Cooler V2 Technical Documentation
System Overview
Cooler V2 is a lending system that allows users to borrow USDS against gOHM collateral. Key differences from V1:
Perpetual positions instead of fixed-term loans
Single unified position per user instead of separate loan entries
Governance-controlled LTV growth through drip system
Built to be integrated into other protocols
Core Components
MonoCooler
Main lending contract managing user positions
Handles borrows, repayments, and liquidations
Tracks user collateral and debt
CoolerTreasuryBorrower
Interfaces with Treasury to access reserves
Converts between USDS and sUSDS when moving funds to/from Treasury
CoolerLtvOracle
Sets and updates lending and liquidation ratios
Implements controlled LTV increases
Can only increase or maintain LTV, never decrease
Delegation System
Allows gOHM collateral to maintain voting power
Users can delegate to up to 10 addresses, unless a specific address is whitelisted for a higher cap
Each delegate gets their own escrow contract
Key Functions
Position Management
Borrow USDS against gOHM at current LTV ratio
Add or remove collateral
Repay debt partially or fully
Interest accrues continuously
Risk Management
Separate thresholds for borrowing vs liquidation
System-wide pause for borrows and liquidations
Minimum position size of 1000 USDS
Governance
Collateral retains voting power through delegation
Multiple delegates per position
Delegates change with position size
Admin Controls
Emergency: Can pause system
Admin: Can update parameters
Manager: Can control protocol settings
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