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:
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.
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.
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_AMOUNTand aFUND_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.
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.
