> 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

ETH Strategy — permissionless convertible notes, STRAT, and EARN on Ethereum mainnet.

ETH Strategy accumulates ETH through zero-interest convertible notes. STRAT provides exposure to that leveraged treasury; note buyers receive fungible debt (CDT) and an NFT recording their conversion rights.

## Permissionless Bonding Is Live

Permissionless bonding launched on **19 October 2026**. [Buy a note in the app](https://app.ethstrat.xyz/bond) by paying ETH. You receive CDT plus a note NFT. Conversion opens about 6.9 days after each bond and closes at maturity, about 4.2 years later. Both the NFT and CDT are required for conversion or post-expiry redemption.

The launch batch executed in [transaction 0xc72402…ecd03](https://etherscan.io/tx/0xc72402cde98b6afc1b96a901bfbe3cea20b4e8f43447eaa273c30a11f3becd03). See [Live Now](/introduction/live-now.md) and [Contracts](/references/contracts.md) for available features, deployed addresses and launch configuration.

## Choose Your Path

| I want to...                                         | Start here                                    |
| ---------------------------------------------------- | --------------------------------------------- |
| Understand leveraged ETH exposure through STRAT      | [For STRAT Holders](/guides/strat-holders.md) |
| Buy a convertible note and understand its exit paths | [For Bond Buyers](/guides/bond-buyers.md)     |
| Sell CDT while retaining my note NFT                 | [CDT](/core-mechanics/cdt.md#selling-cdt)     |
| Stake EARN for USDS rewards                          | [EARN](/core-mechanics/earn.md)               |
| Integrate tokens into my protocol or app             | [For Developers](/guides/developers.md)       |

## Product Status

As of **19 October 2026**:

| Product                   | Status                                                                                                                                                                      |
| ------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| STRAT                     | Live on Ethereum mainnet; see the [STRAT dashboard](https://app.ethstrat.xyz/strat)                                                                                         |
| Convertible notes and CDT | Permissionless bonding live; settlement depends on each note's timelock and expiry                                                                                          |
| CDT liquidity             | CDT/USDS Uniswap v4 pool initialized; a separate, time-limited Seaport bid is validated on-chain; seller interface route: [Redeem CDT](https://app.ethstrat.xyz/redeem-cdt) |
| EARN and sEARN            | Live; staked EARN receives USDS rewards streamed over 28 days                                                                                                               |
| ESPN                      | Legacy product, superseded by EARN; [ESPN documentation](/espn/espn.md) describes the historical vault                                                                      |
| New STRAT staking         | Not available in the current app; [legacy unstaking](https://app.ethstrat.xyz/strat/unstake) remains available                                                              |
| Treasury Lending          | Planned; no confirmed launch date                                                                                                                                           |

## Protocol Metrics

Use the [live app](https://app.ethstrat.xyz/strat) and [on-chain contracts](/references/contracts.md) for treasury balances, token supplies and current parameters. These change with transactions and market prices. Distinguish gross treasury ETH per STRAT from debt-adjusted NAV per STRAT.

## Security and Further Reading

The [Audits page](/security-and-risk/audits.md) distinguishes published reports from reported audit completion. **Core protocol and EARN reports are not publicly linked as of 19 October 2026.** The published Nethermind report covers legacy ESPN and its redemption queue; it does not establish coverage of current core or EARN deployments.

* [Protocol Overview](/introduction/protocol-overview.md)
* [Convertible Notes](/core-mechanics/convertible-notes.md)
* [Risks](/security-and-risk/risks.md)
* [Roadmap](/introduction/roadmap.md)
* [Blog](https://blog.ethstrat.xyz/)
* [@eth\_strategy](https://twitter.com/eth_strategy)