In short:
Strata TVL: 234M→138M
srUSDe MC: 183M→89M
jrUSDe APY: 14%→7%
The changes in various data of Strata seem to prove that Ethena's trust crisis is beginning to affect ecological projects.
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In the comparison of jrUSDe vs srUSDe, the risk (or incentive) of jrUSDe is changing.
The old pool of Strata x Pendle expires on 1/15, and the new pool is expected to end on 4/2, after which Strata will issue tokens.
Due to the new jrUSDe PT APY being below 10%, unlike the previous period's enticing 15% APY, I have converted my position into jrUSDe LP (10% APY); srUSDe LP (6% APY) will be retained.
I believe participating in this phase of Strata assets requires more cautious observation of data changes. The risks (or incentives) of jrUSDe are rapidly declining:
The shrinkage of srUSDe TVL will lead to a decrease in Strata's overall returns
The maintenance or growth of jrUSDe TVL will cause a rapid decline in jrUSDe APY
jrUSDe 30d MC: 37M→48M(+30%); srUSDe 30d MC: 185M→88M(-52%)
Based on Strata's risk layering mechanism, when the supply of srUSDe significantly decreases, if the supply of jrUSDe remains unchanged or increases, the APY of jrUSDe will significantly drop.
It can be understood that the overall returns obtained by sUSDe have decreased (TVL), but the number of beneficiaries continues to increase (jrUSDe).
Current jrUSDe APY has dropped to only 7%. If the situation does not improve, the risks facing jrUSDe are clearly increasing.
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Why did the situation take a sharp turn? Why did Strata's response strategy fail?
Theoretically, based on changes in APY, when the difference in APY between jrUSDe and srUSDe is not large enough, market behavior should conduct dynamic equilibrium.
In addition, airdrop points are also used as an auxiliary adjustment mechanism. Strata assigns different point multipliers to Pendle's srUSDe and jrUSDe, allowing both to have better adjustment effects.
Pendle old pool vs new pool, changes in Strata & Ethena points:
jrUSDe LP & YT: (old) 20x Strata + 10x Ethena → (new) 20x Strata
srUSDe LP & YT: (old) 60x Strata + 40x Ethena → (new) 60x Strata + 35x Ethena
The real difference lies in the Ethena airdrop points.
However, since the controversial distribution of airdrops last season, the decline of Ethena ENA has been too rapid, and the lack of a committed allocation ratio for the new season has led users to lose their expectations for returns from the ENA airdrop. It is very likely that users no longer care about the Ethena airdrop points for jrUSDe and srUSDe.
When the points adjustment mechanism fails, the market returns to APY-oriented asset allocation, and the historically stable high interest rates of jrUSDe are clearly more attractive.
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Summary
I believe that this season's jrUSDe holders need to pay closer attention to the APY trend. If the adjustment effect is not triggered soon, the APY of jrUSDe will trend closer to that of srUSDe.
However, the risks of the two are completely different. srUSDe guarantees returns, while jrUSDe carries additional risks. Based on the recent supply changes of both, the APY of jrUSDe is very likely to continue to decline, and it may happen unexpectedly.
The question is: when the APY gap between jrUSDe and srUSDe gradually narrows, will you choose to continue holding jrUSDe for slightly higher returns, or choose srUSDe for more Strata points?
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*Opinions are solely my personal views and not financial advice (NFA). Please do your own research (DYOR)
*The attached image is sourced from Pendle, Strata
*Strata 10x Boost directly placed in the comment area
#Strata #ethena #加密市场观察 #Airdrops $ENA
