SMARDEX USDN (USDN)

GM

The game just changed for @noble_xyz and for everyone who treated it like a farm. Points are winding down, the $USDN vault is being unwound in the next couple weeks, and the pivot to a standalone EVM L1 for retailer payments is live. Translation for operators stop chasing emissions, start thinking in throughput and margin

If you were in Season 1 or 2, your Cosmos → ETH link should’ve been done by Dec 31. Distribution lands at TGE on Ethereum/AppLayer. Double check your mapping, consolidate to the wallet you’ll actually use for execution, and tidy your tecords now

How I’m positioning this week
• exit dead farms, keep stables liquid for settlement
• stand up a clean ETH signer for AppLayer contracts at TGE
• track early merchant pilots and FX corridors, not token chatter
• model fee share at the POS and what a real take rate could look like
• watch flow migration from IBC into EVM apps, not just bridges

They’re deliberately not building for speculation. That’s the tell. The farm loop is over, the revenue loop begins. Let’s lock it in this week

Noble - Points Program + USDN Vault Winding Down

▫️ @noble_xyz points program ending
▫️ $USDN vault being wound down
▫️ Timeline: next couple weeks
▫️ More details coming

Noble pivoting to EVM L1 focused on stablecoin payments infrastructure for retailers - deliberately not trading/speculation focused.

Translation: the farm loop is ending. Now they need a real product.

▫️If you participated in Season 1 or 2, you should have already linked your Cosmos -> ETH address (deadline was Dec 31).
▫️Token distribution happens at TGE on Ethereum/AppLayer.

Nothing personal, just incentives.

🫡

▫️ @noble_xyz is changing its technical architecture
A new EVM compatible Layer 1 mainnet will launch in 2026.

This aims to move Noble away from the Cosmos SDK and onto an Ethereum compatible infrastructure a major step for developer experience and scaling.

Gate com +1
▫️This transition could help USDN find greater integration and liquidity within the broader DeFi ecosystem.

USDN supply is around $127 million
Over 300,000 wallets have used USDN
Over $2.3 million in rewards have been distributed
Billions in stablecoin volume have been processed
KuCoin

Note These are external analyses and not investment advice...