Vaults solved onchain asset management. Strata solves onchain capital formation. @Grayscale correctly identifies vaults as the next evolution of onchain asset management. But the real breakthrough isn't professional portfolio management on blockchain rails, it's giving those portfolios a capital structure. Instead of every vault representing a single risk profile, Strata lets any managed vault issue programmable Senior and Junior tranches. Protected yield for conservative capital, first-loss levered exposure for risk-seeking capital. The result: a generalized risk-transfer and liquidity layer sitting above vaults. Turning crypto-native strategies, tokenized private credit, and managed funds into scalable onchain capital markets.