Note Systems 101. Two people want opposite things from the same stock. One wants income. The other already holds it and wants protection if it falls. Note Systems writes a single contract where each one pays for what the other needs. Underneath, it's an on-chain issuer of autocallable barrier notes on tokenised stocks, matching buyers who want fixed periodic coupons against holders who want paid protection on stock they already own. Every leg is escrowed at subscription and settled by contract, so there is no unsecured claim on an issuer, no liquidation possibility and no margin calls. It brings the structured products desk on-chain as a permissionless primitive. No issuer balance sheet. The coupon is discovered by the market on each series rather than set by a desk. Positions are transferable ERC-1155 tokens that other protocols can hold, collateralise or trade. $NOTE is the protocol's governance and fee asset. Every series struck generates notional and coupon fees, and all of it routes back to holders.

2,000+ people have now used the Note Systems protocol. 2x growth in the last 96 hours. 24,500+ deposits across 48 notes. 21.5M+ $USDG tracked on-chain. Structured notes didn't even exist on-chain a few weeks ago. Now there's a market. Join in: note.systems/community

Introducing the Desk. A market only works if someone is always willing to take the other side. Otherwise you show up and wait. The Desk is always there, so notes get written. And if you just want to earn, it's one deposit – no stock or levels to pick, nothing to manage.

Every fee Note Systems collects ends up with $NOTE holders. 90% buys $NOTE through a continuous auction & goes to stakers. 10% backs the redemption floor. Fees run ~3.25% a year on capital in live notes. A half-trillion dollar existing market, and we're bringing it on-chain.

New portfolio page is live! What's claimable now, what's still coming, and how far every position sits from its barrier. Click into any note and you see each scheduled observation, its recorded close, and exactly what you receive in every possible outcome – before it happens.

Every zero-to-one in DeFi looks the same. Something that used to require an intermediary stops requiring one. @aave did it for lending by creating money markets onchain. Not a better lender, but the removal of the lender as a requirement. Note Systems is that moment for structured products. A structured note today lives on a bank's book, issued, held and exited only through the issuer. Robinhood Chain supplies the missing piece via tokenized equities (stocks, ETFs) onchain, and Note Systems turns the desk itself into a protocol. The utility lands on both of the chain's core users. Stock holders get downside protection on positions they already hold. Stablecoin holders get a defined yield that's superior to what lending markets can offer, backed by escrowed collateral rather than by a borrower. Real assets, held by real users, made useful. That is what the Robinhood Chain is for, and it's the layer we're building on top of it.

Writing contest with $5,000 in rewards is live! Thread, article or long-form post – your format. Write about Note Systems and what we're building, tag us & $NOTE, and drop the link in Discord. One week to enter. Nine winners. Details in our Discord: → discord.gg/GDrmjADh5

Twelve days since Note Systems came out of stealth. Everything that happened in the article below. Structured notes have never existed on-chain. We are building that entire category on Robinhood Chain.

1,000+ users have now tried out Note Systems on testnet. Almost 2x growth in the last 48 hours, with 1,101 depositors and 778 shielders. Deposits grew 2.5x to 6,700. Just the first milestone we set for ourselves. Thank you to everyone taking part. → note.systems/community/

Note Systems Bonds walkthrough, and why they matter for you and for the protocol. A bond swaps an asset – USDG, a Stock Token, or a live COUPON leg – for $NOTE that unlocks over a vesting period. For the user: a price that can never sit below the treasury's redemption value, and a discount to the $NOTE market price when the protocol needs reserves. For the protocol: the treasury grows, which raises the reserve value behind every $NOTE and funds the Desk – the vault that fills the other side of a note when demand is one-sided, so series can open before the market is deep enough to match itself. Both ends compound: more bonds → deeper treasury → more notes → more fees → more $NOTE buybacks → a higher floor under $NOTE → more value for $NOTE holders. Check out the video for a full walkthrough. Live on testnet on @RobinhoodCrypto.

More capital onchain to hold real equities. Huge step for tokenization. Owning the stock is step one. Everything after is how equity markets have always developed: defined outcomes, downside protection, yield set in advance. That is the layer we're building on Robinhood Chain.

Testnet update: 607 depositors have now made 2,632 deposits across 32 notes, with 3.6M USDG tracked. Structured notes are a new primitive onchain. We are excited to be building it out & spearheading its adoption on Robinhood Chain. Get started here: → note.systems/community/

You can write a note on far more than you'd think... A note needs one thing from its underlying: a token that can actually be delivered, with a price feed and a settlement calendar behind it. So three kinds of things qualify: – Tokenized stocks – $NVDA, $AAPL, $TSLA, etc. That's already live on testnet today, with more assets to be added. – Tokenized ETFs – $QQQ, $SPY. An ETF is a real fund with real shares, so it delivers the same way a single stock does. Coming next. And then the third one is where it gets interesting with DeFi... – Anything else someone builds – custom index tokens, vault shares, baskets weighted however their creator wants. In traditional markets a bank decides what gets structured-note treatment, and the list stays short because every addition is a business decision someone has to justify. On-chain those are two separate jobs. Someone can build the thing people want exposure to, and Note Systems becomes the risk layer on top of it.

Thank you @longbowlend for covering how Coupon and Shield legs could work as collateral in your markets! Credit is one of the ways. Trading, vaults and strategies are others. Truly excited to create a new DeFi market on @RobinhoodCrypto, by making structured notes composable.

Our most informative page yet. View detailed deposits, live stock issuance, barrier breakdowns, fees earned, $NOTE staked, locked & bought back, and more! → note.systems/analytics/

Redemption & voting open stock tokens to more TradFi capital. It arrives wanting what it already uses. Structured notes are one of the largest products in private wealth. Zero on chain. Note Systems is building the first, on Robinhood Chain. Live on testnet, audit underway.

Every Note Systems position is an ERC-1155 asset in your own wallet. For the first time ever structured notes can be traded, pooled or posted as collateral – anywhere on @RobinhoodCrypto. Inside: how a note works as collateral, with a @Morpho case study.

We have engaged @cyfrin for a full audit of the Note Systems protocol – all 18,830 lines of code. Cyfrin has audited $50B+ in TVL, including Chainlink, Uniswap, Lido and ZKsync. The review runs ahead of mainnet. Testnet campaigns & further upgrades continue in the meantime.

Deposit. Choose your risk. Ride the streak. Two-minute walkthrough of the community reward program page – points, streaks, bonuses, salvage window, leaderboard. Live on Robinhood Chain testnet now. Full breakdown on it all in the article below 👇

A comprehensive audit of the full $NOTE codebase is being arranged ahead of mainnet protocol release. In the essence of security and transparency, we have conducted an initial analysis using available tooling from @Nethermind – no high or critical findings across 71 contracts.