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Current parameters
The tables below present a summary of Notional's governance parameters.

Liquidity pool parameters:

Liquidity pools governance parameters influence the number of active maturities per cash group and the shape of each pool's AMM curve:

Max market index parameters

Cash Group
Max Market Index Value
Stablecoins
USDC
3 (3 month, 6 month & 1 year tenors)
DAI
3 (3 month, 6 month & 1 year tenors)
Crypto assets
ETH
2 (3 month & 6 month tenors)
WBTC
2 (3 month & 6 month tenors)

Anchor rates

Cash Group
Anchor rate
(3 month)
Anchor rate
(6 month)
Anchor rate
(1 year)
Stablecoins
USDC
0.01
0.01
0.01
DAI
0.01
0.01
0.01
Crypto assets
ETH
0.01
0.01
NA
WBTC
0.005
0.005
NA

Scalar rates

Cash Group
Scalar rate
(3 month)
Scalar rate
(6 month)
Scalar rate
(1 year)
Stablecoins
USDC
33
33
31
DAI
33
33
31
Crypto assets
ETH
39
39
NA
WBTC
46
46
NA

Initial proportions

Cash Group
Proportion
(3 month)
Proportion
(6 month)
Proportion
(1 year)
Stablecoins
USDC
0.60
0.60
0.60
DAI
0.60
0.60
0.60
Crypto assets
ETH
0.63
0.45
NA
WBTC
0.64
0.50
NA

Maximum market proportion

Cash Group
Maximum market proportion
All
99%

Collateral assets & liquidations

Collateral assets & liquidation parameters influence the free collateral calculations and the liquidation incentives given to liquidators :

Default liquidation portion

Cash Group
Default liquidation portion
All
40%

Oracle rate time window

Cash Group
Oracle rate time window (minute)
All
360 minutes

Exchange rate haircuts

Cash Group
Exchange rate haircut
Stablecoins
USDC
0.92
DAI
0.92
Crypto assets
ETH
0.78
WBTC
0.78

Exchange rate buffers

Cash Group
Exchange rate buffer
Stablecoins
USDC
1.09
DAI
1.09
Crypto assets
ETH
1.29
WBTC
1.29

Exchange rate liquidation discounts

Cash Group
Liquidation discount
Stablecoins
USDC
4.00%
DAI
4.00%
Crypto assets
ETH
6.00%
WBTC
7.00%

fCash haircuts (5 BPS)

Cash Group
fCash haircut
Stablecoins
USDC
110 (550 BPS)
DAI
110 (550 BPS)
Crypto assets
ETH
110 (550 BPS)
WBTC
110 (550 BPS)

Debt buffers (5 BPS)

Cash Group
Debt buffer
Stablecoins
USDC
110 (550 BPS)
DAI
110 (550 BPS)
Crypto assets
ETH
110 (550 BPS)
WBTC
110 (550 BPS)

fCash haircut liquidation discounts (5 BPS)

Cash Group
fCash haircut liquidation discount
Stablecoins
USDC
30 (150 BPS)
DAI
30 (150 BPS)
Crypto assets
ETH
30 (150 BPS)
WBTC
30 (150 BPS)

fCash buffer liquidation discounts (5 BPS)

Cash Group
fCash buffer liquidation discount
Stablecoins
USDC
30 (150 BPS)
DAI
30 (150 BPS)
Crypto assets
ETH
30 (150 BPS)
WBTC
30 (150 BPS)

Settlement penalty rate (5 BPS)

Cash Group
Settlement penalty rate
Stablecoins
USDC
40 (200 BPS)
DAI
40 (200 BPS)
Crypto Assets
ETH
40 (200 BPS)
WBTC
40 (200 BPS)

Liquidity token haircuts

Cash Group
Liquidity token haircut
(3 month)
Liquidity token haircut
(6 month)
Liquidity token haircut
(1 year)
Stablecoins
USDC
0.95
0.90
0.88
DAI
0.95
0.90
0.88
Crypto assets
ETH
0.95
0.90
NA
WBTC
0.95
0.90
NA

Token repo incentive

Cash Group
Token repo incentive
All
30%

nToken PV haircut percentages

Cash Group
nToken PV haircut percentage
Stablecoins
USDC
85%
DAI
85%
Crypto assets
ETH
90%
WBTC
90%

nToken liquidation haircut percentages

Cash Group
nToken liquidation haircut percentage
Stablecoins
USDC
97% or 300 BPS discount
DAI
97% or 300 BPS discount
Crypto assets
ETH
98% or 200 BPS discount
WBTC
98% or 200 BPS discount

nToken parameters

nToken governance parameters influence how nToken accounts allocate their incoming liquidity to different liquidity pools and how they handle fCash residuals upon quarterly rolls:

Deposit shares

Cash Group
Deposit shares
(3 month)
Deposit shares
(6 month)
Deposit shares
(1 year)
Stablecoins
USDC
0.45 (45%)
0.40 (40%)
0.15 (15%)
DAI
0.45 (45%)
0.40 (40%)
0.15 (15%)
Crypto assets
ETH
0.50 (50%)
0.50 (50%)
N.A.
WBTC
0.50 (50%)
0.50 (50%)
N.A.

Leverage thresholds

Cash Group
Leverage threshold
(3 month)
Leverage threshold
(6 month)
Leverage threshold
(1 year)
Stablecoins
USDC
0.88 (~7%)
0.88 (~7%)
0.87 (~7%)
DAI
0.88 (~7%)
0.88 (~7%)
0.87 (~7%)
Crypto assets
ETH
0.88 (~6%)
0.88 (~6%)
NA
WBTC
0.84 (~4%)
0.84 (~4%)
NA

Residual purchase incentives (10 BPS)

Cash Group
Residual purchase incentive
Stablecoins
USDC
20 (200 BPS)
DAI
20 (200 BPS)
Crypto assets
ETH
20 (200 BPS)
WBTC
20 (200 BPS)

Cash withholding buffers (10 BPS)

Cash Group
Cash witholding buffer
Stablecoins
USDC
130 (1300 BPS)
DAI
130 (1300 BPS)
Crypto assets
ETH
90 (900 BPS)
WBTC
90 (900 BPS)

Residual purchase time buffer (Hours)

Cash Group
Residual purchase time buffer
Stablecoins
USDC
24 hours
DAI
24 hours
Crypto assets
ETH
24 hours
WBTC
24 hours

Fees & incentives

Notional fees and incentives governance parameters dictate the proportion of fees charged on every trade and how these fees are split between liquidity providers and the protocol reserves. Moreover these parameters influence the allocation of NOTE incentives to nToken accounts:

Total fee (BPS)

Cash Group
Annualized fee
Stablecoins
USDC
30 BPS
DAI
30 BPS
Crypto assets
ETH
30 BPS
WBTC
30 BPS

Reserve fee shares

Cash Group
Reserve fee share
Stablecoins
USDC
80%
DAI
80%
Crypto assets
ETH
80%
WBTC
80%

Maximum collateral balances

Cash Group
Maximum collateral balance
USDC
No maximum
DAI
No maximum
ETH
No maximum
WBTC
No maximum

Incentive emission rates

Stablecoins
USDC
6,750,000 NOTE
DAI
6,250,000 NOTE
Crypto assets
ETH
750,000 NOTE
WBTC
700,000 NOTE