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

0.035

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 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

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

0.55 (55%)

0.45 (45%)

N.A.

WBTC

0.55 (55%)

0.45 (45%)

N.A.

Leverage thresholds

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

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

Last updated