Strata Tranches

QuantstampCode version: not recorded (see the report)

Quantstamp reviewed Strata (Strata Tranches) on 28 Oct 2025: 4 findings, 0 critical; 3 marked fixed, 1 open.

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Findings4

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SeverityOpenAcknowledgedFixed
Critical000
High000
Medium001
Low102
LowFinal Deposit Before Shortfall-Scenario Could Gain Disproportionately Large Share in JRTOpen

When depositing or withdrawaing from either the junior or senior vaults, the `shortfallPauser()` function is called. This function pauses deposits into both tranches in case that the share price in the JRT vault falls below a specified value. This can occur when debt obligations of the junior tranche as paid into the senior tranche in scenarios where the senior tranches promised yield could not be met. As part of a deposit, first, the accounting and debt is settled via `updateAccounting()`, followed by the actual deposit flow and then the mentioned shortfall-pause-mechanic. Notably, a triggered shortfall does not revert the transaction, but simply disables future deposits and emits an event. This ordering however means that a potential final large deposit, solidifying a shortfall, into the JRT could possibly mint shares far below the configured `jrtShortfallPausePrice`, which is intended to be the minimum price of the tranche. Such a depositor could possibly mint junior tranche tokens at a significant discount and see the value increase back to normal as future yield is generated by the protocol.

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Part of Strata’s security record

Strata
Audits7 audits by 3 firmsLast audit Jan 2026, by Cyfrin.
Critical findingsNo open critical findingsAcross the 7 reports, 3 critical findings were reported. Each is marked fixed by the firm that reported it.
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Security firm

Quantstamp

236 projects reviewed · 332 reports · latest Oct 2026

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