# Start Here

ETH Strategy is a multi-sided protocol. Your journey depends on what you're here to do. Pick the role that fits: each guide walks you through 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](/guides/strat-holders.md)     | Buy STRAT, stake for yield, understand the treasury mechanics                                          |
| Buy convertible debt with defined outcomes and conversion terms | [Bond Buyer](/guides/bond-buyers.md)         | Purchase USD-denominated note (pay with ETH), receive CDT + Option NFT, choose when and how to convert |
| Earn yield from ETH volatility without directional exposure     | [ESPN Depositor](/guides/espn-depositors.md) | Deposit USDS, hold ESPN, let the vault sell options for you                                            |
| Borrow ETH against your STRAT without liquidation risk          | [Borrower](/guides/borrowers.md)             | Use STRAT + CDT as collateral, borrow esETH at fixed rates                                             |
| Integrate STRAT, esETH, or CDT into your application            | [Developer](/guides/developers.md)           | Token interfaces, integration patterns, production caveats                                             |

## New to ETH Strategy?

If you're not sure which role fits, start with [What is ETH Strategy](/introduction/what-is-eth-strategy.md) 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 [Ethereum's Intro to DeFi](https://ethereum.org/en/defi/) before diving in.


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