[en] Physics at DAΦNE, the φ factory under construction at the Laboratori Nazionali di Frascati is described. The physics programs include the following: the complete determination of 16 independent parameters which describe the K_S-K_L system; the first probable observation of CP violation in the K_S system; searches for other direct CP violating effects in asymmetries in neutral and charged K → 3π decay distributions and in K^± → π^±π⁰γ decay rates; precision measurements of the form factors in K semileptonic decays and tests of Chiral Perturbation Theory; studies of radiative φ decays to resolve puzzles in light meson spectroscopy; the study of K-nucleon interaction; the study of hypernuclei formation and decay. All but the last topic can be studied using the general purpose detector KLOE, which is being designed and built for running at DAΦNE. A special purpose detector, FINUDA, is being proposed for hypernuclei physics. (R.P.) 58 refs.; 8 figs.; 2 tabs