# How Noon stacks up

The stablecoin market is competitive. We’ve been carefully studying this space for months, and vowed that we would only enter this space if we could truly build something unique, which would add significant value to users. We’ve designed both our stablecoin and governance token deliberately to create the most compelling value proposition for users in the stablecoin space. Here is how both stablecoin and our governance tokens, <mark style="color:purple;">**USN**</mark> and <mark style="color:green;">**$NOON**</mark><mark style="color:green;">,</mark> stack up, and stand out.

## <mark style="color:purple;">USN</mark> (and <mark style="color:purple;">sUSN</mark>)

<mark style="color:purple;">**USN**</mark> and <mark style="color:purple;">**sUSN**</mark> are the heart of <mark style="color:blue;">**Noon**</mark>, and are uniquely differentiated from other stablecoins:

1. <mark style="color:orange;">**Superior Returns:**</mark> <mark style="color:purple;">**USN**</mark> and <mark style="color:purple;">**sUSN**</mark> are designed to have superior through cycle returns, compared to all other stablecoins.
2. <mark style="color:orange;">**Only Delta-Neutral Deployment:**</mark> The collateral used to mint <mark style="color:purple;">**USN**</mark> will only be deployed in delta-neutral strategies, giving our users peace of mind and stability.
3. <mark style="color:orange;">**Maximum Scalability**</mark><mark style="color:orange;">:</mark> By expanding our mandate over time to include the most high-capacity deployment strategies in web3 (and beyond), our users don’t have to worry about diminishing marginal returns at scale.

Additional details on <mark style="color:purple;">**USN**</mark> and <mark style="color:purple;">**sUSN**</mark>'s differentiators can be found in the "About our Stablecoin" section [below](/contracts/how-are-usn-and-susn-different-better.md).

## <mark style="color:green;">$NOON</mark> (and <mark style="color:green;">$sNOON</mark>)

While we have yet to detail our governance (<mark style="color:green;">**$NOON**</mark>) and staked governance token (<mark style="color:green;">**$sNOON**</mark>), their unique advantages play a key role in differentiating the <mark style="color:blue;">**Noon**</mark> protocol from other stablecoins.

1. <mark style="color:orange;">**Optimised for Users:**</mark> We are tired of protocol users being treated as exit liquidity for early investors and the team. So we decided to avoid investors entirely - so the only way to get tokens is to build <mark style="color:blue;">**Noon**</mark> (\~20% of tokens) or use <mark style="color:blue;">**Noon**</mark> (65% to 80% of tokens). And all of our our team tokens vest linearly over a web3 leading 7 years, ensuring that we’re building together for the long term
2. <mark style="color:orange;">**Insurance Fund:**</mark> We believe that we have built a protocol which is safer than any other. But we know things can still go wrong. That’s why we’ve created a insurance fund, capitalised by a portion of our raw protocol return. After the Insurance Fund is sufficiently capitalised, excess liquidity will be distributed to staked <mark style="color:green;">**$NOON**</mark> (<mark style="color:green;">**$sNOON**</mark>) token holders.
3. <mark style="color:orange;">**Sustainable Buy-Back Mechanism:**</mark> Although we have 65% to 80% of tokens allocated to user distributions, we know that even this will run out in time. But we want to ensure that our users, especially our governance token holders, always receive some additional governance tokens on a regular, ongoing basis. So we’ve designed a unique governance token buy-back mechanism which will ensure that users are receiving boosted yield in the form of governance tokens in perpetuity.

Additional details on <mark style="color:green;">**$NOON**</mark> and <mark style="color:green;">**$sNOON**</mark>'s differentiators can be found in the "Our governance token: At a glance" section [below](/built-for-high-yields/our-governance-token-usdnoon.md).

<mark style="color:orange;">**These differentiators collectively create a compelling competitive position for**</mark>**&#x20;**<mark style="color:blue;">**Noon**</mark>**&#x20;**<mark style="color:orange;">**as a protocol - by ensuring both our stablecoin and our governance token are well-positioned in this crowded landscape.**</mark>


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