> For the complete documentation index, see [llms.txt](https://docs.notional.finance/traders/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.notional.finance/traders/notional-basics/liquidity-pools.md).

# Liquidity Pools

Notional makes fCash available to trade within its built-in AMM-enabled liquidity pools. A Notional liquidity pool holds fCash alongside its currency type (Dai and fDai, for example). A liquidity pool refers to a **maturity:** a Dec 1 2020 liquidity pool holds Dec 1 2020 fCash.

![Dec 1 2020 DAI Liquidity Pool](/files/-MIVf609MCHVb8A4n91S)

### Maturities

Liquidity pools mature at a set cadence depending on the governance parameter settings. One example would be quarterly pools that mature every 3 months.

![Quarterly Dai Liquidity Pools](/files/-MIVlecxoElATX7IzS2M)

### User Types

Three user types interact with Notional liquidity pools: lenders, borrowers, and liquidity providers. Lenders deposit Dai into the pool and receive fDai (a promise to **receive** a fixed amount of Dai at a future date). Borrowers take Dai from the pool and deposit fDai (a promise to **pay** a fixed amount of Dai at a future date). The liquidity provider adds Dai and Dec 1 2020 fDai into the pool which can be lent or borrowed by either party.

![](/files/-MIVi4wTmi74l_8ImLBA)