Nuon
Co-building the world's first inflation-pegged flatcoin
Table of Contents
Stablecoins are pegged to a depreciating asset, the US dollar, after inflation does its thing. What actually preserves purchasing power is a basket of consumption goods, not a fiat currency tracking that basket with a six-week lag. Nuon is the on-chain version of that thesis: a flatcoin pegged to a daily inflation-adjusted basket, recalibrated using Truflation's verifiable economic data.
Nuon launched out of Laguna Labs, the development house Stefan Rust (formerly CEO of Bitcoin.com) founded. The same operator runs Truflation and TRUF.NETWORK. We came in across three of our deepest contribution categories: product co-building, product design, and smart contracts. Flatcoins are a hard problem, and Stefan had one of the few teams credible enough to ship one.
Co-building the protocol
On product, our team scoped and shipped the Nuon Protocol App, where holders mint, redeem, and manage collateral. On design, the work covered the consumer flows depositors actually touch (the difference between "DeFi protocol" and "thing you'd hand a non-crypto-native user"). On Solidity, our engineers wrote the v1 minting logic and the collateral-hub contracts that CoinFabrik audited and signed off for the Arbitrum mainnet launch.
The story so far
Nuon's testnet went live in October 2022, built and launched by Laguna Labs with Stefan Rust as the public face. Chainlink BUILD membership followed in December 2022.
Arbitrum mainnet opened with a guarded launch on 2 February 2023. The peg reference date was 25 January 2023, when NUON equaled US$1. Initial collateral cap was $150K, USDC only, with USDT, BTC, ETH, and LINK planned for a later phase. CoinFabrik audited the contracts. Chainlink Proof-of-Reserve made backing verifiable in real time. SushiSwap hosted primary NUON/USDC liquidity.
Nuon v2 went live in stealth mode on Base in February 2025 and opened publicly on 3 March 2025 with a much simpler architecture. USDC routes 1:1 into NUON. The protocol then deploys USDC into yield strategies on Morpho, Curve, IPOR, and AAVE, and distributes a Truflation-CPI-tracking yield straight to wallet without staking. The v2 design adds a tiered loss-absorption stack: MAXCAP stewards absorb first, an inflation-linked RWA reserve sits in the middle, NUON stakers are last resort. MAXCAP is the v2 governance token, distributed on a Bitcoin-style emission curve. Decurity audited the guarded-launch contracts, followed by a Rezolv Solutions review later in 2025. The guarded-launch phase closed in August 2025.
By 2026 the integration network had widened: AAVE for the liquidity buffer, Morpho/Curve/IPOR for yield strategies, Safe Wallet for multisig, Midas for tokenised RWAs.
Products
Nuon v1 (Arbitrum)
Nuon v1 is the original CDP-style flatcoin. Users mint NUON by depositing crypto collateral. The peg target is the Truflation-CPI-adjusted dollar. Chainlink Proof-of-Reserve makes backing verifiable in real time, CoinFabrik audited the contracts, and SushiSwap hosts the primary liquidity pair. The collateral hub launched USDC-only in February 2023 with expansion planned for later phases. Our smart-contract work shipped this version.
Nuon v2 (Base)
Nuon v2 is the simpler, yield-bearing iteration. USDC in, NUON out at 1:1. The protocol routes USDC into Morpho, Curve, IPOR, and AAVE strategies, and the inflation-tracking yield distributes straight to wallet. MAXCAP is the new governance and loss-absorption token, paid out to NUON stakers and to first-loss "stewards." Decurity audited the v2 release, followed by Rezolv Solutions later in 2025. The guarded-launch phase closed in August 2025.
Protocol shape
Nuon gave Holdex a clean version of a hard design problem: build the product and contracts around a stable asset that tracks purchasing power instead of simply mirroring the dollar.
Links
Channels
- Site: nuon.fi
- App: app.nuon.fi
- Docs: docs.nuon.fi
- Whitepaper: whitepaper.nuon.fi
- Blog: blog.nuon.fi
- X/Twitter: @NuonFinance
- Discord: discord.gg/Rr9Y7SbE7y
- Telegram: t.me/NuonFinance
Source code
- v1 contracts: github.com/nuonfinance/nuon-contracts
Ecosystem
- Truflation (peg data provider): truflation.com
- TRUF.NETWORK: truf.network
Listen
- A decentralized inflation dashboard with Stefan Rust — Wealth99
- Stefan Rust on Truflation and Nuon — Around The Coin (Ep. 458)
- Measuring Inflation On-Chain — Subnet Show