Credit · Fixed Income · NOTE
Notional provides fixed-rate, fixed-term lending and borrowing via fCash: tokenized claims on a fixed amount of an asset at a future maturity, traded on an on-chain AMM.
Fixed-rate, fixed-term lending and borrowing.
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Coins under Notional Finance
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On-chain + off-chain aggregates across member coins
Protocol TVLDeFi Llama
$794
Member mcap totalCoinGecko
$536.1K
Protocol TVL · 30ddefillama
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Consistent cross-network snapshot · synced 13h ago
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Notional built fixed-rate, fixed-term lending and borrowing on Ethereum using fCash, a token representing a fixed amount of an asset at a fixed future date. A lender swaps cash for fCash at a rate set by the pool: 100 USDC lent for six months at 5 percent yields fCash of 100 × e^(0.05×0.5) = 102.53, and a borrower mints an offsetting positive and negative fCash pair against collateral (Notional docs, using fCash). V3 removed the hard cliff at maturity by auto-converting matured fixed-rate debt into variable-rate debt, which allowed penalty-free rolls (Introducing Notional V3). This entity is not in steady state. Notional V3 is winding down: the team announced on 19 June 2025 that it would gradually withdraw support, and in November 2025 V3 was announced to cease operations on mainnet and Arbitrum following bad debt from a Balancer vulnerability (Introducing Notional Exponent, KuCoin news wire). The successor product, Notional Exponent, a leveraged yield vault protocol built on Morpho borrow liquidity, went live on 26 January 2026 (Notional Exponent launch details, Notional Exponent docs).
