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Choose your path — ETH Strategy serves different participants with different goals.

ETH Strategy is a multi-sided protocol. The right documentation path depends on what you're here to do. Pick the role that fits, each guide walks you through the concepts, mechanics, and risks relevant to your specific goals.

If you want to...	You are a...	Start here
Get leveraged ETH exposure that can't be liquidated	STRAT Holder	Buy STRAT, stake for yield, understand the treasury mechanics
Buy convertible debt with defined outcomes and conversion optionality	Bond Buyer	Purchase USD-denominated note (pay with ETH), receive CDT + NFT option, choose when and how to convert
Earn yield from ETH volatility without directional exposure	ESPN Depositor	Deposit USDS, hold ESPN, let the vault sell options for you
Borrow ETH against your STRAT without liquidation risk	Borrower	Use STRAT + CDT as collateral, borrow esETH at fixed rates
Integrate esETH, STRAT, or CDT into your protocol or app	Developer	Token interfaces, integration patterns, production caveats

New to ETH Strategy?

If you're not sure which role fits, start with What is ETH Strategy for the full picture, then come back here.

New to DeFi?

ETH Strategy builds on concepts from liquid staking, convertible debt, and options trading. The docs assume familiarity with basic DeFi concepts (tokens, staking, lending). If terms like "LST" or "ERC-20" are unfamiliar, we recommend starting with the Ethereum Foundation's intro to DeFi before diving in.