FAQ
General
Section titled “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? No deployment exists at the time of writing, and no third-party audit has been completed. 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
Section titled “COUPON”What do I earn? A coupon per observation while the stock is at or above the barrier, net of the 15% coupon fee. In the worked example 1.50% gross becomes 1.275% net per fortnight. 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
Section titled “SHIELD”Why must I prefund more than my notional? The coupon is unknown until strike, so the maximum possible coupons plus the notional fee are escrowed. Default: 104.25% of notional for 26 observations at a 4% cap. Unused prefund is returned at settlement. SHIELD.
What do I get if the stock crashes? 1 USDG per unit from the COUPON escrow, plus your unused prefund. Your Stock Tokens go to COUPON holders.
What if the stock falls 20%? Above the 65% barrier you get your stock back and have paid the coupons. SHIELD covers crashes, not drawdowns. Barrier.
What happens on autocall? Your protection ends. You receive your stock and unused prefund. Roll into a new series to stay covered.
Mechanics
Section titled “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. Each successful finalizeStrike or observe pays 2 USDG from 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. When a stock has no open series, the Notes page shows Roll new series, which calls RollPolicy.roll from the governance-approved template and pays the roll bounty. Chainlink Automation normally does both first; the buttons are the permissionless fallback. Automation and cranks.
Where do fees go? 15% of each coupon and 0.25% of notional at strike. 90% buys NOTE for stakers, 10% goes to the Treasury. Fees.
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 Dutch auction: price decays with a 6-hour half-life towards the Treasury floor; each fill bumps the start price 20% and is capped at 25% of the reserve. Bought NOTE streams to sNOTE over 7 days. Buyback auction.
Developers
Section titled “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.