Notional - Fixed Rate Lending on Ethereum

Introducing Notional Finance

Fixed-Rate Borrowing and Lending on Ethereum using a new on-chain automated market maker (AMM) with dynamic curve sensitivity.

Notional recently closed a seed round of $1.3m from leading investors including, Coinbase Ventures, 1confirmation, IDEO, Parafi and Nascent.

Coindesk Article


Notional is a protocol on Ethereum that lets you lend and borrow crypto at fixed rates. We believe that fixed-rate debt markets are the natural evolution of decentralized lending and will bring a step-change in growth to the Ethereum ecosystem.

Notional launched two weeks ago and since then we have been working closely with the DeFi community to test our beta.

Why Notional is Important

We believe that fixed-rate lending represents a critical piece of financial infrastructure for DeFi which will have many benefits for users. Here are a few of them:

  • Fixed rates enable traders and yield farmers to lock in low borrowing costs and manage their assets efficiently.
  • Fixed rates reduce uncertainty for lenders and help them plan for the future with confidence.
  • Fixed rates open up new arbitrage opportunities to trade DeFi assets against CeFi assets.

Notional Beta


Notional is not fully audited and you use the protocol at your own risk. The Notional protocol underwent an audit with Open Zeppelin that concluded in September 2020, but the contracts on Mainnet include significant changes to the system that was submitted for audit. Open Zeppelin is currently re-auditing the system to include these changes and the Notional team will publish their report and make any necessary revisions in the coming weeks.

To account for this risk, Notional is currently limiting loan sizes to 1000 DAI. The Notional team will remove the caps upon completion of the audit.

Loan Options

The Notional Beta enables users to Borrow and Lend DAI at fixed-rates across 1-month, 3-month and 6-month terms. Current annualized interest rates range between 2% and 4% fixed.


When you Borrow or Lend on Notional you receive fCash tokens. fCash tokens are the basic building block of the Notional system. fCash are transferable tokens that represent a claim on a positive or negative cash flow at a specific point in the future. You can read more about fCash in our doc on the Notional site.

Thanks so much for reading this far! If you have any questions, our team will be happy to answer them here in the comments or in our Discord