Live Now
What you can use today — ESPN vault, STRAT token, staking, and LP incentives.
ETH Strategy has live products generating real yield today. Here's what you can use right now.
ESPN Vault
The ESPN vault is the protocol's first product — an ERC-4626 vault that earns yield by selling covered call options on ETH through Derive.
Deposit USDS to mint ESPN tokens
Earn yield from options premium, distributed daily
Redeem ESPN for the underlying USDS at any time (redemptions may queue if options positions need unwinding)
ESPN is fully permissionless. No vesting, no lockup. The mint price increases with the value of the underlying assets.
ESPN minting is capped and adjusted based on demand and market dynamics. See Quick Start for current details.
For the full mechanics of how the volatility trade works, see About ESPN. For risks specific to ESPN, see ESPN Risks.
STRAT Token
STRAT is live and trading on secondary markets. It is the protocol's equity token — holding STRAT gives you leveraged ETH exposure backed by the protocol treasury.
ERC-20 on Ethereum mainnet
For why STRAT accretes value over time, see STRAT Economics.
STRAT Staking
STRAT holders can stake to earn esETH yield. Staking is currently distributed via merkle-based rewards.
An on-chain staking contract (StakedStrat) with 7-day linear reward streaming is in the upcoming release — it will replace the merkle distribution with a fully permissionless, on-chain mechanism.
Live Contract Addresses
For the full list of deployed contracts, multisigs, and Derive chain addresses, see Contracts.
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