> 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/security-and-risk.md).

# Security & Risk

- [Risks](https://docs.ethstrat.xyz/security-and-risk/risks.md): Honest assessment of protocol-wide risks with mitigations — not boilerplate disclaimers. ESPN-specific mechanics, addresses, and examples describe the legacy vault, not EARN. EARN requires separately
- [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. ESPN-specific mechanics, addresses, and examples describe the legacy vault, not E
- [Audits](https://docs.ethstrat.xyz/security-and-risk/audits.md): Security audits — what's been audited, by whom, and what's in progress. ESPN-specific mechanics, addresses, and examples describe the legacy vault, not EARN. EARN requires separately verified contract
- [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. ESPN-specific mechanics, addresses, and examples describe the lega