# Live Now

ETH Strategy has live products generating real yield today. Here's what you can use right now.

## ESPN Vault

The [ESPN vault](/espn/espn.md) is the protocol's first product — an ERC-4626 vault that earns yield by selling covered call options on ETH through [Derive](/espn/derive-options.md).

* **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.

{% hint style="info" %}
ESPN minting is capped and adjusted based on demand and market dynamics. See [Quick Start](/espn/quick-start.md) for current details.
{% endhint %}

For the full mechanics of how the volatility trade works, see [About ESPN](/espn/espn.md). For risks specific to ESPN, see [ESPN Risks](/espn/risks.md).

## 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
* **Contract:** [0x14cF922aa1512Adfc34409b63e18D391e4a86A2f](https://etherscan.io/address/0x14cF922aa1512Adfc34409b63e18D391e4a86A2f)

For why STRAT accretes value over time, see [STRAT Economics](/tokenomics/strat-economics.md).

## 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](/introduction/upcoming-release.md) — 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](/references/contracts.md).


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