FAQs
Everything you need to know.
What is Strata?
Strata is a perpetual yield tranching protocol designed to offer structured yields on USDe — Ethena’s synthetic dollar backed by delta-neutral positions on blue-chip crypto assets. Strata enables investors to tailor their risk-return preferences while earning crypto-native returns from carry and basis trade strategies through two risk tranches: Senior and Junior.
The protocol introduces two liquid and composable tokens built on Ethena’s reward-bearing synthetic dollar, sUSDe: Strata USDe (stUSDe) and Strata Junior Liquidity Pool (stJLP). For more details, visit the Strata Docs.
What is the Strata Points Program?
Strata Points = STRATS
The Strata Points Program is an incentive mechanism designed to reward early users and liquidity providers with Strata Points for helping bootstrap the Strata ecosystem. As a decentralized protocol, Strata’s strength lies in its community, and Strata Points are how we measure and showcase these contributions onchain.
Strata Points can be earned by using Strata, engaging with ecosystem partners, and inviting new users. The program recognizes and tracks contributions across multiple seasons, rewarding those who actively support the protocol’s growth.
What is Strata Season 0?
Season 0 is the first step in our journey toward the mainnet deployment. This pre-launch, pre-deposit phase is designed to kickstart our platform, onboard USDe collateral, and introduce the Strata Points Program. Users who participate in Season 0 receive boosted Strata Points, along with Ethena and Ethereal points, plus additional rewards.
What is pUSDe?
pUSDe is the receipt token for depositing USDe or eUSDe into the Strata Season 0 points farm on Ethereum Mainnet. Holders earn boosted Strata Points, along with Ethena Points, Ethereal Points, and additional rewards. It’s a liquid, composable token, 1:1 backed by USDe, instantly redeemable with no lock-up, and usable across DeFi protocols in the Strata and Ethena ecosystems to further maximize rewards.
Which assets can be deposited in Season 0?
At launch, users will be able to mint pUSDe by depositing Ethena’s USDe or Ethereal’s eUSDe and earn boosted rewards. Over time, Strata will support additional 1:1 USDe wrappers from other projects launching pre-deposits within the Ethena and Converge ecosystems. Follow us on X and join our Discord community to stay updated on future announcements.
Is there a lock‑up period?
No, withdrawals can be made at any time for USDe or eUSDe — instantly and without any lock-up.
How can I maximize my Strata Points and other rewards?
Maximize your rewards by:
Depositing into the Strata points farm and holding pUSDe to earn STRATS + Ethena Points + Ethereal Points. Hold longer, earn more.
Using pUSDe across the DeFi ecosystem to amplify your rewards with the boosted multipliers.
Using Strata’s referral program. Share your referral link with your friends and earn 10% of the total points they earn.
How long is Season 0 expected to run?
Season 0 is expected to run until the launch of the Strata protocol with stUSDe and stJLP, and we aim to conclude it within three months of launching pre-deposits.
What other incentives can users earn apart from Strata Points?
Deposit USDe and eUSDe to earn 30x Strata Points, 30x Ethena Points and Ethereal Points. Strata will integrate additional 1:1 USDe wrappers with even more incentives over time. Stay tuned!
When will I receive my Strata Points and other rewards?
Tracking starts the very moment your wallet receives pUSDe by depositing USDe/eUSDe in Starta Points Farm or as soon as you deposit pUSDe across partner protocols. No further action is required. Strata Points are distributed daily, while Ethena and Ethereal rewards follow their own tracking systems, which can be monitored directly on their respective apps.
Where can I see my Strata Points and other rewards?
You can view your Strata Points by connecting your wallet to the Strata pre-deposit app and navigating to the ‘Points’ tab under the Portfolio section. A public Season 0 leaderboard is also available, allowing you to see how you rank compared to other depositors.
For Ethena and Ethereal points, you can check your accrued rewards directly through their respective app UIs.
Disclaimer Strata Points do not represent equity, fees, or a claim on Strata’s treasury. They have no secondary‑market value and are subject to change as the program evolves. Always consult the Strata app and official announcements for the latest rules and timelines.
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