Note Systems Open app

Robinhood Chain · Autocallable barrier notes

Structured notes, settled on-chain.

Autocallable barrier notes on tokenised stocks. Fully collateralised. No liquidations. Observed at the official close.

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Protocol

How a note works

One underlying, a fixed schedule of official closes, and three levels that decide every payment.

Coupon

1.50% per observation

Paid at every scheduled close where the price holds at or above the barrier.

Autocall

100% of S0

Close at or above the strike on any later observation and the note ends early: principal plus coupon.

Barrier

65% of S0

Only a final close below the barrier delivers stock at S0 instead of cash. Nothing else can.

Levels shown are protocol defaults. Coupons are discovered per series at subscription close and fixed for its life.

Leg 0

COUPON

For USDG holders

A fixed coupon at every observation the barrier holds. Principal back in cash, or in stock at S0 on a maturity breach.

Deposits
USDG
Earns
Coupons
Downside
Stock at S0

Leg 1

SHIELD

For Stock Token holders

Post stock, pay coupons, and hold a put struck at S0 until autocall or maturity. Stock returned when the barrier holds.

Deposits
Stock Tokens
Pays
Coupons
Receives
Put at S0

Desk

Counterparty of last resort. Capped, transparent, on-chain.

A USDG vault that fills the COUPON side when protection demand exceeds note demand. Every cap is a contract parameter. Every position is a public token.

View the Desk in the app
NAV per share
1.0342USDG
Assets
12.4M USDG
Utilisation
38.2%

Illustrative figures. Live values appear in the app once contracts are deployed on Robinhood Chain.

NOTE

A token backed by cash flows, not promises.

Protocol fees buy NOTE. Reserves set a floor. Four mechanisms, each on-chain.

  • Bonds

    Discounted NOTE, vested.

    Buy NOTE below auction price with USDG, Stock Tokens or COUPON legs. Linear vest. Proceeds go to the treasury.

  • Staking

    sNOTE earns the buybacks.

    Stake NOTE for sNOTE. Repurchased NOTE streams to stakers over seven days, so the share price cannot be sandwiched.

  • Buyback auction

    Continuous. No DEX.

    Fee revenue buys NOTE in a Dutch auction. Price decays towards the floor and never below it.

  • Treasury floor

    Redeemable for reserves.

    Burn NOTE for its share of treasury assets, capped at 2% of reserves per day. A floor set by assets.

Security

Built to be audited.

Immutable contracts, custom errors, pull-based accounting, one solvency invariant that every test campaign attacks. No third-party audit has been completed yet.

Security methodology
  1. 01UnitEvery external function, every revert path.
  2. 02FuzzAll settlement and coupon math under random inputs.
  3. 03InvariantHandler-based actors against the escrow equality.
  4. 04DifferentialOn-chain results checked against a reference model.
  5. 05Statistical campaignsLong-run simulations of observation and oracle paths.
  6. 06Static analysisAutomated review on every commit.

Security programme

Find it first. Get paid.

Rewards for vulnerabilities, prizes for builders, one private channel for reports. Funded from the Ecosystem allocation.