# Asset onboarding process

Notional asset listings are a three-step process.

### **1) Asset onboarding proposal**

Community members can initiate asset listings by publishing a Notional Request for Comment (NRC) on the [Notional governance forum](https://forum.notional.finance/). The application should cover all items mentioned in the asset listing [template](https://app.gitbook.com/o/-MI0Q4nuozOKJPU8HqMF/s/vyGOTVIK6Qi82gLUVyf9/~/changes/6/templates/asset-onboarding-nrc-template). 

More precisely the NRC should include a security assessment, technical implementation assessment, and economic risk assessment.

**Security review**

* High-level smart contract review 
* Review of past audits and past hacks/bugs
* Maturity of the project and usage

**Implementation review**

* Assessment of potential Oracle risks
* Is the asset a rebasing token?
* Does the asset has transfer fees?

**Economic risk review**

* Overview of historical returns, volatility, and on-chain liquidity profile
*  Review of the asset's distribution and token holder base
* Assessment of qualitative risks (ex: centralization, blacklisting)

**Listing parameter selection** 

* Selection of collateral asset governance parameters (if applicable):
  * Supply cap
  * Exchange rate haircut and buffer
  * Exchange rate liquidation discount
* Selection of tradable asset governance parameters (if applicable):
  * Interest rate curve parameters for Prime Cash and fCash markets (Kinks, Kink rates, max rates, initial proportions, fees)
  * nToken parameters (deposit shares, leverage thresholds)
  * Asset haircuts and buffers (fCash haircut and buffer, nToken haircut percentage, max )
  * Incentive rates

Before publishing an asset listing NRC, community members should validate that the asset meets the **minimum listing requirements:**

* The asset is an ERC-20 token;
* It has been traded for at least 3 months;
* A sufficiently robust oracle exists (ex: Chainlink);
* At least one high-quality audit of the asset's underlying project has been conducted;
* More than 1,000 unique wallets hold the asset;
* The current float (circulating supply/max supply) is above 25%;
* The token has more than $2m of on-chain DEX TVL (Mainnet) or more than $500K of on-chain DEX liquidity on a Layer 2 chain where a Notional deployment exists.

### **2) Temperature check**

Following a community member asset listing proposal, the community will be able to show their support by voting on a temperature check poll accompanying the asset onboarding NRC. For an NRC to pass the temperature check, it has to get at least **80%** support from at least **5** community members.

Community members can and should express feedback regarding the proposed governance parameters on the forum.

If the NRC passes the temperature check, it will be formalized as a Notional Improvement Proposal (NIP) and will move to an official Snapshot vote. 

### **3) Community snapshot vote** 

If the community response to the NIP is positive, a [snapshot](https://snapshot.org/#/notional.eth) vote will be held over a five day period. The snapshot vote allows community members to signal their support or opposition. 

If the snapshot poll outcome is positive, the asset will be listed on Notional.