A floor, not a peg
Redemption is always available at the identity above, so the price has somewhere to fall back to. It is not a stablecoin and does not pretend to hold a number.
Overtones
The receipt is the product.
Every liquidity position already produces a claim on itself. For a concentrated position that claim is an NFT — every one different, so nothing prices it and nothing lends against it. Nodal mints a plain fungible ERC-20 instead, so the position stays in the pool and the claim goes wherever you send it.
Fungible
Continuously accruing
Redeemable on demand
No lock-up
Mint
Deposit once.
Deposit once.
Hold something that moves.
Pick a Resonator, deposit either side of the pair or a single asset, and the vault returns Overtones at the current share price. There is no vesting schedule, no epoch boundary and no queue: the mint and the first accrual happen in the same transaction.
Fee accrual only ever adds. Fees earned by the underlying position raise the redemption value of every outstanding Overtone rather than being distributed, so there is nothing to claim and nothing to compound manually. The share price itself still moves both ways — divergence and rebalance cost pull against the fees, and Spectra reports all three separately rather than netting them into one number.
Why not an NFT?
A concentrated position is genuinely non-fungible — two positions with different ranges are different things. Nodal makes them fungible by fixing the range policy inside the Hook: everyone in a given Resonator holds the same strategy, so their claims are interchangeable, and interchangeable is what every lending market, router and margin engine already knows how to price.
Mint Overtones
DemoDepositBalance 12,400.00
5,000.00
USDC
Single-sided; the Hook pairs it internally.
ReceiveResonator ndUSDC-ETH
4,861.02
ndUSDC-ETH
Share price 1.0286 — rises with accrued fees.
Share price1.0286
Fee APY (gross)11.4%
Deposit fee0.00%
Exit fee0.00%
Allowance requested5,000.00 exact
Illustrative panel. Nothing here signs a transaction.
The identity
One equation is the entire guarantee.
An Overtone is worth its pro-rata slice of what the Resonator holds. Not an oracle price, not a quoted price — a quantity you can read off the pool yourself.
sharePrice = (poolAssets + accruedFees − pendingProtocolFee) / totalSupply
Every term on the right is on-chain and readable in a single static call. If the secondary market ever quotes an Overtone below this, redeeming it is the arbitrage.
No checkpoint to miss
Accrual is continuous inside the share price. There is no snapshot, no claim window, and nothing forfeited by transferring mid-period.
Composable on arrival
An ERC-20 with a readable share price is what every money market already integrates. No adapter contract, no oracle proposal, no listing negotiation.
Lifecycle
What happens to the note
Four states. Only one of them happens without you.
-
Mint
Assets enter the Resonator; Overtones are issued at the current share price. Your position is now two things at once — deployed, and in your wallet.
-
Accrue
Trading fees land in the pool and lift the share price. Nothing is distributed, so nothing needs to be claimed or re-staked.
-
Circulate
Lend it, pair it, post it as margin, or route it through Antiphase. Accrual follows the token, so it keeps earning for whoever holds it.
-
Redeem or retune
Burn to withdraw the underlying at the identity price, or roll straight into another Resonator without a round trip through the base asset.
Nothing here is a lock-up
There is no notice period, no withdrawal queue and no epoch. Every one of those states is exited by a call anyone can make, at any block, for the value the identity gives at that block.
And nothing here is automatic yield
The share price rises with fees and falls with divergence and rebalance cost. What the Resonator promises is that all three are visible, not that the second two are zero — Spectra reports them as separate lines for exactly that reason.
Planned Resonators
The vaults and their Overtones
| Resonator | Overtone | Share price | Fee APY | Depth |
|---|---|---|---|---|
| USDC / ETH | ndUSDC-ETH | 1.0286 | 11.4% | $84.2M |
| ETH / cbBTC | ndETH-cbBTC | 1.0431 | 14.9% | $41.7M |
| USDC / EURC | ndUSDC-EURC | 1.0094 | 4.2% | $29.8M |
| ETH / wstETH | ndETH-wstETH | 1.0177 | 6.8% | $52.1M |
| USDC / AAPLx | ndUSDC-AAPLx | 1.0208 | 8.1% | $18.4M |
| USDC / NVDAx | ndUSDC-NVDAx | 1.0355 | 12.6% | $22.0M |
Illustrative — every figure on this site is demo data, see the badge in the footer. The two tokenised-equity pairs arrive with the Fundamental desk, which the roadmap puts after the audit; the four crypto pairs come first.
Mint one and watch it stay liquid.
Deposit into a Resonator, hold a note that earns while you use it elsewhere.