> 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/introduction/roadmap.md).

# Roadmap

ETH Strategy is rolling out in named phases. Each phase unlocks new capabilities for users and deepens the protocol's capital efficiency.

## Phase: Genesis `Complete`

The foundation. ETH Strategy launched with a presale, token, and its first yield product.

* **STRAT token** launched on Ethereum mainnet
* **Presale** raised 6,900 ETH at 1.069 mNAV from strategic investors and early supporters (4-month cliff + 2-month linear unlock)
* **ESPN vault** went live — the volatility trade, productized. Earns yield from selling covered call options through Derive
* **STRAT staking** via merkle distribution
* **LP incentives** for ESPN/USDS liquidity providers

**What this enabled:** STRAT holders gained leveraged ETH exposure. ESPN depositors gained access to a structured options yield product. The protocol treasury began accumulating ETH.

## Phase: Open Market `Upcoming`

The protocol becomes permissionless. Anyone can bond, stake, and convert — no intermediaries.

* **Permissionless bonding** — purchase USD-denominated convertible notes (paying with ETH), receive CDT + NFT option
* **On-chain STRAT staking** — StakedStrat contract with 7-day reward streaming replaces merkle distribution
* **Note conversion** — two paths: convert to STRAT (equity) or esETH (ETH), with partial exercise support

**What this enables:** A two-sided market opens between STRAT holders (equity) and bond buyers (debt). CDT supply becomes a transparent, on-chain measure of protocol leverage. The conversion mechanism creates organic demand for both STRAT and CDT.

For details on what's included, see [Upcoming Release](/introduction/upcoming-release.md).

## Phase: Treasury Lending `Q2 2026`

Protocol capital becomes productive. STRAT holders can borrow against their position without selling.

* **Fixed-rate, fixed-term lending** — borrow esETH using STRAT + CDT as collateral
* **ERC-721 loan positions** — transferable, composable
* **No liquidation during the term** — only post-expiry (6-month terms)
* **Interest revenue flows to STRAT stakers** via the StakedStrat reward pool

**What this enables:** STRAT holders access liquidity without giving up their leveraged ETH exposure. Lending interest becomes the primary revenue source for stakers, creating a sustainable yield flywheel independent of new bond issuance.

For the full mechanics, see [Treasury Lending](/core-mechanics/treasury-lending.md).

## Phase: Full Protocol `Future`

The complete vision. Capital efficiency deepens, governance decentralizes, and new strategies expand the protocol's reach.

* **CDT liquidity** — secondary markets and integrations for the fungible debt token
* **Governance decentralization** — transition from team-controlled multisig to community governance (structure to be shaped by public discourse post-launch)
* **Additional yield strategies** — expanding the treasury's earning potential beyond lending

**What this enables:** CDT becomes a liquid, composable DeFi primitive. Multiple yield strategies diversify protocol revenue. Governance moves to the community.

***

No specific dates are committed for the Full Protocol phase. Each capability will be announced, audited, and deployed as it's ready. Follow the [blog](https://blog.ethstrat.xyz/) and [@eth\_strategy](https://twitter.com/eth_strategy) for updates.