A new financial primitive is coming to RHC, a FIRST mover in the space, and another potential 9-figure DeFi protocol with an addressable market of nearly half a trillion USD. Let's talk about robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0 (@notesystems), one of the most interesting (and potentially profitable) new DeFi protocols that decentralizes Autocallable Structured Notes. Along with robinhood:0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d, another first mover (equity splitting), NOTE, for me, is one of the exciting new protocols building a new DeFi primitive around tokenized stocks, potentially unlocking billions and billions of new yeild opportunities from a market that never existed onchain. The arrival of onchain equities via RHC has let these protocols create new primitives that weren't possible before. It's a new golden era for DeFi, and onchain equities combined with v4 hooks enable a whole new slew of DeFi operations. I'm always on safari, hunting for unique, novel, and fucking exciting DeFi protocols trying to do brand new things. And I think I've found such in @notesystems. WHAT IS IT? NOTE is tokenizing "structured autocallable notes" Sounds boring and rather insipidly uninspiring. This is a handful of words that basically just mean you can hedge your tokenized stocks against a crash (the SHIELD), while another party can take the other side of the trade by depositing USDG and earn a fat yeild (the COUPON) on the bet that the stock does not crash below a certain point. NOTE does all that for you, peer-to-peer, matching both the buyer (hedging) and seller (liquidity provider) into a trustless transaction that auto-settles when the maturity date is reached. One side protects their stock upside; one side earns yeild. I'm not going to dig into exactly how it works. But go to the official page and read the detailed outline to understand: xitter.cf/notesystems/status/209… This is not some random vibe-coded " me too, made for the RH trenches bullshit. @notesystems is a real project by a real, cracked team. -NOTE is currently undergoing an audit; -doxxed experienced DeFi devs (Ordiswap dev) -team funded the LP with $200k of their own funds. -Project has also been worked on for months. MY THESIS: WHY? It's no secret that I've been extremely bullish on robinhood:0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d as one of the groundbreaking new DeFi protocols, bringing a brand-new primitive to RCH and opening up new markets and brand-new ways to earn additive yeild in DeFi. I've been shouting about it since the day it launched as a future 9- and even 10-figure protocol. I feel the same way about robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0: if the team executes, this will be core infra that grows alongside the entire onchain equity revolution. As the onchain market explodes with activity, actors, and infra, NOTE will be riding that wave of extreme growth. And by the looks of it, highly profitable growth. This one has all the right ingredients to bake you a genny fuck-you retirement cake kind of trade if it pans out. Yes, we are early. This one has been under the radar for a few weeks, but that's about to change. They launched quietly a few weeks ago. Unfortunately, the launch was botched because a sniper drained the entire LP pool of ETH. This set the launch back, and instead of doing the initial marketing, the team spent weeks cleaning up and massaging their now-angry community of initial token buyers. Well, when someone gets fucked, someone is doing the fucking. And in this case, what was bad for the community is good for you, because the market cap is sitting between 3M-5M and, as I see it, still very early on in the story of where this can, and I bet, will go. If the launch had gone smoothly, I believe this protocol would have been found quickly, hyped and shilled, and then you would be looking at buying in at 10-15M instead of 3-5M. But now the cat is out of the bag, metaphorically speaking, with the mainnet launch coming soon. And word is starting to leak. Once the protocol goes live, a new yeild opportunity will open, and a medley of new markets will likely form around these new primitives. This is the kind of product everyone will know soon, and you'll want to know sooner than most. TOKEN UTILITY 90% of protocol revenues are used to buy back robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0 from the market and distribute it to NOTE stakers. Token holders can also stake-lock to vote on the protocol. After reviewing the documents, I didn't see a buy-and-burn effect. You stake your robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0 for sNOTE and earn robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0 that the protocol buys from the market. Personally, I'd also like to see a burn mechanism, but earning the token bought back with revenues is a good holding incentive. There is significant vesting overhang. 17% was sold via the bonding curve, and 7.5% went to the LP pools. That's roughly 30% circulating. 23% is vested for team/founder/advisors/marketing. And 40% of the tokens were not minted at genesis. I assume they will be minted and used for future protocol. This isn't clear and should be addressed. Long-term: team vesting, etc. Short to mid term: the only circulating supply comes from token buyers at launch, which means the market cap is 1/3 of what's listed. I've been building my position between 2M and 6.5 M. I'm accumulating size because I think this is going to be a significant financial protocol, one that's building a brand new primitive with an untapped market. There is no comparable ceiling here for where this can go. It hasn't been super cheap on my final entries (probably a better entry when price cools down), but I believe these market caps will be cheap post-protocol launch. COMPARISONS: EXPECTATIONS? Short term 15-50M Long term 100M+ robinhood:0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d, the most similar financial protocol (a completely different primitive + market, though) to compare with, is sitting at ~15M market cap, BEFORE the audit is finished and before the protocol is live. A good chance robinhood:0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d shoots straight to the 25-50M range once the protocol is launched, provided the market is stable. More than this depends on market expansion. robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0 is between ~4M-6M FDV (keep in mind 1/3 of this is circulating). An audit is coming, and mainnet is close behind. This protocol could become highly profitable. Hedging the downside via a peer-to-peer method hasn't been done and could be a massive market. In tradefi, the market size of structured notes, offered only by banks, is hundreds of billions of dollars. I think it's not unreasonable that NOTE could follow along a similar trajectory to robinhood:0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d (20M-50M cap on protocol launch, higher as market expands) NOTE is catching attention and has started to run, so it might be best to wait for the price to cool down and pick up a dip, if we get one -- if you believe in the thesis of this new protocol. RISKS: -Team fails to execute -Market for structured notes turns out smaller than expected -Onchain equities adoption stalls, capping the entire ecosystem tied to it - Vesting overhang dilutes value. It appears 23% of the tokens are vested for founders, the team, advisors, and marketing. This is vested, but the breakdown is opaque. More of classic VC tokenomics, rather than the clean 100% distribution of the typical memefi token launch. On the plus side, only 30% of tokens are circulating, and slightly more than half (17%) were allocated to investors in the open sale.

PARE went from ~25M to 8M (with dips into the 6-7M range) over the past few days. I've had a lot of questions DMed to me after my last thread. Here's an update to my thoughts on where we are at and where we go from here. Nothing goes straight up, especially on a newly launched protocol that's mostly trading on future expectations. The price of robinhood:0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d is (probably) capped for the next 10 days while the market absorbs the following: - audit released Sep 19, which is in 10 days - liquidity rotation from RH to chase other eco plays - 40%-70% dips on most of the RH coins scaring buyers PARE Audits + new markets (lending, etc) will probably radically reprice the protocol because it shows the devs can and will ship the live product they are promising. From there it comes down to the growth story. Until then, price will probably go sideways, maybe with some dips depending on the overall Robinhood market. My gut feeling is to accumulate the more interesting financial protocols on this correction as attention rotates away from RH, on the expectation that it will certainly come back and twice as hard, which could be at any moment. Vlad could nudge the eco in any number of ways, which would send the entire eco on another mad rush up. However, this market dip is a fire sale for those bullish on the chain's future growth, and the projects helping shape that future growth. For me, @PareStocks is one of the most exciting and interesting bets we can make right now in that direction. WHY? We are talking about the activation of a new financial primitive. Onchain equities are still a very small (brand new) market. Exponential growth will happen over the next 6, 12, and 24 months. And markets for split onchain equities are pretty much zero. It's a brand-new market category forming here. It will take time for the new primitive to percolate through the market, for builders to build on it, and for these nascent markets to expand and attract liquidity. But @PareStocks is basically at the front of this, building this new financial category from zero. Seeing Pendle rapidly activate in this very same market, chasing PARE's move in fact, which was the first mover, only validates that this is a new market with growth potential worth chasing. Compared to Pendle, which is sitting at a stagnant 500M FDV, and which jumped onto RH this week like the very drowning man it was—a company whose entire future market cap was staked on offering future yeild on rapidly inflating crypto tokens—PARE STILL has significant upside in this market. In fact, the upside has not even begun yet! Even with Pendle entering the same market now, just a 10x growth for robinhood:0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d is still less than 1/10 the cap of $PENDLE. Delivering literally "anything" substantive into this brand-new market where nothing exists yet leaves room for significant future growth here, a bet I am certainly willing to make. This new market is literally going from ZERO to a few thousand right now to millions, and then potentially billions, then 10s of billions, and even hundreds of billions over the next few years. Think about what that represents here. Where are we right now, and where will we be? What kind of growth story is possible? And what will it mean for the companies directly building the financial railroads of the future? @PareStocks is building a brand-spanking-new protocol right where it'll matter most, poised for an asymmetrical growth explosion. It's in a fucking fantastic position if they execute a fraction of their vision. We are in the womb right now, still waiting for the birth, but this is a child that might grow up to become a superstar. To me, a 7 to 10M market cap is a cheap bet on that future. The main risk is the team's ability to execute, the fear of failing to do caping growth right now. Only time and delivery can alleviate that. So we have to earn trust with the audits and then the launch and opening of the markets (i.e., the launch of the protocol essentially). So until that's proven in deed, the market cap will be (rightly so) limited and trade on vibes and future expectations. So that's the risk here. The dev is anon, but the audits are a big move in the right direction for building trust. I seriously hope that at some stage of protocol growth, the dev will consider doxxing. This will help attract future liquidity, though it's not necessarily crippling if the protocol is deemed trustworthy with audits + time. But if the team starts to execute, they are surfing at the apex of a future financial tsunami that's going to flood every corner of the financial industry; that's going to drench and soak into every little crack of tradfi as it moves onchain. For me, I'm going to buy that future at a discount right now.