← All airdrops
Airdrops · a guide to farming it

Strata

Independent page by Dinero en la Mesa · not the official Strata website
Mature · date or tokenEthereumRisk tranchingmedium difficultymedium risk
Earlybefore the announcement
Maturedate or token
Collectcollect it now
Between seasonsthe next one
1 · What you farm
Points
Points are earned by holding the senior or junior tranche token, not by trading.
3 · What you save
Discount
10% more points
Coming in invited adds a 10% points bonus.
Building up392 daysand they have gone quiet
Open an account on StrataCompare 28 DEXs liveSee all airdrops

Prefer Telegram? Follow Strata on our bot and get the alerts there.

What's at stake
The program, and the offers that expire
The airdrop program
  • Strata, Ethena and Ethereal points at the same time
How to take part, step by step
How to get the most out of Strata
  1. 1
    Check your jurisdiction against the blocked-country list in their terms before touching anything. The United States is out.
  2. 2
    Before depositing, open the points dashboard in the app and read the current terms: qualifying activities, multipliers and integrations. They are not in the documentation, so you cannot skip this step.
  3. 3
    Get a referral link from someone before signing up. Joining through a referral gives 10% more points and costs nothing; joining directly loses that 10% for good.
  4. 4
    Connect a self-custody wallet in the Strata app, on Ethereum, with enough ETH for gas.
  5. 5
    Pick one of the six markets and decide on a tranche. Senior has a yield floor and priority on cash flows; junior earns a risk premium but absorbs losses first and can fall below 1. They are not the same bet.
  6. 6
    Deposit the market's base asset and mint the tranche token. That token is what accrues points: if you move it elsewhere, check on the dashboard whether it still scores.
  7. 7
    Hold the position and watch the senior coverage ratio. Below 105%, junior redemptions and senior minting are suspended.
  8. 8
    Come in on an invitation link: it gives 10% more points, and coming in directly loses that for good. It is the only multiplier with an officially published figure.
  9. 9
    When you want out, count the timeframes: instant only into the staked version, 7 days for USDe, 10 for NUSD, and on jrNUSD up to five weeks plus 10 days. Plan the exit before you need it.
Watch out for
  • They do not publish how many points are given per dollar or per day. The documentation's points page defers to the app for "the latest earning activities, integrations, and associated points multipliers". You deposit without knowing the rate.
  • There is no published points-to-token conversion. Their own terms state that points do not represent equity, fees or a claim on the treasury, that they have no secondary-market value and that they are subject to change as the program evolves.
  • The junior tranche can produce negative yield and its exchange rate can fall below 1. It absorbs losses first: it is the cushion that protects the senior tranche. Principal loss is possible.
  • Your money does not leave when you want. Instant redemption only into the already-staked version of the asset; USDe has a 7-day cooldown and NUSD a 10-day one. On jrNUSD the cooldown runs from zero to five weeks depending on coverage, plus up to 10 further days if you exit to NUSD.
  • If the senior coverage ratio falls below 105%, the protocol suspends junior redemptions and senior minting. You can be locked in precisely when you want out.
  • Inherited risk from the underlying strategies: Ethena USDe, Neutrl, Midas, Saturn and Hastra PRIME. A failure in any of them reaches your position. Hastra PRIME is also real-world credit: a tokenized deposit into a HELOC warehouse lending facility.
  • Permissioned roles exist. An admin multisig can pause deposits and redemptions, and a reserve manager role can withdraw the protocol reserve to the treasury wallet. Mitigations are 24- and 48-hour timelocks, a 3-of-4 multisig as proposer and a Guardian role that can cancel actions, except pausing, which is immediate.
  • No founder is publicly named. Only Frontera Labs, in London, is on record. If something goes wrong, there is no identified person to hold accountable.
Our verdict, today

Strata, Ethena and Ethereal points at once, for holding the senior or junior tranche token. pUSDe holders earn 30x Strata points and 30x Ethena, and up to 60x using it on Pendle, Euler or Morpho. The play: join through an invite and you add an extra 10% in points.

How the points are allocated

Holding senior or junior tranche tokens. This is the main route their FAQ recognises: poin…
+
  • Holding senior or junior tranche tokens. This is the main route their FAQ recognises: points come from holding the token, not from trading.
  • Interacting with partner protocols. The multipliers live only in the app, not the docs — their own words: «Please refer to the Strata pre-deposit page for the latest integrations and associated points multipliers». Visible on 26-Aug-2026: srUSDe 30x, jrUSDe 10x, srNUSD 30x, jrNUSD 10x, srmHYPER 30x and jrmHYPER 5x, out of 51 activities in total.
  • Coming in on an invitation: the invitee starts with 10% extra points.
  • Having taken part in Season 0. It grants an extra 15% of points in Season 1. That door is already shut.
  • How many points per dollar, over what period, with what multiplier per market, and whether there is a cutoff or snapshot: NOT PUBLISHED in their documentation. The Strata Points Program page defers to the app, and the app does not expose those terms to public reading. Verified 18 Aug 2026.

How many points per dollar, for how long, with what per-market multiplier and whether there is a cut-off or snapshot: not published. The program page points to the app, and the app does not expose those terms publicly. Verified on Aug 18, 2026.

  • What do I get? They publish no pool: how many points are handed out per season.
  • How do you earn it? They do not publish how many points a dollar gives or the weight of each route. Checked in their docs.
  • How often do they credit? They publish no cadence for the season running today.
  • What day does it expire? They publish no date: no cut-off, no close, no award.
  • What do you need to get in? They publish no minimum and no KYC requirement.
  • What does it cost? They publish no entry, exit or management fees.
  • Is there a token, and what does someone joining with my link get? They publish neither what the referrer nor the invitee gets, nor a token, nor a TGE.

What has changed since we started tracking it

26 Aug · we said the multipliers were in the app without being able to say which → Re-veri…
+
  • 26 Aug · we said the multipliers were in the app without being able to say which → Re-verified at source: 51 activities, and the six visible ones range from 5x to 30x.
  • 18 Aug · not on record in our entry → Verification: the documentation lists six live markets (Ethena USDe, Neutrl NUSD, Midas mHYPER, Midas mM1-USD, Saturn USDat and Hastra PRIME). DefiLlama measures $72.26M TVL, all on Ethereum. The old Season 0 page redirects to the new domain and returns 404. The single remaining rewards page publishes no points rates.
  • 23 Jan · not on record in our entry → Cyfrin dates a second audit, covering the coverage-aware redemption mechanism and shares cooldown.
  • 16 Dec · not on record in our entry → CoinDesk reports the $3M seed round led by Maven 11, with Lightspeed Faction and Anchorage Digital Ventures among the participants.
  • 13 Oct · not on record in our entry → Public mainnet and Season 1 launch at 12:00 UTC with the Ethena USDe market (srUSDe and jrUSDe). End of the pre-deposit phase. Season 0 participants get a 15% points boost.
  • 8 Oct · not on record in our entry → Cyfrin dates its audit report on the protocol's v1 contracts, published in its public repository.

Who can join

Their terms of service geo-block: Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central…
+

Their terms of service geo-block: Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast, Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, the Donetsk and Luhansk regions of Ukraine, the United States, Venezuela, Yemen and Zimbabwe. Add any jurisdiction under comprehensive sanctions and any the company designates as high-risk. Persons sanctioned by the US, EU, UK or UN are also excluded. You must be of the age of majority in your jurisdiction. Spain, Portugal and the rest of the EU are not on the list. The United States is: it is out.

Who they are

$3M seed round led by Maven 11, with Lightspeed Faction and Anchorage Digital Ventures, an…
+

$3M seed round led by Maven 11, with Lightspeed Faction and Anchorage Digital Ventures, announced 16 Dec 2025. TVL of $72.26M on 18 Aug 2026 per DefiLlama, all on Ethereum. Six published protocol audits: two by Cyfrin and one by Guardian, hosted in each auditor's public repository, plus three by Quantstamp on its certificate portal; plus two audits of the pre-deposit vaults.

The program is live with no closing date, but its rate is opaque: the documentation does not say how many points are given or why, it only defers to the app. A TGE is known to be planned because Season 1 lasts until it, and nothing more. Anyone joining puts up real capital in exchange for a reward whose size is defined nowhere.

Sources we have checked

Docs: docs.strata.markets X: x.com/strata_markets Discord: discord.gg/sHtZDvTPxB Checked b…
+

Docs: docs.strata.markets

X: x.com/strata_markets

Discord: discord.gg/sHtZDvTPxB

Checked by us in these sources on 2026-11-09

Follow Strata

Follow Strata: we alert you to every verified change in Strata, plus a Friday roundup of every airdrop we track.

Others we track

infiniFi Lighter Tangent Ondo Perps Tori See all 33 →