The price of time,
written down

The basics

A tokenized real-world asset pays on a schedule: a bill pays its coupons, a loan book pays its instalments, a building pays its rent. The income is real, but it arrives later. Notre is where the holder sells that future income for a smaller amount today, and where someone with patience buys it.

The seller gets liquidity without giving up the underlying instrument. The buyer gets a return that is fixed the moment they buy, because they paid below what the stream will ultimately pay out.

Nobody creates yield here. The yield already exists in the underlying asset. Notre only prices the wait.

Pricing

A listing carries five numbers, and four of them are the same number restated.

Face

The total the stream will pay over its life.

Tenor

How long until it is exhausted.

Upfront

What the seller takes today; what the buyer pays.

Discount

(face − upfront) ÷ face. The seller's cost of immediacy.

Implied APR

(face − upfront) ÷ upfront × 12 ÷ tenor. The buyer's return, annualised.

Quote it from either end and you get the other. Given a target APR:

k       = apr × tenor ÷ 12
upfront = face ÷ (1 + k)
discount = k ÷ (1 + k)

A steeper curve across tenors means immediacy is expensive and sellers are paying up for it. A flatter one means capital is abundant and patience earns less.

Instruments

NOTE

A tokenized claim on a stream of future cashflows, bought below face and exhausted when the schedule completes.

sNOTE

A NOTE whose collected payments are retained rather than distributed, so the position compounds until the tenor ends.

BILL

The short-tenor end of the book: sovereign bill and note coupon strips. Tightest discounts, and the benchmark every other listing is read against.

Asset classes

Anything that pays on a schedule can be listed. The book currently spans six:

• Treasuries — bill and note coupon strips sold forward of their payment dates.
• Credit — scheduled principal and interest from tokenized loan books.
• Real estate — forward months of tokenized rental income.
• Receivables — invoices and trade paper, the original discount market.
• Royalties — music, IP and protocol revenue shares.
• Carbon — forward issuance from verified projects.

Settlement

Buying a stream is a real ETH transfer on Base, signed in your own wallet and sent to Notre's treasury. Nothing is custodied on your behalf beforehand, and no approval is requested — the transaction is a plain value transfer you can inspect before confirming.

Listing a stream costs nothing and moves no funds. It is signed as an EIP-712 typed message, so the terms you published are provably yours.

Notre is in early access. The payment leg settles on-chain; the stream's payment schedule is recorded by Notre off-chain rather than by a deployed contract. Transfers are final and cannot be reversed. Treat what you send as at risk.

Transparency

The book is the disclosure. Every live listing publishes its face, tenor, upfront, discount and implied APR before anyone acts on it, and the same figures are what settle. There is no private quote and no spread held back by a desk.

Plot every listing by tenor against implied APR and the book stops being a list — it becomes a term structure. The tightest line is the Treasuries benchmark; the gap above it is the credit spread this market is currently charging.

Governance

Notre has no token and no vote. Listing is permissionless, buying is permissionless, and the only parameter that matters — the discount — is set by whoever is on the other side of the trade. Changes to the protocol are published here before they ship.

Risks

• The schedule can miss. A stream is a claim on payments that have not happened yet. Underlying assets default, prepay, or pay late.
• Early access. The cashflow leg is not yet enforced by a contract. See Settlement.
• Transfers are final. An on-chain payment cannot be recalled, and a payment sent on the wrong network cannot be recovered.
• Not a deposit. A stream is not a bank deposit or a savings product, and it is not insured by the FDIC, SIPC or any other scheme.
• Duration. Buying a 36-month stream ties capital up for 36 months. There is no guarantee a buyer will be there if you want out early.

Brand

The mark is a single glyph, used at one size on a dark field. The palette is deliberately monochrome — deep slate #0C1116, ink #1A2027, cream #E8EBEE — because the only thing on this site that should carry colour is a number.

Download the mark (512px PNG)

Contact

Notre is a small team. The fastest way to reach us — about listing an asset, about a payment, or about working on this — is on X.

@trynotre on X