Have spoken about
$NOTE on my TG for a while now, but thought I'd share it here too because I genuinely find the product interesting.
NOTE takes idle tokenised stocks and turns them into structured autocallable notes. Stockholders buy crash protection (SHIELD). USDG depositors take the other side and earn coupons (COUPON).
They're essentially bringing the $500b / year autocallable market onchain.
Here's a simple example of how it works:
Imagine NVDA is trading at $100 and the mutually agreed protection price is $70.
You buy the COUPON side:
• You deposit $100 USDG
• As long as NVDA stays above $70 at the scheduled check dates, you receive coupons.
• If NVDA reaches $100+ on one of those dates, the note can autocall, meaning it ends early and you get your $100 back + coupons.
• If NVDA finishes below $70 at maturity, you don't get $100 back. You receive NVDA worth less than $100 instead.
Basically:
"I'll take the risk of NVDA crashing in exchange for a juicy yield."
The SHIELD side takes the opposite bet:
"I'll pay you those coupons because I want protection if NVDA crashes."
It's a novel product with existing demand in other venues, and a first mover with clear PMF.
On top of that, the devs and team seem experienced and include members and engineers that ran ORDS to 300m FDV, and has partnered with LayerZero, Thorchain, and many other big DAOs and VCs.
They also experienced LP issues earlier, and took $200k out of their own pockets to resolve the problems. This type of determination from projects is very rare nowadays.
As for recent updates, they've successfully completed a clean migration, and have secured a market maker.
Mainnet goes live after audit, and I can't wait to test this product out.
Bullish on the growth of
$NOTE
A minute inside the Note Systems app.
Browse the live series, open one, buy a COUPON leg or post SHIELD & watch the position land in your portfolio.
Everything is running on Robinhood Chain testnet right now.
Full breakdown of the launch & reward program, incl. links, below.