Strip

Strip is an on-chain yield protocol carrying the tagline "Long Onchain Yield", built around consolidating yield from different markets into a single position. In the first step users deposit supported yield-bearing assets and receive Principal Tokens (PTs) representing the value of their deposit at entry; the project stresses that this step involves no lockups, no expiry and no rehypothecation of the assets.

In the second step users stake their PTs or provide liquidity to earn STRIP rewards, with the protocol directing part of the yield to compounding and part to buying back and burning STRIP according to protocol parameters. A separate Boost mechanism rewards staying staked or holding STRIP inside an LP position, letting the reward multiplier climb to a maximum of 20x over 60 days. Supported assets at present include sUSDe from Ethena, sUSDS from Sky and syrupUSDC from Maple.