion of APY in exchange for a small exposure to Strata points.
If you're more aggressive and willing to bet on Strata's points, jrUSDe LP may not be the best choice; instead, you can opt for srUSDe with 60x Strata points + 40x Ethena points, where the APY ratio is roughly 1:2.
-
Summary
I think the core consideration lies in: your expectation of Strata's airdrop value
Strata recently completed a $3 million seed round financing in December, which can serve as a reference point; on the other hand, the negative factor is the growing market distrust toward Ethena, which has cast doubt on related projects.
Regardless, the successful funding round and airdrop timeline show that Strata has quickly responded to market distrust signals, proving it is not affected by controversies surrounding Ethena or Terminal.
As for $ENA , it will also be affected by Strata's airdrop performance. If Strata's airdrop value exceeds expectations, the appeal of sENA will increase, possibly compensating for the lost value from the absence of Terminal airdrop.
--
*Opinions are solely my personal views and not financial advice (NFA). Please do your own research (DYOR)
*Image source: Pendle, Strata
#strata #Ethena #Airdrops #加密市场观察 $ENA
