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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Curated asset listings joined to their typed risks, with oracles and parameters.
Notional V3 is winding down; the successor product Notional Exponent went live on 26 January 2026.
Notional's original design was a true fixed-term order book: lenders and borrowers trade , a zero-coupon claim on a specific currency at a specific maturity, against Prime Cash on a set tenor ladder of 3 month, 6 month, 1 year, 2 year, 5 year, 10 year and 20 year points, with quarterly rolls and a per-currency `max market index` limiting how far out a currency trades (Notional fCash maturities docs). Risk is managed through a pairwise collateral framework rather than a single global LTV: each currency has a collateral haircut and a debt buffer, and the effective falls out of the specific collateral and debt pair (Notional max LTV parameters sheet, linked from the max LTV table docs page). The critical thing to record for July 2026 is that this V3 system is being wound down: after the November 3, 2025 Balancer V2 hack impaired five leveraged vaults, Notional announced a full wind-down of V3 on Mainnet and Arbitrum (Notional Balancer hack response). The forward strategy is Notional Exponent, a curated leveraged-vault product that launched January 26, 2026 with only two USDC vaults, mHYPER and mAPOLLO, both built on Midas Protocol tokenized strategies (Exponent launch details, Exponent is live).
Share of curated asset listings by chain (count, not value).
| Asset | Role | Maturity | Implied APY | Oracle | ||
|---|---|---|---|---|---|---|
ETH Ethereum, Arbitrum | Prime and fCash currency, collateral and debt | Prime is open ended; fCash tenors 3 month, 6 month, 1 year, 2 year, 5 year, 10 year, 20 year subject to per-currency max market index | n.a. (rates are market determined on the two-kink fCash curve) | Chainlink exchange rate feeds; fCash valued off a lagged oracle interest rate | MTCG | |
USDC Ethereum, Arbitrum | Prime and fCash currency, collateral and debt | Prime open ended; fCash on the standard tenor ladder | — | Chainlink; USDC exchange rate liquidation discount example given as 4% | MTCG | |
Ethereum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
USDT Ethereum, Arbitrum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
FRAXFlagged Ethereum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
Ethereum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
sDAI Ethereum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
WBTC Ethereum, Arbitrum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: All V3 markets on mainnet, All collateral currencies, All listed currencies, Arbitrum, Core protocol contracts, ETH lending markets on Ethereum mainnet, Leveraged vault positions, WETH vault shares, WETH vaults on Arbitrum, WETH vaults on mainnet, all vault strategy contracts, fCash, fCash across all listed maturities, mAPOLLO, mHYPER, mHYPER USDC vaults, non ETH reserve assets, other nTokens, vaults. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
| Asset | Role | Maturity | Implied APY | Oracle | ||
|---|---|---|---|---|---|---|
ETH Ethereum, Arbitrum | Prime and fCash currency, collateral and debt | Prime is open ended; fCash tenors 3 month, 6 month, 1 year, 2 year, 5 year, 10 year, 20 year subject to per-currency max market index | n.a. (rates are market determined on the two-kink fCash curve) | Chainlink exchange rate feeds; fCash valued off a lagged oracle interest rate | MTCG | |
USDC Ethereum, Arbitrum | Prime and fCash currency, collateral and debt | Prime open ended; fCash on the standard tenor ladder | — | Chainlink; USDC exchange rate liquidation discount example given as 4% | MTCG | |
Ethereum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
USDT Ethereum, Arbitrum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
FRAXFlagged Ethereum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
Ethereum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
sDAI Ethereum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG | |
WBTC Ethereum, Arbitrum | Prime and fCash currency, collateral and debt | Prime open ended; standard fCash tenors | — | Chainlink | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: All V3 markets on mainnet, All collateral currencies, All listed currencies, Arbitrum, Core protocol contracts, ETH lending markets on Ethereum mainnet, Leveraged vault positions, WETH vault shares, WETH vaults on Arbitrum, WETH vaults on mainnet, all vault strategy contracts, fCash, fCash across all listed maturities, mAPOLLO, mHYPER, mHYPER USDC vaults, non ETH reserve assets, other nTokens, vaults. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
Chainlink
Push exchange rate price feeds, used together with collateral haircuts, debt buffers and per-pair liquidation discounts (example: 6% for ETH, 4% for USDC, with the maximum of the pair applying)
Notional exchange rate risk docsNotional internal oracle interest rate
Lagged, TWAP-like interest rate feed used to discount fCash; haircuts and buffers applied in 5 basis point increments with a max discount factor cap of 0.98
No additional oracle adjustment
Prime Cash carries no extra risk adjustment beyond the currency-level haircut
Collateral haircut 0.87; debt buffer 1.09 vs stables and 1.20 vs volatile debt; liquidation discount 1.05 to 1.06; min collateral ratio 125% to 138%; max LTV 80% vs DAI, USDC, FRAX, USDT, sDAI and 73% vs WBTC, wstETH, rETH, cbETH
Collateral haircut 0.92; debt buffer 1.09; liquidation discount 1.04 to 1.06; min collateral ratio 118% to 130%; max LTV 84% vs DAI, FRAX, USDT, sDAI and 77% vs ETH, WBTC, wstETH, rETH, cbETH
Collateral haircut 0.92; debt buffer 1.09; liquidation discount 1.04 to 1.06; min collateral ratio 118% to 130%; max LTV 84% vs USDC, FRAX, USDT, sDAI, 83% vs GHO, 77% vs ETH, WBTC, wstETH, rETH, cbETH
Collateral haircut 0.85; debt buffer 1.09; liquidation discount 1.04 to 1.06; min collateral ratio 128% to 141%; max LTV 78% vs DAI, USDC, FRAX, sDAI, 71% vs ETH, WBTC, wstETH, rETH, cbETH
Collateral haircut 0.80, the lowest of any listed currency; debt buffer 1.09; liquidation discount 1.04 to 1.06; min collateral ratio 136% to 150%; max LTV 73% vs stables, 67% vs ETH, WBTC, wstETH, rETH, cbETH
Collateral haircut 0.85; debt buffer 1.11, unique to GHO; liquidation discount 1.05 to 1.06; min collateral ratio 128% to 141%; max LTV 78% vs stables, 71% vs ETH, WBTC, wstETH, rETH, cbETH
Collateral haircut 0.92; debt buffer 1.09; liquidation discount 1.05 to 1.06; min collateral ratio 118% to 130%; max LTV 84% vs DAI, USDC, FRAX, USDT, 83% vs GHO, 77% vs ETH, WBTC, wstETH, rETH, cbETH
Collateral haircut 0.84; debt buffer 1.20; liquidation discount 1.05 to 1.06; min collateral ratio 130% to 143%; max LTV 77% vs stables, 76% vs GHO, 70% vs ETH, wstETH, rETH, cbETH
Collateral haircut 0.83; debt buffer 1.20; liquidation discount 1.06 across all pairs; min collateral ratio 131% to 145%; max LTV 76% vs stables, 75% vs GHO, 69% vs ETH, WBTC, rETH, cbETH
Collateral haircut 0.83; debt buffer 1.20; liquidation discount 1.06; min collateral ratio 131% to 145%; max LTV 76% vs stables, 75% vs GHO, 69% vs ETH, WBTC, wstETH, cbETH
Collateral haircut 0.83; debt buffer 1.20; liquidation discount 1.06; min collateral ratio 131% to 145%; max LTV 76% vs stables, 75% vs GHO, 69% vs ETH, WBTC, wstETH, rETH
fCash haircuts and debt buffers are set in 5 basis point increments; max discount factor of 40 corresponds to a 0.98 price cap
No additional risk adjustment applied on top of the currency haircut; supply capped by the governance parameter `maxUnderlyingSupply`
n.a. (leverage and LTV not published in the launch posts fetched)
ETH lenders were haircut 56.019% on Mainnet and 19.244% on Arbitrum after the November 3, 2025 Balancer V2 hack
Balancer V2 hack; vault impaired and included in the V3 wind-down
Balancer V2 hack on both deployments
Notional announced a full wind-down of V3 on both chains; reserves written to zero and cross-currency borrowers migrated to Aave via individual Gnosis safes
The tenor ladder and quarterly rolls documented in the risk parameter docs describe the V3 system that is being wound down, so published tenors should not be read as live tradable markets
Collateral haircut of 0.80 and minimum collateral ratios up to 150%, the strictest of any currency in the parameter sheet
Curated list ranked by size and strategic importance; not the exhaustive on-chain asset universe. Data as of 2026-07-26.
