Notional · interactive mechanism simulation

Lenders deposit cash into a rate-space fCash AMM; borrowers mint offsetting fCash pairs and sell the positive leg for cash. Idle liquidity gets routed into leveraged vaults built on external AMMs (like Balancer). At maturity fCash settles at face value back to lenders — unless the vault's dependency gets hacked first.
Lenders deposit cash, buy fCash 0.0 ETH settled Borrowers mint fCash pair, sell +leg 0 loans fCash AMM rate-space pool fixed rate: 4.0% 120.0 ETH liquidity nToken LP pool liquidity across maturities Leveraged vaults Balancer LST/LRT strategies 0.0 ETH collateral Settlement maturity in 90d
fCash pairs minted
0
AMM liquidity
120.0 ETH
Current fixed rate
4.0%
Vault collateral at risk
0.0 ETH
Lender haircut on settlement
0%
Parameters — edit me
4.0%
1.0/s
30%
90d
Controls

Illustrative simulation. Models Notional's researched mechanism (fCash paired positive/negative tokens priced on a maturity-converging AMM, nToken passive liquidity, and V3 leveraged vaults built on external pools like Balancer), but amounts, timing, and the haircut formula are simplified and randomized for visualization — not live onchain data. In November 2025 a Balancer V2 exploit really did wipe out collateral in five Notional vaults, forcing a wind-down with lender haircuts; the button above lets you replay that shock. Part of The Onchain Experiment Atlas.