For example, if market participants increasingly lend in a given pool the pool's interest rate would decrease. During that process, LPs would become effective borrowers with an increasing negative net fCash position. As interest rates decline, the present value of fCash also increases. Thus the net present value (NPV) of a liquidity provider’s position decreases. We hereafter present the hypothetical impact of a decrease in interest rates on a liquidity provider’s NPV if he initially provides liquidity at the 0.95 proportion in the 1 year maturity pool.