Notional V2
Contract Address: 0xcfeaead4947f0705a14ec42ac3d44129e1ef3ed5
NOTE is an ERC-20 token that governs the Notional protocol. NOTE holders can propose, vote on, and implement changes to Notional system parameters and smart contracts. Each NOTE holder gets one vote per NOTE that they hold.

NOTE Holder Responsibilities

NOTE holders will be responsible for managing the Notional on-chain treasury, setting risk and collateralization parameters, and voting on any proposed upgrades to the Notional smart contracts. Here is a short, non-exhaustive list of things NOTE holders will need to propose and vote on:
  • Setting liquidity fees
  • Setting collateral haircuts
  • Onboarding new collateral types
  • Activating new maturities for lending and borrowing different assets
  • Determining liquidity incentive emission rates for different currencies
  • Proposing and evaluating upgrades to the protocol

Voting and Delegation

NOTE holders can delegate their voting rights to themselves, or an address of their choice. Addresses delegated at least <threshold> NOTE can create governance proposals.
When a governance proposal is created it enters a 2 day review period, after which voting weights are recorded and voting begins. Voting lasts for 3 days; if at least 4,000,000 votes are cast and a majority vote for the proposal, the proposal is passed and queued in the Timelock. The proposal can be implemented 2 days after it moves to the Timelock. In total, any change to the protocol takes at least one week.

Liquidity Incentives

Notional incentivizes liquidity providers by distributing NOTE to nToken holders. nToken holders accrue NOTE rewards proportional to their share of the total NOTE outstanding and to the annual NOTE emission rate for that currency type. Current annual emission rates by currency are as follows:
USDC: 9,000,000 DAI: 9,000,000 ETH: 1,000,000 wBTC: 1,000,000
USDC: 9,000,000 DAI: 9,000,000 ETH: 1,000,000 wBTC: 1,000,000
Last modified 2mo ago