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DeFi (Decentralized Finance) is an exciting and rapidly growing ecosystem of new financial products that live on the Ethereum blockchain. In 2019, the amount of funds locked up in DeFi products grew from $274M USD to $674M USD and was continuing to grow into 2020.
The benefits of DeFi are clear: users are able to seamlessly lend, borrow and exchange tokens within a financial system that is secure, private, transparent, and globally accessible. Those without access to the traditional financial system are able to participate in the DeFi ecosystem with nothing but an internet connection and tokens; no financial intermediaries exist to create barriers to entry. Since DeFi products are nothing more than autonomous computer programs, they enable an ecosystem of programmable money where different protocols integrate in order to create entirely new categories of products and businesses.
A core, missing component of this ecosystem is fixed rate, fixed term financing. Notional proposes to fill this gap. Notional is heavily inspired by the constant-product market maker used by Uniswap as well as Compound's collaterlization mechanism. Our contributions include: the concept of fCash, periodic maturities, the portfolio, and cash settlement which we describe in the following sections. We also introduce a novel new liquidity curve that we have designed specifically for trading our fCash tokens.
