# What is a dolphin strategy?

The vault earns a base APY from Lido and uses the remaining funding, plus the 0.5% of its deposits, to purchase weekly at-the-money knock-out barrier options. 

The weekly [barrier options](https://www.investopedia.com/terms/b/barrieroption.asp) enable the vault to participate in any ETH upside from 90% up to 110% of the ETH's spot level at the start of the week (upside barrier). However, if the price of ETH has increased by more than 10% at the end of the week, the barrier options expire worthless and the vault earns the base APY only.

<figure><img src="/files/4fwO2kmpzF5aU5RDHWKY" alt=""><figcaption></figcaption></figure>


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.ribbon.finance/ribbon-earn/ribbon-earn-steth/what-is-a-dolphin-strategy.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.