# Our governance token: $NOON

<mark style="color:green;">**$NOON**</mark> is the governance token of the Noon protocol ecosystem. <mark style="color:green;">**$NOON**</mark> can be staked, giving stakers <mark style="color:green;">**$sNOON**</mark>. <mark style="color:green;">**$sNOON**</mark> holders will receive funds left undeployed after the <mark style="color:blue;">**Noon**</mark> Insurance Fund (NIF) is fully capitalised.

Following the token generation event (TGE) of the <mark style="color:green;">**$NOON**</mark> token, users now earn <mark style="color:green;">**$NOON**</mark> emissions through monthly campaigns. At the end of each month, eligible users receive their emissions and can stake their <mark style="color:green;">**$NOON**</mark> via the <mark style="color:blue;">**Noon**</mark> dapp. By staking <mark style="color:green;">**$NOON**</mark>, users receive <mark style="color:green;">**$sNOON**</mark>, which grants voting power and additional token rewards. The longer users stake, the greater the multiplier they receive. Token claims will be available once transferability is enabled, expected by the end of 2025.\
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**Important:** <mark style="color:green;">**$NOON**</mark> remains non-transferable until late 2025, however, staking multipliers apply only to <mark style="color:green;">**$NOON**</mark> earned through <mark style="color:green;">**USN**</mark> or sUSN holdings. <mark style="color:green;">**$NOON**</mark> acquired elsewhere (purchased or transferred) does not qualify for multipliers.

## Getting <mark style="color:green;">$NOON</mark>

Unlike many governance tokens that are sold to investors, or used to pay service providers or KOLs, <mark style="color:green;">**$NOON**</mark> is only accessible to users who engage with the Noon ecosystem. The best way to accumulate <mark style="color:green;">**$NOON**</mark> is by acquiring <mark style="color:purple;">**USN**</mark> or <mark style="color:purple;">**sUSN**</mark> and holding it, and participating in our rewards programme.

## Staking <mark style="color:green;">$NOON</mark>: Rewards

#### Staking = Commitment = Power

When you stake <mark style="color:green;">**$NOON**</mark>, you unlock two key advantages:

**1. Vesting access**\
Your staking duration determines how much of your allocation vests:

* Stake 12 months → vest 100%
* Claim immediately → vest only 10%
* Unstaking early forfeits unvested tokens

The vesting curve formula:

```
$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

Example vesting milestones:

* 3 months → \~16.96% vested
* 6 months → \~29.85% vested
* 9 months → \~54.56% vested
* 12 months → 100% vested

**2. Voting power multiplier**\
Staking amplifies governance influence:

* While <mark style="color:green;">**$NOON**</mark> is non-transferable: <mark style="color:green;">**$sNOON**</mark> = 4× voting power
* Once transferable: users will choose custom lockups and earn up to 4× voting power via ve-style mechanics (exact curve TBD)

**Projected distribution schedule** – A majority (65-80%) of the total <mark style="color:green;">**$NOON**</mark> supply is allocated to the community, ensuring that governance remains in the hands of engaged users.

## Staking <mark style="color:green;">$NOON</mark>: Utility & Governance

Staking is at the core of <mark style="color:green;">**$NOON**</mark>’s utility - this is to ensure that any benefits that accrue to holders primarily benefit our long-term users. Only staked <mark style="color:green;">**$NOON**</mark> (<mark style="color:green;">$</mark><mark style="color:green;">**sNOON)**</mark> holders can participate in governance and benefit from key features of the ecosystem:

1. **Governance rights** – Only <mark style="color:green;">**sNOON**</mark> holders can vote on key protocol decisions, ensuring that active participants shape Noon’s future. This could range from adding new deployment strategies to potential re-allocations of <mark style="color:blue;">**Noon**</mark>’s raw returns.
2. **Buyback mechanism** – Any excess funds from the <mark style="color:blue;">**Noon**</mark> Insurance Fund will be used to buy back <mark style="color:green;">**$NOON**</mark>, creating sustained demand.
3. **Returns flow** – <mark style="color:blue;">**Noon**</mark>’s Insurance Fund collects capital from raw returns (10%) and excess operating funds.  After 3 months, unused funds are distributed to <mark style="color:green;">**$sNOON**</mark> holders - **giving back real value, regularly**, to our most loyal, long-term users.

## Sustainability: A Long-Term Vision

Our vision for <mark style="color:blue;">**Noon**</mark> is a long-term one- that’s why our team tokens are all vesting over an industry-lead. And, you’ve seen us use the word “long term” repeatedly above. The structure of <mark style="color:green;">**$NOON**</mark> is designed for longevity, with mechanisms that ensure a balanced ecosystem and long-term value creation:

* **Extended distribution schedule** – With 65-80% of <mark style="color:green;">**$NOON**</mark> being distributed to our users, we knew we could not do this overnight. This large user allocation allows us to spread out our <mark style="color:green;">**$NOON**</mark> distribution schedule over 5+ years, and still ensure our users are well rewarded for years to come
* **Perpetual buy-back incentives** – A portion of ecosystem returns are used to buy-back <mark style="color:green;">**$NOON**</mark>, ensuring there’s sustained buy-side pressure for <mark style="color:green;">**$NOON**</mark> in the long term.
* **Stake-driven utility** – Encourages holding rather than short-term trading, helping to maintain a stable and engaged community.