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
USDT Supply 6-month average is 4.3% APR, occasionally fluctuating to 5~7%, but the duration is short (2-3 days).
USDC Supply 6-month average is 4.18% APR, with significantly lower volatility than USDT Supply.
The above data symbolizes the volatility level of the benchmark interest rate. In other words, although there may occasionally be higher fluctuations, the duration is limited. This means that jrUSDe will not frequently turn into a negative interest rate to protect the benchmark interest rate returns of srUSDe.
2. Growth Rate of jrUSDe Market Cap
srUSDe 30d Market Cap: 84m(10/18) → 159m(11/16)
jrUSDe 30d Market Cap: 9m(10/18) → 14m(11/16)
In the case where srUSDe nearly doubles in growth, the growth rate of jrUSDe is only about +50%. In other words, the overall proportion of jrUSDe in Strata TVL has actually decreased, which stabilizes jrUSDe in a higher interest rate space.
An additional consideration is the changes in various USDe markets of Pendle:
The 15% APY of jrUSDe PT surpasses the 13% APY of Terminal tUSDe, making it the second highest interest rate PT asset in the USDe-related market.
The sUSDe yield leverage that comes with jrUSDe seems to make it the simplest Ethena USDe yield leverage option.
Of course, you can also deposit assets like jrUSDe or jrUSDe PT into other lending protocols, such as Euler or Morpho supported by the data panel, but you need to be aware of the overall liquidity of the pools.
I lean towards Pendle jrUSDe PT.
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※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 based on their own risk tolerance. DYOR and participate in the investment market cautiously.
※The attached images are sourced from Strata, Aave, Pendle.
#ethena #Strata #USDe #ENA $ENA
