Capital,
restructured.
The world’s markets. Precisely structured.
Turn tokenised stocks into considered
positions, entirely onchain.
Built on Robinhood ChainMainnet
YOUR PERSPECTIVE.
NEW POSSIBILITIES.
S-DAMM
No Reserve Curve
A new automated market maker for tokenised stocks and ETFs against USDG on Robinhood Chain. One algebraic State Book anchors price to a verified reference print, then displaces it with the engine's inventory state.
Read the MechanicsAn Anchored Quote
The print anchors the market. Inventory displacement moves the state price above or below it; spread sets the bid and ask around that price.
Bounded by deliverable inventory, reference conditions and funded stress capacity.
- 01 / Displacement
- Zero when flat. Positive when the engine needs stock. Negative when it holds a surplus.
- 02 / Spread
- The side-specific cost around the displaced reference, distinct from inventory displacement.
- 03 / Confidence
- Decays as the print ages. Lower confidence widens quotes and reduces supported depth.
One Engine
Every Supported Market
Trade every supported stock and ETF through Swap, with the reference, quote costs and available depth visible before review. Provide single-asset liquidity, or inspect execution and inventory in Analytics.
- 01 / LIQUIDITY
Stock Inventory
Supply one Stock Token. Regular inventory serves qualifying reference sessions; Continuous inventory can also serve closed hours.
- 02 / LIQUIDITY
Senior USDG Vault
Supply USDG as a senior claim in USDG. Exits use free inventory or join the withdrawal queue.
- 03 / LIQUIDITY
Backstop
Supply junior USDG capital at variable net asset value. It absorbs inventory losses alongside the Engine Reserve.
Standalone capital. The protocol treasury receives a share of fees, but does not fund the book. Coverage is bounded by funded stress capacity, not a guarantee against loss. Asset, issuer, reference, contract and withdrawal risks remain.
Familiar markets.
A different instrument.
Start with the company you understand.
Then choose the structure that fits your perspective.
NVDA
NVIDIA
Nothing hidden.
Every step considered.
A structure is only as good as your understanding of it. Follow the path from your first commitment to the final outcome.
Illustrations simplify the mechanics. Coupons, autocall eligibility, fees and settlement depend on the actual series.
Read a worked exampleTwo sides.
Not two versions of the same trade.
COUPON
Capital, looking
for opportunity.
SHIELD
Exposure, with
a different edge.
Different exposures. Defined conditions. Neither leg removes market, contract, oracle or liquidity risk.
Read the risksNot an isolated product.
A connected foundation.
Capital, with a mandate.
Rule-based matching, explicit exposure limits and an inspectable allocation of capital. A counterparty of last resort, not a black box.
ERC-4626 / USDGExplore DeskUnderstand the terms.
Inspect the system.
The best interface doesn't ask you to take its word for it. Explore the concepts, mechanics, risk and integration details in one considered knowledge base.
Open the documentationWhat is a structured note?
A structured note connects a stock’s observed performance to a defined set of settlement rules. Note separates this into two positions: COUPON for USDG holders and SHIELD for stock holders. The coupon, barrier and autocall terms determine the outcome. Neither position is risk-free.
How do COUPON and SHIELD differ?
COUPON holders receive a coupon at observations where the barrier holds, while accepting stock delivery at the initial reference price if the maturity barrier is breached. SHIELD holders post stock and prefund coupons, receiving contractual protection on a maturity breach. Both sides should review the exact series terms.
Is my capital protected?
Not unconditionally. COUPON holders can receive stock worth less than their initial deposit after a maturity barrier breach. SHIELD protection depends on the series terms and carries costs. Full collateralisation does not eliminate market, oracle, contract or liquidity risk.
Which network does Note use?
The current Note application is on Robinhood Chain testnet. Protocol figures on this site are read from the testnet contracts, and every transaction in the app is signed by your own wallet on that network.