# ETH Strategy Documentation

## LIVE: ETH Strategy Documentation

- [Getting Started](https://docs.ethstrat.xyz/readme.md): Leveraged ETH exposure without liquidation risk, volatility decay, or funding costs.
- [Start Here](https://docs.ethstrat.xyz/guides/start-here.md): Choose your path — ETH Strategy serves different participants with different goals.
- [➤ STRAT Holders](https://docs.ethstrat.xyz/guides/strat-holders.md): Guide for STRAT holders — leveraged ETH exposure, staking yield, and how the treasury backs your position.
- [➤ Bond Buyers](https://docs.ethstrat.xyz/guides/bond-buyers.md): Guide for bond buyers — convertible notes, CDT, NFT options, and the conversion/redemption lifecycle.
- [➤ ESPN Depositors](https://docs.ethstrat.xyz/guides/espn-depositors.md): Guide for ESPN depositors — earn yield from ETH volatility without directional exposure.
- [➤ Borrowers](https://docs.ethstrat.xyz/guides/borrowers.md): Guide for borrowers — access liquidity from your STRAT position without selling, at fixed rates with no liquidation during the term.
- [➤ Developers](https://docs.ethstrat.xyz/guides/developers.md): Guide for developers and integrators — build on ETH Strategy's tokens, contracts, and protocol interfaces.
- [Start Learning](https://docs.ethstrat.xyz/academy/start-learning.md)
- [Staking & Liquid Staking](https://docs.ethstrat.xyz/academy/staking-and-liquid-staking.md)
- [Leverage & Liquidation](https://docs.ethstrat.xyz/academy/leverage-and-liquidation.md)
- [How Treasury Accumulation Works](https://docs.ethstrat.xyz/academy/treasury-accumulation-model.md)
- [Convertible Notes Explained](https://docs.ethstrat.xyz/academy/convertible-notes-explained.md)
- [What is ETH Strategy](https://docs.ethstrat.xyz/introduction/what-is-eth-strategy.md): Why ETH Strategy exists, what it does, and the journey from idea to protocol.
- [Market Opportunity](https://docs.ethstrat.xyz/introduction/market-opportunity.md): The markets ETH Strategy is building into — and why the gap between TradFi infrastructure and DeFi represents a generational opportunity.
- [Protocol Overview](https://docs.ethstrat.xyz/introduction/protocol-overview.md): How STRAT, esETH, and CDT fit together to create non-liquidatable leveraged ETH exposure.
- [Token Routes](https://docs.ethstrat.xyz/introduction/token-routes.md): How esETH, STRAT, CDT, and NFT Options flow through the protocol — every route, every user journey.
- [Live Now](https://docs.ethstrat.xyz/introduction/live-now.md): What you can use today — ESPN vault, STRAT token, staking, and LP incentives.
- [Upcoming Release](https://docs.ethstrat.xyz/introduction/upcoming-release.md): What's coming next — permissionless bonding, on-chain staking, and note conversion.
- [Roadmap](https://docs.ethstrat.xyz/introduction/roadmap.md): Named phases from Genesis to the full protocol — where ETH Strategy has been and where it's going.
- [esETH](https://docs.ethstrat.xyz/core-mechanics/eseth.md): The non-rebasing 1:1 ETH-pegged wrapper that unifies multiple liquid staking tokens into a single denomination layer for the entire protocol.
- [STRAT Staking](https://docs.ethstrat.xyz/core-mechanics/strat-staking.md): Stake STRAT to earn esETH yield — with 7-day reward streaming that prevents frontrunning and rewards long-term holders.
- [CDT](https://docs.ethstrat.xyz/core-mechanics/cdt.md): The fungible debt token that tracks what the protocol owes — and powers the conversion mechanism.
- [Treasury Lending](https://docs.ethstrat.xyz/core-mechanics/treasury-lending.md): Borrow esETH against STRAT + CDT collateral — fixed-rate, fixed-term, with no liquidation risk during the loan.
- [Convertible Notes](https://docs.ethstrat.xyz/core-mechanics/convertible-notes.md): Purchase USD-denominated convertible notes and receive composable debt and conversion rights — the engine of treasury growth.
- [Conversion of Notes](https://docs.ethstrat.xyz/core-mechanics/conversion-of-notes.md): Two paths to exercise your convertible note — convert to STRAT or esETH before expiry, or redeem for USD notional after.
- [STRAT Economics](https://docs.ethstrat.xyz/tokenomics/strat-economics.md): How STRAT accretes value — the implied option premium, treasury lending revenue, and supply constraints.
- [STRAT Presale](https://docs.ethstrat.xyz/tokenomics/strat-presale.md): How the protocol was bootstrapped — presale terms, vesting, and the rage-quit window.
- [$EGY Tokenomics](https://docs.ethstrat.xyz/tokenomics/usdegy-tokenomics.md): The $EGY incentive model — OTM options emissions aligned with protocol growth.
- [MSTR Comparison](https://docs.ethstrat.xyz/tokenomics/mstr-comparison.md): How ETH Strategy improves on MicroStrategy's convertible debt playbook in a composable DeFi environment.
- [LST Comparison](https://docs.ethstrat.xyz/tokenomics/lst-comparison.md): How esETH compares to stETH, rETH, cbETH, and weETH — and why a protocol needs its own denomination layer.
- [Yield Performance](https://docs.ethstrat.xyz/tokenomics/yield-performance.md): Historical yield data for ETH Strategy's underlying sources and projected protocol returns. Updated quarterly.
- [Treasury Transparency](https://docs.ethstrat.xyz/tokenomics/treasury-transparency.md): Real-time treasury composition, allocation breakdown, and on-chain verification methods. Updated quarterly with realized data.
- [Governance & Alignment](https://docs.ethstrat.xyz/governance-and-alignment.md): Who controls what, which parameters are tunable, and the path toward decentralization.
- [Quick Start](https://docs.ethstrat.xyz/espn/quick-start.md): How to deposit, earn yield, and redeem from the ESPN vault.
- [About ESPN](https://docs.ethstrat.xyz/espn/espn.md): The volatility trade, productized — earn yield from ETH options without directional exposure.
- [Risks](https://docs.ethstrat.xyz/espn/risks.md): Honest assessment of ESPN-specific risks — what can go wrong, and how the design mitigates it.
- [Derive Options](https://docs.ethstrat.xyz/espn/derive-options.md): How ESPN uses Derive to execute the covered call strategy under the hood.
- [Staking Incentives](https://docs.ethstrat.xyz/espn/staking-incentives.md): Stake ESPN LP tokens to earn boosted yield — rewarding longer lock periods with higher returns.
- [Risks](https://docs.ethstrat.xyz/security-and-risk/risks.md): Honest assessment of protocol-wide risks with mitigations — not boilerplate disclaimers.
- [Defense in Depth](https://docs.ethstrat.xyz/security-and-risk/defense-in-depth.md): How eight independent safety layers stack to protect every participant — from smart contract level to economic design.
- [Audits](https://docs.ethstrat.xyz/security-and-risk/audits.md): Security audits — what's been audited, by whom, and what's in progress.
- [Decentralization Scorecard](https://docs.ethstrat.xyz/security-and-risk/decentralization-scorecard.md): Self-assessment of ETH Strategy's decentralization status — what's strong, what's in progress, and what's honestly centralized today.
- [Integration Guide](https://docs.ethstrat.xyz/developers/integration-guide.md): Integrate esETH, STRAT, CDT, and StakedStrat into your protocol, wallet, or application — with opinionated guidance and working code.
- [Contract Reference](https://docs.ethstrat.xyz/developers/contract-reference.md): Complete API reference for every ETH Strategy smart contract — function signatures, parameters, return values, access control, and revert conditions.
- [AI Agents](https://docs.ethstrat.xyz/developers/ai-agents.md): Structured protocol data and operational instructions for AI agents, LLMs, and autonomous systems interacting with ETH Strategy.
- [In-App Education Panels](https://docs.ethstrat.xyz/developers/in-app-panels.md): Contextual education content designed to be embedded directly in the app UI at each transaction point. Three cards per section, 2–3 sentences each.
- [Contracts](https://docs.ethstrat.xyz/references/contracts.md): Deployed contract addresses for ETH Strategy on Ethereum mainnet and Derive chain.
- [LLMs.txt](https://docs.ethstrat.xyz/references/llms.md): Machine-readable protocol documentation for AI models and agents.
- [Links](https://docs.ethstrat.xyz/references/links.md): Official channels, community links, and external resources.