Getting Started
Leveraged ETH exposure without liquidation risk, volatility decay, or funding costs.
What if you could get leveraged exposure to ETH
without the liquidation risk of CDPs
the volatility decay of leveraged tokens, or
the funding costs of perpetuals?
ETH Strategy is a protocol that automatically accumulates ETH on behalf of its token holders. It raises capital by issuing zero-interest convertible notes, uses that capital to buy ETH, and captures the implied option value embedded in those notes as revenue — which flows back to STRAT holders. The result is a token backed by a growing ETH treasury, giving STRAT holders leveraged ETH exposure through a self-sustaining onchain mechanism.
Choose Your Path
Different participants use ETH Strategy for different reasons. Start Here to find the right guide for you, or jump directly:
Get leveraged ETH exposure + staking yield
Buy convertible debt with conversion optionality
Earn yield from ETH volatility
Borrow ETH against my STRAT position
Integrate tokens into my protocol or app
Learn More
Understand how esETH, STRAT, and CDT fit together to create non-liquidatable leveraged ETH exposure.
Why STRAT accretes value: the implied option premium, treasury lending revenue, and supply constraints.
The volatility trade, productized. Earn yield from ETH options without directional exposure.
How ETH Strategy improves on MicroStrategy's convertible debt playbook in a composable DeFi environment.
Why we built this, what we learned, and where we're going.
Honest assessment of protocol risks with mitigations so you can make an informed decision. No boilerplate disclaimers.
Protocol at a Glance
What it does
Accumulates ETH into a treasury through convertible note issuance, providing leveraged ETH exposure via STRAT
How it earns
Zero-interest debt (implied option premium) + treasury lending interest — real revenue, not token emissions
Key tokens
esETH (non-rebasing LST wrapper pegged 1:1 with ETH, backing the treasury), STRAT (leveraged ETH exposure), CDT (fungible protocol debt)
Live products
ESPN vault (options yield), STRAT token, STRAT staking
Coming next
Permissionless bonding, native on-chain staking
Key Metrics
Treasury (esETH)
To be published at permissionless launch
ETH per STRAT (EPS)
To be published at permissionless launch
Total CDT Supply (Protocol Debt)
To be published at permissionless launch
ESPN TVL
See ethstrat.xyz
Key Links
App: ethstrat.xyz
Blog: blog.ethstrat.xyz
Twitter: @eth_strategy
Contracts: Deployed Addresses
Audits: Security & Audits
Last updated