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Noon$NOON: A Governance token with real returns
At Noon, we believe governance shouldn’t just be a responsibility—it should be rewarded. Protocols are complex systems that need constant tuning, and those who participate in shaping them deserve to see value in return. That’s why we’ve designed $NOON and $sNOON not just as tokens of participation, but as vessels of long-term value creation. While most governance tokens offer a say in decision-making—and, implicitly, the chance to benefit from token appreciation—we wanted to go further. At No...
NoonHow Noon Keeps Your Yield Safe: Three Layers of Insurance
At Noon, we don’t just care about returns. We care about your capital, and keeping it safe.In a world where DeFi promises high yields but can sometimes deliver high drama, we set out to make something different: a platform where your assets are secure, and your returns are safe, transparent, and reliable.Noon’s Safety Starts with Our StrategiesBefore we talk about insurance, let’s start with the foundation: our strategies. Every deployment at Noon is designed to minimize daily volatility whil...
Noon7 ways Noon is building the safest and most transparent stablecoin
Over the past two weeks, the stablecoin space has seen some controversy. According to recent reports, the TVL of some prominent stablecoin protocols appear to have been artificially inflated through recursive lending between themselves, a cycle where each protocol lends to the other using their own tokens as collateral. On the surface, that can make numbers look impressive. Underneath, it creates fragile, circular exposure, the very kind of hidden leverage that has caused collapses before. Th...
<100 subscribers
Noon$NOON: A Governance token with real returns
At Noon, we believe governance shouldn’t just be a responsibility—it should be rewarded. Protocols are complex systems that need constant tuning, and those who participate in shaping them deserve to see value in return. That’s why we’ve designed $NOON and $sNOON not just as tokens of participation, but as vessels of long-term value creation. While most governance tokens offer a say in decision-making—and, implicitly, the chance to benefit from token appreciation—we wanted to go further. At No...
NoonHow Noon Keeps Your Yield Safe: Three Layers of Insurance
At Noon, we don’t just care about returns. We care about your capital, and keeping it safe.In a world where DeFi promises high yields but can sometimes deliver high drama, we set out to make something different: a platform where your assets are secure, and your returns are safe, transparent, and reliable.Noon’s Safety Starts with Our StrategiesBefore we talk about insurance, let’s start with the foundation: our strategies. Every deployment at Noon is designed to minimize daily volatility whil...
Noon7 ways Noon is building the safest and most transparent stablecoin
Over the past two weeks, the stablecoin space has seen some controversy. According to recent reports, the TVL of some prominent stablecoin protocols appear to have been artificially inflated through recursive lending between themselves, a cycle where each protocol lends to the other using their own tokens as collateral. On the surface, that can make numbers look impressive. Underneath, it creates fragile, circular exposure, the very kind of hidden leverage that has caused collapses before. Th...
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At Noon, our mission to be the most intelligent stablecoin in the world means we are constantly evolving. What began as a focused set of yield strategies has grown into a broader, more resilient portfolio designed to capture every stable, scalable source of yield across both traditional and decentralised finance. Alongside our existing strategies in CeFi (basis trading) and TradFi (CLOs, private credit, treasury bills), we’ve recently begun sourcing yield from DeFi through lending on Morpho. Now, we’re taking the next step in expanding our DeFi suite with a new strategy: buying Principal Tokens (PTs) on yield-trading platforms like Pendle.
Yield-trading platforms like Pendle are protocols that split yield-bearing assets into two parts: Principal Tokens (PTs), which represent the underlying at maturity, and Yield Tokens (YTs), which capture the variable yield until then. For Noon, PTs offer a compelling way to lock in fixed yield, with clear risk/reward parameters.
To illustrate how we assess new DeFi strategies, we’re continuing our series of “open evaluations” with another live example. This time, we’re evaluating PTs on Pendle.
We invite all users to head to our governance forum where we’ve summarised our research into PTs and opened the floor to discussion. Whether you’re curious, skeptical, or excited—we welcome your questions and perspectives. After 2 weeks of community feedback, we’ll move to a formal vote shortly to determine whether buying PTs should be added to Noon’s list of permitted deployment strategies.
In Noon’s case, we would only buy PTs backed by protocols that are highly liquid, highly trustworthy, and provide yields that outperform U.S. Treasury bills. You can find more information about the PTs that we’d choose in our Risk Assessment.
Why holding PTs can be an attractive strategy for Noon:
Yields: Buying PTs locks in a fixed return, often in the range of 8–12% APY.
Liquidity: Pendle offers deep liquidity in PTs across multiple protocols, allowing Noon to take meaningful positions while maintaining exit flexibility.
Safety: By focusing on PTs backed by highly liquid and trustworthy protocols, Noon can capture attractive yields while keeping risk tightly managed.
Smart contract risk mitigation: As our other DeFi strategies show, by mitigating smart contract risk via insurance, we’re able to access higher yields from PT tokens while maintaining no exposure to risk of vulnerabilities or exploits at the smart contract level.
Pendle offers PTs across a broad range of maturities and underlying assets. For Noon, the priority is clear: PTs with deep liquidity and backing from highly trustworthy protocols. We favour longer maturities, as they reduce the need for active management and help minimise transaction costs. At the same time, we focus only on opportunities where the implied APY meaningfully outperforms U.S. Treasury bill rates.
As with all potential deployment strategies, PTs are being evaluated through Noon’s four-phase pipeline, which ensures every new asset is vetted through a rigorous and transparent lens.
1. Strategy and Asset Class Selection
We begin by screening for assets that:
Offer stable and attractive risk-adjusted returns
Are liquid relative to our withdrawal needs
Can be monitored programmatically
Align with a crypto-native future
PTs on Pendle meet these criteria when sourced from highly liquid, trustworthy protocols. By favouring longer-dated PTs and applying clear position caps per pool, Noon can capture strong yields while maintaining sufficient exit liquidity and minimizing transaction costs.
2. Risk Assessment Framework ← You are here
This blog post marks the start of our second phase — open evaluation. We’ve published a summary of our risk assessment in the forum, covering market correlation, liquidity risk, counterparty/issuer risk, and smart contract considerations. We will continue this phase with a community discussion followed by a vote.
Key takeaway so far: PTs offer fixed returns with low price volatility, but require careful analysis of the underlying protocol and available liquidity. We encourage users to challenge or expand on this conclusion.
3. Execution Planning
If community feedback and further analysis suggest Pendle PTs fit within our stability-first mandate, we will define:
Which PT maturities are eligible
Deployment caps per PT pool
Minimum discount thresholds — we only buy PTs when the implied yield clearly exceeds the T-bill rate after factoring in transaction and operational costs
Exit triggers based on liquidity levels, PT price drift, or changes in the underlying protocol’s risk profile
This ensures that any yield earned is not only attractive, but also safeguarded against exit risk and protocol-level concerns.
4. Testing & Scaling
We will begin with small-scale deployments into the most liquid PT pools. Positions will be monitored actively, with real-time alerts on price, liquidity depth, and the health of the underlying protocols.
As Noon Capital grows, so does our commitment to community-led strategy selection. With our governance token now live, token holders can go beyond giving feedback—you have the power to vote (with sNOON) on whether we proceed with new strategies and asset classes, such as Pendle PTs.
Every new yield strategy will be surfaced transparently and decided collectively. Your voice isn’t just heard—it’s counted.
Over time, this transition will move Noon from centralised intelligence to a decentralised, community-driven yield engine. Whether it’s Pendle PTs, tokenised T-bills, or new structured products, our direction is yours to shape.
We’re very excited to be expanding further into DeFi yield, now considering the addition of PTs. While there are many more DeFi strategies our team is researching, PTs feel like a natural next step: liquid, transparent, and yield-enhancing.
PTs offer a compelling mix of fixed yield, liquidity, and safety—but like all strategies, they carry risks that must be carefully managed. With smart guardrails, position sizing, and community oversight, they could become a core part of Noon’s suite of strategies.
For the next 2 weeks, we invite you to join the conversation in our governance forum: 👉 [Read the full risk assessment and share your view]
After the discussion window closes, an official vote will determine whether Pendle PTs become one of Noon’s permitted deployment strategies.
If you feel like we are missing something, we want to hear it. At Noon, the best ideas rise to the top.
Let’s build this yield engine together.
At Noon, our mission to be the most intelligent stablecoin in the world means we are constantly evolving. What began as a focused set of yield strategies has grown into a broader, more resilient portfolio designed to capture every stable, scalable source of yield across both traditional and decentralised finance. Alongside our existing strategies in CeFi (basis trading) and TradFi (CLOs, private credit, treasury bills), we’ve recently begun sourcing yield from DeFi through lending on Morpho. Now, we’re taking the next step in expanding our DeFi suite with a new strategy: buying Principal Tokens (PTs) on yield-trading platforms like Pendle.
Yield-trading platforms like Pendle are protocols that split yield-bearing assets into two parts: Principal Tokens (PTs), which represent the underlying at maturity, and Yield Tokens (YTs), which capture the variable yield until then. For Noon, PTs offer a compelling way to lock in fixed yield, with clear risk/reward parameters.
To illustrate how we assess new DeFi strategies, we’re continuing our series of “open evaluations” with another live example. This time, we’re evaluating PTs on Pendle.
We invite all users to head to our governance forum where we’ve summarised our research into PTs and opened the floor to discussion. Whether you’re curious, skeptical, or excited—we welcome your questions and perspectives. After 2 weeks of community feedback, we’ll move to a formal vote shortly to determine whether buying PTs should be added to Noon’s list of permitted deployment strategies.
In Noon’s case, we would only buy PTs backed by protocols that are highly liquid, highly trustworthy, and provide yields that outperform U.S. Treasury bills. You can find more information about the PTs that we’d choose in our Risk Assessment.
Why holding PTs can be an attractive strategy for Noon:
Yields: Buying PTs locks in a fixed return, often in the range of 8–12% APY.
Liquidity: Pendle offers deep liquidity in PTs across multiple protocols, allowing Noon to take meaningful positions while maintaining exit flexibility.
Safety: By focusing on PTs backed by highly liquid and trustworthy protocols, Noon can capture attractive yields while keeping risk tightly managed.
Smart contract risk mitigation: As our other DeFi strategies show, by mitigating smart contract risk via insurance, we’re able to access higher yields from PT tokens while maintaining no exposure to risk of vulnerabilities or exploits at the smart contract level.
Pendle offers PTs across a broad range of maturities and underlying assets. For Noon, the priority is clear: PTs with deep liquidity and backing from highly trustworthy protocols. We favour longer maturities, as they reduce the need for active management and help minimise transaction costs. At the same time, we focus only on opportunities where the implied APY meaningfully outperforms U.S. Treasury bill rates.
As with all potential deployment strategies, PTs are being evaluated through Noon’s four-phase pipeline, which ensures every new asset is vetted through a rigorous and transparent lens.
1. Strategy and Asset Class Selection
We begin by screening for assets that:
Offer stable and attractive risk-adjusted returns
Are liquid relative to our withdrawal needs
Can be monitored programmatically
Align with a crypto-native future
PTs on Pendle meet these criteria when sourced from highly liquid, trustworthy protocols. By favouring longer-dated PTs and applying clear position caps per pool, Noon can capture strong yields while maintaining sufficient exit liquidity and minimizing transaction costs.
2. Risk Assessment Framework ← You are here
This blog post marks the start of our second phase — open evaluation. We’ve published a summary of our risk assessment in the forum, covering market correlation, liquidity risk, counterparty/issuer risk, and smart contract considerations. We will continue this phase with a community discussion followed by a vote.
Key takeaway so far: PTs offer fixed returns with low price volatility, but require careful analysis of the underlying protocol and available liquidity. We encourage users to challenge or expand on this conclusion.
3. Execution Planning
If community feedback and further analysis suggest Pendle PTs fit within our stability-first mandate, we will define:
Which PT maturities are eligible
Deployment caps per PT pool
Minimum discount thresholds — we only buy PTs when the implied yield clearly exceeds the T-bill rate after factoring in transaction and operational costs
Exit triggers based on liquidity levels, PT price drift, or changes in the underlying protocol’s risk profile
This ensures that any yield earned is not only attractive, but also safeguarded against exit risk and protocol-level concerns.
4. Testing & Scaling
We will begin with small-scale deployments into the most liquid PT pools. Positions will be monitored actively, with real-time alerts on price, liquidity depth, and the health of the underlying protocols.
As Noon Capital grows, so does our commitment to community-led strategy selection. With our governance token now live, token holders can go beyond giving feedback—you have the power to vote (with sNOON) on whether we proceed with new strategies and asset classes, such as Pendle PTs.
Every new yield strategy will be surfaced transparently and decided collectively. Your voice isn’t just heard—it’s counted.
Over time, this transition will move Noon from centralised intelligence to a decentralised, community-driven yield engine. Whether it’s Pendle PTs, tokenised T-bills, or new structured products, our direction is yours to shape.
We’re very excited to be expanding further into DeFi yield, now considering the addition of PTs. While there are many more DeFi strategies our team is researching, PTs feel like a natural next step: liquid, transparent, and yield-enhancing.
PTs offer a compelling mix of fixed yield, liquidity, and safety—but like all strategies, they carry risks that must be carefully managed. With smart guardrails, position sizing, and community oversight, they could become a core part of Noon’s suite of strategies.
For the next 2 weeks, we invite you to join the conversation in our governance forum: 👉 [Read the full risk assessment and share your view]
After the discussion window closes, an official vote will determine whether Pendle PTs become one of Noon’s permitted deployment strategies.
If you feel like we are missing something, we want to hear it. At Noon, the best ideas rise to the top.
Let’s build this yield engine together.
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