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Home CRYPTO Airdrops New Airdrops

Notional Airdrop Review: Fully decentralized Protocol on Ethereum

Verna by Verna
July 27, 2021 - Updated on September 6, 2021
in New Airdrops
Reading Time: 8 mins read
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Notional Airdrop Review: Fully decentralized Protocol on Ethereum
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About Notional Airdrop

Notional Airdrop is a protocol on Ethereum that facilitates fixed-rate, fixed-term crypto asset lending and borrowing through a novel financial instrument called fCash. Notional is designed to optimize capital efficiency and balance the needs of liquidity providers and the system’s end users.

Notional is airdropping 0.75% of the total supply to various early users of the platform. A snapshot was taken on July 4th, 2021 at 00:00 GMT and users who have borrowed, lent or provided liquidity more than or equal to 50 DAI/USDC as of the snapshot date will receive between 600 NOTE and 1800 NOTE.

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BasicDetails
Token NameNotional
PlatformETH
Total Value 0.75% of the total supply
Tokens per ClaimN/A
KYCKYC Is Not requirement
WhitepaperClick Here To View
Max. ParticipantsUnlimited
Collect AirdropClick Here To Collect Free Airdrop

How To Join Notional Airdrop

First Step

Notional will airdrop 0.75% of the total supply to various early participants of the platform.

Second step

The snapshot was taken on July 4th, 2021 at 00:00 GMT.

Third Step

All users who have borrowed, lent or provided liquidity more than or equal to 50 DAI/USDC as of the snapshot date will receive between 600 NOTE and 1800 NOTE.

Fourth Step

A total of 741 addresses are eligible for this airdrop. Check here to see the eligible addresses.

Fifth Step

The rewards will be distributed pre-V2 launch (tentatively) in September, pending audits.

Six Step

For more information regarding the airdrop, see this post.

The Notional Protocol

FCash

fCash is a tokenized representation of a fCash flow. It represents the amount of tokens (i.e. Dai) that an account is either entitled to receive (CASH_RECEIVER) or obligated to pay (CASH_PAYER) at its designated maturity. For example, if an account holds +100 fCash tokens for a maturity at timestamp 100, it is entitled to 100 Dai at any time greater than or equal to timestamp 100. Similarly, -100 fCash tokens for the same maturity means that the account is obligated to pay 100 Dai at timestamp 100. A detailed description of lending and borrowing mechanics will follow.

fCash in one maturity (i.e. due to mature at timestamp 100) is fungible with other fCash tokens with the same maturity. However it is not directly fungible with fCash with different maturities. Also note that the entitlement to receive fCash (CASH_RECEIVER) is freely transferrable but the obligation to pay (CASH_PAYER) is not.

Current Cash

Notional Airdrop uses an internal accounting concept called current cash to represent deposits and matured cash flows. Since cash flows may be positive (CASH_RECEIVER) or negative (CASH_PAYER), current cash is represented as a signed integer (i.e. positive or negative).

When a fCash token matures, its positive or negative value is added to the account’s total current cash balance. This is discussed in the settlement section.

Markets

Each maturity defined above creates a market that functions similarly to a Uniswap exchange with an important distinction in how the rate curve functions. Each market is defined by the following variables:

Variables

  • maturity: The timestamp where all the fCash tokens in this market will mature.
  • totalfCash: The amount of fCash tokens available for purchase.
  • totalCurrentCash: The amount of cash (i.e. Dai) available for purchase.
  • totalLiquidity: The amount of liquidity tokens minted by liquidity providers in this market.
  • rateAnchor: Offsets the interest rate curve from zero, can be thought of this as a bias term.
  • rateScalar: A scalar that determines the slope of the interest rate curve.
  • lastImpliedRate: The implied period rate of the most recent trade.

Trading

Notional Airdrop Trading fCash tokens is done via a special liquidity curve that has been designed to minimize slippage when trading fCash tokens. Consider Uniswap’s constant product liquidity curve; it is bounded at zero and positive infinity. The advantage of this curve is that a trade can always find a market price regardless of how much liquidity is in the pool. The disadvantage is that exchange rates must move large amounts in order to accomodate this; the amount of slippage incurred would be intolerable for trading fixed term cash flows.

For example, if you were to trade 1% of the liquidity pool using the constant product curve for 1-month fCash, it could result in a 10% change in the interest rate. On an annualized basis, this means a 120% change in the interest rate. This is simply too volatile for a useful trading experience. Also note that this problem explodes exponentially as the token gets closer to maturity — that 10% change in the interest rate becomes almost a 50% change when the fCash is one week from maturity (a 600% change on an annualized basis). This is why Notional has a special liquidity curve designed for trading fCash that we describe next.

Disclaimer:

Not All The Websites Which Listed In Top List Are 100% Safe To Use Or Investment. We Do Not Promote Any Of Those. Due Diligence Is Your Own Responsibility. You Should Never Make An Investment In An Online Program With Money You Aren’t Prepared To Lose. Make Sure To Research The Website. So Please Take Care Of Your Investments. And Be On The Safe Site And Avoid Much Losing Online.

Article Disclaimer

The Information Presented Here Does Not Constitute Investment Advice Or An Offer To Invest. The Statements, Views, And Opinions Expressed In This Article Are Solely Those Of The Author/company And Do Not Represent Those Of Coinworldstory. We Strongly Advise Our Readers To Do Your Own Research (DYOR) Before Investing In Any Cryptocurrency, Blockchain Project, Or Ico, Particularly Those That Guarantee Profits. Furthermore, Coinworldstory Does Not Guarantee Or Imply That The Cryptocurrencies Or Projects Published Are Legal In Any Specific Reader’s Location. It Is The Reader’s Responsibility To Know The Laws Regarding Cryptocurrencies And Icos In His Or Her Country. Please Respect Your Country Law & Take Advice From Your Advisor .

Tags: How It Work Notional AirdropHow To Collect Notional AirdropNotional AirdropNotional Airdrop Review
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Verna

Verna

One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.

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