A position can do more than hold value.
n100 is being built for people who want liquidity while retaining exposure to their deposited assets. Borrowing against a position offers another option alongside selling. It also creates debt: if collateral loses value, the borrower may need to add collateral or repay to avoid liquidation.
Liquidity needs to be useful beyond the protocol.
The n100 model mints nUSD against supported Stock Tokens. Holders can redeem nUSD against collateral, or swap it for USDG when a funded reserve has liquidity. The reserve is separate from user collateral: it never gives the treasury a claim on a borrower’s position. These new contracts remain disconnected from the public demo.
Different markets need different borrowing limits.
A stock, a broad equity ETF, and gold exposure do not behave the same way. n100 assigns each collateral market its own minimum ratio and liquidation threshold. Borrowers can hold more collateral than the minimum. Historical drawdowns help inform the design, but they cannot bound future losses.
An onchain balance still depends on offchain markets.
Stock Tokens bring market exposure onchain, but exchanges close and price feeds can become stale. Freshness checks, market-specific limits, and liquidation rules are essential to the design. Robinhood Stock Tokens provide economic exposure rather than direct ownership of the underlying shares. Token issuer and oracle risks remain.
Rewards must come from funded activity.
Users stake nUSD, with optional n100 to boost reward weight, to share funded USDG rewards. The planned trading-fee distribution directs 60% to user rewards, 30% to buying n100 for the treasury, and 10% to the USDG treasury. Treasury purchases are neither burned nor locked. Rewards depend on fees actually received and funding available for distribution. Stake & Earn is coming soon. No return is guaranteed.
The controls should be as clear as the product.
Users need to understand who can change the rules. The new nUSD stack has administrator-controlled upgrades without a time delay, as well as emergency pause powers. That creates administrator risk. Production readiness requires verified integrations, security review, funded liquidity, and operational testing—not just a finished website.