> 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/core-mechanics.md).

# Core Mechanics

- [esETH](https://docs.ethstrat.xyz/core-mechanics/eseth.md): The non-rebasing 1:1 ETH-pegged wrapper that unifies multiple liquid staking tokens into a single denomination layer for the entire protocol.
- [STRAT Staking](https://docs.ethstrat.xyz/core-mechanics/strat-staking.md): Stake STRAT to earn esETH yield — with 7-day reward streaming that prevents frontrunning and rewards long-term holders.
- [CDT](https://docs.ethstrat.xyz/core-mechanics/cdt.md): The fungible debt token that tracks what the protocol owes — and powers the conversion mechanism.
- [Treasury Lending](https://docs.ethstrat.xyz/core-mechanics/treasury-lending.md): Borrow esETH against STRAT + CDT collateral — fixed-rate, fixed-term, with no liquidation risk during the loan.
- [Convertible Notes](https://docs.ethstrat.xyz/core-mechanics/convertible-notes.md): Purchase USD-denominated convertible notes and receive composable debt and conversion rights — the engine of treasury growth.
- [Conversion of Notes](https://docs.ethstrat.xyz/core-mechanics/conversion-of-notes.md): Two paths to exercise your convertible note — convert to STRAT or esETH before expiry, or redeem for USD notional after.