> For the complete documentation index, see [llms.txt](https://docs.ethstrat.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethstrat.xyz/readme.md).

# Getting Started

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**](/guides/start-here.md) to find the right guide for you, or jump directly:

| I want to...                                     | Guide                                             |
| ------------------------------------------------ | ------------------------------------------------- |
| Get leveraged ETH exposure + staking yield       | [For STRAT Holders](/guides/strat-holders.md)     |
| Buy convertible debt with conversion optionality | [For Bond Buyers](/guides/bond-buyers.md)         |
| Earn yield from ETH volatility                   | [For ESPN Depositors](/guides/espn-depositors.md) |
| Borrow ETH against my STRAT position             | [For Borrowers](/guides/borrowers.md)             |
| Integrate tokens into my protocol or app         | [For Developers](/guides/developers.md)           |

## Learn More

<table data-view="cards" data-full-width="true"><thead><tr><th></th><th></th></tr></thead><tbody><tr><td><a href="/pages/fRTj8IhnwtW0K4dGI9qx"><strong>How It Works</strong></a></td><td>Understand how STRAT, esETH and CDT fit together to create non-liquidatable leveraged ETH exposure.</td></tr><tr><td><a href="/pages/6pTnbm1N08kZywDuOp0c"><strong>STRAT Economics</strong></a></td><td>Why STRAT accrues value: the implied option premium, treasury lending revenue, and supply constraints.</td></tr><tr><td><a href="/pages/wmmJKU4wpJuV5w14G5vf"><strong>ESPN Vault — Live Now</strong></a></td><td>The volatility trade, productized. Earn yield from ETH options without directional exposure.</td></tr><tr><td><a href="/pages/GUhs3pugd4UgCTQmJIbw"><strong>Our Story</strong></a></td><td>Why we built ETH Strategy, what we learned, and where we're going.</td></tr><tr><td><a href="/pages/DVKxpdjAlkGgvtzgXCPj"><strong>On-Chain MSTR</strong></a></td><td>How ETH Strategy improves on MSTR's convertible debt playbook in a composable DeFi environment.</td></tr><tr><td><a href="/pages/xMZZv6PScK09uzuvbxFA"><strong>Risks</strong></a></td><td>Honest assessment of protocol risks with mitigations so you can make an informed decision. No boilerplate disclaimers.</td></tr></tbody></table>

## Protocol at a Glance

|                   |                                                                                                                                         |
| ----------------- | --------------------------------------------------------------------------------------------------------------------------------------- |
| **What it does**  | Accumulates ETH into the 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**    | **STRAT** (leveraged ETH exposure), **esETH** (LST wrapper pegged 1:1 with ETH, backing the treasury), **CDT** (fungible protocol debt) |
| **Live products** | STRAT token, STRAT staking, ESPN vault (options yield)                                                                                  |
| **Coming next**   | Permissionless bonding, native on-chain staking                                                                                         |

## Key Metrics

| Metric                         | Value                                             |
| ------------------------------ | ------------------------------------------------- |
| **Treasury (esETH)**           | *To be published at permissionless launch*        |
| **ETH per STRAT (EPS)**        | *To be published at permissionless launch*        |
| **CDT Supply (Protocol Debt)** | *To be published at permissionless launch*        |
| **ESPN TVL**                   | *See* [*ethstrat.xyz*](https://www.ethstrat.xyz/) |

## Key Links

* **App:** [ethstrat.xyz](https://www.ethstrat.xyz/)
* **Blog:** [blog.ethstrat.xyz](https://blog.ethstrat.xyz/)
* **Twitter:** [@eth\_strategy](https://twitter.com/eth_strategy)
* **Contracts:** [Deployed Addresses](/references/contracts.md)
* **Audits:** [Security & Audits](/security-and-risk/audits.md)