Post
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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.
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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.
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I believe the main factors that will affect the jrUSDe APY are these two: sUSDe APY and srUSDe supply.