Cooler Loans

With the successful conclusion of OIP-144 and its subsequent RFCs, Olympus will implement a lending facility that to allow users to take fixed term loans against their gOHM.

Such lending facility has been built on top of 3 smartcontracts:

Cooler.sol

src/Cooler.sol

A Cooler is an escrow contract that facilitates fixed-duration, peer-to-peer loans for a user-defined debt-collateral pair.

• Keeps track of all the requests/loans and their status.
• Escrows the collateral during the lending period.
• Handles clearings, repayments, rollovers and defaults.
• Offers callbacks to the lender after key actions happen.

CoolerFactory.sol

src/CoolerFactory.sol

• Keeps track of all the deployed contracts.
• Deploys a new Cooler if the combination of user-debt-collateral doesn't exist yet.
• Uses clones with immutable arguments to save gas.
• In charge of logging the Cooler events.

Clearinghouse.sol

src/ClearingHouse.sol

The lending facility is called Clearinghouse. This smart contract has been built to be integrated with Olympus V3 and the Default Framework. As such, the Clearinghouse is a Policy that will have permissions to incur debt from the Treasury (to issue the loans), as well as burning OHM (to reduce supply whenever a borrower defaults).

• Implements the mandate of the Olympus community in OIP-144 by offering loans at the governance-approved terms.
• Tracks the outstanding debt and interest that the protocol should be received upon repayment.
• Its lending capacity is limited by a FUND_AMOUNT and a FUND_CADENCE.
• Despite offering the loans in DAI, since it deposits all its idle funds into the DSR, holds sDAI.
• Implements permissioned functions to shutdown, defund, and reactivate the lending facility.

Diagram

The following diagram aims to provide a high-level overview of the lending facility architecture. For further context, the contracts and their comments should be read.