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Strata jrUSDe negative interest rates continue to rise, and a significant reversal in the original yield sUSDe APY may be needed to turn the tide.
Benchmark APY(SSR) is fixed at 4.75%, although the Collateral Pool APY has seen a slight increase (2.48% - 2.59%), jrUSDe APY has still worsened from -17.73% on 10/19 to -21.05% on 10/22.
In fact, Strata Reserves (TVL) are rising, with a net inflow of about 21m in funds over the three days from 10/19 to 10/22, but nearly 90% of the funds chose to mint srUSDe, which has increased from 92m on 10/19 to 113m on 10/22.
Conversely, the Market Cap of jrUSDe has even shown a reduction, possibly also affected by its own price continuing to decline, currently having fallen below 1 dollar.
It is uncertain whether the panic-driven crowd effect will amplify, but I think there are two time points to watch in the short term:
1. The completion of the fund transfer for Strata Pre-Deposit
As the pre-staked pUSDe can no longer earn points, existing users must transfer their holdings to the mainnet to mint new tokens again, with 17.33m of old funds still not transferred.
2. Whether sUSDe APY can rise significantly
If sUSDe APY can rise rapidly in the short term, perhaps under dynamic changes, jrUSDe may have a chance for explosive yield increases; conversely, if APY stagnates at a low level while funds continue to flow into srUSDe, then jrUSDe may face increased risks in order to protect the benchmark interest rate of srUSDe.
Additionally, old partners in the Ethena ecosystem, Euler and Morpho, have also completed the aggregation of Strata mainnet assets and the applicability of Pendle's YT LP, still leaving considerable potential for airdrop point arbitrage.
----
※Ethena code：
eu54u
※Strata code：
3uDSH
Participating in Strata using the code can earn a 10% Boost
※The above content does not constitute investment advice; users should operate according to their own risk tolerance, and DYOR cautiously participate in the investment market.
※Image taken from Strata
#ethena #Strata #ENA #Airdrops
Benchmark APY(SSR) is fixed at 4.75%, although the Collateral Pool APY has seen a slight increase (2.48% - 2.59%), jrUSDe APY has still worsened from -17.73% on 10/19 to -21.05% on 10/22.
In fact, Strata Reserves (TVL) are rising, with a net inflow of about 21m in funds over the three days from 10/19 to 10/22, but nearly 90% of the funds chose to mint srUSDe, which has increased from 92m on 10/19 to 113m on 10/22.
Conversely, the Market Cap of jrUSDe has even shown a reduction, possibly also affected by its own price continuing to decline, currently having fallen below 1 dollar.
It is uncertain whether the panic-driven crowd effect will amplify, but I think there are two time points to watch in the short term:
1. The completion of the fund transfer for Strata Pre-Deposit
As the pre-staked pUSDe can no longer earn points, existing users must transfer their holdings to the mainnet to mint new tokens again, with 17.33m of old funds still not transferred.
2. Whether sUSDe APY can rise significantly
If sUSDe APY can rise rapidly in the short term, perhaps under dynamic changes, jrUSDe may have a chance for explosive yield increases; conversely, if APY stagnates at a low level while funds continue to flow into srUSDe, then jrUSDe may face increased risks in order to protect the benchmark interest rate of srUSDe.
Additionally, old partners in the Ethena ecosystem, Euler and Morpho, have also completed the aggregation of Strata mainnet assets and the applicability of Pendle's YT LP, still leaving considerable potential for airdrop point arbitrage.
----
※Ethena code：
eu54u
※Strata code：
3uDSH
Participating in Strata using the code can earn a 10% Boost
※The above content does not constitute investment advice; users should operate according to their own risk tolerance, and DYOR cautiously participate in the investment market.
※Image taken from Strata
#ethena #Strata #ENA #Airdrops
Short article to understand why Strata jrUSDe has -17% APY, will the negative interest rate risk further increase?
The Strata of the Ethena Converge ecosystem is going live on the mainnet this week. After stopping the points for the originally pre-staked token pUSDe, a structured product targeting USDe (sUSDe yield) has been launched simultaneously: srUSDe and jrUSDe.
Note: Friends who still do not understand Strata structured tokens can first take a look at the article I published on 10/13.
At that time, I mentioned that I was uncertain how large the interest rate difference range between srUSDe and jrUSDe would be. Now, with the yield of sUSDe plummeting, the interest rate of jrUSDe has quickly dropped to a negative rate of -17%, and perhaps the potential risks are gradually deepening.
--
I believe the main factors that will affect the jrUSDe APY are these two: sUSDe APY and srUSDe supply.
Note: Friends who still do not understand Strata structured tokens can first take a look at the article I published on 10/13.
At that time, I mentioned that I was uncertain how large the interest rate difference range between srUSDe and jrUSDe would be. Now, with the yield of sUSDe plummeting, the interest rate of jrUSDe has quickly dropped to a negative rate of -17%, and perhaps the potential risks are gradually deepening.
--
I believe the main factors that will affect the jrUSDe APY are these two: sUSDe APY and srUSDe supply.
Alpen Labs raises $8.5M in a Strategic funding round
#AlpenLabs secures $8.5M in a Strategic funding round co-led by DBA and Cyber Fund, with participation from Ribbit Capital, Mirana Ventures, Castle Island Ventures, Geometry, Credibly Neutral and angel investors. This round will help Alpen Labs supercharge the development and launch of its #Bitcoin ZK rollup, #Strata , into mainnet.
Alpen Labs is a developer of a scaling solution for Bitcoin powered by Zero Knowledge technology. Alpen Labs creates infrastructure to drive the widespread adoption of Bitcoin, paving the way for a new era of trustless and verifiable computation.
👉 alpenlabs.io/blog/strategic-round
#AlpenLabs secures $8.5M in a Strategic funding round co-led by DBA and Cyber Fund, with participation from Ribbit Capital, Mirana Ventures, Castle Island Ventures, Geometry, Credibly Neutral and angel investors. This round will help Alpen Labs supercharge the development and launch of its #Bitcoin ZK rollup, #Strata , into mainnet.
Alpen Labs is a developer of a scaling solution for Bitcoin powered by Zero Knowledge technology. Alpen Labs creates infrastructure to drive the widespread adoption of Bitcoin, paving the way for a new era of trustless and verifiable computation.
👉 alpenlabs.io/blog/strategic-round
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$ENA 🔥 URGENT: Earn 20% APY on USDe with Strata! 🔥
Strata has just launched jrUSDe with ~20% APY on @Ethena Labs USDe! 🚀
This is 4 times more APY than sUSDe without any leverage! 💰
Additionally, earn #Strata
and $ENA Ethena Points! 🎁
Net structured yield with institutional-level mechanics! 📈
This will change the game for stablecoin yields!
buy here quickly $ENA
#Strata #USDe #DeFi #YieldFarming
Strata has just launched jrUSDe with ~20% APY on @Ethena Labs USDe! 🚀
This is 4 times more APY than sUSDe without any leverage! 💰
Additionally, earn #Strata
and $ENA Ethena Points! 🎁
Net structured yield with institutional-level mechanics! 📈
This will change the game for stablecoin yields!
buy here quickly $ENA
#Strata #USDe #DeFi #YieldFarming
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Strata mainnet officially launched, a simple breakdown of the differences between srUSDe and jrUSDe
The most important thing is said at the beginning: pUSDe (pre-deposit) will no longer accumulate airdrop points!
In other words, after the mainnet goes live today, you must manually convert the pUSDe previously staked in Strata into the new versions srUSDe or jrUSDe to continue accumulating airdrop points (Strata + Ethena).
--
sUSDe structured products: how to choose between srUSDe and jrUSDe?
In fact, structured products are already mature financial products in both TraFi and DeFi. Their essence is nothing more than: 'fixed income products (capital protection or guaranteed interest rate) + financial derivatives (options or leverage)'
The core feature of this type of product is to segment a single asset to meet the different yield and risk preferences of investors.
In other words, after the mainnet goes live today, you must manually convert the pUSDe previously staked in Strata into the new versions srUSDe or jrUSDe to continue accumulating airdrop points (Strata + Ethena).
--
sUSDe structured products: how to choose between srUSDe and jrUSDe?
In fact, structured products are already mature financial products in both TraFi and DeFi. Their essence is nothing more than: 'fixed income products (capital protection or guaranteed interest rate) + financial derivatives (options or leverage)'
The core feature of this type of product is to segment a single asset to meet the different yield and risk preferences of investors.
Strata jrUSDe 23% APY + Pendle PT 16.6% APY，Likely the Best USDe Yield Option Right Now
▻jrUSDe Price: 1.00549(11/16)→1.00836(11/22)
▻srUSDe Price: 1.00527(11/16→1.00594(11/22)
▻jrUSDe 7d APY: 17.31%
▻srUSDe 7d APY: 4.17%
The difference in APY is starting to become evident in the rate at which both token prices appreciate.
The jrUSDe 7-day APY had a negative rate for only one day (11/17), and the 30-day APY had a negative rate for only three days (11/8, 11/9, 11/17).
The reduced frequency of negative rates for jrUSDe is allowing its overall APY to remain high (30d APY: 13.96%).
-
Strata jrUSDe APY = Price going up
Pendle PT APY = Quantity increasing
Easiest way to earn with your USDe balance, would you try it?
*FYI: jrUSDe Pendle market only 53 days left, majurity date is 2026/1/15
--
*Strata code with 10% boost："3uDSH"
*Opinion is my own views, will not be financial advice(NFA), please do your own research(DYOR)
*Images sourced from Strata
#Strata #PENDLE #ethena #USDe $ENA $PENDLE
▻jrUSDe Price: 1.00549(11/16)→1.00836(11/22)
▻srUSDe Price: 1.00527(11/16→1.00594(11/22)
▻jrUSDe 7d APY: 17.31%
▻srUSDe 7d APY: 4.17%
The difference in APY is starting to become evident in the rate at which both token prices appreciate.
The jrUSDe 7-day APY had a negative rate for only one day (11/17), and the 30-day APY had a negative rate for only three days (11/8, 11/9, 11/17).
The reduced frequency of negative rates for jrUSDe is allowing its overall APY to remain high (30d APY: 13.96%).
-
Strata jrUSDe APY = Price going up
Pendle PT APY = Quantity increasing
Easiest way to earn with your USDe balance, would you try it?
*FYI: jrUSDe Pendle market only 53 days left, majurity date is 2026/1/15
--
*Strata code with 10% boost："3uDSH"
*Opinion is my own views, will not be financial advice(NFA), please do your own research(DYOR)
*Images sourced from Strata
#Strata #PENDLE #ethena #USDe $ENA $PENDLE
Why am I considering building a position in Strata jrUSDe (>20% APY)?
jrUSDe 20d APY: >20%(6 days), >10%(11 days), @0% only 2 days(11/8, 11/9).
Strata jrUSDe seems to have become the best choice for leveraging Ethena sUSDe yields?
It has been a while since we discussed Strata, mainly because I am still observing what changes will occur with srUSDe and jrUSDe after the benchmark interest rate adjustments.
Strata has changed the benchmark interest rate to track Aave Core USDT/USDC, and the performance of jrUSDe has significantly surpassed the period of tracking SSR, prompting me to consider whether to build a position in jrUSDe (jrUSDe 20% APY & Pendle PT 15% APY).
My considerations include:
1.Aave Core USDT/USDC Supply Rates volatility levels
Strata jrUSDe seems to have become the best choice for leveraging Ethena sUSDe yields?
It has been a while since we discussed Strata, mainly because I am still observing what changes will occur with srUSDe and jrUSDe after the benchmark interest rate adjustments.
Strata has changed the benchmark interest rate to track Aave Core USDT/USDC, and the performance of jrUSDe has significantly surpassed the period of tracking SSR, prompting me to consider whether to build a position in jrUSDe (jrUSDe 20% APY & Pendle PT 15% APY).
My considerations include:
1.Aave Core USDT/USDC Supply Rates volatility levels
$ENA 🔥 BREAKING: Earn 20% APY on USDe with Strata! 🔥
Strata just launched jrUSDe with ~20% APY on @ethena_labs USDe! 🚀
That's 4x the sUSDe APY without any leverage! 💰
Plus earn Strata and $ENA Ethena Points! 🎁
Pure structured yield with institutional-grade mechanics! 📈
This is a game-changer for stablecoin yields!
buy here fast $ENA
#Strata #USDe #DeFi #YieldFarming
Strata just launched jrUSDe with ~20% APY on @ethena_labs USDe! 🚀
That's 4x the sUSDe APY without any leverage! 💰
Plus earn Strata and $ENA Ethena Points! 🎁
Pure structured yield with institutional-grade mechanics! 📈
This is a game-changer for stablecoin yields!
buy here fast $ENA
#Strata #USDe #DeFi #YieldFarming
Convert 20.68 USDC to 113.19150815 BB
See original
Short article to understand why Strata jrUSDe has -17% APY, will the negative interest rate risk further increase?
The Strata of the Ethena Converge ecosystem is going live on the mainnet this week. After stopping the points for the originally pre-staked token pUSDe, a structured product targeting USDe (sUSDe yield) has been launched simultaneously: srUSDe and jrUSDe.
Note: Friends who still do not understand Strata structured tokens can first take a look at the article I published on 10/13.
At that time, I mentioned that I was uncertain how large the interest rate difference range between srUSDe and jrUSDe would be. Now, with the yield of sUSDe plummeting, the interest rate of jrUSDe has quickly dropped to a negative rate of -17%, and perhaps the potential risks are gradually deepening.
--
I believe the main factors that will affect the jrUSDe APY are these two: sUSDe APY and srUSDe supply.
Note: Friends who still do not understand Strata structured tokens can first take a look at the article I published on 10/13.
At that time, I mentioned that I was uncertain how large the interest rate difference range between srUSDe and jrUSDe would be. Now, with the yield of sUSDe plummeting, the interest rate of jrUSDe has quickly dropped to a negative rate of -17%, and perhaps the potential risks are gradually deepening.
--
I believe the main factors that will affect the jrUSDe APY are these two: sUSDe APY and srUSDe supply.
See original
Strata jrUSDe negative interest rate has exceeded one week; official response measures: change benchmark interest rate, abandon tracking SSR rate, switch to tracking Aave Core lending rate.
In the past few days, I published two articles discussing the negative interest rate of jrUSDe, mentioning that the situation of negative interest rates may continue to worsen due to the net inflow of srUSDe while Ethena's sUSDe interest rate remains low.
Now, Strata's official stance is not to sit idly by, announcing a change in the source of tracking Benchmark APY, which has now been modified to track the lending rates of USDC/USDT on Aave Core (supply-weighted average), effective immediately.
The Benchmark Rate has been changed, taken from Strata.
--
Regarding the reason for the change in Benchmark APY, the official statement is:
The original source of tracking data, Sky Protocol (formerly MakerDAO) SSR, covers various on-chain and off-chain assets, including stablecoins, AAA-rated corporate bonds, cryptocurrency lending, and short-term government bonds, with an increasing dependence on non-chain assets.
Now, Strata's official stance is not to sit idly by, announcing a change in the source of tracking Benchmark APY, which has now been modified to track the lending rates of USDC/USDT on Aave Core (supply-weighted average), effective immediately.
The Benchmark Rate has been changed, taken from Strata.
--
Regarding the reason for the change in Benchmark APY, the official statement is:
The original source of tracking data, Sky Protocol (formerly MakerDAO) SSR, covers various on-chain and off-chain assets, including stablecoins, AAA-rated corporate bonds, cryptocurrency lending, and short-term government bonds, with an increasing dependence on non-chain assets.
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