SIERRA is now natively issued on Ethereum and we have partnered with Layer3 again for SIERRA Ascends, a campaign that introduces users to Uniswap and Pendle on Ethereum. Participants share in a dedicated pool of 100,000 Peaks alongside the base rewards provided by Sierra’s Summit Program.

Why Native Issuance on Ethereum

SIERRA was originally minted natively on Avalanche and reached Ethereum as a LayerZero Omnichain Fungible Token (OFT). That OFT used LayerZero's simple implementation, which does not support pausing the protocol, rate limits on cross-chain transfers, freezing balances, or recovering frozen assets. The contract is not upgradable, so the only way to add those protections was to deploy a new one. The new SIERRA contract address on Ethereum is 0xBcEb5f6877d979EC621AE694dA1102CB95691aD3.

Nothing about the product changed. SIERRA is still a Liquid Yield Token (LYT), yield still accrues through an appreciating price with no staking, claiming, or lockups, and the Reserve Management Strategy behind it is unchanged: PGIM's AAA-rated CLO ETF (PAAA), investment-grade commercial paper managed by Five Sigma, and overcollateralized lending through the Gauntlet Prime Vault on Morpho. The same infrastructure stack applies, with OpenTrade vaults, Fireblocks custody, Hypernative monitoring, Chainalysis analytics, and Station70 disaster recovery.

Participating in the SIERRA Ascends Campaign:

Sierra has partnered with Layer3 again for SIERRA Ascends, a 5-week campaign that introduces participants to using SIERRA with Uniswap and Pendle on Ethereum. There are three parts of the campaign:

Introduction to SIERRA on Ethereum: An educational section that provides background information on SIERRA, includes Sierra Protocol’s social media and culminates in a quiz

• SIERRA Advanced (Ethereum): Explains to participants the deployment of SIERRA natively on Ethereum and acquiring SIERRA on the new Uniswap pool

• SIERRA - The Pendle Summit: Introduces SIERRA’s new market on Pendle and explains the Summit Program, where participants earn Peaks to participate in the launch of the Sierra Governance Token

We have allocated 100,000 Peaks exclusively for participants of the SIERRA Ascends campaign, which are earned by participants alongside the base Peaks rewards from the Summit Program.