Strata
Season 0
Depositers are in for an increased Ethena Asset Boost!
The limited event will be closing within the next 48 hours!
Strata Points Farm
Deposit USDe and eUSDe to mint pUSDe.
Earn boosted Strata, Ethena and Ethereal Points.
30x
+ 
+ 
&more
Deposit. Earn. Maximize.
Unlock even greater rewards by using pUSDe across
partner DeFi protocols in the Strata and Ethena ecosystem.
| Pool | Rewards | Action |
|---|---|---|
Strata
Deposit USDe/eUSDe into Strata
|
30x
+ 30x
+
|
|
Pendle LP (Oct 25)
Deposit pUSDe into Pendle LP
|
60x
+ 50x
+
|
Deposit |
|
Pendle YT (Oct 25)
Deposit pUSDe into Pendle YT
|
60x
+ 50x
+
|
Deposit |
Euler Strata Frontier
Deposit pUSDe into Euler
|
30x
+ 30x
+
|
Deposit |
|
Euler Yield
Deposit PT-pUSDe and borrow
|
— | Deposit |
Morpho Hyperithm USDC
Deposit PT-pUSDe and borrow
|
— | Deposit |
|
Morpho K3 Pendlend USDT
Deposit Pendle LP-pUSDe and borrow
|
60x
+ 50x
+
|
Deposit |
|
Morpho MEV PTs USDC
Deposit PT-pUSDe and borrow
|
— | Deposit |
TermMax (Oct 25)
Deposit pUSDe and borrow
|
30x
+ 30x
+
|
Deposit |
|
TermMax (Oct 25)
Deposit PT-pUSDe and borrow
|
— | Deposit |
Share your referral link
10% of referee’s total points
|
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 .
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 points program. Users who participate in Season 0 receive boosted Strata Points, along with Ethena and Ethereal points, plus additional rewards.
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.
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.
No, withdrawals can be made at any time for USDe or eUSDe — instantly and without any lock-up.
Maximize your rewards by:
- Depositing into the Strata points farm and holding pUSDe to earn Strata Points + 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.
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.