Notional Monthly Update - October 2021πŸ—“οΈ

Teddy Woodward
Teddy Woodward

Welcome to the third edition of the Notional Monthly Update! You can also follow the latest news on Twitter or join the Notional community on Discord.

Happy V2 launch month! Obviously this past October was all about getting the last minute details ironed out for a successful launch - Β the first week of V2 being live has been a blast as we see more and more people realize just what's possible with fixed rates in DeFi.

In less than 3 days we reached:

Now on day 5 we are sitting at $117,200,000 and rising.

Our total loan volume has also surpassed $22.5m!

What is Notional and why are we Betting on Fixed Rates?

When you pay a premium for 'stable rates' on Aave and the borrow rate still spikes above 100% - fixed rates start to look pretty valuable.

Check out this quick refresher video we just released on how Notional helps users add stability and long-term planning into their crypto portfolios.

We believe that Notional V2 will be the gold standard for lending and borrowing at fixed rates in DeFi because we have prioritized security, liquidity, and capital-efficiency.

  • Security: Notional V2 underwent extensive internal testing and received three independent audits from ABDK Consulting, Certora, and Code Arena. Our governance contracts were also audited by Open Zeppelin. We believe that our focus on security gives our users the confidence they need to place their capital in Notional.
  • Liquidity: Notional V2 is launching with an aggressive liquidity mining program to incentivize LPs. 50% of the total NOTE token supply is allocated to liquidity incentives with 20% to be distributed in the first year.
  • 100% Capital-efficiency: Notional V2 puts your collateral to work. Users can earn attractive returns on their capital by lending fixed or providing liquidity, and then use that as collateral to borrow against without giving up their returns.

Read the full V2 announcement post.

We're listening to all community feedback on making the UI even more intuitive - if you have any suggestions or issues using V2, please don't hesitate to send us a message in our Discord.

πŸ›ImmuneFi Bug Bounty LaunchπŸ›

Immunefi is the leading bug bounty platform for blockchain projects and we're happy to partner with them for our ongoing bug bounty. We take security seriously, which is why our top bounty for critical issues is set at $1,000,000, starting today!

Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System. This is a simplified 5-level scale, with separate scales for websites/apps and smart contracts/blockchains, encompassing everything from consequence of exploitation to privilege required to likelihood of a successful exploit.

Find out all the details of Notional's ongoing Immunefi bounty here.

If you'd also like to read the results of our other V2 audit processes, you can check them out here:

ABDK Consulting | Nov 01, 2021

Certora Formal Verification | Nov 1, 2021

Code Arena | Oct 10, 2021

Open Zeppelin, Governance Contracts | Jun 10, 2021

πŸ”₯πŸ”₯πŸ”₯NFTs for Early LPs - Still AvailableπŸ”₯πŸ”₯πŸ”₯

We've partnered with @gluckarte to release a three-tier series of NFTs - what might the future hold for anyone holding these moon-metal-mining characters? We'll see...

Our first two tiers have been scooped up by the earliest liquidity providers, but we've still got some of our 250 silver-tier NFTs (below) available. What are you waiting for?

πŸ—žοΈNotional in the News

A roundup of Notional media mentions and appearances by the core team.

DeFi Startup Notional Expands Fixed-Rate Lending Presence With V2 Upgrade
The crypto lending protocol’s second iteration brings an improved focus on security and liquidity.

About Notional FinanceπŸ“ˆ

Notional is the first decentralized, Ethereum-based protocol for borrowing and lending at fixed rates and fixed terms. With variable rate lending, DeFi can only serve a small segment of the crypto lending market because variable interest rates don’t provide the certainty that lenders and borrowers require. Notional fixes this by creating a true market for lenders and borrowers that empowers individual investors, business owners and institutional investors.

After raising a $10 million Series A in May 2021 from some of the top VC firms, including Coinbase Ventures, Notional’s protocol has been relaunched on 11/1 with a host of new features as well as the NOTE governance token.

To find out more, follow Notional on Twitter @NotionalFinance, subscribe to the newsletter, join the Discord, or check out the website to learn more.

Monthly Updates

Teddy Woodward

Co-Founder and CEO