strata's tranched PRIME markets just survived their first real stress test. STRC fell below par, junior tranche ate a 25% loss to $0.75, senior tranche held at $1.00. no liquidation cascades, no emergency pauses, no governance intervention. smart contracts enforced the waterfall exactly as coded. PT-srUSDe on pendle paying 10.9% fixed, loopable on aave to 22% with $55m capacity still open. that senior tranche yield is 2-4x treasuries with principal protection that just proved it works under live fire. no token yet. season 2 running through september. $10t in tradfi structured products and this is the first time the onchain version actually performed under duress. still early
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