> 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/earn-holders.md).

# ➤ EARN Holders

Learn how EARN distributes USDS yield and where it sits in ETH Strategy.

EARN is a token for holders seeking USDS income. Holders stake EARN to receive rewards through Merkl. Start with the mechanics, then review how to receive distributions and the risks involved.

> **Status: Upcoming Release** — airdrop details, access for new participants, and verified contracts will be published before launch.

### Your Reading Path

1. [What is EARN?](https://docs.ethstrat.xyz/earn#what-is-earn) — the token and its role.
2. [How Yield Works](https://docs.ethstrat.xyz/earn#how-yield-works) — USDS distributions and the first-year target.
3. [Supply and Issuance](https://docs.ethstrat.xyz/earn#supply-and-issuance) — how supply relates to treasury leverage needs.
4. [Buying and Selling EARN](https://docs.ethstrat.xyz/earn#buying-and-selling-earn) — access through the EARN/USDS pool.
5. [Key Risks](https://docs.ethstrat.xyz/earn#key-risks) — payment, liquidity, stablecoin, and contract risks.

### Already Hold ESPN?

See [Existing ESPN Holders](https://docs.ethstrat.xyz/earn/existing-espn-holders) for the airdrop and legacy-holder arrangements.