Performances
RD Popularity Index
RD Growth Index
Comparison
Follow Updates
Follow Lists
People
About Rates Exchange
Supernova builds onchain interest-rate derivatives rather than fixed-rate lending that locks principal. A borrower only posts margin against the spread between the agreed fixed rate and the floating rate, leaving principal in money markets such as Aave and Morpho, so a $100,000 notional position consumes a few hundred dollars of margin. ParRate runs a vAMM alongside an order book, routing limit orders to whichever venue quotes better, with a System Vault acting as a two-sided backstop that absorbs net open interest. The pay-fixed leg carries no liquidation risk; the receive-fixed leg can be liquidated. Fees are 5 basis points on notional and 15 basis points on the fixed leg at settlement.
It turns fixed rates into a tradable exposure layer for looping users, institutional borrowers needing predictable funding costs and crypto neobanks, differing from Notional and Term Finance by not moving principal. The system runs on MegaETH, and depth on the fixed leg depends mainly on System Vault capital, so pricing leans toward that pool when net exposure concentrates.
On February 9, 2026, MegaETH launched mainnet and Supernova went live alongside it as the ecosystem's interest rate derivatives market, opening with $100 million of fixed-rate borrowing capacity on day one.
Supernova's product is an interest rate swap: the side paying fixed and receiving floating carries no liquidation risk, while the opposite position can be liquidated. Matching runs on a hybrid of a virtual AMM and a central limit order book, with a system vault standing behind liquidity. Seed-stage fixed rate premiums of about 50 basis points work out to roughly 20 percent annualized. Fees are 5 basis points of notional per trade plus 15 basis points on the fixed leg at settlement, with early revenue going entirely to vault liquidity providers. The protocol has integrated Morpho Blue and deployed a vote-escrowed governance layer in the first half. Founder Nico Pei has raised more than $4.67 million.
Supernova plans to broaden the underlying from Ethereum staking rates to Treasury and stablecoin lending rates in the second half of 2026, launch a cross-tenor rate curve in 2027, and open the liquidation module to other MegaETH applications.
Nico — Co-founder; leads protocol design and the on-chain interest rate swap product.
y77cao — Core builder; works on the rates market and front-end.