Meet Alice and Bob. They hold the same strategy in the same vault. They do not hold the same risk. Alice runs a treasury. Alice's mandate asks who loses first before it asks what she earns. Alice holds the senior tranche. Bob's capital sits ahead of hers in the loss queue. Alice is protected up to junior coverage. That limit is a number. Alice can read it onchain before she deposits and every block after. Alice gives up part of the yield for her place in line. Bob wants more of the strategy, not less. Bob could build that with a loop: a borrow, a health factor, a liquidation price to watch. Bob holds the junior tranche instead. Bob's leverage comes from the capital structure, not from a loan. A wick does not close Bob's position. A real loss in the strategy lands on Bob first. Bob can be written down to zero. Bob is paid for that risk. Bob collects the levered yield senior holders like Alice gave up, on top of his own. One yield source. Two distinct risk-reward mandates. Every Alice needs a Bob. Strata is where they meet.