Been playing around @strata_money for some time. For those who doesn't know Strata is a yield tranching protocol on @ethena_labs USDe. You can pick Senior or Junior tranches depending on your risk preference. Season 1 is running now. If you were in Season 0, you might get some boosts for Season 1, I think it's ~15%. Right now there are 2 options if you're looking at YT on @pendle_fi👇 Bookmark this as it'll help you understand calculations 1. srUSDe YT ‣ Lower risk ‣ 60x Strata points + 40x Ethena points ‣ Currently showing 4.88% base APR, 278% principal APR on Pendle 2. jrUSDe YT ‣ Higher risk ‣ 20x Strata points + 10x Ethena points ‣ Currently showing 6.48% base APR, 272% principal APR on Pendle jrUSDe is giving more yield since it's riskier. Tho srUSDe is showing slightly higher principal APR AND better multipliers. Markets mature mid Jan 2026 (61 days). For those who doesn't understand the terms. Here's how you calculate it... ➠ Principal APR = Multiplier x base APR 1. srUSDe YT = 57 × 4.88 = 278% APR 2. jrUSDe YT = 42 × 6.48 = 272% APR ➠ Remaining yield = Principal APR × (Days remaining/365) 1. srUSDe YT = 278% × 0.167 = ~46% over 61 days 2. jrUSDe YT = 272% × 0.167 = ~45% over 61 days ➠ Base Yield (days) = Base APR × (days/365) This is the actual yield you earn from holding the underlying USDe over 61 days and it's guaranteed regardless of airdrop. So I've taken a bet on @strata_money YT here. 1. For srUSDe YT that'd be 0.81%. ➢ Total potential return over 61 days: 46% ➢ Guaranteed base yield: 0.81% ➢ Airdrop dependent: 45.19% (46% - 0.81%) 2. For jrUSDe YT that'd be 1.08%. ➢ Total potential return over 61 days: 45% ➢ Guaranteed base yield: 1.08% ➢ Airdrop dependent: 43.9% (45% - 1.08%) ➠ Calculation 1. On $1,000 in srUSDe YT: ➢ Guaranteed: $1,000 × 0.81% = $8.10 ➢ Airdrop-dependent: $1,000 × 45.19% = $451.90 ➢ Total potential: $460 2. On $1,000 in jrUSDe YT: ➢ Guaranteed: $1,000 × 1.08% = $10.8 ➢ Airdrop-dependent: $1,000 × 43.9% = $439 ➢ Total potential: $450 Take this piece as an informational update & not an investment thesis.