Notional Finance is a decentralized lending protocol whose fCash markets let users lend or borrow at fixed rates for specified maturities; its NOTE token is a separate governance asset. NOTE holders can vote on protocol parameters and upgrades, so NOTE should not be confused with fCash, a lender claim, or a deposit.
| Stat | Value |
|---|---|
| Ticker | NOTE |
| Price | $0.003159 |
| Market Cap | $195,798 |
| 24h Change | +2.3% |
| Circulating Supply | 61.984M NOTE |
| Total Supply | 97.647M NOTE |
| Max Supply | 100M NOTE |
Price snapshot from CoinGecko captured 2026-10-24 at 10:01 UTC. Price, market capitalization, and 24-hour change use live market fields and can change.
How fCash markets work
Each fCash position represents a positive claim to receive a specified amount of an asset at a maturity, or a negative obligation to pay that amount then. Notional’s liquidity pools pair fCash with the protocol’s cash instrument for that currency and maturity. A lender exchanges cash for a future claim; a borrower receives cash while taking on the obligation. Fixed-rate positions can be traded before maturity, so their market value can change as rates and time to maturity change. V3 documentation also describes variable-rate markets and leveraged vaults; supported assets and maturities depend on current protocol parameters.
NOTE tokenomics and governance
NOTE is an ERC-20 governance token. Notional documentation lists contracts on Ethereum and Arbitrum and describes voting on liquidity fees, collateral haircuts, new collateral, maturities, incentive emissions, and protocol upgrades. CoinGecko lists a maximum supply of 100 million NOTE; the snapshot above shows its current circulating and total supply estimates. These figures describe token supply, not the amount of assets deposited in the lending protocol. Holding NOTE does not represent a claim on protocol assets or guarantee a governance outcome.
Legacy-contract exploit and user risk
Notional’s September 2026 post-mortem says an attacker drained roughly 1.65 million USDC and 69,000 DAI from a deprecated V1 escrow contract on September 3. The team said V1 had been deprecated in January 2022, paused the affected contract after the exploit, and reported that no other Notional product funds were at risk at the time of the report; it also said recovery efforts were ongoing and no funds had been recovered. This was a legacy V1 incident, not evidence that NOTE itself was exploited or that the current V3 markets were drained. The event is still a reminder that old contracts can retain assets. Lending users also face smart-contract, collateral, liquidation, maturity, and pool-liquidity risks.
Related Terms
See Also
- What the Celsius Collapse Actually Tells Us About Crypto Lending Risk
- Bitcoin as Collateral: Bank Loans, Mortgages, and DeFi Explained
- What Is Tokenomics — And Why It Determines Whether a Crypto Project Survives
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Sources
- fCash Markets — Notional Documentation — Explains fCash claims and obligations, maturity-specific pools, and fixed-rate lending and borrowing.
- NOTE — Notional Documentation — Identifies NOTE as a governance token, lists Ethereum and Arbitrum contracts, and describes voting responsibilities.
- Notional V1 Exploit Post-Mortem — Records the September 2026 legacy escrow exploit, the team’s response, its reported scope, and recovery status.
- Notional Finance (NOTE) — CoinGecko — Provides the token market snapshot and current circulating, total, and maximum supply estimates.