NOTE

Summary

fact

Property	Value
Standard	ERC-20 with Permit (EIP-2612) and Votes (ERC-5805 checkpoints), 18 decimals
Hard cap	100,000,000 NOTE (CAP)
Minting	Only whitelisted minters: BondDepository, Treasury and the gauge Minter
Genesis	60,000,000 NOTE (Tokenomics v3, September 2026) minted once via mintGenesis (owner-only, one-shot, hard-cap bounded, outside the epoch cap): 25,000,000 to the Uniswap launch auction and pool, 23,000,000 to the vesting vault, 12,000,000 to the custody timelock
Mainnet	Robinhood Chain (4663): 0xc4f730335Fb9e439ca5552f7b52B8E638c4245B0, source verified
Emission cap	mintCapPerEpoch NOTE per 7-day epoch, governable, counted from GENESIS
Burning	burn, burnFrom; Treasury redemption burns
Pausable	Minting is blocked when paused (guardian can pause, owner unpauses)

Beyond the one-shot genesis distribution, all supply enters through bonds, gauge emissions or governed Treasury minting, and each of those is bounded by the epoch cap. The remaining 40,000,000 NOTE under the cap are not minted at genesis.

Distribution

fact

Bucket	NOTE	Share of cap	Where it sits
Launch auction	17,500,000	17.5%	Sold through a Uniswap Continuous Clearing Auction against USDG; floor 0.002 USDG, minimum raise 20,000 USDG, about 24 hours
Launch pool reserve	7,500,000	7.5%	100% of the auction proceeds enter a Uniswap v4 NOTE/USDG pool at the discovered price, paired with NOTE from this reserve; reserve NOTE the proceeds cannot pair is held in the custody timelock. Protocol-owned liquidity
Founder, team, advisors and marketing	23,000,000	23.0%	VestingVault 0xFdd9…9962, released as contributors, advisors and promotion partners are onboarded
Ecosystem, community and treasury	12,000,000	12.0%	CustodyTimelock 0x4a53…18b8; no release before listing
Unminted	40,000,000	40.0%	Bonds, gauge emissions and governed Treasury minting under mintCapPerEpoch

No tokens were sold before the auction and the team takes no proceeds from it: everything raised becomes pool liquidity. Circulating supply on the first day of trading is the 17,500,000 auction tokens plus the NOTE inside the pool. If the minimum raise is not met the auction refunds every bidder and the 25,000,000 NOTE return to the custody timelock. See How the launch auction works.

Utility

1. Governance. NOTE votes (via ERC-20 Votes checkpoints) direct the timelock: series parameters, fee rates, oracle configuration, treasury asset whitelist, Desk caps, bond markets. See Governance.
2. Staking. NOTE deposited in sNOTE receives the NOTE bought back by the Buyback auction with 90% of protocol fees.
3. Floor redemption. Any NOTE holder may burn NOTE for its pro-rata share of Treasury reserves, subject to a haircut and daily cap. See Treasury floor.

Backing

NOTE is not a stablecoin and is not “backed 1:1”. The Treasury holds reserves that grow from bond sales (USDG, Stock Tokens, COUPON legs), 10% of protocol fees, and Desk returns. The ratio reserveValueQuote / circulatingSupply is the floor: the price at which redemption (net of haircut) makes NOTE worth more burned than sold below it, and the price the buyback auction never pays below.

circulatingSupply = totalSupply − balanceOf(Treasury) floor = reserveValueQuote / circulatingSupply (quote per NOTE)

illustrative If reserves are 4,000,000 USDG-equivalent and 10,000,000 NOTE circulate, the floor is 0.40 USDG per NOTE; with a 2% haircut, redemption pays 0.392.

Supply mechanics

epoch(t) = (t − GENESIS) / 7 days epochMintRemaining() = min(mintCapPerEpoch − mintedInEpoch[epoch], CAP − totalSupply)

A mint that would exceed either bound reverts. Governance sets mintCapPerEpoch (MintCapPerEpochUpdated). The epoch cap is the emission brake that the OHM design lacked: bond demand cannot inflate supply faster than governance has allowed per week, regardless of how many markets are open.

What NOTE is not

• Not a claim on COUPON or SHIELD escrow. NoteCore never touches NOTE.
• Not required to use the protocol. Notes are priced and settled in USDG and Stock Tokens.
• Not a promise of yield. sNOTE rewards are whatever the buyback actually purchases with realised fees.

Reference

Reflexive token designs have a well-documented history. Olympus (OHM) reached a market value around $4.35bn before falling 80 to 90% (The Block, January 2022). The mechanisms here that differ from that design are the hard cap, the per-epoch mint cap, the absence of rebasing, a fee-funded rather than emission-funded staking reward, and a redeemable reserve floor. They reduce but do not remove the risk that NOTE trades far below or far above reserve value. See Regulatory and token risk.