Introduction
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Structured Notes, Settled On-Chain
Note Systems matches USDG note buyers with Stock Token holders. COUPON receives conditional coupons; SHIELD funds those coupons and receives conditional protection at maturity. The note core holds the assets backing matched obligations in escrow. Start with the worked example, then read the risks.
What These Docs Cover
The Protocol in One Table
| Component | Role | Denomination |
|---|---|---|
| Series | One autocallable barrier note on one Stock Token with a fixed observation schedule | Parameters in bps and 1e8 prices |
| COUPON | Note-buyer leg. Deposits USDG, earns coupons, wears the downside below the barrier at maturity | ERC-1155, 1 USDG = 1,000,000 raw leg units |
| SHIELD | Stock-holder leg. Posts Stock Tokens and prefunds coupons, receives a down-and-in put struck at S0 | ERC-1155, 1 USDG = 1,000,000 raw leg units |
| NoteCore | Escrow, matching, observation, settlement and claims | USDG and Stock Tokens |
| OracleAdapter / MarketCalendar | Reads the Chainlink-style feed only at official US equity closes | Prices in 1e8 |
| Desk | ERC-4626 USDG vault, counterparty of last resort for unmatched SHIELD supply, under hard caps | USDG |
| NOTE / sNOTE | Protocol token and its ERC-4626 staking vault; rewards are bought-back NOTE, streamed over 7 days | NOTE, 18 decimals |
| BondDepository, Treasury, RevenueRouter | Capital formation, the reserve-value floor and the continuous rising-price buyback auction | USDG, Stock Tokens, COUPON legs |
How to Read the Numbers
The labels distinguish protocol rules, illustrative examples and unconfirmed values.
- fact Protocol constants and formulas taken from the protocol specification. Verifiable on chain against the testnet deployment listed on the Addresses page.
- illustrative Example values chosen to make the maths concrete. They are not forecasts and not defaults.
- tbd Values not yet fixed (addresses, audit reports, governance parameters set at launch).
A specification value, a contract default and a deployed series value are different references. The worked example uses assumed fees, not universal deployment constants. Every series carries its own barrier, autocall level, coupon band and fee snapshots; the app reads those values from chain.
Status
- fact Testnet: live. The structured-note protocol is deployed on Robinhood Chain testnet (chain id 46630, deployment 12) and verified on the testnet explorer. The app reads these testnet contracts. Test assets and feeds are not mainnet assets. Verify individual contracts and deployment scope before interacting. See Addresses.
- fact Mainnet: NOTE token live. The NOTE token and its USDG pool are live on Robinhood Chain mainnet. The structured-note contracts are not yet on mainnet. A contract release requires its own deployment record and review scope. See Audits.
- fact Preview mode appears only when a network without deployed contracts is selected (mainnet, today) or when
?preview=1is added to the URL. In Preview, reads are illustrative and writes are disabled.
Stock Tokens are issued by Robinhood Assets and are not available to US persons; they are also restricted in the UK, Canada and Switzerland (see Robinhood docs). Note Systems inherits those restrictions. See Regulatory risk.
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