Strata

    What is Strata?

    Strata is a perpetual risk tranching protocol that offers structured products on USDe, Ethena’s synthetic dollar backed by delta-neutral positions on blue-chip crypto assets. The protocol enables investors to customize their risk-return preferences while earning crypto-native returns from carry and basis trades through two distinct risk tranches: Senior and Junior.

    Strata’s architecture allows users to access tailored investment strategies while maintaining exposure to the growing USDe ecosystem, positioning itself as a key infrastructure layer for synthetic dollar utilization.

    Built with security as a priority, Strata has undergone comprehensive audits by Cyfrin and Quantstamp, ensuring robust smart contract security for its pre-deposit vaults and protocol infrastructure.

    Strata has raised $3 million from a range of investors, including Maven 11, Faction, and Halo Capital.

    Strata Airdrop Details

    Strata Mainnet is now live, and the points program has transitioned from Season 0 to Season 1. Participants can begin depositing assets to earn Strata Points and Ethena Points. The points program tracks contributions across multiple seasons and rewards active community members who support the protocol’s growth through deposits, ecosystem engagement, and referrals.

    Latest Update: Strata enters Epoch 2 of Season 1, marking its evolution from an Ethena-focused deployment into a generalized risk-tranching protocol, delivering structured yield products on diverse on-chain and off-chain yield strategies. Epoch 2 began on January 1st and runs through April 2026, concluding with the highly anticipated $STRATA token launch.

    Strata Mainnet Launch and Season 1 Campaign

    How to Participate

    1. Visit the Strata app
    2. Connect your wallet to the platform
    3. Select the amount of USDe, sUSDe, or pUSDe you want to deposit
    4. You can purchase USDe on Binance and bridge it to Ethereum using Rhino Bridge for the best rates
    5. Mint Strata assets by choosing either:
      • Senior USDe (srUSDe)
      • Junior USDe (jrUSDe)

    Rewards Structure

    Holding srUSDe or jrUSDe will earn you:

    • Strata Points
    • Ethena Points
    • Native APY from the underlying assets
    • Earn 5x Strata Points + 5x Fusion Points on the new Strata srUSDe PT Looping Vault

    Pendle Partnership

    A new Pendle partnership has launched simultaneously with the mainnet, featuring the following markets:

    • PT/YT-srUSDe-JAN15
    • PT/YT-jrUSDe-JAN15

    Note for PT-pUSDe-OCT16 holders: You can migrate your positions directly through the Pendle UI.

    Referral Program

    • Share your referral link to earn 10% of the total Strata Points earned by your referrals
    • Your referrals receive a 10% boost on their Strata Points

    How to Participate in Strata Season 0 Points Program (Ended)

    1. Deposit USDe or eUSDe
      • Head to the Strata Points Campaign Page
      • Connect Your Wallet
      • Select the amount of USDe or eUSDe you want to deposit
      • Confirm the transaction to mint pUSDe (your receipt token)
    2. Prepare Your Assets
      • Ensure you have USDe or eUSDe tokens
      • You can purchase USDe on Binance and bridge it to Ethereum using Rhino Bridge for the best rates
      • Alternatively, you can swap other assets directly through the Strata app interface
    3. Hold pUSDe to Earn Points
      • Your pUSDe balance will automatically start earning Strata Points daily
      • You’ll also earn Ethena Points and Ethereal Points simultaneously
      • The longer you hold pUSDe, the greater your potential rewards
    4. Maximize Rewards Through DeFi Integrations
      • Use your pUSDe across partner protocols for multiplied rewards
      • Current integrations offer up to 60x multipliers on platforms like Pendle, Euler, and Morpho
      • Check the Strata pre-deposit page for the latest partner integrations
      • pUSDe (16 Oct 2025) is also live on Pendle. Provide LP & YT to earn 60x Strata Points + 50x Ethena Sats + 1x Ethereal Points
    5. Activate Referral Rewards
      • Generate your unique referral link from your Strata dashboard
      • Share your link with friends and community members
      • Earn bonus points for each successful referral who deposits into the program

    Tips for Maximizing Your Strata Points

    Deposit Early and Hold Long-Term: The Strata Points Program rewards loyalty and early participation. Users who deposit during the initial weeks of Season 0 and maintain their positions throughout the program duration will likely receive the highest point multipliers.

    Leverage DeFi Composability: Since pUSDe is a fully composable ERC-20 token, you can use it across various DeFi protocols to earn additional yields while maintaining your Strata Points eligibility.

    Frequently Asked Questions

    How Long Will Season 0 Last?

    Season 0 will run until October 13th

    Can I Withdraw My Funds Anytime?

    Yes, pUSDe offers instant mint and redeem functionality without lockup periods. You can convert your pUSDe back to USDe or eUSDe at any time through the Strata application.

    What Happens to My Points After Season 0?

    The points program has transitioned from Season 0 to Season 1.

    Are There Minimum Deposit Requirements?

    The protocol doesn’t specify minimum deposit amounts, but users should consider Ethereum gas costs when making smaller deposits to ensure cost-effectiveness.

    How Are Daily Points Calculated?

    Points calculation depends on your pUSDe balance, holding duration, and any applicable multipliers from DeFi integrations or referral activities. The exact formula isn’t publicly disclosed but rewards consistent participation.

    Conclusion

    The Strata Season 0 Points Program presents an opportunity for early users to engage with a new structured DeFi protocol while potentially earning rewards for their participation.

    The program’s focus on USDe integration, combined with extensive DeFi composability, creates multiple avenues for reward optimization.

    Success in the program requires understanding the protocol’s risk tranching mechanisms, staying informed about new partner integrations, and maintaining active participation throughout Season 0.

    While the ultimate value of Strata Points remains uncertain, early participation in well-audited DeFi protocols has historically provided benefits to committed community members.

    You're interested in more projects that do not have any token yet and could potentially airdrop a governance token to early users in the future? Then check out our list of potential retroactive airdrops to not miss out on the next DeFi airdrop!

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    Estimated Value

    n/a

    Tokens per Claim

    n/a

    Max. Participants

    Unlimited

    Overview