Zach

.Note Systems is a first mover on Robinhood for quite a few things. 1. 𝗙𝗶𝗿𝘀𝘁 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝗱-𝗻𝗼𝘁𝗲𝘀 𝗽𝗿𝗼𝘁𝗼𝗰𝗼𝗹 𝗼𝗻 𝗮𝗻𝘆 𝗰𝗵𝗮𝗶𝗻. Structured notes are a $422B/year product every major bank sells. No on-chain equivalent existed before. 2. 𝗙𝗶𝗿𝘀𝘁 𝘁𝗼 𝗽𝗿𝗶𝗰𝗲 𝗮𝗻𝗱 𝘀𝗲𝘁𝘁𝗹𝗲 𝗯𝗼𝘁𝗵 𝘀𝗶𝗱𝗲𝘀 𝗽𝗲𝗿𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝗹𝗲𝘀𝘀𝗹𝘆. Earlier DeFi structured-product protocols sold one-sided vanilla options to whitelisted market makers. Note prices the yield side and the hedge side with no dealer, lender or issuer in the middle. 3. 𝗙𝗶𝗿𝘀𝘁 𝘁𝗼 𝗽𝗮𝗶𝗿 𝘁𝘄𝗼 𝗴𝗿𝗼𝘂𝗽𝘀 𝘁𝗵𝗮𝘁 𝗰𝗼𝘂𝗹𝗱𝗻'𝘁 𝘁𝗿𝗮𝗱𝗲 𝘄𝗶𝘁𝗵 𝗲𝗮𝗰𝗵 𝗼𝘁𝗵𝗲𝗿 𝗼𝗻-𝗰𝗵𝗮𝗶𝗻: stablecoin holders earning a coupon and stock-token holders buying crash protection. 4. 𝗙𝗶𝗿𝘀𝘁 𝗰𝗿𝗮𝘀𝗵 𝗽𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝘁𝗼𝗸𝗲𝗻𝗶𝘇𝗲𝗱 𝘀𝘁𝗼𝗰𝗸𝘀 𝘁𝗵𝗮𝘁 𝗰𝗮𝗻'𝘁 𝗯𝗲 𝗹𝗶𝗾𝘂𝗶𝗱𝗮𝘁𝗲𝗱. $2.9B of tokenized stocks sit on-chain, and the only way to hedge them is a short that can close you out at the worst moment. A note is escrowed at inception, the protection holds whatever the price does. 5. 𝗙𝗶𝗿𝘀𝘁 𝗰𝗿𝗮𝘀𝗵 𝗽𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻 𝗼𝗻 24/7 𝗺𝗮𝗿𝗸𝗲𝘁𝘀. The NYSE can halt; on-chain there's no pause. Note is the first way to hedge a stock coin that can free-fall at 3 a.m. 6. 𝗙𝗶𝗿𝘀𝘁 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝗱-𝗽𝗿𝗼𝗱𝘂𝗰𝘁 𝘃𝗲𝗻𝘂𝗲 𝗼𝗻 𝗥𝗼𝗯𝗶𝗻𝗵𝗼𝗼𝗱 𝗖𝗵𝗮𝗶𝗻, positioned for the TradFi capital that chain is courting. Robinhood Chain is adding redemption and voting rights to tokenized stocks; that money will look for familiar instruments first. 7. 𝗙𝗶𝗿𝘀𝘁 𝗳𝘂𝗹𝗹𝘆 𝗰𝗼𝗹𝗹𝗮𝘁𝗲𝗿𝗮𝗹𝗶𝘇𝗲𝗱, 𝗲𝘀𝗰𝗿𝗼𝘄𝗲𝗱 𝘃𝗲𝗿𝘀𝗶𝗼𝗻 𝗼𝗳 𝘁𝗵𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝘁. No liquidations, no dealer credit risk, no issuer default risk. Banks can't structurally offer that.