# STRAT Presale

## Protocol Bootstrap

At launch, the protocol required initial capital to seed the treasury and provide liquidity to the STRAT/ETH LP. A presale was conducted to raise this capital from strategic investors and early supporters.

A fee was taken to fund retroactive and ongoing operational costs, which brings the implied mNAV (multiple of Net Asset Value) for presale participants to **1.069**.

## Presale Terms

### Private Placement

Strategic investors and early supporters participated in a private placement. PreSaylors received an NFT (ERC-721) to commemorate their contribution.

* **6,900 ETH** raised at an implied mNAV of **1.069**

[https://x.com/eth\_strategy/status/1943641105108508924](https://x.com/eth_strategy/status/1943641105108508924?s=20)

### Public Presale

A public presale was conducted on the same terms as the private placement, allowing the broader community to participate alongside strategic investors. PreSaylors received an NFT (ERC-721) to commemorate their contribution.

* **1242 ETH** raised at an implied mNAV of **1.069** in \~1 hour of public sale.

The team closed the public sale after 1 hour as we did not want to raise too much upfront and wanted some demand spilling over into protocol launch.

[https://x.com/eth\_strategy/status/1948386567934111993](https://x.com/eth_strategy/status/1948386567934111993?s=20)

### Vesting

All presale participants were subject to a vesting schedule:

* **4-month cliff** — no tokens unlock for the first 4 months
* **2-month linear unlock** — after the cliff, tokens unlock linearly over 2 months

**All Presaylors are fully unlocked now**, Some have not burned their Presaylor NFT for liquid STRAT tokens yet.

## Rage-Quit Window

In early December 2025, the protocol offered a **rage-quit window** — a 2-week period during which presale participants could, instead of unlocking to liquid STRAT, exit their initial ETH investment at a **20% discount**. This was a good-faith mechanism: if the protocol's direction or timeline no longer aligned with an early backer's expectations, they had a clean exit option rather than being locked in.

The rage-quit window was deliberately time-limited (2 weeks only). The 20% discount reflected the illiquidity cost of an early exit — participants who wanted out could leave with 80% of their position's value, while those who stayed continued under the original vesting terms with the confidence that wavering capital had already been shaken out.

## Current Status

The presale is complete. STRAT is live and available on secondary markets. For current contract addresses and trading venues, see [Contracts](https://docs.ethstrat.xyz/references/contracts) and [Links](https://docs.ethstrat.xyz/references/links).