# 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.

| Page                                                                                     | You'll Learn                                                                                              | Read This If...                                                |
| ---------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------- |
| [Staking & Liquid Staking](https://docs.ethstrat.xyz/academy/staking-and-liquid-staking) | 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 |
| [Leverage & Liquidation](https://docs.ethstrat.xyz/academy/leverage-and-liquidation)     | 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](https://docs.ethstrat.xyz/core-mechanics/eseth) and [STRAT Staking](https://docs.ethstrat.xyz/core-mechanics/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.

| Page                                                                                             | You'll Learn                                                                                                                   | Read This If...                                                           |
| ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------- |
| [How Treasury Accumulation Works](https://docs.ethstrat.xyz/academy/treasury-accumulation-model) | 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](https://docs.ethstrat.xyz/core-mechanics/cdt), [Treasury Lending](https://docs.ethstrat.xyz/core-mechanics/treasury-lending), and [STRAT Economics](https://docs.ethstrat.xyz/tokenomics/strat-economics).

***

## Advanced

You understand the treasury model and want to go deeper on the financial engineering. These pages cover the quantitative mechanics.

| Page                                                                                         | You'll Learn                                                                                                              | Read This If...                                                        |
| -------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- |
| [Convertible Notes Explained](https://docs.ethstrat.xyz/academy/convertible-notes-explained) | 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](https://docs.ethstrat.xyz/core-mechanics/convertible-notes), [Conversion of Notes](https://docs.ethstrat.xyz/core-mechanics/conversion-of-notes), and the full [Contract Reference](https://docs.ethstrat.xyz/developers/contract-reference).

***

## How the Academy Relates to the Rest of the Docs

```
Academy (learn the concepts)
    ↓
Core Mechanics (understand the protocol)
    ↓
Guides (do things with the protocol)
    ↓
Developer Docs (build on the protocol)
```

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.