Strata

Strata is a risk-tranching protocol on Ethereum that tokenizes yield strategies into senior and junior tranches. Senior tranches provide over-collateralized yield with downside protection, while junior tranches offer leveraged upside and serve as insurance for the senior tranche.

The protocol earns fees from deposits and withdrawals across its senior and junior tranches, which split yield from underlying strategies into risk-adjusted products.

Strata was launched in October 2025 and is governed by a multisig structure with a 48-hour timelock.