Overview

True Protocol Ownership: Sustainable Value Accrual, User-First Allocation, and Institutional Governance.

$NOON is the native governance token of the Noon Protocol. Staking $NOON is the native governance token of the Noon Protocol. Staking $NOON into $sNOON grants users dual utility:

• A direct economic claim on protocol earnings and

• Meaningful voting power over protocol parameters and reserve deployments

Unlike conventional stablecoin and Web3 protocols that divert token equity to venture capital funds, early insiders, or key opinion leaders (KOLs), $NOON is engineered around one core design principle: maximizing long-term value for the protocol’s actual users.

Core Architecture Overview

The $NOON section is structured into three dedicated modules:

Figure 1. $NOON Governance Overview

1. Token Distribution & Supply Allocation ↗

Noon eliminates insider dilution. 65% of $NOON is allocated to the Community Fund and distributed over an extended 8+ year horizon, while 15% sits in the Ecosystem Fund to drive growth, and 20% vests to the core team over a market-leading 7-year schedule. There are zero venture capital or discounted early LP allocations.

2. Token Utility & Real Revenue Accrual ↗

$NOON captures real protocol value. 10% of monthly protocol returns feed the Insurance Fund, and 10% fund protocol operations. Excess operational reserves and seasoned insurance funds are programmatically used to buy back $NOON on the open market, distributing the acquired tokens directly to $NOON stakers.

3. The Staking Framework: Active vs. Open Staking ↗

Noon introduces a dual-path staking architecture: Active Stake (for users who earned $NOON by holding $USN or $sUSN) and Open Stake (for users who bought $NOON on the open market). Both pools share an accelerating exponential vesting curve and a 48-month voting-power multiplier curve, routing unvested or forfeited tokens back to long-term community stakers.

The Core Design Principle

Every structural mechanism within the $NOON tokenomics model was built around a single question:

"At every decision point, how do we make the end result as favorable to our users as possible?"

This philosophy dictates our supply distribution, our programmatic buyback mechanics, and our long-term staking schedules:

• No Insider Discounts: Noon is self-funded. By refusing venture capital and preferential LP deals, Noon reserves 65% to 80% of total token allocation for users—compared to the 10%–30% industry average.

• Boosted $sUSN Yield Mechanics: Disproportionate $NOON allocations are routed to $USN (non-yielding) holders. Because $USN holders forgo raw protocol yield in favor of $NOON rewards, that yield concentrates into $sUSN—sustaining higher, boosted APYs for stakers over an 8+ year distribution window.

High-Level Token Allocation

$NOON is Noon's governance token. Holding it gives you two things: a claim on what the protocol earns, and a say in how it is earned.

The protocol's returns fund regular buybacks. The $NOON bought back goes to stakers. So as protocol revenue grows, more of it flows to people holding $sNOON.

Staking is also what gives users voting power. Stakers vote on which strategies capital gets deployed into, approve counterparties, and adjust incentives. Stake for longer and your vote counts for more.

There were no VC or KOL allocations. $NOON went to the people who built Noon and the people who use it.

$NOON also unlocks boosts and multipliers across Noon League and partner campaigns to come.

Design Principle

We had one simple design principle when designing the Noon protocol, and in particular, the $NOON mechanics.

At every decision point, we asked ourselves, "How can we make the end result as favourable to our users as possible?"

This has led us to the current design of the Noon protocol.

Tokenomics

Noon has desgined our tokenomics to:

1. Maximise $NOON token allocation to users: 65-80% to users

   1. Among users, prioritise distributions to long term users and holders, as opposed to short-term sellers

2. Ensure all token distribution is done transparently, and over as long of a term as possible

3. Maximise the value of holding $NOON

   1. Allow holders ultimate control over the protocol

   2. Distribute real value, real returns, to users

Token allocation

We aim to allocate as many $NOON tokens to users as possible. The $NOON governance token allocation is very simple (figure 1).

• 65% is allocated to the Noon Community Fund. This is the fund which distributes tokens to Noon’s users, based on their holdings and activity within the protocol.

• 15% is allocated to the Noon Ecosystem Fund. This is the fund which is used by the Noon Foundation to accelerate the growth of the protocol. We will aim to also distribute this to Noon's users.

• 20% is allocated to Noon's team. This will be distributed to the Noon team, with a 7 year vesting period.

Allocation	Share	Notes
Noon Community Fund	65%	Distributes to users based on holdings and activity, over 8+ years
Noon Ecosystem Fund	15%	Used by the Noon Foundation to accelerate growth; the aim is to distribute this to users as well
Team	20%	Vests over 7 years (1-year cliff + 6 years linear monthly); see Vesting

There is an absence of investors and early LPs (with preferred terms) on the token allocation table to date. These are two groups which typically receive a significant token allocation from most (stablecoin) projects. Noon has 0 $NOON tokens allocated to both.

• Noon is self-funded, and has no plans to take on external investment at this time

• Noon has grown its TVL organically, and has not relied on preferential deals with early LPs

Both of these mean that we can maximise $NOON token distribution to you, our users. While most comparable projects allocate between 10-30% of governance tokens to users, Noon will distribute between 65-80% of governance tokens to our users (figure 2).