Vish🃏

Trancher @strata_markets.

[Vish🃏 @UnQuidPro]

DeFi doesn’t misprice yield but it misprices risk.

Risk-tranching fixes this by turning underlying risks into a market, allowing participants to price and transfer that risk, and choose their position on the risk–reward curve instead of being forced into the same bucket.

Without it, “fair yield” is just an average across incompatible risk profiles.

[Tom Dunleavy @dunleavy89]

https://t.co/2lcTiLyFhS

[Vish🃏 @UnQuidPro]

@tradetheflow_ @Richard__Yuen @uselulo That’s @strata_markets

[kevin😴 @kevinlhr88]

https://t.co/lhH0O2W0zD

[Strata @strata_markets]

Tranches are working as expected.

• Senior USDat: Fixed 7.8% APY. Protected against $STRC volatility.

• Junior USDat: Absorbs $STRC price volatility. Amplified dividend yield.

[Strata @strata_markets]

Senior USDat gets a fixed 7.8% APY backed by $STRC via sUSDat, with built-in downside protection.

Junior USDat absorbs the $STRC volatility, providing leveraged exposure to both price and dividends.

Digital Money backed by Digital Credit.

Built on @saturn_credit.

[MR.LIN 霖先生 @BTCLIN]

【 $STRC 下行，該如何撿帶血籌碼趁機獲利？簡單討論 srUSDat 的優勢和策略】

昨晚市場情緒偏弱，在BTC下行調整時 $STRC 也下跌至97左右。推特上也籠罩著一股恐慌的情緒中，可能是因為沒預料到apxUSD會短暫脫錨。

❣️但在這種行情下，反而會凸顯低風險產品的優勢，像是 @saturn_credit 的 srUSDat 或 USDat。

===我是數據分割線====

先看數據：

▶️ srUSDat 目前價格 $1.0067，匯率持續向上。Coverage 從幾天前的 121.8% 上升到 130.7%。APY穩定維持在 7.79%（對應 STRC 股息率的 65%）。

幾個值得注意的地方：
1) srUSDat 的匯率機制是單向累積的。只要有收益進來，匯率就往上走。STRC 價格下跌不會直接反映在 sr 的匯率上，因為所有 NAV 層面的損失由 junior 先承擔。（只有在 junior 被完全消耗的極端情形下，sr 才開始暴露在 STRC 的價格風險中）

2) coverage 為什麼反而上升了？因為最近有一批 sr 持有者選擇贖回，sr 的市值從 $16.89M 降到 $11.24M。但 junior 的規模基本沒動（$3.45M）。結果就是：留下來的 sr 持有者被更厚的 buffer 保護著。別人離場，你的安全墊反而更厚。

3) 可隨時贖回（超低0.025%手續費）。在波動環境下，流動性本身就是一種優勢。

🤔跟 sUSDat 做個對比：sUSDat 目前的預期收益約 16%，包含 STRC 股息和折價回歸的部分。sr 的 7.79% 確實低了不少，但多出來的收益全部來自 STRC 的 NAV 表現，包括它能不能從 $97 回到 $100。

如果 STRC 繼續走低，sUSDat 的 NAV 直接反映那個跌幅。srUSDat 放棄了那 8 個百分點的溢價，換取的是 jrUSDat 在前面擋著 STRC 的下行風險。

===我是策略分割線===

“到底srUSDat值不值得參與？”

與對家的sr產品相比，srUSDat的深度是相當不錯的。

假設你認同以上的數據，以及你依然看好未來 $STRC 的長期發展的話，那麼 @pendle_fi 上的 srUSDat 產品是值得你考慮並配置的。

👉目前 PT-srUSDat 在 APY 大約在 ~12% 左右，8/27到期。如果你本身就看好srUSDat的話，與其裸持，還不如買入PT。

不過筆者還關注到LP-srUSDat的一個機會。。。
👉 LP 目前的獎勵結構是：
底層收益：0.92%
PT收益：10.55% （！）
LP收益：手續費0.31% + $PENDLE 獎勵 1.8%
以及Strata積分60x, Saturn積分7.5x

聰明的你注意到了嗎？
❣️在LP裡的PT收益已高達10.55%，跟直接買PT-srUSDat也差不多的情況下，你還能順便吃到積分+$PENDLE獎勵。

===風險和結語分割線===

PT 到期前如果需要退出，必須在市場賣出，而且價格取決於當時的深度，急著市價退出的話可能會有滑點。 但目前池子深度非常不錯，就算買4M的PT也還能維持在10%左右的收益。

不急的話，可善用Pendle的Limit Order掛單功能，順便吃點掛單獎勵。

還有，如果 STRC 出現極端下跌導致 coverage 低於 100%（即 junior 完全歸零），sr 就直接承受 STRC 的 NAV 波動。目前 coverage 130.7%，buffer 充足但不是無限。

所有數字為撰文時的快照。STRC 股息率為浮動且非保證，coverage 和 Pendle 隱含收益率都會持續變動。

僅供參考，非投資建議。DYOR。

[Strata @strata_markets]

32.5% dividend yield with jrUSDat.

~2.5x $STRC dividend rate.

Envisioned by @saylor.

Digital Yield backed by Digital Credit 👇

[Pendle Intern @PendleIntern]

While everyone's been turning to the new sexy RWA coins, the OG has been somewhat flying under the radar.

Specifically, @strata_markets x @ethena PT-srUSDe:

👉🏻 4.71% Fixed APY, higher than sUSDe yield (3.8% APY)
👉🏻 Loopable up to 22% APY on @aave
👉🏻 $55M cap available still

[Strata @strata_markets]

Senior PRIME & Junior PRIME.

@figure Democratized Prime yield structured into two products.

Same $17.4B HELOC pool. Different risk exposure.

Choose your exposure 👇

[Sumcap @Sumcap]

https://t.co/CZglReYxF2

[Strata @strata_markets]

srNUSD and jrNUSD Pendle pool migration is LIVE!

Rollover your LP and continue earning:

• LP-srNUSD-SEP26: 4.94% APY + 60x Strata + 40x Neutrl

• LP-jrNUSD-SEP26: 7.9% APY + 20x Strata + 10x Neutrl

Explore our @pendle_fi x @Neutrl pools 👇

[Vish🃏 @UnQuidPro]

@ImperiumPaper @strata_markets Sent you a DM. Could you pls check.

[Hastra @HastraFi]

Not all DeFi users view yield the same way.

That's why we've partnered with @strata_markets to introduce differentiated risk profiles, powered by PRIME.

Earn boosted APY with riskier exposure or stable yield with downside protection using Strata's tranche infrastructure 💫

[Vish🃏 @UnQuidPro]

@strata_markets @HastraFi Keep tranching on!

[Vish🃏 @UnQuidPro]

Next-gen structured RWAs, engineered for tailored risk-reward.

First of many.

[Strata @strata_markets]

Strata x @HastraFi PRIME market is now LIVE.

• Senior PRIME (srPRIME)
• Junior PRIME (jrPRIME)

Next-gen structured RWAs, engineered for tailored risk-reward.

[Strata @strata_markets]

New srNUSD and jrNUSD markets live on @pendle_fi with extended maturities.

• PT/YT-srNUSD-Sep 16
• PT/YT-jrNUSD-Sep 16

Existing users can rollover to continue earning protected or amplified yield along with boosted Strata and @Neutrl Points!

[DeFi Dad ⟠ defidad.eth @DeFi_Dad]

New DeFi Frontier pod's out on The @Edge_Pod!

Two types of capital exist in DeFi.

Conservative: wants safety, willing to give up some yield
Risk tolerant: wants max yield, willing to take the risk

Most DeFi offers us one product for both but @strata_markets separates them!

[Vish🃏 @UnQuidPro]

Dive deep into the tranches and understand risk-tranching — what, why, and how.

Huge thanks to @DeFi_Dad and @Nomaticcap for inviting me to talk about Strata.

[DeFi Dad ⟠ defidad.eth @DeFi_Dad]

🎙️ New @Edge_Pod

🫡 Strata: Why DeFi Is Finally Ready for Risk Tranching | DeFi Frontier

0:00 - Intro
2:14 - Founding Strata
3:40 - What is tranching?
7:14 - Why tranching will now take off in DeFi
13:43 - How Strata tranches risk for yields
17:05 - Splitting yields into junior vs senior
21:49 - Screenshare of a Strata market
26:40 - Balancing senior vs junior TVL
29:26 - Tranching vs insurance
38:13 - How Strata works with RWAs
42:59 - DeFi’s big issue: mispriced yields
46:00 - How builders onboard with Strata
49:12 - Closing

🙏 Thanks to Frontera Labs CoFounder & CEO @UnQuidPro for joining us to discuss @strata_markets!

[Vish🃏 @UnQuidPro]

Dive deep into the tranches.

Great overview of one of the hottest primitives in DeFi today.

[0xyanshu (d/acc) @0xyanshu]

https://t.co/uQP7R8m1Se

[Strata @strata_markets]

>20% APY on @ethena USDe, on Ethereum.

Powered by @pendle_fi and @aave.

Enjoy it while it lasts.