> 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/guides.md).

# Guides

- [Start Here](https://docs.ethstrat.xyz/guides/start-here.md): Choose your path — ETH Strategy serves different participants with different goals.
- [➤ STRAT Holders](https://docs.ethstrat.xyz/guides/strat-holders.md): Guide for STRAT holders — leveraged ETH exposure, staking yield, and how the treasury backs your position.
- [➤ Bond Buyers](https://docs.ethstrat.xyz/guides/bond-buyers.md): Guide for bond buyers — convertible notes, CDT, NFT options, and the conversion/redemption lifecycle.
- [➤ ESPN Depositors](https://docs.ethstrat.xyz/guides/espn-depositors.md): Guide for ESPN depositors — earn yield from ETH volatility without directional exposure.
- [➤ Borrowers](https://docs.ethstrat.xyz/guides/borrowers.md): Guide for borrowers — access liquidity from your STRAT position without selling, at fixed rates with no liquidation during the term.
- [➤ Developers](https://docs.ethstrat.xyz/guides/developers.md): Guide for developers and integrators — build on ETH Strategy's tokens, contracts, and protocol interfaces.