srUSDe, issued by Frontera Labs, Inc., is the senior tranche token of Strata's Ethena USDe market, a tokenized structured-yield product providing over-collateralized exposure to a synthetic-dollar yield strategy with downside protection from a junior tranche [S1][S2][S3].

Holders receive yield generated on pooled USDe collateral staked into Ethena sUSDe, allocated by a Dynamic Yield Split mechanism that floors the senior return at a benchmark rate with uncapped upside [S1][S2][S3]. The benchmark is a supply-weighted average of USDC and USDT lending rates on the Aave v3 Core market [S1][S3]. The junior tranche absorbs first losses [S2]. Strata charges a 5% performance fee on yield generated and a 2.5 bps redemption fee on srUSDe [S3].

The Strata interface is operated by Frontera Labs, Inc., a corporation incorporated in Delaware, U.S.A., which states the underlying protocol is decentralized, non-custodial, and operated on public blockchains [S4][S5]. The Terms of Service state that nothing provided constitutes any regulated financial service and that resulting positions are intended for technical and functional use within a decentralised system, not as investment products [S4]. Each token is an ERC-4626 vault share representing a claim on pooled tranche collateral [S6][S2]. Access is permissionless but sanctions and geo-based, excluding the United States and other restricted jurisdictions [S1][S4]. Protection is structural through over-collateralization and the junior first-loss buffer [S1][S2].

Tranche tokens are implemented as ERC-4626 vault shares referencing LayerZero's Omnichain Fungible Token standard, on supported public networks under a chain-agnostic architecture [S6][S2][S7]. Holders mint or redeem through the Strata interface; redeeming into staked sUSDe is instant, while redeeming into unstaked USDe follows a 7 to 10 day cooldown [S1][S2]. An Accounting contract recomputes tranche exchange rates as the internal NAV mechanism [S6].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.strata.markets/resources/faqs.md" },
    { id: "S2", url: "https://docs.strata.markets/introduction/senior-tranche.md" },
    { id: "S3", url: "https://docs.strata.markets/markets/ethena-usde.md" },
    { id: "S4", url: "https://docs.strata.markets/resources/terms-of-service.md" },
    { id: "S5", url: "https://docs.strata.markets/resources/privacy-policy.md" },
    { id: "S6", url: "https://docs.strata.markets/technical-documentation/protocol-overview.md" },
    { id: "S7", url: "https://docs.strata.markets/introduction/welcome-to-strata.md" },
  ]}
/>


# Asset Price methodology

## 1. Overview

Asset price represents the closing USD value of a tokenized asset at the end of each day. Daily prices are recorded to facilitate the valuation of on-chain activity and the calculation of market capitalization. Each price point reflects the market value at the conclusion of the UTC day.

## 2. Data sources

- **Asset metadata**: Token contract addresses, ticker identifiers, and on-chain launch timestamps
- **External data**: End-of-day price feeds and exchange rate feeds from market data providers
- **Blockchain data**: Data covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others) and non-EVM chains such as Solana, Aptos, and Near

## 3. Step-by-step calculation

### Component A: Market data retrieval

- **Purpose**: Collect raw daily price information
- **Logic**: Daily price data is retrieved from external market data providers. For assets pegged to specific currencies, prices are calculated using a multiplier and daily exchange rates. For assets traded on traditional exchanges where data is unavailable on certain days, such as weekends or holidays, missing values are filled with the last available closing price.

### Component B: Timestamp normalization

- **Purpose**: Align price data with daily reporting periods
- **Logic**: Timestamps are truncated to the daily grain. To accurately reflect the closing value, prices recorded at the start of a day (00:00:00 UTC) are assigned to the preceding calendar day.

### Component C: Asset mapping and deduplication

- **Purpose**: Associate prices with unique assets and resolve data overlaps
- **Logic**: Prices are mapped to assets using unique identifiers for EVM-compatible and non-EVM chains. To ensure data integrity, price records are filtered to include only those occurring on or after the asset's on-chain launch date. In instances where price data for a single asset is available from multiple sources, the data is deduplicated by selecting the record with the highest priority to ensure a single, consistent closing price.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset price

Tokenized funds

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 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.

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

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Real-world asset (RWA) issuers

Strata

Strata Senior USDe (srUSDe) is a tokenized fund share issued by Strata.

The fund is open-ended, invests in crypto assets, and locks up subscriptions for 0 months.

Retail investors and institutions can subscribe and redeem in USDe and instant subscription settlement, and holders have a right to redeem at net asset value with monthly settlement.

srUSDe has been issued on Ethereum as an ERC-4626 token since October 2025.

Strata Senior USDesrUSDe