STRAT Presale

How the protocol was bootstrapped — presale terms, vesting, and the rage-quit window.

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

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

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 and Links.