> 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/tokenomics.md).

# Tokenomics

- [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.