Clearinghouse
Inherits: Policy, RolesConsumer, CoolerCallback
Title: Olympus Clearinghouse.
Olympus Clearinghouse (Policy) Contract.
The Olympus Clearinghouse is a lending facility built on top of Cooler Loans. The Clearinghouse ensures that OHM holders can take loans against their gOHM holdings according to the parameters approved by the community in OIP-144 and its subsequent RFCs. The Clearinghouse parameters are immutable, because of that, if backing was to increase substantially, a new governance process to fork this implementation with upgraded parameters should take place. Although the Cooler contracts allow lenders to transfer ownership of their repayment rights, the Clearinghouse doesn't implement any functions to use that feature.
Constants
reserve
ERC20 public immutable reserve;
sReserve
ERC4626 public immutable sReserve;
gohm
ERC20 public immutable gohm;
ohm
ERC20 public immutable ohm;
staking
IStaking public immutable staking;
INTEREST_RATE
uint256 public constant INTEREST_RATE = 5e15;
LOAN_TO_COLLATERAL
uint256 public constant LOAN_TO_COLLATERAL = 289292e16;
DURATION
uint256 public constant DURATION = 121 days;
FUND_CADENCE
uint256 public constant FUND_CADENCE = 7 days;
FUND_AMOUNT
uint256 public constant FUND_AMOUNT = 18_000_000e18;
MAX_REWARD
uint256 public constant MAX_REWARD = 1e17;
State Variables
CHREG
CHREGv1 public CHREG;
MINTR
MINTRv1 public MINTR;
TRSRY
TRSRYv1 public TRSRY;
active
determines whether the contract can be funded or not.
bool public active;
fundTime
timestamp at which the next rebalance can occur.
uint256 public fundTime;
interestReceivables
Outstanding receivables. Incremented when a loan is taken or rolled. Decremented when a loan is repaid or collateral is burned.
uint256 public interestReceivables;
principalReceivables
uint256 public principalReceivables;
Functions
constructor
constructor(
address ohm_,
address gohm_,
address staking_,
address sReserve_,
address coolerFactory_,
address kernel_
) Policy(Kernel(kernel_)) CoolerCallback(coolerFactory_);
Parameters
| Name | Type | Description |
|---|---|---|
| ohm_ | address | |
| gohm_ | address | |
| staking_ | address | |
| sReserve_ | address | |
| coolerFactory_ | address | |
| kernel_ | address |
configureDependencies
Default framework setup. Configure dependencies for olympus-v3 modules.
This function will be called when the executor installs the Clearinghouse
policy in the olympus-v3 Kernel.
function configureDependencies() external override returns (Keycode[] memory dependencies);
Returns
| Name | Type | Description |
|---|---|---|
| dependencies | Keycode[] |
requestPermissions
Default framework setup. Request permissions for interacting with olympus-v3 modules.
This function will be called when the executor installs the Clearinghouse
policy in the olympus-v3 Kernel.
function requestPermissions() external view override returns (Permissions[] memory requests);
Returns
| Name | Type | Description |
|---|---|---|
| requests | Permissions[] |
VERSION
Returns the version of the policy.
function VERSION() external pure returns (uint8 major, uint8 minor);
Returns
| Name | Type | Description |
|---|---|---|
| major | uint8 | The major version of the policy. |
| minor | uint8 | The minor version of the policy. |
lendToCooler
Lend to a cooler.
To simplify the UX and easily ensure that all holders get the same terms, this function requests a new loan and clears it in the same transaction.
function lendToCooler(Cooler cooler_, uint256 amount_) external returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
| cooler_ | Cooler | to lend to. |
| amount_ | uint256 | of reserve to lend. |
Returns
| Name | Type | Description |
|---|---|---|
| <none> | uint256 | the id of the granted loan. |
extendLoan
Extend the loan expiry by repaying the extension interest in advance. The extension cost is paid by the caller. If a third-party executes the extension, the loan period is extended, but the borrower debt does not increase.
function extendLoan(Cooler cooler_, uint256 loanID_, uint8 times_) external;
Parameters
| Name | Type | Description |
|---|---|---|
| cooler_ | Cooler | holding the loan to be extended. |
| loanID_ | uint256 | index of loan in loans[]. |
| times_ | uint8 | Amount of times that the fixed-term loan duration is extended. |
claimDefaulted
Batch several default claims to save gas. The elements on both arrays must be paired based on their index.
Implements an auction style reward system that linearly increases up to a max reward.
function claimDefaulted(address[] calldata coolers_, uint256[] calldata loans_) external;
Parameters
| Name | Type | Description |
|---|---|---|
| coolers_ | address[] | Array of contracts where the default must be claimed. |
| loans_ | uint256[] | Array of defaulted loan ids. |
_onRepay
Overridden callback to decrement loan receivables.
function _onRepay(uint256, uint256 principalPaid_, uint256 interestPaid_) internal override;
Parameters
| Name | Type | Description |
|---|---|---|
| _ | uint256 | |
| principalPaid_ | uint256 | in reserve. |
| interestPaid_ | uint256 | in reserve. |
_onDefault
Unused callback since defaults are handled by the clearinghouse.
Overriden and left empty to save gas.
function _onDefault(uint256, uint256, uint256, uint256) internal override;
Parameters
| Name | Type | Description |
|---|---|---|
| _ | uint256 | |
| _ | uint256 | |
| _ | uint256 | |
| _ | uint256 |
rebalance
Fund loan liquidity from treasury.
Exposure is always capped at FUND_AMOUNT and rebalanced at up to FUND_CADANCE. If several rebalances are available (because some were missed), calling this function several times won't impact the funds controlled by the contract. If the emergency shutdown is triggered, a rebalance will send funds back to the treasury.
function rebalance() public returns (bool);
Returns
| Name | Type | Description |
|---|---|---|
| <none> | bool | False if too early to rebalance. Otherwise, true. |
sweepIntoSavingsVault
Sweep excess reserve into savings vault.
function sweepIntoSavingsVault() public;
_sweepIntoSavingsVault
Sweep excess reserve into vault.
function _sweepIntoSavingsVault(uint256 amount_) internal;
Parameters
| Name | Type | Description |
|---|---|---|
| amount_ | uint256 |
burn
Public function to burn gOHM.
Can be used to burn any gOHM defaulted using the Cooler instead of the Clearinghouse.
function burn() public;
activate
Activate the contract.
function activate() external onlyRole("cooler_overseer");
emergencyShutdown
Deactivate the contract and return funds to treasury.
function emergencyShutdown() external onlyRole("emergency_shutdown");
defund
Return funds to treasury.
function defund(ERC20 token_, uint256 amount_) external onlyRole("cooler_overseer");
Parameters
| Name | Type | Description |
|---|---|---|
| token_ | ERC20 | to transfer. |
| amount_ | uint256 | to transfer. |
_defund
Internal function to return funds to treasury.
function _defund(ERC20 token_, uint256 amount_) internal;
Parameters
| Name | Type | Description |
|---|---|---|
| token_ | ERC20 | to transfer. |
| amount_ | uint256 | to transfer. |
getCollateralForLoan
view function computing collateral for a loan amount.
function getCollateralForLoan(uint256 principal_) external pure returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
| principal_ | uint256 |
Returns
| Name | Type | Description |
|---|---|---|
| <none> | uint256 |
getLoanForCollateral
view function computing loan for a collateral amount.
function getLoanForCollateral(uint256 collateral_) public pure returns (uint256, uint256);
Parameters
| Name | Type | Description |
|---|---|---|
| collateral_ | uint256 | amount of gOHM. |
Returns
| Name | Type | Description |
|---|---|---|
| <none> | uint256 | debt (amount to be lent + interest) for a given collateral amount. |
| <none> | uint256 |
interestForLoan
view function to compute the interest for given principal amount.
function interestForLoan(uint256 principal_, uint256 duration_) public pure returns (uint256);
Parameters
| Name | Type | Description |
|---|---|---|
| principal_ | uint256 | amount of reserve being lent. |
| duration_ | uint256 | elapsed time in seconds. |
Returns
| Name | Type | Description |
|---|---|---|
| <none> | uint256 |
getTotalReceivables
Get total receivable reserve for the treasury. Includes both principal and interest.
function getTotalReceivables() external view returns (uint256);
Returns
| Name | Type | Description |
|---|---|---|
| <none> | uint256 |
Events
Activate
Logs whenever the Clearinghouse is initialized or reactivated.
event Activate();
Deactivate
Logs whenever the Clearinghouse is deactivated.
event Deactivate();
Defund
Logs whenever the treasury is defunded.
event Defund(address token, uint256 amount);
Parameters
| Name | Type | Description |
|---|---|---|
| token | address | |
| amount | uint256 |
Rebalance
Logs the balance change (in reserve terms) whenever a rebalance occurs.
event Rebalance(bool defund, uint256 reserveAmount);
Parameters
| Name | Type | Description |
|---|---|---|
| defund | bool | |
| reserveAmount | uint256 |
Errors
BadEscrow
error BadEscrow();
DurationMaximum
error DurationMaximum();
OnlyBurnable
error OnlyBurnable();
TooEarlyToFund
error TooEarlyToFund();
LengthDiscrepancy
error LengthDiscrepancy();
OnlyBorrower
error OnlyBorrower();
NotLender
error NotLender();