Barker Research Institute
Saturn
Understanding sUSDat Tranches: How srUSDat and jrUSDat Split Yield and RiskSaturn
jrUSDat is essentially a leveraged position in STRC. We break down Strata's senior/junior tranches on Saturn's sUSDat: where the yield comes from, how leverage shifts, exit mechanics, and the cost of hedging with the STRC perpetual.
AUGUST 25, 2026 · 9 min read
AvantDeep Dive into savUSD/avUSDx: Anatomy of a 10/11 "Survivor" — It Was the Oracle, Not the Buffer, That Saved AvantAvant
Avant's tranche structure promises risk isolation, but on-chain data reveals 80%+ concentration in leveraged Ethena carry. During the Oct/Nov 2025 crisis, the buffer drained precisely when protection was needed most. We dissect what really saved the protocol.
APRIL 8, 2026 · 20 min read
UnitasToo Good To Be True? — A Deep Dive into sUSDu Yield SourcesUnitas
sUSDu posted gains for 19 straight months while JLP DN peers swung wildly. We decompose USD1 campaign income, compare Drift vaults, and ask why the curve is so smooth.
MARCH 31, 2026 · 18 min read