FAQ

General

Which wallets can I use? Any EVM wallet on Robinhood Chain: browser extensions (MetaMask, Rabby, Coinbase Wallet, Phantom), Coinbase Wallet mobile, Robinhood Wallet’s in-app browser, WalletConnect wallets once enabled, and Safe as a Safe App. Mobile instructions and network details: Wallets.

What is Note Systems in one sentence? A protocol on Robinhood Chain where stock holders buy crash protection from note buyers, with every payment escrowed up front and settled only at official market closes. Overview.

Is this live? The protocol runs on the Robinhood Chain testnet and the NOTE token is live on mainnet; the structured-note contracts reach mainnet after the external contract audit is published. The web surfaces completed their external audit in October 2026. Addresses, Audits.

Who can use it? Anyone eligible to hold Robinhood Chain Stock Tokens. They are not available to US persons and are restricted in the UK, Canada and Switzerland among others. Regulatory.

COUPON

What do I earn? A conditional coupon per paid observation, net of the fee snapshotted into the series. illustrative In the worked example, 0.45% gross becomes 0.3375% net with a 25% coupon fee. Worked example.

What can I lose? If the final observation is below the barrier you receive stock at s0, worth S_T / s0 of your principal. The loss is 1 − S_T / s0 less coupons received. Market risk.

Do I lose coupons already paid if the barrier breaks later? No. Accrued coupons are yours; claim them any time.

Can I exit early? Not through the protocol. Units are ERC-1155 and transferable; coupons accrued to you are settled on transfer so you do not lose them. COUPON.

What if I cannot receive Stock Tokens? Transfer your units to an eligible address before redeeming, or hold the units. Physical settlement requires the recipient to be eligible under the issuer’s rules. Issuer risk.

SHIELD

Why must I prefund coupons as well as deposit stock? The coupon is unknown until strike, so SHIELD must escrow coupon capacity at the cap plus the notional fee. illustrative A 140 bps cap across twelve observations and a 75 bps fee requires 17.55% of notional: 17,550.00 USDG on 100,000 USDG. Unmatched funding is refundable after strike; unused matched prefund returns at settlement. See SHIELD.

What do I get if the stock crashes? If the maturity barrier is breached, SHIELD receives one raw USDG unit per raw leg unit plus unused prefund. With six-decimal USDG, 1,000,000 raw units represent 1 USDG of notional. The matched Stock Tokens go to COUPON holders at the strike price.

What if the stock falls 20%? Above the barrier (60% to 88% of the strike depending on the underlying) you get your stock back and have paid the coupons. SHIELD covers crashes, not drawdowns. Barrier.

What happens on autocall? Protection under that series ends. You receive your stock and unused prefund. A new series has separate terms and risks.

Mechanics

When are prices read? Only at official US equity closes (16:00 New York, or registered early closes), from a Chainlink-style feed, using the last round within a bounded window. Weekend and after-hours prices never affect settlement. Oracle and MarketCalendar.

What if the oracle fails? The observation is deferred and retried by anyone. After 72 hours governance can propose a forced price (24-hour delay, evented) or cancel the observation. A cancelled intermediate observation pays no coupon; a cancelled maturity settles at the last good price. Oracle risk.

Who runs the cranks? Anyone. A successful strike or executed observation credits the effective configured keeper reward, capped by the series accrued fees. Automation and cranks.

Can I run a crank or open a new series from the app? Yes. When a series has due work its page shows a Crank due chip with a Run button that sends the call from your wallet and pays you the keeper bounty.

The Notes page shows an Issuance calendar card listing every stock with a template and whether today’s series is due, open, or blocked and why; Roll opens every due series in one call (RollPolicy.rollAll, or rollRange windows when the list is long) and pays the roll bounty per series opened. Selecting one stock shows its own roll card.

One series per stock opens each week on the testnet (the next opens on the closing day of the current one), so there is normally an open series on any trading day. Chainlink Automation normally does both first; the buttons are the permissionless fallback. Automation and cranks.

Where can I see all my positions in one place?

The Portfolio page.

It lists every note position with its health (buffer to the barrier: Sound, Watch, At risk, Breached), coupons received and still expected, the observation ladder, best and worst case at maturity, and the next payment date; your Desk shares, staked NOTE, bonds, governance lock and gauge votes; everything collectable right now with one action per row; every time-gated item you are waiting for; and the full activity record with CSV export.

Numbers read from the contracts are facts; anything derived under an assumption carries an est. marker with the assumption printed next to it. Health thresholds: Breached below the barrier, At risk under 10% above it, Watch 10% to 20%, Sound 20% or more.

Where do fees go? The series records its coupon and notional fee rates. Keeper rewards are deducted from accrued fees; the remaining sweepable amount goes to the fee sink and its configured allocations. Fees.

Token

What is NOTE for? Governance, staking (sNOTE receives buyback NOTE), and floor redemption against Treasury reserves. Hard cap 100m, per-epoch mint cap. NOTE.

Is NOTE backed? The Treasury holds reserves, and NOTE can be redeemed for a pro-rata share less a haircut, capped per day at dailyRedemptionCapBps of reserves (2% in the specification; the deploy script currently sets 5%, est. pending launch). This is a floor, not a peg. Treasury floor.

Is this OHM? It borrows bonds and a staking vault but has a hard cap, epoch-capped emission, no rebasing, fee-funded rather than emission-funded rewards, and a real redemption floor. OHM fell 80 to 90% from its peak (The Block); the differences reduce, not remove, that risk. Regulatory and token risk.

How does the buyback work? A rising-price auction with no DEX: each round starts at the Treasury floor and rises towards a capped maximum (twice the floor with the deploy-script setting), closing half of the remaining distance every 6 hours, until a seller accepts; a fill is capped at 25% of the reserve and starts the next round at the floor. Bought NOTE streams to sNOTE over 7 days. Buyback auction.

Developers

How do I find a position’s token id? (seriesId << 1) | leg, leg 0 COUPON, leg 1 SHIELD. ERC-1155 ids.

Why is a user’s leg balance zero after strike? Legs mint lazily. Call settle(seriesId, account) or any of claim/redeem/refund. Use accruedCoupon and previewRedeem, which account for unsettled deposits. Integrations.

Where is the ABI? forge build in contracts/. Interfaces are reproduced on Interfaces.