Start Learning
Most DeFi documentation assumes you already understand the building blocks. This Academy doesn't.
Whether you're new to staking or evaluating convertible note pricing models, start at the level that matches your experience. Each page builds on the one before it — skip ahead if you already know the material.
Beginner
No DeFi experience required. These pages explain the foundational concepts that the rest of our documentation assumes you know.
How Ethereum validators work, what staking yield is, how LSTs unlock liquidity
You've heard of staking but aren't sure how it generates yield
What leverage is, why liquidation destroys portfolios, and how non-liquidatable leverage changes the game
You don't know why "non-liquidatable" is a big deal
After completing Beginner → You're ready for Core Mechanics: esETH and STRAT Staking.
Intermediate
You understand staking and basic DeFi. These pages explain how ETH Strategy's treasury model works and why the design choices matter.
How the protocol converts borrowed ETH into leveraged exposure, where revenue comes from, and how value flows to STRAT holders
You want to understand why the protocol exists, not just what it does
After completing Intermediate → You're ready for CDT, Treasury Lending, and STRAT Economics.
Advanced
You understand the treasury model and want to go deeper on the financial engineering. These pages cover the quantitative mechanics.
How zero-coupon convertible notes work, why option premiums replace interest, conversion economics, and pricing intuition
You want to understand the financial structure that funds the treasury
After completing Advanced → You're ready for Convertible Notes, Conversion of Notes, and the full Contract Reference.
How the Academy Relates to the Rest of the Docs
The Academy teaches prerequisites. The Core Mechanics pages assume you have them. If you ever hit a term or concept in the docs that you don't recognize, come back here.
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