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關於STRAT
ETH Strategy（ethstrat.xyz）是一個鏈上國庫協議，為STRAT代幣持有者累積ETH。該協議向債券人發行零利率可轉換票據，債券人支付ETH並獲得CDT債務代幣及選擇權NFT。協議利用隱含選擇權溢價作為收入來擴充國庫，使STRAT持有者獲得槓桿化的ETH曝險。核心機制包括以esETH作為統一的國庫單位、質押以獲取ETH收益，以及國庫借貸（以STRAT+CDT作為抵押品，固定利率與期限，貸款期間無清算）。主要敘事為「鏈上MSTR」——即每單位STRAT對應的ETH（EPS）增長。市場痛點：DeFi借貸利率浮動且存在價格觸發清算；ETH持有者缺乏非稀釋性的槓桿曝險方式；加密選擇權市場缺乏天然的選擇權賣方。該協議透過固定期限無清算貸款以及與Derive合作的ESPN金庫（ERC-4626）出售covered calls來解決這些問題。開發時程2026-03-13至2026-09-13：ESPN金庫已與Derive合作上線，報告總回報率8.5–24.3%（淨回報6–22%）；國庫借貸已列入2026年第二季路線圖但尚未部署；鏈上質押仍在規劃中；無需許可的債券發行待定。風險：長期ETH下跌可能導致CDT按比例贖回；LST遭罰沒或脫鉤風險；國庫借貸的抵押品會被銷毀（而非託管），可能令用戶意外；貸款期間無清算，但若到期後忘記償還則會全額清算。
完成4650萬美元融資，其中96%資金用於以太坊質押及提供協議流動性，為國庫積累奠定基礎。 啟動為期兩個月的STRAT線性解鎖，並預告即將推出的國庫借貸產品，允許STRAT持有者以低於資產淨值的折扣借入ETH，進一步完善代幣經濟模型。 目前持有11,778枚ETH（約3440萬美元），展現國庫持續增長，同時推出ESPN產品作為首個收入來源。
Holder rights: ETH Strategy documentation shows STRAT staking is still closed, with only legacy unstaking available; a proposed design to stream treasury lending interest to stakers is not live, and dilution is meant to be offset by treasury ETH growth measured as ETH per STRAT.
Market and gaps: On September 8 the token traded at $0.1572 for a market value near $6.68 million on 42.49 million circulating tokens; no buyback, revenue, unlock or partnership announcements appeared in the past six months, and no up-to-date treasury ETH figure was disclosed.
ETH Strategy closed its pre-launch financing on August 4, 2026, raising 12,342 ETH (about $46.35 million), including 6,900 ETH from a private sale, and listed the STRAT token on Uniswap v4 that same week using a single-sided liquidity pool with an at-the-market (ATM) yield distribution mechanism
Future strategy and roadmap: In the Genesis phase the protocol already shipped the ESPN vault, which earns yield by selling covered call options through Derive, alongside STRAT staking and LP incentives, and the treasury has begun steadily accumulating ETH. The roadmap's Treasury Lending phase (target Q2 2026) will let STRAT holders borrow esETH against STRAT and CDT collateral using fixed-rate, fixed-term ERC-721 composable loan positions with no liquidation during the term and interest flowing back to stakers; the Full Protocol phase plans secondary CDT liquidity and governance decentralization.
共同創辦人：Clouted (@CloutedMind)。自稱「25歲退休的墮落者」，以太坊生態系統參與者，擁有5年加密貨幣推特歷史（自2021年4月起）。曾在Token2049的「數位資產國庫」論壇發言，擔任ETH策略的公開佈道者。自稱正在建設@oncredxyz。真實身分未公開；團隊匿名性引發社群質疑。未揭露其他核心高層。