Strata
AuditedVerifiedNewStrata is a generalized risk-tranching protocol that splits a yield source into a principal-protected senior tranche and a leveraged first-loss junior tranche, issuing paired tokens like srUSDe/jrUSDe (over Ethena sUSDe) and srUSDaT/jrUSDaT (over Saturn USDaT).
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The Problem
On-chain yield is variable and forces every depositor into one uniform risk profile — conservative capital cannot get principal-protected yield, and risk-seekers cannot easily lever a strategy's upside.
The Solution
Strata tranches any yield source into a principal-protected senior token (floored at a benchmark rate, with upside) and a leveraged first-loss junior token, so each investor picks the risk-return profile they want.
Why it Matters
A generalized, chain-agnostic tranching engine with a novel coverage-aware redemption mechanism; incubated by the Ethena Foundation and first to structure senior/junior tranches over both a delta-neutral synthetic dollar (sUSDe) and an RWA yield token (Saturn USDaT).
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View allFrequently asked questions about Strata
What is Strata?+
Strata is a Yield protocol operating on Ethereum. Strata is a generalized risk-tranching protocol that splits a yield source into a principal-protected senior tranche and a leveraged first-loss junior tranche, issuing paired tokens like srUSDe/jrUSDe (over Ethena sUSDe) and srUSDaT/jrUSDaT (over Saturn USDaT).
How does Strata work?+
Strata tranches any yield source into a principal-protected senior token (floored at a benchmark rate, with upside) and a leveraged first-loss junior token, so each investor picks the risk-return profile they want.
Is Strata safe?+
DeFi Sentinel rates Strata A with a safety score of 77/100, indicating low-to-moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Strata has 5 audits on record. DeFi Sentinel's analysis flagged 5 medium, 7 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization, Sustainability & Competitive Position and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Strata?+
Strata has a DeFi Sentinel safety score of 77/100 (rating A), last updated September 16, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Strata support?+
Strata is deployed on Ethereum.
Has Strata been audited?+
Yes. Strata has 5 audit reports on record from firms including Cyfrin, Cyfrin, Quantstamp. Audit reports and dates are linked under the Resources tab on this page.
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