Note NFT
The Note NFT is your principal claim. It's the receipt that says "the protocol owes you this much."
What Is a Note NFT?
When you buy a bond, you receive a Note NFT that represents:
The amount you invested (face value)
The currency you'll be repaid in (BTC or USDT)
The date you can start claiming (maturity)
The series it belongs to
Key Characteristics
Always tied to a series
Every Note belongs to a specific bond series
Fixed face value
The amount doesn't change — 0.01 BTC stays 0.01 BTC, $1,000 stays $1,000
Claimable after maturity
Redeem your principal anytime after the maturity date
Transferable anytime
Sell or transfer your Note before or after maturity
How Redemption Works
BTC Bond Notes:
USD Bond Notes:
Why Would You Sell Your Note?
You might sell your Note NFT if you:
Need liquidity before the maturity date
Want to exit your position early
Found a buyer willing to pay a premium
Already claimed and want to sell an unredeemed Note after maturity
The buyer gets your principal claim. You get immediate cash.
Note vs. Warrant: The Difference
Represents
Principal (what you put in)
Upside (option on $MSTR)
Value behavior
Stable — tied to face value
Variable — depends on $MSTR price
Tied to series?
Always
Not always (can be standalone)
After maturity
Claim principal anytime
Exercise for $MSTR or expires
Example
Carol buys a USD bond with $1,000 USDT.
She receives:
Note NFT — Face value: $1,000 USDT, Maturity: Dec 2026
Warrant NFT — Separate instrument
6 months later, Carol needs cash. She sells her Note NFT on the secondary market for $970.
The buyer now holds the Note and can claim $1,000 USDT anytime after maturity.
Carol keeps her Warrant NFT — she can still exercise it or sell it separately.
Next: Warrant NFT — your upside explained.
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