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Current parameters
The tables below present a summary of Notional's governance parameters.
Liquidity pools governance parameters influence the number of active maturities per cash group and the shape of each pool's AMM curve:
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) |
Cash Group | Anchor rate (3 month) | Anchor rate (6 month) | Anchor rate (1 year) |
Stablecoins | | | |
USDC | 0.035 | 0.035 | 0.035 |
DAI | 0.035 | 0.035 | 0.035 |
Crypto assets | | | |
ETH | 0.03 | 0.03 | NA |
WBTC | 0.01 | 0.01 | NA |
Cash Group | Scalar rate (3 month) | Scalar rate (6 month) | Scalar rate (1 year) |
Stablecoins | | | |
USDC | 48 | 47 | 45 |
DAI | 48 | 47 | 45 |
Crypto assets | | | |
ETH | 45 | 45 | NA |
WBTC | 66 | 66 | NA |
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 | 0.29 | NA |
WBTC | 0.64 | 0.42 | NA |
Cash Group | Maximum market proportion |
All | 99% |
Collateral assets & liquidation parameters influence the free collateral calculations and the liquidation incentives given to liquidators :
Cash Group | Default liquidation portion |
All | 40% |
Cash Group | Oracle rate time window (minute) |
All | 360 minutes |
Cash Group | Exchange rate haircut |
Stablecoins | |
USDC | 0.92 |
DAI | 0.92 |
Crypto assets | |
ETH | 0.78 |
WBTC | 0.78 |
Cash Group | Exchange rate buffer |
Stablecoins | |
USDC | 1.09 |
DAI | 1.09 |
Crypto assets | |
ETH | 1.29 |
WBTC | 1.29 |
Cash Group | Liquidation discount |
Stablecoins | |
USDC | 4.00% |
DAI | 4.00% |
Crypto assets | |
ETH | 6.00% |
WBTC | 7.00% |
Cash Group | fCash haircut |
Stablecoins | |
USDC | 110 (550 BPS) |
DAI | 110 (550 BPS) |
Crypto assets | |
ETH | 110 (550 BPS) |
WBTC | 110 (550 BPS) |
Cash Group | Debt buffer |
Stablecoins | |
USDC | 110 (550 BPS) |
DAI | 110 (550 BPS) |
Crypto assets | |
ETH | 110 (550 BPS) |
WBTC | 110 (550 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) |
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) |
Cash Group | Settlement penalty rate |
Stablecoins | |
USDC | 40 (200 BPS) |
DAI | 40 (200 BPS) |
Crypto Assets | |
ETH | 40 (200 BPS) |
WBTC | 40 (200 BPS) |
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 |
Cash Group | Token repo incentive |
All | 30% |
Cash Group | nToken PV haircut percentage |
Stablecoins | |
USDC | 85% |
DAI | 85% |
Crypto assets | |
ETH | 90% |
WBTC | 90% |
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 governance parameters influence how nToken accounts allocate their incoming liquidity to different liquidity pools and how they handle fCash residuals upon quarterly rolls:
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 | 0.55 (55%) | 0.45 (45%) | N.A. |
WBTC | 0.55 (55%) | 0.45 (45%) | N.A. |
Cash Group | Leverage threshold (3 month) | Leverage threshold (6 month) | Leverage threshold (1 year) |
Stablecoins | | | |
USDC | 0.84 (~7%) | 0.84 (~7%) | 0.84 (~7%) |
DAI | 0.84 (~7%) | 0.84 (~7%) | 0.84 (~7%) |
Crypto assets | | | |
ETH | 0.86 (~7%) | 0.86 (~7%) | NA |
WBTC | 0.88 (~4%) | 0.88 (~4%) | NA |
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 Group | Cash witholding buffer |
Stablecoins | |
USDC | 130 (1300 BPS) |
DAI | 130 (1300 BPS) |
Crypto assets | |
ETH | 90 (900 BPS) |
WBTC | 90 (900 BPS) |
Cash Group | Residual purchase time buffer |
Stablecoins | |
USDC | 24 hours |
DAI | 24 hours |
Crypto assets | |
ETH | 24 hours |
WBTC | 24 hours |
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:
Cash Group | Annualized fee |
Stablecoins | |
USDC | 30 BPS |
DAI | 30 BPS |
Crypto assets | |
ETH | 30 BPS |
WBTC | 30 BPS |
Cash Group | Reserve fee share |
Stablecoins | |
USDC | 80% |
DAI | 80% |
Crypto assets | |
ETH | 80% |
WBTC | 80% |
Cash Group | Maximum collateral balance |
---|---|
USDC | No maximum |
DAI | No maximum |
ETH | No maximum |
WBTC | No maximum |
Stablecoins | |
USDC | 6,750,000 NOTE |
DAI | 4,250,000 NOTE |
Crypto assets | |
ETH | 2,000,000 NOTE |
WBTC | 0 NOTE |
Last modified 1yr ago