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.

This is not the first time the stablecoin space has seen issues surrounding safety and transparency, and unfortunately, it is unlikely to be the last.

For years, we’ve been told to trust stablecoins, to believe the collateral’s there, the peg will hold, and the risk is managed. But risks like those brought up this week still lurk beneath the surface. And crypto deserves better than blind faith.

That’s why Noon is doing things differently.

Every dollar, every contract, and every strategy is visible, verifiable, and community-governed. Here are seven ways Noon is building the safest, most transparent stablecoin ever made. Which happens to be leading the market when it comes to safe, scalable yields.

Built to last, and built for everyone.

1. 100% Transparent Reserves

In traditional finance (and even in DeFi sometimes) transparency is often a promise, not a practice.

Many stablecoins only publish attestations every few weeks or months, signed by private auditors and stored as PDFs that few ever read. At most, we see stablecoins self-reporting proofs of reserve, or getting attestations from third parties based on self-reported data.

In between those updates, users are left relying on one thing: blind trust.

Noon was built to eliminate that gap.

Most stablecoins rely on self-reported data, whether directly from their own team, or indirectly through an auditor who receives that data from the project itself. That means the numbers you see are only as trustworthy as the sources that provide them.

Noon’s system works differently, we can’t even edit or influence the data (even if we wanted to).

Our transparency infrastructure partner, Accountable Capital, pulls live data directly from Noon’s custodians and on-chain wallets, bypassing Noon’s internal reporting systems entirely.

In other words data comes straight from the source.

That makes manipulation or selective disclosure technically impossible.

Then, Accountable takes this data and publishes it online for all to review. You can literally see Noon’s collateral in real time deposits, withdrawals, and reserves independently tracked and verified at: 👉 noon.accountable.capital

This means that Noon holders never have to wonder if their stablecoin is backed.

2. Fully Backed, Always Redeemable

Every $USN in circulation is backed 1:1 by real, liquid collateral.

That means for every single USN, there is at least 1 USD of real assets held by Noon. This is always redeemable, through a proprietary liquidity management system that ensures our ability to cover 100% redemptions in T+1.

This 1:1 structure is the foundation of Noon’s design.

Anyone, at any time, can confirm that the total collateral value in Noon’s wallets matches or slightly exceeds the amount of $USN in circulation.

Noon can afford to be 100 % transparent because there’s nothing to hide.

USN is fully backed by real, yield-generating assets that exist independently of the protocol. Noon’s reserves don’t depend on flimsy tokenomics, synthetic liquidity, or algorithmically-generated value. They’re built with real assets that actually earn, move, and mature like:

1. Real-World Assets: We hold either legal rights or tokenised versions of real-world assets which generate yield

2. DeFi Assets: We hold (insured) tokenised positions in blue chip DeFi protocols, which generate yield

3. CeFi Assets: We hold (off-exchange) delta-neutral positions in top-5 digital assets, which generate yield

   That's it. No algorithms. No self-dealing. No financial games. Just real assets, backing a real yield-bearing stablecoin with market-leading yields.

   Anyone can verify Noon's assets and our live collateral ratio directly on-chain via: noon.accountable.capital, where reserves are updated continuously in real time.

3. Backed by Real, Low-Risk Assets

Many stablecoins talk about safety but few define what safe really means.

In many cases, collateral ends up sitting in high-risk, uninsured DeFi vaults, looping protocols, or exposure-heavy, black-box trading strategies disguised as “yield.”When the market turns, those “safe” assets suddenly aren’t.

Noon takes the opposite approach.

Every dollar that backs USN is invested only in low-risk, delta-neutral strategies positions designed to earn sustainable yield without taking speculative market positions.

These strategies are carefully selected to prioritize capital preservation, liquidity, and verifiability - and deliver market-leading yields at the same time.

Here’s what that means in practice:

We began Noon with two core strategies both designed to deliver reliable yield while maintaining full neutrality to market direction.

1. Cash and Carry (Funding Rate Arbitrage): Our algorithms buy spot positions (long) and sell perpetual futures (short) on highly liquid cryptocurrencies such as BTC or ETH.The result is a delta-neutral position that earns the perpetual funding rate with no exposure to price volatility.

2. Tokenised Treasury Bills: We allocate collateral into on-chain tokenized U.S. Treasury Bills, gaining exposure to the safest yield instrument in the world: short-term U.S. government debt.These positions generate steady, predictable income on a daily basis.

Through our Governance Forum, sNOON holders discuss, evaluate, and vote on proposed new deployment strategies.Following extensive research and community consensus, we’ve added the following strategies to Noon’s deployment basket:

• Collateralised Loan Obligations (CLOs): After a detailed analysis of various structured credit instruments, the community approved allocation to Janus Henderson’s JAAA fund.CLOs are backed by diversified pools of corporate loans and historically deliver returns above Treasuries with low volatility and high institutional demand.

• Private Credit Funds: We selected Fasanara’s Fintech Tactical Credit Fund (F-TAC) an actively managed fund that invests in short-duration, fintech-originated credit assets such as SME loans, consumer credit, and trade receivables.This provides real-world yield with low correlation to traditional markets.

• DeFi Lending: Noon deploys a portion of its reserves into top-tier DeFi lending protocols such as Euler and Morpho, via vaults curated by leading DeFi strategists.Each vault is vetted for smart contract risk, liquidity, and collateral diversification.

• Buying Principal Tokens (PTs): As part of our DeFi strategy, Noon purchases Principal Tokens on Pendle, gaining access to fixed yields between 10–20% APY under strict risk controls and full transparency. And we only deploy if we’re fully insured.

Noon continuously monitors market conditions and explores new low-risk opportunities through its Governance Forum.

All future strategies undergo rigorous due diligence, quantitative risk analysis, and community discussion before being presented for voting.

No speculative bets. No recursive looping. No chasing unsustainable APYs.

By focusing on real, verifiable yield sources, Noon builds stable returns that are grounded in reality.

That’s what we mean when we say Noon is backed by real assets.

4. Governance by Design

Most stablecoins are controlled by a small group of individuals in an ivory tower, a handful of executives, private boards, or multisig signers deciding how billions in collateral are deployed.

Noon’s architecture ensures that the same community who holds the stablecoin helps shape how it’s managed, from yield strategies to collateral distribution and risk policies.

Here’s what that means in practice:

1. All decisions are visible.

Every deployment strategy, yield allocation, and collateral movement is documented and published.There are no hidden strategies, no private committees, and no opaque risk-taking, only open, verifiable decisions visible to everyone in the community.

2. All discussions are open.

Before any proposal moves to a vote, it’s discussed publicly with full context, data, and analysis from the Noon team and the community.

Everyone has the chance to understand the trade-offs, ask questions, and make their voice heard.

3. All decisions are made by the community.

Noon’s protocol is shaped by those who use it, not by a small group of insiders.Governance tokens give users direct voting power over strategies, allocations, and upgrades, ensuring that influence follows participation, not hierarchy.

4. Changes cannot happen overnight.

Every governance process includes multi-week discussion and voting periods, giving participants time to review, respond, and prepare.

If someone disagrees with the direction of a proposal, they have ample time to withdraw funds or reposition before changes take effect.

By embedding openness, deliberation, and community control at every level, Noon ensures that power and responsibility remain where they belong: with the users themselves.

Or as our community likes to say:

5. Independently Audited Smart Contracts

True security in DeFi comes from code that can stand on its own.

At Noon, safety isn’t assumed; it’s proven through continuous, independent auditing and rigorous internal review.

Before a single dollar of collateral is accepted or a single USN is minted, every line of Noon’s smart contracts is examined by independent, top-tier security firms.

These audits test for vulnerabilities, logic flaws, and potential exploits across all layers of the protocol  from minting and redemption functions to the collateral management system and governance mechanics.

Each protocol upgrade that directly involves smart contracts triggers a fresh, third-party review.In other words, every update gets re-audited before it ever touches user funds.

The results are made public for anyone to inspect because in a system built on transparency, the security process should be just as visible as the reserves.

You can view all audit reports directly at:

https://docs.noon.capital/security/smart-contract-audits

6. No Circular Risk, No Recursion Risk

If there’s one lesson DeFi has learned, and is continuing to learn the hard way, it’s that you can’t scale a stable protocol by self-dealing.

Many stablecoins that collapsed from algorithmic designs to over-leveraged collateral systems shared the same flaw: circular or recursive dependency.

Their reserves, directly or indirectly, relied on their own token’s value or liquidity.When confidence dropped, collateral disappeared, and the entire structure unraveled.

All of Noon’s collateral is invested in external, independent, and verifiable assets.Noon never deploys into any protocols that, in turn, deploy assets back into Noon. Nor do we conduct any variations of this, like lending to vaults or protocols that accept USN (or related tokens) as collateral.

We never loop liquidity into its own ecosystem or take positions that depend on the token it issues.

This means:

• No self-referential lending.

• No hidden leverage.

• No recursive collateral cycles.

Every yield source Noon uses from the U.S. Treasuries to DeFi lending exist outside of its own token economy.

That separation isn’t just good risk management; it’s the reason Noon can maintain true solvency, even during market stress.

7. Insurance

Even with 1:1 backing and transparent reserves, true safety requires preparation for the unexpected.

That’s why we built three layers of insurance that protect users across every dimension of risk from smart contract vulnerabilities to off-chain custodial exposure and short-term market volatility.

Layer 1: DeFi Deployment Insurance

To protect on-chain deployments, Noon partners with Nexus Mutual to insure all active DeFi strategies against smart contract risk.This includes coverage for positions deployed through Morpho Labs and Pendle Finance, ensuring that any potential exploit or protocol failure is fully insured and verifiable on-chain.

Layer 2: Custodial Insurance

For off-chain assets like the U.S. Treasuries, CLOs, and other real-world yield instruments, Noon works exclusively with regulated custodians such as Dinari Global and AlpacaHQ.

These custodians provide institutional-grade coverage backed by SIPC and Lloyd’s of London, safeguarding Noon’s traditional asset holdings against counterparty or custodial failure.

Layer 3: The Noon Insurance Fund

Every month, 10% of Noon’s gross yield is automatically directed into a dedicated, protocol-native insurance fund.

This fund acts as an internal reserve that smooths short-term volatility, absorbs shocks external insurance doesn’t cover, and ensures continuous redemption capability even in stress scenarios.

After three months, surplus funds are distributed to $sNOON holders, rewarding those who stake and secure the protocol.

The Noon Insurance Fund covers:

• Smart contract risk: mitigated by external + internal layers

• Counterparty risk: offset by diversified exposures

• Yield strategy volatility: absorbed by reserve flow management

Learn more about our insurance here: https://mirror.xyz/nooncapital.eth/Hhl3XHu98lW05iDz6DoWFtvBPxcBPZv0e2sTT1IIsDM

Noon is Built for the People Who Actually Use DeFi

Every choice in Noon’s architecture from reserves to real-world yield sources and community governance exists to answer one question:

What would a stablecoin look like if it were designed for yields and safety first?

The answer is USN.

Noonvember is the month we talk about what really matters in DeFi: yields, safety, and transparency.

Noon is building the highest-yielding, safest stablecoin and we want you to be part of it!

Start your Noonvember journey:

https://noon.capital/

All of Noon’s collateral, movements, and balances are continuously tracked and verified by our transparency infrastructure partner, Accountable Capital, the gold standard in on-chain reserve transparency.

You can see every dollar, every update, and every strategy live at:

https://noon.accountable.capital

This launch brings Noon closer to everyone. We want Noon to move beyond early adopters and into the hands of anyone who needs it—from crypto-native traders to people who’ve never touched Web3. And we want that access to feel effortless: capital that moves with the speed of thought, the ease of a tap, and the trust of a handshake.

Starknet makes that possible.By building a thriving BTCFi ecosystem that enables users to generate sustainable yield with their BTC. This focus on building sustainable yields for BTC is directly in line with Noon’s ethos—creating long-term, resilient value for users. With its zero-knowledge architecture, Ethereum-level security, and a design built for both speed and usability, Starknet provides the kind of infrastructure where scale and fairness thrive together. It doesn’t just support this mission—it accelerates it.

A purpose-built network for real-world impact

Starknet is not just another blockchain. As a zero-knowledge (ZK) roll-up Layer-2 solution built atop Ethereum, it enables the seamless execution of smart contracts with massive scalability and Ethereum-level security—all powered by the innovative STARK proof system (starknet.io, starkware.co).

For Noon, this means:

• Security that doesn’t compromise speed
  Starknet batches thousands of transactions into succinct proofs that are verified on Ethereum—combining trust with throughput.

• Affordability where it matters
  Users gain access to DeFi experiences with lower fees and faster processing, thanks to STARK-based batching and Cairo-powered execution.

• Developer-first infrastructure
  Built on the Cairo VM, Starknet offers native account abstraction, empowering developers to build intuitive and secure user flows—think passwordless logins, social recovery, and more.

When we think about putting USN and sUSN in the pockets and wallets of everyone across the world, we wanted to make sure we partnered with a chain that made this easy. We think yield bearing stable coins are an essential financial utility for all - and our partnership with Starknet will help tremendously in our ambition to distribute Noon as widely as possible.

Equipping builders with flexibility and power

Starknet doesn’t just enable — it empowers. With the SN Stack, developers can spin up their own app-specific chains using presets like Madara (fully modular), Dojo (gaming-optimised), or the StarkWare Sequencer (full-performance public stack) (Cointelegraph, CoinDesk). These tools unlock custom experiences without sacrificing security or scalability.

A decentralised future, powered by the community

Noon believes that true financial tools grow stronger when they belong to everyone. Starknet’s upcoming innovations mirror this ethos:

• Staking with purpose
  Since November 26, 2024, STRK holders can stake tokens—delegating to operators like Kiln—to help secure the network, participate in consensus, and earn meaningful rewards (kiln.fi).

• Cross-chain ambition
  Starknet is pioneering settlement across both Ethereum and Bitcoin. Through ongoing research, tools like STWO, and BTCFi initiatives, it's building a future where users and assets flow seamlessly across ecosystems (Messari).

At Noon, governance is more than voting—it’s ownership in action. Our $NOON token, when staked into $sNOON, gives holders both a voice in shaping the protocol and a direct share in its success. Active participation is rewarded through a transparent cycle where a portion of protocol returns are used to buy back $NOON from the open market and distribute it to engaged voters. This model ensures that influence is earned, responsibility is shared, and value flows back to the community that builds and sustains Noon.

A Seamless Financial Experience — Powered by Starknet

For Noon’s mission, Starknet is the ideal foundation.

Its low-fee, high-speed transactions make DeFi more intuitive and accessible to everyone, not just crypto natives. Its Ethereum-level security, powered by quantum-resistant STARK proofs, ensures that speed never comes at the expense of trust.

With native account abstraction, Starknet makes user experiences human-friendly—enabling passwordless logins, social recovery, and seamless onboarding. The SN Stack gives builders the freedom to create tailored appchains for any use case, while STRK staking and governance invite the community to actively shape the network’s evolution.

And beyond Ethereum, Starknet is building toward an interoperable future—bridging with Bitcoin and opening decentralised doors for billions more people worldwide.

Bottom line? We’re thrilled to be building on Starknet.

With its trusted cryptography, developer-friendly architecture, flexible deployment options, and bold roadmap, Starknet lets Noon deliver on our promise: a financial system that’s fairer, smarter, and more accessible—designed for the people it’s meant to serve.

What’s next for Noon on Starknet?

• Easy wallet integration and guided onboarding

• Transparent fee structures and optimised user flows

• Community tools and staking access for our users

• Iterative updates powered by Starknet’s roadmap and your feedback

• Vesu and Ekubo partnership to enable deeper liquidity and as we usually do: looping strategies (and maybe even some looping vaults).

Ready to explore Noon on Starknet? Join us—where your assets remain yours, always, everywhere.

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• Join our Telegram Community.

• Join our Discord Community.

• Noon’s Forum.

Today, we’re opening the books on another DeFi-native strategy: Looping.

Looping strategies involve borrowing against collateral and reusing those borrowed funds to purchase more of the same collateral, repeating this cycle multiple times. The result is a leveraged position that amplifies both yield and risk. For Noon, looping is interesting because it can transform modest base yields into scalable returns in the 10–30% APY range, while still relying on liquid, trusted collateral.

To illustrate how we evaluate new strategies, we’re continuing our “open evaluations” series with this live example. This time, we’re assessing looping strategies on Aave using PTs as collateral.

We invite all users to head to our governance forum where we’ve summarised our research into looping and opened the floor to discussion. Whether you’re curious, skeptical, or excited—we welcome your perspectives. After 10 days of community feedback, we’ll move to a formal vote to determine whether looping should be added to Noon’s permitted deployment strategies.

Why Looping Can Be Attractive to Noon

• Yield — Looping can realistically deliver 10 - 30% APY. Which is significantly higher than simple lending or PT exposure.

• Flexibility — Can be extended to other types of collateral in the future.

• Liquidity — Can often be unwound instantly if secondary markets are functioning normally.

• Scalability — Strategies can be sized meaningfully, provided liquidity is sufficient.

Where We’d Start

Our initial focus would be on Aave, because of its high trustworthiness, liquidity and low interest rates.

We would only work with assets with billions in TVL, with significant instant liquidity available. To start with, we will only use PT-USDe and PT-sUSDe as collateral. Position caps and leverage limits would ensure exposure remains well within Noon’s risk framework.

Furthermore, Noon will always insure itself wherever it can. For example, when executing this PT-looping strategy, Noon will cover itself against depeg-induced liquidations through Nexus.

We’re Not Jumping In Blindly

As with all potential deployments, looping is being evaluated through Noon’s four-phase pipeline:

1. Strategy and Asset Class Selection

We screen for strategies that:

• Deliver stable and attractive risk-adjusted returns

• Are liquid relative to withdrawal needs

• Can be monitored programmatically

• Align with Noon’s stability-first mandate

Looping meets these criteria when executed with trusted collateral and capped leverage.

2. Risk Assessment Framework ← You are here

This blog marks the start of our second phase — open evaluation. We’ve published a summary of our looping risk assessment in the forum, covering market risk, volatility/liquidation dynamics, counterparty risk, and smart contract considerations.

Key takeaway so far: Looping offers scalable yield but requires careful guardrails around leverage, collateral selection, liquidity management and depeg coverage.

3. Execution Planning

If community feedback and further analysis suggest looping fits within our mandate, we will define:

• Maximum leverage ratios to reduce liquidation risk

• Eligible collateral types and platforms

• Position caps to avoid concentration and liquidity issues

• Exit triggers based on changes in collateral yield, borrowing costs, or liquidity depth

4. Testing & Scaling

We will begin with small-scale looping deployments on Aave, monitored in real time with automated alerts for borrowing costs, health factors, and protocol-level changes. If successful, the strategy could be gradually scaled across additional platforms. Noon will buy insurance coverage to insure as many parts of the strategy as possible (e.g. insurance against depeg-induced liquidations,smart contract exploits of the relevant lending platforms, etc.).

Internal Guardrails

Noon will never loop using its own tokens (USN/sUSN) as collateral. Doing so would effectively amount to “self-dealing”, which undermines collateral integrity. Our looping strategy will focus exclusively on external assets.

Final Thoughts & Community Call

Looping is one of the most powerful strategies in DeFi—able to turn modest yields into high, scalable returns. But it comes with material risks: liquidation, volatility, and operational complexity. With proper leverage caps, position sizing, risk mitigation (via insurance) and continuous monitoring, looping can complement Noon’s broader yield strategy and become a valuable part of our portfolio.

For the next 10 days, 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 looping strategies should become one of Noon’s permitted deployments.

At Noon, the best ideas rise to the top. Let’s evaluate looping together and decide if it belongs in the yield engine we’re building.

• Follow us on X.

• Join our Telegram Community.

• Join our Discord Community.

• Noon’s Forum.

Noon’s Safety Starts with Our Strategies

Before we talk about insurance, let’s start with the foundation: our strategies.

Every deployment at Noon is designed to minimize daily volatility while still achieving market-leading returns.

Our target is simple: eliminate negative days, when returns are less than 0. We begin to build this stability by carefully selecting strategies, continuously monitoring risk, and ensuring diversification across markets.

Noon’s Three Lines of Insurance

But carefully selecting our strategies, etc. is not sufficient. We understand to generate returns above the risk-free rate, we need to deploy capital into strategies involving some limited level of risk. In addition, as we carefully evaluate trading risk, execution risk, market risk, and other risks within our control, we believe that the largest risks our deployment strategies face, which we have limited control over, are smart contract risk and counterparty risk.

To counter these risks - the (limited) risk of volatility from our strategies, smart contract risk and counterparty risk, we look to three lines of insurance to protect our users and our collateral:

1. DeFi Deployment Insurance - mitigates smart contract risk when deploying into DeFi strategies

2. Custodial Insurance - mitigates counterparty risk for assets held with qualified custodians

3. Noon Insurance Fund - mitigates the (limited) risk from the volatility of Noon’s deployment strategies

1. Layer 1 — DeFi Deployment Insurance (via Nexus Mutual)

Even the best strategies can’t remove all risk. That’s why Noon adds insurance on top of smart contract risk.

Through our partnership with Nexus Mutual, every DeFi deployment is covered against protocol failures, exploits, and smart contract vulnerabilities. Nexus Mutual is web3’s most trusted and well known insurance provider, and the first choice for many major funds looking for coverage.

Right now, we hold active coverage for:

• Morpho (for our DeFi Lending strategy)

• Pendle (for our PT deployment strategy)

And because we believe in full transparency, all coverage is verifiable directly onchain👉 View active Nexus coverage

• Coverage is bought using Noon’s Operations wallet.

• Whenever coverage is bought, you can validate this on-chain. For example, you can view this transaction in which Noon bought an amount of 1,925,000 USDC for Euler and Morpho here.

• Additionally, you can visit Dune and view details of the cover and their owners over here.

Because Noon deploys at scale, we’re able to access this coverage at a fraction of the cost that any individual could. In part, we rely on diversification - we divide our DeFi deployments across multiple independent protocols, with no significant code overlap, meaning no shared attack vectors. This reduces the likelihood of more than one of our deployments being compromised, allowing us to optimise our insurance coverage. In other words, our users get institutional-grade insurance for less — a quiet advantage of our scale.

2. Layer 2 — Custodial Insurance (via SIPC & Lloyd’s of London)

Some assets don’t live fully onchain — think U.S. Treasury Bills, CLOs, and other traditional holdings.

For these, Noon works via Dinari with Alpaca, a regulated custodian, and benefits from SIPC coverage. In addition to the standard SIPC coverage, Alpaca has taken out additional coverage with Lloyd’s of London to further protect users like us.

This isn’t just a checkbox — it’s real protection for your assets held offchain, ensuring that all parts of Noon’s platform are covered.

3. Layer 3 — The Noon Insurance Fund

Finally, we’ve built our own insurance fund, a platform-level safety net.

Every month, 10% of Noon's raw yield flows into this fund. Its purpose is simple:

1. Absorb short-term volatility in our strategies.

2. Cover events that third-party insurance doesn’t.

3. Funds mature (“season”) for 3 months before distribution to staked $NOON ($sNOON) holders.

This allowing sufficient buffer to absorb any temporary (limited) risk of volatility from Noon’s deployment strategies. You can explore the details of this process here:👉 Return Distribution & Insurance Fund

A Triple-Layer Safety Net

At Noon, we know that building yield safely means thinking beyond strategy selection.

While we carefully manage trading, execution, and other risks within our control, we recognise that there are other significant risks — namely  smart contract risk and counterparty risk - which are harder for us to influence.

That’s why Noon has built three lines of insurance:

• DeFi Deployment Insurance — mitigating smart contract risk when deploying into DeFi strategies.

• Custodial Insurance — mitigating counterparty risk for assets held with qualified custodians.

• The Noon Insurance Fund — mitigating the limited risk from volatility within Noon’s deployment strategies.

When you combine these three layers, you get something unique — protection at the protocol level, protection at the custodial level, and protection at the platform level.

This triple-layer structure is how Noon makes our protocol yield safer, smarter, and more reliable — without compromising performance.

Because at Noon, capital preservation isn’t a feature. It’s the foundation.

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• Join our Telegram Community.

• Join our Discord Community.

• Noon’s Forum.

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.

Where We’d Start

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.

We’re Not Jumping In Blindly

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.

Noon’s Four-Phase Strategy Pipeline

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.

Final Thoughts & Community Call

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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• Join our Telegram Community.

• Join our Discord Community.

• Noon’s Forum.

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 DeFi Lending—a crypto-native strategy offering over-collateralised, on-chain lending opportunities with instant liquidity and real-time transparency.

We invite all users to head to our governance forum where we’ve summarised our research into DeFi lending 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 DeFi lending should be added to Noon’s list of permitted deployment strategies.

In Noon’s case, we would only lend stablecoins (USDC and USDT) into carefully selected pools, aiming to earn competitive, variable yields while avoiding price volatility on principal.

Why it’s attractive:

• Yields: Stablecoin lending APYs in high-quality pools often range between 5–15%, depending on market demand.

• Liquidity: In most pools, funds can be withdrawn instantly—subject to utilisation.

Transparency: Positions, collateral, and rates are visible in real time on-chain.

Where We’d Start

Some of the most prominent DeFi lending venues include Aave, Euler and Morpho.Our preliminary screening points to Euler and Morpho’s large-cap stablecoin pools as the most compelling fits—offering strong liquidity and competitive APYs within our stability-first mandate.

We’re Not Jumping In Blindly

As with all potential deployment strategies, DeFi lending is being evaluated through Noon’s four-phase pipeline, which ensures every new asset is vetted through a rigorous and transparent lens.

Noon’s Four-Phase Strategy Pipeline

1. Strategy and Asset Class SelectionWe 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

DeFi lending meets these criteria when focused on stablecoin supply into large, liquid pools. By constraining deployments to a percentage of “safe utilisation” below each pool’s kink rate (the utilisation amount at which point the interest rate drastically increases), we can protect instant liquidity.

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, credit (liquidation) risk, and smart contract considerations. We will continue this phase with a community discussion followed by a vote.

Key takeaway so far: Low market volatility risk due to stablecoin lending, but smart contract and liquidity dynamics require rules around position sizing. We encourage users to challenge or expand on this conclusion.

3. Execution Planning
If community feedback and further analysis suggest DeFi lending fits within our stability-first mandate, we will define:

• Which pools are eligible

• Deployment caps per pool and per protocol

• APY thresholds — lending will only proceed if net returns exceed the T-bill rate after factoring in insurance costs, and the insurance cover meets our standards for payout reliability and coverage scope

• Exit triggers based on utilisation, APY drop, collateral volatility, or changes in insurance availability

This ensures that any yield earned is not only attractive, but also protected against potential protocol failures or bad debt scenarios. Without appropriate insurance, this strategy will not move forward.

4. Testing & Scaling
We will begin with small-scale deployments into select pools with large liquidity. The position will be monitored actively, with real-time alerts on utilisation, APY and collateral health.

After a prolonged period of stable yield, scaling will follow. Again, without appropriate insurance against smart contract failures, this strategy will not move forward.

As Noon Capital grows, so does our commitment to community-led strategy selection.

As our governance token is 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 DeFi lending.

That means every new yield strategy, from private credit to on-chain primitives, 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 lending on Morpho, tokenised T-bills, or new structured products, our direction is yours to shape.

Final Thoughts & Community Call

We’re very excited to be dipping our toes into the DeFi Yield space, starting with DeFi Lending. While there are many more DeFi Yield strategies our team is researching, we feel DeFi Lending to be the perfect jumping off point.

DeFi Lending offers a compelling mix of yield, liquidity, and transparency—but like all strategies, it carries risks that must be carefully managed. With smart guardrails, insurance, and community oversight, it could become a valuable addition to Noon’s toolkit.

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 DeFi lending becomes one of Noon’s permitted deployment strategies.

If you see a stronger pool, a smarter cap, or a hidden risk—we want to hear it. At Noon, the best ideas rise to the top.

Let’s build this yield engine together.

• Follow us on X.

• Join our Telegram Community.

• Join our Discord Community.

• Noon’s Forum.

With TAC, both of these  feel within reach.

Why TAC?

TAC is a new Layer 1 blockchain built with the Cosmos SDK and a native EVM layer (a Cancun fork). It’s not a fork, and not an L2—it’s a fully sovereign chain with complete control over staking, gas, governance, and upgrades.

Deploy Solidity contracts as-is. Build with full EVM compatibility. But more importantly: unlock a new kind of distribution.

TAC connects directly to Telegram’s 1B+ users through the TON Adapter. That’s not just a feature—it’s a breakthrough.

Launching with liquidity: The Summoning Campaign

TAC didn’t launch with a cold start. It launched with over $800M in TVL on day one, thanks to its Summoning campaign—vaults from Curve, Morpho, Euler, IPOR, and others went live at mainnet.

Our own Curve pools launched with deep liquidity—and climbed straight to the top.

From the first block, users could earn yield, move capital, and participate in real markets. No waiting, no dry runs—just live DeFi, ready to use.

Telegram-native distribution

TAC’s TON Adapter connects smart contracts to Telegram MiniApps and Wallets. That means users can access dApps inside Telegram itself—no extensions, no downloads, no onboarding friction.

It’s DeFi inside chat.

And that changes everything. Telegram already hosts the largest on-chain communities in the world. TAC turns that social layer into a native distribution channel.

The "where are the users?" problem? Solved.

Seamless bridging

Moving assets to TAC is fast, direct, and free. You can bridge USN and sUSN from Ethereum in minutes—with zero fees - using Noon’s own dApp.

Stablecoin mobility without the usual headaches. This makes TAC instantly usable across ecosystems.

What’s next?

TAC’s 2025 roadmap is already in motion—with three phases ahead: Ignite, Flame, and Radiance. Each phase unlocks new primitives, deeper integrations, and more seamless consumer experiences.

Upcoming initiatives include:

• Hackathons with $50K+ in prizes

• Developer grants and incentives

• Long-term liquidity mining with $TAC

• Performance upgrades to the TON Adapter

• Smoother, faster cross-chain flows

We’re especially excited about the next wave of hybrid dApps—Telegram-native apps with embedded DeFi: lending, swaps, stablecoins, prediction markets, and more—directly in chat.

Why we’re building here

TAC solves three core problems in crypto: scalability, usability, and distribution.

It combines:

• The performance and sovereignty of a Cosmos L1

• The simplicity and compatibility of a native EVM

• And the distribution of Telegram’s messaging layer

This is the first chain that checks all three boxes. It’s not just dev-ready. It’s distribution-ready.

TAC already supports the infra we rely on: Tenderly, LayerZero, Safe, RedStone, Dune, Halborn, and more. $TAC powers execution, staking, and governance. It’s a clean, capable stack with real momentum.

Ready to build—or earn?

Our Curve pools on TAC are live.
Bridging is smooth, fast, and free.
And we’re just getting started.

If you’re building something useful—or want to collaborate—get in touch.

Let’s build something people will actually use.

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• Join our Discord Community.

• Noon’s Forum.

To illustrate how we assess new strategies, we’re continuing our series with another live example. This time, we’re evaluating Business Development Companies (BDCs)—a traditional finance vehicle offering high-yield private credit exposure.

We invite all users to head to our governance forum where we’ve summarized our research into BDCs and opened the floor to discussion. Whether you’re curious, skeptical, or excited—we welcome your questions and perspectives. After 3 weeks of community feedback, we’ll move to a formal vote shortly (within the next 3 weeks) to determine whether BDCs should be added to Noon’s list of permitted deployment strategies.

What are BDCs?

BDCs are publicly traded investment vehicles that provide financing—typically through senior secured loans or structured debt—to small and mid-sized U.S. businesses. In return, they earn high yields (usually 8–12%) and are legally required to distribute at least 90% of their taxable income as dividends.

This structure makes them appealing to income-focused investors and a potential fit for Noon’s long-term strategy set.

They share many similarities with the private credit funds we’ve allocated to before, but with a key tradeoff: BDCs offer deeper liquidity through public markets, while exposing investors to greater price volatility.

Who Are the Key Players?

Some of the most prominent BDCs include:

• GSBD – Goldman Sachs BDC

• BCSF – Bain Capital Specialty Finance

• GBDC – Golub Capital BDC

• ARCC – Ares Capital

• BXSL – Blackstone Secured Lending

• BIZD – VanEck’s ETF holding a basket of BDCs

• MAIN - Main Street Capital Corporation BDC

Key statistics for prominent BDCs

These firms provide diversified access to U.S. private credit markets—an exposure typically reserved for institutions. But of course, this access comes with tradeoffs and risks.

We’re Not Jumping In Blindly

As with all potential deployment strategies, BDCs are being evaluated through Noon’s four-phase pipeline, which ensures every new asset is vetted through a rigorous and transparent lens.

Our Strategy Pipeline

1. Strategy and Asset Class Selection

We begin by screening for assets that:

• Offer stable and attractive risk-adjusted returns

• Are liquid or tradable relative to our capital needs

• Can be monitored programmatically

• Align with a crypto-native or tokenized future

BDCs meet many—but not all—of these criteria. Their liquidity and accessibility are strong advantages, and future tokenization is a real possibility. But their volatility profile raises important questions for our community.

2. Risk Assessment Framework ← You are here

This blog post marks the second phase—open evaluation. We’ve published a summary of our risk assessment in the forum, based on key dimensions including market volatility, credit exposure, and alignment with Noon’s core yield goals.

Key takeaway so far: High yield, but potentially high volatility. We encourage users to challenge or expand on this conclusion.

3. Execution Planning

If community feedback and further analysis suggest that BDCs can fit within our stability-first mandate—either through structure selection or creative hedging—then we would define:

• How much capital could be deployed

• Entry and exit triggers based on market spreads

• Rebalancing logic between BDCs and other strategies

This stage remains on hold until the discussion and vote conclude.

4. Testing & Scaling

We are not moving forward with deployment at this stage—until the discussion and vote conclude.

A Future with Shared Governance

As Noon Capital grows, so does our commitment to community-led strategy selection.

With the launch of our governance token now live, token holders can now go beyond giving feedback—you’ll soon have the power to vote (with sNOON) on whether we proceed with new strategies and asset classes, such as BDCs.

That means every new yield strategy, from private credit to on-chain primitives, 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 BDCs, tokenized T-bills, or new structured products, our direction is yours to shape.

Final Thoughts & Community Call

BDCs represent a powerful, yield-rich corner of traditional finance—but their equity-like behavior and potential for high drawdowns currently makes them a complex fit for Noon’s stability-focused strategy.

That said, this is exactly why we share our process transparently: to invite community input, surface new ideas, and collectively decide what moves forward.

While our initial assessment suggests BDCs may not yet align with our current deployment needs, the ultimate decision belongs to our community. For the next 3 weeks, we invite all users to join the discussion in our governance forum on whether BDCs should be added to our list of permitted deployment strategies.

After that, we’ll open an official vote—where all $sNOON holders will have the opportunity to include or exclude BDCs in Noon’s basket of deployment strategies based on their own analysis and preferences.

If you believe there’s a better-structured BDC, a viable hedge, or a tokenized version we overlooked—bring it forward. The best ideas win.

This is just one of many strategies that will pass through Noon’s four-phase evaluation pipeline. Some will be deployed. Others—like BDCs, for now—may be paused unless compelling community proposals change that.

We’ll keep sharing every step, every tradeoff, and every “why.”

Stay tuned—and help shape the future of stable, intelligent yield.

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• Join our Telegram Community.

• Join our Discord Community.

• Noon’s Forum.

Noon’s Public Beta: A unified, foundational season

Our Public Beta has been live for months, serving as the foundational layer of what we now call the Seasons of Noon. From the outset, our mission was clear: to reward early adopters, contributors, and on-chain explorers for engaging with the Noon platform in a fair, transparent, and on-chain-native way.

During this Public Beta—what we internally refer to as Private Beta: Season 0—every action, every bridge, every referral counted toward your total points. No caps, no cutoffs. It was one long, continuous season where all of your on-chain activity was recorded and rewarded in preparation for the big moment: TGE.

That moment is now nearly upon us.

What happens at TGE? A new epoch begins

At 00:00 UTC on July 1, 2025, we will officially reach TGE (Token Generation Event)—a major milestone for Noon and our community. But it’s not just a token launch. It’s also the start of a new rhythm for how we reward participation and foster growth.

Here’s what changes at TGE:

• The Public Beta ends, and with it, the first “long” unified season.

• The first post-TGE season begins: High Noon: Season 1..

• High Noon - Season 1 runs from July 1 to July 31, 2025 (UTC).

• A faster-paced, more agile points system goes live.

Noon will now move into shorter, monthly “Seasons”—each one designed to respond to evolving community dynamics, partner protocols, and growth strategies. It’s the end of the beginning, and the start of something more responsive and community-centric.

Why shorter seasons?

Flexibility is essential. As the ecosystem matures and new users onboard through our partner networks, our point system must evolve, too. By adopting a monthly “season” cadence:

• We can quickly adapt rewards to new features or market conditions.

• We can introduce partner-specific boosts or protocol integrations on the fly.

• You, the community, get more frequent opportunities to earn and claim tokens.

Each season will remain fair and transparent—but optimised for agility. While we keep continuity in how points are tracked and valued, the specifics of boosts, eligible actions, and token allocations may shift from one season to the next.

What’s happening to my points?

Points earned during the Public Beta will be honoured at TGE, and users will be able to:

• View their final Public Beta points on the Rewards page.

• Estimate the value of their points using the Points Value Estimator.

• Claim or stake their $NOON tokens following TGE.

Then, starting fresh from Season 1, users can earn a new set of points—also viewable on the Rewards page—with an eye toward another token drop at the end of July.

And just like with the Public Beta, participants in High Noon Season 1 will be able to claim or stake their tokens shortly after the season ends.

What’s ahead for High Noon - Season 1?

While we’ll share more specifics closer to launch, here’s what you can expect:

• A snapshot-driven, high-velocity season that lasts just 31 days.

• The return of core point-earning activities like referrals, bridging, and partner usage.

• The introduction of partner-specific campaigns (think: increased point multipliers for using specific DeFi apps or bridges).

A dedicated Points Estimator tool to help you make real-time decisions about where and how to engage.

And importantly: each season is a chance for new users to join, earn, and grow without being diluted by early whales. This keeps our distribution wide, fresh, and community-first.

Seasons: A new era of onchain participation

Noon has always believed in transparent, verifiable, and permissionless economic coordination. That’s why our points system is open. Why every season is clearly defined. And why we’re committed to making $NOON a community-governed, utility-first token.

TGE is the first big chapter in a long story. As we shift from the marathon of Public Beta to the rhythm of monthly seasons, we’re also opening the door to adaptive token economics, ecosystem incentives, and responsive governance.

Whether you’ve been with us since Day 1 or are just joining the journey—High Noon - Season 1 is your next chance to stake your claim in Noon.

Key Dates

• June 30, 2025, 23:59 UTC – Public Beta Ends

• July 1, 2025, 00:00 UTC – TGE & Season 1 Begins

• July 31, 2025, 23:59 UTC – High Noon Season 1 Ends + End of Points Multiplier Campaign

• Early August 2025 – Token staking for Season 1 participants open

**Stay tuned for partner reveals, boosted events, and more.**The new era of Noon is just getting started.

Welcome to the season of High Noon!

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So far, our interpretation of Fairness has focused on how we distribute value—ensuring as much of it flows back to the people who believe in and contribute to Noon. But as we approach the $NOON Token Generation Event (TGE), it's time to zoom out. Fairness isn’t just about who gets what. It’s also about how decisions are made, and who gets to make them.

We’re ready to zoom out.

Transparency and control

True transparency means users can see and understand the decisions that impact Noon’s future. But that’s only half the story. If you can’t actually influence those decisions—if power sits in a black box—then transparency is a hollow promise.

That’s not how Noon operates.

We believe control must be decentralised, deliberate, and democratic. In that spirit, we’re unveiling our Governance and Voting Mechanics—a system designed to ensure the Noon protocol is not just seen, but steered, by the people who use and support it.

Here’s how governance at Noon will work, across three key areas:

• Scope: What’s up for vote, and how that evolves

• Process: A phased approach to community proposals and decision-making

• Maximising Impact: How to make your voice matter most

Scope: what’s on the table?

We want governance to matter. That means giving the community the ability to vote on topics that actually shape the protocol.

Our initial focus will be narrow but meaningful—targeting decisions that materially impact Noon’s strategy and returns. These include:

• How we expand into new asset classes

• How we balance risk vs. reward in deployment strategies

• How we evolve tokenomics: rewards, emissions, utility, and more

Over time, this scope will broaden—driven by the same community it’s designed to serve.

The rule is simple: if it matters, it should be voted on.

Process: A clear path from proposal to protocol

Governance isn’t governance unless it’s structured. Here’s how proposals will move through our system—step-by-step:

Phase 1: Discovery

Community members can propose topics they believe Noon should explore. To proceed, a proposal must meet:

• 50%+ support from voters

• 60%+ quorum (of eligible votes)

Phase 2: Research & Testing

If approved, the Noon team conducts deep analysis. This might include deploying between 1-2% of TVL into a test strategy.

Findings are shared transparently in the Governance Forum.

Phase 3: Community Discussion

Armed with data, the community dives in. We’ll answer questions, explore edge cases, and foster debate.

Some topics will be contentious; others unanimous. Either way, we’re here for it.

Phase 4: Vote

After sufficient discussion, the community votes.

• 50%+ support required

• 60%+ quorum required

Phase 5: execution

Once a proposal passes, we publish an execution plan with key milestones and dates. Then—we get to work.

Maximise your impact: How to stake, vote, and shape Noon

Want your vote to carry real weight? Want to unlock the full potential of your $NOON allocation?

It all comes down to staking.

Staking = Commitment = Power

When you stake $NOON, you unlock two key advantages:

1. Vesting access

• Stake for 12 months → you vest 100% of your $NOON allocation

• Claim immediately → you get just 10%

• Unstaking early means forfeiting unvested tokens

Details on vesting curve

Your staked $NOON (we call it $sNOON) increases daily, accelerating over time. Here’s how it works:

$sNOON(t) = 10% + V(t) × 90% 
V(t) = (t/T)^3 * 0.73 + (t/T) * 0.27

Where:

• t = elapsed time (up to 365 days)

• T = 365 days

Examples:

• 3 months → 16.96% vested

• 6 months → 29.85% vested

• 9 months → 54.56% vested

• 12 months → 100% vested

2. Voting power multiplier

Staking also boosts your say in governance:

• While $NOON is non-transferable (post-TGE), $sNOON = 4x voting power

• Once transferable, users will choose custom lockup durations, and earn up to 4x voting power via ve-style mechanics (exact curve TBD)

Fairness in action

This system is about more than just good mechanics. It’s about embedding Fairness into Noon’s DNA—not just in what we build, but in how we build it. Governance isn’t a feature bolted on at the end—it’s a core layer of the protocol, as fundamental as the smart contracts or the stablecoin itself.

The $NOON TGE is a milestone, but it’s not the end. It’s the beginning of something deeper: a new model of participation, where intelligence and fairness aren’t just promises—they’re protocol. Noon isn’t designed to be controlled by a few insiders behind closed doors. It’s designed to reflect the collective voice of its community—transparent, reasoned, and open.

Now is the time to shape that voice. Propose. Vote. Stake. Build.You’re not just a user—you’re part of the foundation. And this is your protocol as much as it is ours.

Let’s build the most fair, transparent, and intelligent stablecoin together.

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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 Noon, holding $sNOON (the staked version of $NOON) will not just earn you influence. It will earn you a share of the value the protocol generates (once $NOON is transferable later in 2025).

Building with intention

From the beginning, we designed this system with a few principles in mind.

First, we wanted rewards to go to the right people: those who are actively participating in governance. That’s why distributions go to $sNOON holders, not just anyone holding liquid $NOON. If you’re not staking and voting, you’re not earning.

Second, rewards are proportional to voting power. The more involved you are—and the more weight you carry—the more you receive. This creates alignment between influence and economic upside, encouraging deeper, more thoughtful governance.

Finally, and perhaps most importantly, we built this system without compromising the protocol’s stability. The Insurance Fund and the Operations Fund are essential components of Noon’s resilience, and they remain fully protected under this model. Only when surplus capital is truly excess—when all internal needs are met—do we direct it outward to the community.

The role of the insurance fund

Central to our return-sharing model is the Insurance Fund. This fund exists to safeguard the protocol from temporary shocks—things like delayed dividends from real-world asset investments. It is allocated returns from two sources.

First, each month, 10% of the protocol’s raw returns flow directly into the Insurance Fund. Second, surplus from the Operations Fund (once the it is fully capitalised) is also directed to the Insurance Fund. Both of these contributions accumulate and season in the Insurance Fund for a period of three months. This seasoning window gives us flexibility, preserves protocol stability, and ensures that funds aren’t prematurely redirected away from core protections.

Once this three month “seasoning”  is completed, the capital is released. At that point, it serves a new purpose: buying back $NOON from the open market.

Buying back and giving back

The mechanics from here are simple but powerful. Every month, capital that has finished “seasoning” is used to repurchase $NOON tokens from the open market. This will be done transparently, on-chain, without behind-the-scenes deals or insider execution.

$NOON that is bought back aren’t then held by the protocol, granted to the team or recycled elsewhere—they’re distributed to $sNOON holders. Distribution is based on a snapshot of Voting Power taken at the beginning of the month, ensuring clarity and consistency. Voting Power is a measure which takes into account the amount of $NOON you have staked, and your chosen staking duration. During the period that $NOON is non-transferable, we have elected to simplify this process, and have a common staking duration (indefinite) and no penalty for unstaking (other than a 7-day cooldown). We will revise these once $NOON is transferable.

If you’ve staked your $NOON and you’re participating in governance, you’ll receive a share of the bought-back tokens, in line with your voting weight. The more involved you are, the more you earn. Simple.

A clear loop of incentives

What this will create is a clean, closed loop of incentives:

• You stake $NOON into $sNOON to gain governance rights.

• You vote and influence the direction of the protocol.

• You earn real returns, in the form of bought-back $NOON, directly distributed to you (only distributed once $NOON is transferable).

• That return reinforces your stake and deepens your involvement.

It’s a model that avoids short-term thinking. There are no speculative games or high-emission inflation. Just real protocol returns, directed to those building its future.

Closing thoughts

This isn’t just about rewards. It’s about reinforcing the core idea behind Noon: that value belongs with users. That governance isn’t symbolic. And that participation should be profitable—not just ideologically, but economically.

We’re excited to see how this shapes the future of $NOON governance. As always, we’ll keep refining, listening, and building systems that align with our north star: long-term, community-owned success.

If you're staking, voting, and contributing—you deserve a share of what you’re helping build.

And now, it’s yours.

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Rather than speak about this expansion theoretically, we’re anchoring our rollout in a live, real-world example: F-TAC, a multi-asset private credit fund managed by Fasanara Capital.

In this post, we’ll walk you through our deployment governance framework—and evaluate whether F-TAC deserves a spot in Noon’s yield engine.

What are private credit funds?

Before diving in, a brief intro to the private credit fund asset class.

A private credit fund is an investment vehicle that lends directly to companies—often mid-sized or non-public firms—outside of traditional banking channels. These funds pool capital from investors to provide loans in exchange for interest income and potential capital gains. Typically managed by specialized asset managers, private credit funds focus on strategies like direct lending, mezzanine financing, or distressed debt.

However, they are largely inaccessible to retail investors due to high minimum investment thresholds, regulatory restrictions, and limited liquidity. These characteristics typically make them suitable primarily for institutional investors and high-net-worth individuals who can tolerate higher risk, longer investment horizons, and complex deal structures.

Noon has focused only on evaluating private credit funds which have very conservative risk appetites, reducing downward volatility. In addition, Noon has also worked with a range of private credit funds to ensure sufficient liquidity for our users. This addresses the primary constraints of this asset class - and makes this unique risk / reward profile accessible to every Noon user, via sUSN.

You can find a brief primer on Private Credit Funds here.

What is F-TAC?

F-TAC (Fasanara Tactical Credit) is a multi-asset private credit fund that invests in short-duration, high-yield lending strategies like:

• Trade receivables

• Consumer credit

• Real estate-backed loans

• Sports/media finance

• Liquid structured credit

It targets 12–15% net annual returns, 0 down months and 100% positive months since inception, and institutional-grade risk management. Unlike tokenized ETFs or on-chain vaults, F-TAC runs entirely on traditional rails, with redemptions and subscriptions processed through regulated financial infrastructure.

This makes it an ideal next step as we scale Noon into non-tokenized, but high-performing credit markets—while maintaining our core values of stability, accessibility, and transparency.

We’re not jumping in blindly

Every new strategy must pass through Noon’s four-phase pipeline, including a robust, public-facing risk assessment framework.

Let’s walk through that process now—with F-TAC as our next use-case.

Our strategy pipeline

1. Strategy and Asset Class Selection

We begin by screening for strategies that:

• Offer diversified, risk-adjusted returns

• Provide liquidity that fits our redemption models

• Can be monitored and modeled programmatically

• Are compatible with a tokenized or crypto-native wrapper (even if the strategy is TradFi-based)

Combining F-TAC with Noon’s proprietary liquidation strategy meets all four criteria. F-TAC itself is  uncorrelated with major equity indices, deeply diversified across originators and geographies, and can be wrapped in a tokenized representation without exposing users to smart contract risk.

2. Risk Assessment Framework ← We are here

For now, the forum is open for feedback and comments. While we may choose to move quickly to deploy to this specific asset prior to TGE, after Noon’s TGE, token holders will be able to vote on whether to proceed with new deployment strategies similar to F-TAC.

3. Execution Planning

If a strategy passes risk evaluation, we move into tactical execution planning. For F-TAC, this includes:

• Establishing maximum position size and drawdown-based throttling

• Modeling entry/exit cycles based on redemption timing and manager AUM

• Setting up an automated rebalancer to compare F-TAC’s performance with other credit strategies

In plain terms: we prepare to deploy conservatively, then scale dynamically—without exposing our protocol to unnecessary risk.

4. Testing & Scaling

Pending final sign-off, we will:

• Deploy a test allocation to F-TAC

• Monitor return consistency, redemption timelines, and operational workflow

• Stress-test the fund’s behavior under different macro and liquidity regimes

If our internal testing aligns with expectations, we’ll expand allocation and fold F-TAC into our automated yield engine.

If all goes well, we expect to begin testing & scaling before the end of the quarter.

A Future with Shared Governance

This is the first of many deployments that will be subject to community participation. Once our governance token is live, you will vote on strategy approvals, upgrades, and scaling thresholds.

Over time, this means a full transition—from centralized strategy approvals to decentralized, transparent yield governance.

Together, we’ll build a credit engine that belongs to its users.

Final Thoughts

Our mission is clear:To build the most intelligent and fair yield-bearing stablecoin in the world.

This deployment, and others like it, speak directly to our quest to build the most intelligent yield-bearing stablecoin. For example, this deployment in particular gives sUSN holders access to a diversified source of risk-adjusted yield, which is counter-cyclical and has low correlation to Noon’s other deployment strategies. It will help us increase our yields in both the short and long term, through market cycles.

F-TAC is not just another asset—it’s a window into how Noon is evolving into a multi-strategy, institutionally-aligned credit platform. If you’re here early, you’re part of defining how these strategies unfold.

Stay tuned.More strategies are coming—and you’ll have a voice in every one of them.

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This decision is grounded in our commitment to active participation, long-term alignment, and protocol integrity. By holding off on transferability, we’re intentionally creating space for governance to take shape based on contribution and conviction—not speculation or capital-based influence.

We know this approach may not resonate with everyone. But we believe that building Noon with patience and purpose will ultimately lead to a stronger, more resilient protocol.

In this post, we’ll walk through the reasoning behind this decision, the trade-offs it introduces, how we plan to phase in transferability and what you can already do with $NOON at launch—along with how you can continue to shape this process with us.

Mechanics

At TGE, users will be able to claim their $NOON tokens based on their wallets' activity and holdings in $USN and $sUSN. However, these tokens will be non-transferable initially, meaning they:

• Cannot be sold or traded on a Centralised or Decentralised exchange

• Cannot be sent or otherwise moved to another wallet

Importantly, $NOON will still be able to be staked (for $sNOON, which is also non-transferable), unlocking powerful benefits (see below).

Staking Benefits

Despite $NOON (and $sNOON) being non-transferable at TGE, holders will still be able to stake Noon to access a range of benefits. Staking $NOON gives users $sNOON, which provides the following immediate benefits:

• Users’ $NOON tokens, based on their historic USN / sUSN holdings and activities (and Noon points earned) will vest over 12 months, with 10% claimable upfront. This vesting will only occur if users stake all available (claimable) $NOON for $sNOON.

• $sNOON holders get 4x voting power instantly, allowing holders a larger voice in governance decisions

• Unstake anytime with a 7-day cooldown (temporary during non-transferable window).

Once $NOON transferability is enabled, $sNOON holders will further benefit from receiving returns via the Noon Insurance Fund and the Noon Buy-Back Programme [details to follow].

The Noon team will monitor community sentiment and market dynamics, with a target of enabling transferability by the end of 2025.

Rationale

There are several reasons why protocols make governance tokens non-transferable initially. See prominent examples from EigenLayer and Morpho, here and here.

Making a governance token non-transferable is often a deliberate design choice, especially in early-stage or mission-driven DAOs, protocol governance, or experimental communities. Here are the key reasons why this is done:

• Prevent vote-buying and governance captureTransferable tokens invite capital accumulation and plutocratic dynamics. Making tokens non-transferable ensures governance power stays with real users—not speculators—and gives the community space to test governance in a low-risk, learning-focused phase.

• Reduce speculative pressureBy removing the ability to trade, non-transferable tokens dampen hype cycles and short-term price movements, creating space for governance to evolve with values, not volatility.

• Reinforce identity and contributionGovernance power becomes a reflection of participation, trust, and accountability—favoring long-term alignment over financial gain.

• Foster organic community growthEarly decisions should be shaped by builders and contributors who show up, not just those who buy in. This approach ensures governance reflects commitment, not capital.

What do we lose?

While the benefits of non-transferability are clear, it’s important to acknowledge the trade-offs. We acknowledge these, and have considered them carefully when making this decision:

• Reduced composability Non-transferable tokens are harder to integrate with DeFi protocols, tooling, and infrastructure that assume ERC-20-like behaviour.

Consideration: We understand that temporarily limiting composability of our governance token is an imposition for some. But most of the composability of web3 tokens centers around their monetary value. We want to limit transferability temporarily so users can fully understand and appreciate the governance value of $NOON, and not simply focus on its monetary value.

• Limited liquidity and discovery Markets help surface value signals and can attract contributors or visibility. Restricting transfers may dampen those signals in the short term.

Consideration: We appreciate that some users will be put off by the lack of value signals and liquidity in the short term. But we’re really prioritising our long term users - and we hope all our users can appreciate this.

• Onboarding friction Potential contributors may be less motivated if there's no immediate financial upside or if governance power feels “locked.”

Consideration: We know that immediate financial upside is a large driver for users. Given that our staked stablecoin (sUSN) provides this - with yield strategies driving enhanced yield in addition - we hope that there is sufficient immediate financial upside for these users. But we also want to focus on $NOON’s non-financial value to users - primarily, governance, since this will be such a critical component of our protocol going forward.

We recognise these are meaningful limitations—but believe they’re acceptable in the short term to prioritise governance quality over speculation.

Future transferability

Non-transferability is temporary, not permanent.

Our current plan is to enable transferability by the end of 2025, contingent on:

• Strong and consistent community participation

• Development of robust sybil resistance mechanisms

• A maturing governance ecosystem

• Favorable market conditions

When enabled, transferability will allow $NOON to function more broadly within Web3—as a liquid, tradable governance asset—while preserving the foundational values built during its non-transferable phase.

How to engage with us

We’re designing Noon for the community. Your input is critical.

Here’s how you can get involved:

• 💬 Join the discussion on our Governance Forum
  Dive into the thread and share your thoughts about non-transferability.

• 📥 Stake your $NOON after TGE
  Start earning boosted rewards, vote power, and governance rights.

• 🗳️ Vote on proposals
  Decisions like this will go to a community vote in our Governance Portal (coming soon). Make your voice heard.

• 🧵 Connect on socials
  Share feedback and ideas with the core team and fellow users on Discord, Twitter, and Telegram.

To Noon and back, your yield, your TGE.

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From day one, $NOON was built to do more — to reward conviction, share protocol value, and give users real governance power. This post breaks down what to expect at $NOON’s TGE and beyond: staking, governance, long-tail distribution, and the points-based multipliers that make early belief matter. But first, a quick TL;DR if you don’t want to read for too long.

TGE TL;DR

• User-first distribution: Up to 80% of tokens go to users — 0% to VCs or private investors. Your activity = your share.

• Staking unlocks everything: Stake your earned $NOON (instead of just claiming) to activate:

  • Daily vesting exponentially over 12 months, with 10% claimable upfront

  • Daily sNOON rewards (non-transferable governance tokens)

  • Instant 4x staking boost for early stakers

• Governance power from Day 1: Vote on real proposals; influence grows the longer you stake (ve-style tokenomic model).

• Real rewards: Protocol revenue flows back to stakers via buybacks, starting when $NOON becomes transferable (expected late 2025, if voted for).

• Unstaking is flexible for users: Users can exit anytime from their holdings and activities at TGE — with just a 7- day cooldown.

• No transfers at TGE? The community is leaning towards a temporary transfer lock to align incentives and prevent dump-and-run behaviour.

• End of the Public Beta (Season 1), the start of Season 2 (a separate post on this is coming). Daily token estimates ($NOON).

This is just the beginning — deeper dives and community proposals are on the horizon. Let’s dive in.

The Principles behind $NOON

We built $NOON on a few non-negotiables — principles that reflect how we believe modern, user-first protocols should work:

• Maximum value to users. Not just raw yields rewards, but through everything — governance token distributions, governance rights, treasury usage, revenue-generating activity, and protocol control. If you build it, use it, or help it grow — you should share in its success. We focus on ensuring as much value from each flow back to our users as possible. For example, we plan on distributing up to 80% of $NOON to our users, instead of the usual 10-30% we see with comparable protocols.

• Governance should be real. We aren’t here to rubber-stamp team decisions. At Noon, we want token holders to actively shape protocol direction from Day 1. In fact, we have already posted two sample discussions in our governance forum. Of course, we won’t be able to collect $NOON holder’s votes until after TGE - but this should give users a clear example of how we plan on decentralising our governance. Take a read through our forum posts on token transferability at TGE (see here) and on deploying into new asset classes (see here). This is governance with teeth.

• Prioritise long-term alignment. We’ve designed $NOON’s tokenomics to favor long term users. Staking boosts, ve-stye tokenomics, and a carefully constructed reward system all help ensure that committed users — not short-term speculators — have the loudest voice and the largest share of value.

Who will receive $NOON at TGE

Let’s be clear: $NOON is for our users. Not for VCs. Not for influencers. Not for early liquidity mercenaries.

That’s why 0% of $NOON is going to outside investors. Not now, not ever.

Instead at TGE, $NOON will be distributed only to those who held and used USN and sUSN, participated in supported protocols, and helped grow Noon from the ground up. Your allocation at TGE will reflect how deeply you’ve engaged with our ecosystem — and your ongoing rewards will depend on what you do next.

We’re also exploring a bold step: temporarily making $NOON non-transferable at TGE. Why? To give real users time to explore staking, governance, and ve-style token mechanics without market noise or distortion. More on that discussion here in the governance forum here. This idea, if adopted, ensures $NOON remains in the hands of those who understand and align with our long-term vision.

To check your Noon rewards, explore our points system, which tracks your protocol activity and determines your $NOON allocation. You can estimate your points-based value using our live Points Estimator Tool.

Why Hold $NOON?

There are plenty of governance tokens out there that do... very little. $NOON isn’t one of them.

By staking your tokens — instead of just claiming and walking away — you unlock three distinct streams of value:

1. Real Governance from day one, staked $NOON gives you influence. We’ve already posted two serious examples of governance topics:

   • Whether $NOON should be transferable at launch (link)

   • Whether to add a new asset class to our strategy mix (link)

This is just the beginning. Staking $NOON means your voice matters — and with our ve-style token model, the longer you stay committed, the greater your influence becomes. sNOON ensures that influence increases with time in the system, not capital alone.

2. Real Rewards

At TGE, by staking your earned $NOON, you don’t just earn daily sNOON yield — you multiply your effective holdings. Users will be able to stake all "Earned" $NOON—tokens claimable via the Noon dApp based on USN/sUSN activity—for powerful compounding rewards. By staking instead of claiming, users don’t just earn daily $sNOON yield—they multiply their effective holdings and unlock governance power. Claimed tokens land in your wallet immediately but forfeit all future multipliers—that’s a one-way door. Staking, on the other hand, opens the door to long-term upside and governance participation.

Key staking mechanics:

• Stake $NOON earned via your holdings and activities in the Public Beta to earn daily $sNOON rewards, which vest exponentially over 12 months, with 10% claimable upfront.

• Receive a 4x token boost to your voting power instantly, similar to the boost usually reserved for 4-year lockers.

• sNOON tokens are non-transferable and grant governance rights and a share in the monthly Noon BuyBack rewards.

• $sNOON can be unstaked anytime, with a 7-day cooldown (temporary for early Noon participants—more details soon).

Claiming tokens instead of staking permanently forfeits all multipliers and future staking rewards.

3. Real Returns

When $NOON becomes transferable (expected by end of 2025), real protocol revenue starts flowing back to holders.

Every month, 10% of Noon’s gross returns will be funneled into the Noon Insurance Fund. After a three-month “seasoning” period, those funds are deployed into a Buy-Back Wallet, which will repurchase $NOON on the open market.

These repurchased tokens are redistributed to sNOON holders based on their voting power, viewable and claimable directly through our Governance Dashboard. You can even restake them — compounding your influence and rewards further.

Reminder: how we’re distributing $NOON

We’ve built our token distribution to reflect our values — not just our ambitions.

• 65% of all $NOON is going directly to users over an 8+ year emission schedule

• 15% is held by the Noon Trust, to support partnerships, ecosystem growth, and (whenever possible) user rewards. We will try to maximise allocation to users, allowing for up to 80% of $NOON to be allocated to users.

• 20% is reserved for the Noon Team, with a 7-year vesting schedule (1-year cliff, 6-year linear) — one of the longest in the space

What’s not included? VCs. Preferential LP deals. Private sales. None of it. Because community control matters more than early capital.

A points-based multiplier: Proof of Participation

At Noon, activity = ownership.

That’s why we’ve built a points system that measures user participation — tracking your holdings, usage, and contributions across the protocol.

Your points determine your allocation — but they do more than that. By staking your earned $NOON at TGE, you unlock a full suite of benefits:

• Daily vesting exponentially over 12 months, with 10% claimable upfront

• Immediate ve-style NOON voting power

• Daily rewards in sNOON

• A front-row seat to protocol decision-making (voting power)

Your points are more than numbers — they are proof of participation, and the key to becoming an owner in Noon’s future.

Where do you go from here?

It’s almost time. At TGE, what can you do?

Stake your $NOONIf you’ve earned an allocation, consider staking — not just claiming (especially if $NOON is temporarily non-transferable at TGE). It’s how you unlock governance power, multipliers, and yield. And remember: you can temporarily unstake any time (with a short cooldown), but unstaking loses you all your voting power.

Get involved in governanceOur full Governance Portal launches alongside the TGE. Real proposals, real votes, real power — and long term users will have the most impact. You’ve earned this voice — use it.

Stay aligned long-termWith buy-backs, compounding rewards, and ongoing protocol returns — $NOON is designed to reward those long term users. This isn’t a short-term play — it’s a long-term partnership.

Watch what’s comingTGE is just the beginning. Governance tools, protocol upgrades, new strategy proposals, $NOON emissions channeling and broader integrations are on the way. The more involved you are now, the more impact you’ll have later.

Let’s build Noon together

$NOON is more than just a token — it’s a commitment. A reflection of the idea that participation creates value, and that value should flow back to those who make it happen. $NOON marks a significant milestone in our journey, and we hope it reflects how closely we've stayed true to our original vision.

We’re here for the long haul — and if you are too, $NOON is something worth holding onto.

Let’s build a future of shared value. Let’s build Noon — together.

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We’re evolving from a narrow set of yield strategies into a much more broader and holistic basket - which will allow us to eventually tap into every safe and stable source of yield available across all financial markets. As always, we have a commitment to transparency and will continue to make sure that you have a real voice at the table.Instead of just discussing this in a theoretical sense, we have chosen to use a live example to bring our process to life. So, together, let’s look at both our deployment strategy governance process, and the first new deployment strategy we will evaluate, Collateralized Loan Obligations (CLOs).

What are CLOs?

Before we dive in, a brief introduction to CLOs. CLOs are structured credit instruments backed by diversified portfolios of corporate loans. They’ve historically outperformed treasury bills with relatively low volatility, deep liquidity, and institutional activity. This makes them an attractive and logical next step for Noon Capital to explore as we scale yield generation while maintaining our security commitment. We will be specifically evaluating Janus Hendersen’s JAAA and JBBB CLO products.

Note: Additional resources on CLOs can be found here, information on Janus Hendersen can be found here, details on JAAA and JBBB can be found here and here, respectively.

We’re not jumping in blindly. Every new strategy must pass through a rigorous four-phase pipeline, including a risk assessment framework that will now become a regular part of our public intelligence sharing.

Our strategy pipeline

Here’s how we evaluate any new yield-generating opportunity:

1. Strategy and Asset class selection

We start by screening for strategies and asset classes that:

• Offer diversified risk-adjusted returns, relative to other strategies and asset classes in our basket

• Are liquid, relative to our current needs

• Can be programmatically accessed and monitored

• Fit within a crypto-native or tokenized future

In our working example, CLOs fit all these criteria.

2. Risk assessment framework ← You are here

This blog post is the first of many in which we’ll share our internal process for risk assessment. The framework includes:

• Market Risk: Is there a strong correlation between CLOs and the larger economy as a whole?  How does this asset respond to interest rate cycles, credit tightening, or macro shocks?

• Volatility Risk: What is the volatility associated with investing in CLOs? What are the maximum expected drawdowns, and what’s the expected return?

• Credit Risk: For CLOs, we analyze the underlying loan pool, tranche structure, and manager quality.

• Liquidity Risk: Can we scale in and out of positions quickly without affecting price or strategy integrity?

• Counterparty Risk: What’s the infrastructure required to access this market? What third parties do we depend on?

• Smart Contract Risk: In cases where tokenized versions of assets are involved, we assess the technical surface area.

This process ensures we have a clear understanding of downside protection before capital is ever deployed.

Continuing with our working example, a summary of our risk-assessment of CLOs can be found in our governance forum, here. At this stage, while we open the floor to comments and questions from our users, since our governance token is not yet live, we will be limited to comments and questions alone. Of course, this is exactly the reason our governance token exists - and after TGE, our governance tokens holders will be able to vote on whether to proceed with new strategies and asset classes.

3. Execution planning

Assuming the strategy / asset passes risk assessment, we define:

• Maximum allocation limits based on internal capital and risk models

• Entry and exit thresholds informed by spreads, liquidity, and yield curves

• An asset allocation algorithm that continuously rebalances capital across competing strategies to optimise returns without overexposing the fund to any single asset class

For CLOs, this means deploying into high-quality senior tranches, tracking performance against real-time benchmarks, and modelling downside stress scenarios.

4. Testing & scaling

If our execution planning stage goes to plan, we will begin to test, at a small scale, deployment execution, reporting, monitoring, and all other elements required to scale deployment. And finally, if our tests confirm our prior findings, we’ll gradually scale the strategy and integrate it into our automated allocation engine.

We expect to have initial results by the end of this week.

A Future with shared governance

As Noon Capital grows, so will our commitment to community-led strategy selection. In the coming months, we’ll open up this risk assessment and strategy selection pipeline to token holder voting.

Over time, we’ll transition from centralised intelligence to governance-based strategy approvals, giving our community a direct say in what we pursue next—be it real-world assets, more complex structured products, or on-chain primitives.

Final thoughts

Our ambition is simple: to build the most transparent, intelligent, and risk-aware crypto-native yield-bearing stablecoin. CLOs are just the first - and in some ways, easiest, example for users to follow. We’ll continue publishing our decision frameworks, tradeoffs, and learnings—so our community grows in knowledge as we grow in assets.

Stay tuned. The next phase of Noon Capital is here.

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Today, we’re excited to open a new chapter in that journey: the launch of our Noon Governance Forum.

This forum is more than just a tool — it's a space for conversation, coordination, and co-creation. It marks the beginning of a more open and collaborative governance process, where community members can shape the direction of Noon alongside our core team.

We’ve laid the foundations for this in previous posts (like this one), outlining our vision for community-led capital. But now, we’re turning vision into infrastructure. The forum is where proposals will take shape, ideas will be challenged and refined, and contributors will find opportunities to get more deeply involved.

Why governance matters

At its core, governance is about decisions that shape the future of our protocol. For Noon, these decisions will include:

• Designing systems that empower contributors and capital allocators alike

• Creating mechanisms for real influence, not just symbolic input

• Ensuring our decision-making processes are, fair and dynamic

Governance is not just a checklist for decentralisation. It’s a living, evolving process — and it starts with participation.

What you’ll find in the forum

The Noon Governance Forum is structured to support open discussion and structured progress. You’ll find:

• Idea threads – early-stage concepts that need feedback and refinement

• Proposal discussions – formal suggestions with clear action steps and implications

• Risk assessment & strategies – new assets proposed, their risk assessments.

• Community coordination – working groups, initiatives, and contributor updates

We’ll be organising conversations into categories, such as:

• Governance Processes: How proposals are created, escalated, and implemented.

• Governance Token Mechanics: Topics like transferability, staking, delegation, and voting rights.

• New Assets / Strategies - Risk assessments: How and where the protocol is launched and iterated on, new trading strategies.

• Tokenomics: Rewards, fees, emissions schedules, and sustainability.

• Ecosystem Growth: Grants, incentives, community initiatives.

Whether you're here to share a new investment thesis, debate a capital allocation, or simply learn how things work — you have a voice in shaping Noon.

🗳️ The forum is now live (in beta).
Join us, participate, and help decide what Noon becomes.

👉 Enter the Governance Forum

Until TGE, this forum will be in beta, meaning that we will have discussions, but no voting. Once TGE occurs and users receive their tokens, we will begin to both discuss and vote on proposals

First Discussion: CLO

We’ve kicked off our first discussion under the “Token Mechanics” category, exploring adding publicly traded Collateralised Loan Obligations (CLOs) into our basket of deployment strategies.

👉Join the discussion on CLO here

More category threads will follow, and ultimately, proposals will be drafted, ratified, and voted on by the community.

Let’s build this together.

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This strategic collaboration expands offerings to both communities by combining Noon Capital’s secure, stable yield-bearing products like sUSN with Pendle’s decentralized protocol for yield tokenization and trading. Together, we’re unlocking smarter, more flexible ways to optimize trading and participate in the booming on-chain points meta.

Why this matters

Yield strategies are evolving fast, and Pendle is at the forefront of that innovation. As a DeFi protocol operating across major chains like Ethereum, Arbitrum, BNB Chain, Optimism, Sonic, Mantle, Berachain and Base, Pendle enables users to split their yield-bearing assets into:

• Principal Tokens (PT) – Lock in fixed returns without points exposure.

• Yield Tokens (YT) – Access floating yields and all the points tied to the underlying asset.

• Liquidity Provider Tokens (LP) – Gain from swap fees, Pendle incentives, and partial points exposure.

This modular approach allows Noon users to tailor yield exposure to their specific strategies — whether they prefer stable returns, upside potential, or incentive farming.

Pendle’s proprietary Automated Market Maker (AMM) is uniquely optimised for this yield trading, minimising impermanent loss and improving capital efficiency — a key innovation that has propelled Pendle’s Total Value Locked (TVL) past $6 billion, attracting both retail and institutional users.

TLDR:

• YT & LP holders earn points.

• PT holders receive fixed yield but forgo points.

• Points stop accruing after a pool reaches maturity.

How it works with Noon

With this integration, Noon users can:

• Hold PTs: Earn a fixed rate and sit back.

• Hold YTs: Tap into floating yield and earn outsized Noon points per USD.

• Provide LP: Earn fees, Pendle incentives, and Noon points exposure.

Leverage lockers: Use vePENDLE to boost rewards even further.

Pendle’s native token, $PENDLE, is central to the protocol’s incentive structure and reward distribution. By locking $PENDLE into vePENDLE, users can boost their liquidity provider (LP) returns and influence how PENDLE rewards are allocated across different pools.

Points matter — Here’s why

Pendle’s points ecosystem is a key driver of yield demand. Protocols that distribute high point incentives — like Ethena, Ether.Fi and Lombard — have seen surging YT market interest. This pushes up variable yield demand, which in turn improves fixed returns for PT holders.

In other words:

More points → higher YT demand → better PT returns → stronger TVL retention.

Noon’s integration plugs directly into this dynamic. By tracking and distributing Pendle points among Noon users with YT and LP positions, we’re aligning with this powerful flywheel — on top of Noon’s own base point system.

The Noon points multiplier

Since Inception - 08th June 2025

• USN LP- 80x

• USN YT- 40x

• sUSN LP- 40x

• sUSN YT- 20x

08th June 2025 - Until Maturity

• USN LP- 40x

• USN YT- 20x

• sUSN LP- 20x

• sUSN YT- 10x

What’s next?

We’re rolling this out with full transparency and flexibility:

• Users can participate and receive rewards.

• More tools and visualisations are coming soon to the Noon dashboard.

• Future integrations will expand and refine this model.

If you’ve been searching for ways to optimize stable yield, participate in the points economy, and unlock new DeFi utility, this is your invitation.

Welcome to a smarter way to yield — your trades, your points, always.

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By launching the first Noon Market on Euler, we are not only expanding DeFi access to our users but also unlocking sophisticated ways to interact with our USN stablecoin, all while leveraging Euler’s unique vault architecture. And this is just the initial step - we’re working with our partners to bring more markets (like sUSN) to Euler in the near future.

Let’s dive into what this means, how it works, and the kinds of strategies it enables for both risk-takers and passive earners alike.

What is Euler and why it matters

Euler is a next-generation permissionless lending protocol built for the Ethereum ecosystem. Euler gives builders and users the flexibility to create custom markets with multiple vaults — essentially pools of assets users can lend to or borrow from.

Each market can contain various vaults for different assets. For example, users can lend USDC to the USDC vault or borrow it by posting collateral from another asset. The more vaults in a market, the more combinations of lending and borrowing become possible — enhancing capital efficiency.

Introducing the Noon market on Euler

Now, Noon joins the party with its own dedicated space on Euler: the Noon Market, governed by Tulipa Capital.

“A market tailored to lending and borrowing against Noon’s stablecoin, USN. Governed by Tulipa Capital.”

Currently, the Noon Market features three vaults: USN, USDT, and USDC — with more to potentially follow. This enables a variety of DeFi strategies centered around USN and its role as a stable, Ethereum-native asset.

A closer look at the vaults

Let’s explore how some of these vaults work:

• USN Vault – Borrowing USN currently requires collateral from other Euler markets (e.g., Euler Prime or Euler Yield).

• USDC Vault – This vault is more self-contained: users can borrow USDC by supplying USN as collateral — a direct way to put USN to work.

This kind of composability is what makes Euler’s architecture so powerful. It enables custom risk profiles and encourages cross-market liquidity flows.

Rewards: rEUL and beyond

Some vaults—like the USN vault—accept a variety of Euler assets (e.g., USDC, USDT, cbBTC) as collateral. These can earn rEUL rewards, but only if you're looping.

Here’s how it works:

• rEUL becomes claimable roughly every 4 hours

• Once claimed, it starts vesting — wait 6 months to unlock the full amount as $EUL

• Or exit early and receive a reduced amount

So while these rewards can juice your ROE, they also require patience and long-term thinking.

Passive strategies: Just lend

For those who prefer a more conservative approach, simply supplying assets to a vault is a great way to earn passive income.

As demand for borrowing increases, so does the supply rate. For example, when the USN vault reaches 52% utilization, lenders will earn 4.99% APY. If the demand for borrowing USN increases even more, the supply rate that lenders earn will increase further.

Currently, USN utilization is very low (~0.26%), meaning yield is minimal — but that could change quickly if looping strategies gain traction.

Final thoughts

The Noon-Euler collaboration represents an advancement on broadening DeFi opportunities for traders. It blends deep liquidity, customizable markets, and automated strategies into one seamless experience.

Whether you’re a power user looking to optimize yield through Multiply, or a long-term holder looking to earn passive APY on your USN, there’s something for everyone in this new integration. And stay tuned - we’ll be announcing other exciting opportunities on Euler in the near future.

We invite the Noon community to explore the market, test new strategies, and be part of this next evolution in DeFi.

Start exploring the Noon Market on Euler.

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Understanding Spectra Finance

Spectra Finance is a decentralised yield trading platform that enables users to separate fixed and variable yield components of yield-bearing assets. This is done through its Principal-Yield tokenization mechanism, which splits assets into Principal Tokens (PTs) and Yield Tokens (YTs). By doing so, Spectra allows traders and investors to take more precise positions on future yield movements.

At its core, Spectra enables:

• Yield Speculation: Users can trade YTs to express their views on future yield changes, allowing for leveraged exposure to yield fluctuations.

• Fixed Income Strategies: Those seeking predictable returns can acquire PTs, securing a fixed yield until maturity.

• Efficient Capital Allocation: Liquidity providers can earn trading fees by facilitating the buying and selling of PTs and YTs, all while benefiting from minimized impermanent loss.

How the sUSN Pool works

Through the Spectra platform, users can interact with the sUSN pool in several ways:

• Principal Tokens (PTs): By purchasing PTs, you can lock in a fixed yield until maturity. For example, right now, you can secure a ~9.22% APY if you hold PT-sUSN until February 5, 2026. This is ideal for those who prefer stability and predictable returns.

• Yield Tokens (YTs): If you’re bullish on the future yield of sUSN, YTs provide a way to capitalize on potential increases. The value of YTs is tied to Noon's raw yield and rewards structure.

• Continuous Trading: Unlike traditional fixed-income instruments, you don’t have to wait until maturity to exit. Both PTs and YTs can be actively traded, giving you full flexibility to adjust your strategy over time.

Use Cases & Examples

Spectra’s yield trading mechanics unlock several practical use cases, helping users maximize returns and manage risk effectively.

Fixed Rate Stability

If you hold yield-bearing assets and want to eliminate uncertainty about future returns, Spectra enables you to lock in a fixed APY for a predetermined period.

• Example (Aave): Suppose you supply 1000 DAI into Aave at a 4% APY. This rate could fluctuate over time, lowering your expected earnings. By using Spectra’s Fixed Rate tool, you can lock in that 4% APY for 1 year, ensuring predictable earnings even if Aave’s yield drops to 2%.

• Example (Lido): If you hold 10 stETH with a 5% staking rewards APY, Spectra allows you to lock in this rate for six months. If the staking APY later drops to 2.5%, you continue to earn the originally locked 5% rate.

Discounted Assets: Principal Tokens (PTs)

Principal Tokens function similarly to zero-coupon bonds, providing a discounted way to purchase yield-bearing assets.

• Example: If you invest 1000 USDC into Spectra at a 7% APY, you receive 1070 PT-USDC—which will mature into 1070 USDC in one year. This effectively allows you to buy USDC at a discount, securing a guaranteed 7% return upon maturity.

Yield Trading for Speculators

If you anticipate that yields will rise, Yield Tokens (YTs) provide a leveraged way to capture higher returns.

• Example (Morpho): Suppose the current APY for USDC on Morpho is 4%, and you expect it to increase due to market conditions. By purchasing YT-mUSDC, you gain exposure to future yield increases. If the APY rises to 8%, the value of your YTs doubles, making you a 100% gain.

How YTs and PTs are created

The process of minting PTs and YTs on Spectra follows a straightforward mechanism:

1. Depositing sUSN: Users deposit sUSN into the pool, which is then split into PT-sUSN and YT-sUSN.

2. Market Trading: PTs and YTs are actively traded, with their prices influenced by the market’s expectations of future yields.

3. Maturity & Redemption: At maturity, PT holders redeem their fixed yield, while YT holders capture the accrued variable yield over time.

Why provide liquidity?

Beyond trading PTs and YTs, you can also become a liquidity provider (LP) in the sUSN pool. By doing so, you earn swap fees whenever users buy and sell PTs and YTs. And here’s the best part: impermanent loss is negligible in this pool, as the assets within it are highly correlated.

Additionally, LPs benefit from multiple revenue streams:

• Pool Swap Fees – Earn a percentage of all trades.

• Principal Token Fixed Rate Yield – Liquidity providers hold PTs, you lock in a guaranteed return.

• Native Yield of Interest-Bearing Tokens – Earn extra yield from the underlying assets.

• Incentives & Rewards – Spectra and Noon will provide additional incentives for liquidity providers.

This makes liquidity provision in Spectra an attractive option for DeFi users looking for steady fee income without the typical risks associated with impermanent loss.

Earn rewards for participation

To make things even better, we will be rewarding LPs and YT holders. This adds another layer of incentives, making it even more compelling to engage with our pool on Spectra.

• Short-Term Campaign (until end of April, 2025) 40 points per day per sUSN deposited in LP 20 points per day per YT held

• Long-Term Incentives (after end of April, until maturity) 20 points per day per sUSN deposited in LP 10 points per day per YT held

Getting started

If you’re interested in securing fixed yield, speculating on variable returns, or earning swap fees without impermanent loss, dive into the Noon sUSN pool on Spectra today!

Join the yield trading experience! Ready to take control of your yield strategy? Whether you want fixed returns, variable exposure, or fee income, the sUSN pool on Spectra has something for you. Start trading, providing liquidity, and earning rewards today!

For more details, check out Spectra’s official documentation here or follow them on X.

Let’s build the DeFi space we all want to use!

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We’ve always been incredibly excited to build ground-breaking use-cases and utility for our users. And we know we cannot do this ourselves. We are always on the lookout for sophisticated, innovative partners who can help us bring unique opportunities to our users.

That’s what led to our partnership with RFX.

Why RFX?

Perpetual DEXes litter web3, and our team has been fortunate enough to work with all the top ones. So it’s unusual when we find a perpetual DEX which stands out from the crowd.

Optimised DEX architecture

RFX has taken several of the most powerful, battle-tested and user-demanded features of perp DEXes and combined them to create an advanced and efficient new model. Its multi-pool model, low-latency oracle networks, automated risk engine, and veTokenomics collectively shape an architecture which is industry-leading. Its platform’s permissionless market creation allows users to launch trading pairs and liquidity pools for any whitelisted asset—an approach that aligns with Noon's vision of an open and efficient DeFi ecosystem.

Strong growth, traction and team

Having launched 2 months ago, RFX is already going toe to toe with far more established perp DEXes on ZKsync Era (Era), in terms of both TVL and user growth. This has been spearheaded by a team that is DeFi native, and has been building in DeFi for years. This team has enabled features in RFX like gasless trading, meaning users can trade, add liquidity, and claim rewards without incurring transaction fees. Importantly, this boosts capital efficiency and improves user experience.

Continuous innovation

What most impressed us about RFX was their ability to take established web3 paradigms and then innovate and improve upon them. We were impressed by their unique implementation of the multi-pool model to start, and this innovation has continued with RFX’s Yield Vaults. This is also where our partnership with RFX will begin.

Noon & RFX

Noon and RFX have discussed a strategic partnership, beginning with RFX using USN as the first collateral asset for RFX’s new Yield Vault product. RFX Vaults use the ERC-4626 standard and are designed to provide unified liquidity for all markets and improve capital efficiency. They address a key challenge in DeFi: liquidity fragmentation, and allow liquidity providers to benefit from automated capital allocation, avoid impermanent loss, and access the best yields.

Using USN to fund yield vaults gives users a unique upside opportunity, which combines:

1. Significant real yield opportunity via RFX Vault yields

2. Disproportionate Noon points (and governance token rewards)

3. RFX points (and governance token rewards)

4. Inclusion in ZKsync’s Ignite programme

This gives both Noon and RFX users incredible upside opportunities.

What the future holds

We’re always looking for innovative ways to bring real value and opportunity to our users. That’s why we’re kicking off our partnership with RFX, starting with their new Yield Vaults—powered by USN as the first collateral asset. This means:

• Access to high real-yield opportunities through RFX Vaults

• Disproportionate Noon points (and governance token rewards)

• RFX points (and governance token rewards)

• Potential inclusion in ZKsync’s Ignite program RFX’s architecture is designed to solve key liquidity challenges in DeFi, and by working together, we’re unlocking new levels of capital efficiency and opportunity for our users. And this is just the start. We’re already exploring ways to deepen this partnership—and you’ll be the first to know when we do. Be part of what’s next.

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