# 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.ethstrat.xyz/introduction/roadmap.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.