We're a treasury strategy with a continually expanding pool of ETH. ETH grows through long-term convertible debt, with ETH treasury growth outstriping STRAT supply growth, leading to accretive dilution.

The ETH in the ETH Strategy treasury is deployed between various staking services and into a STRAT/ETH borrow lend. In this way the ETH is constantly earning yield.

STRAT mechanics are designed to autonoumously control the level of debt in the system, by reducing the value of the call options as debt increases. This ensures that the protocol as a whole has strong risk fundamentals.