# Current 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 | 0.035 | 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 | ### Scalar rates | 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 | ### Initial proportions
Cash GroupProportion(3 month)Proportion(6 month)Proportion(1 year)
Cash Group

Proportion

(3 month)

Proportion

(6 month)

Proportion

(1 year)

Stablecoins
USDC0.600.600.60
DAI0.600.600.60
Crypto assets
ETH0.630.29NA
WBTC0.640.42NA
### Maximum market proportion
Cash GroupProportion(1 year)
Cash GroupMaximum market proportion
All99%
## 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 | 0.55 (55%) | 0.45 (45%) | N.A. | | WBTC | 0.55 (55%) | 0.45 (45%) | N.A. | ### Leverage thresholds | Cash Group |

Leverage threshold

(3 month)

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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 | ### **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 | 4,250,000 NOTE | | **Crypto assets** | | | ETH | 2,000,000 NOTE | | WBTC | 0 NOTE |