MonoCooler.sol

MonoCooler is the core lending contract in Cooler V2 that enables perpetual loans against gOHM collateral. Unlike V1's fixed-term loans that required rollovers, MonoCooler tracks continuous positions with a single unified state per user.

Each user can:

• Deposit gOHM as collateral

• Borrow USDS up to the current max origination LTV

• Delegate their collateral's voting power

• Repay at any time

The contract links three key parts of the system:

• CoolerTreasuryBorrower for sourcing USDS

• LTV Oracle for position limits and liquidation thresholds

• DLGTE module for governance power delegation

MonoCooler Functions

Authorization Functions

setAuthorization(address authorized, uint96 authorizationDeadline)

• Gives another address permission to manage caller's position until deadline

setAuthorizationWithSig(Authorization memory authorization, Signature calldata signature)

• Same as setAuthorization but can be done with signature

• Uses EIP-712 signature verification

Collateral Functions

addCollateral(uint128 collateralAmount, address onBehalfOf, DelegationRequest[] calldata delegationRequests)

• Adds gOHM collateral to a position

• Can be done for another account without authorization

• Optional delegation requests for voting power

withdrawCollateral(uint128 collateralAmount, address onBehalfOf, address recipient, DelegationRequest[] calldata delegationRequests)

• Removes collateral if position stays healthy

• Requires authorization if withdrawing for another account

• Can specify recipient address for withdrawn collateral

• Can withdraw max possible amount using type(uint128).max

Borrowing Functions

borrow(uint128 borrowAmount, address onBehalfOf, address recipient)

• Borrows USDS against position's collateral

• Must maintain minimum debt and maximum LTV

• Can borrow max possible using type(uint128).max

• Requires authorization if borrowing for another account

repay(uint128 repayAmount, address onBehalfOf)

• Repays debt for a position

• Can repay for any account without authorization

• Debt must stay above minimum unless fully repaying

Delegation Functions

applyDelegations(DelegationRequest[] calldata delegationRequests, address onBehalfOf)

• Updates voting power delegation for collateral

• Requires authorization if delegating for another account

applyUnhealthyDelegations(address account, DelegationRequest[] calldata delegationRequests)

• Forces undelegation of collateral for liquidatable positions

• Used before liquidating a position

Liquidation Functions

batchLiquidate(address[] calldata accounts, DelegationRequest[][] calldata delegationRequests)

• Liquidates multiple unhealthy positions

• Undelegates collateral using provided delegation requests

• Distributes liquidation incentives to caller

• Burns remaining collateral

Admin Functions

setLtvOracle(address newOracle) [admin]

• Updates LTV oracle contract

• New oracle can only increase LTV limits

setTreasuryBorrower(address newTreasuryBorrower) [admin]

• Updates treasury borrower contract

• Anyone can set if uninitialized

setLiquidationsPaused(bool isPaused) [admin/emergency]

• Pauses/unpauses liquidations

setBorrowPaused(bool isPaused) [admin/emergency]

• Pauses/unpauses borrowing

setInterestRateWad(uint96 newInterestRate) [admin]

• Updates interest rate

setMaxDelegateAddresses(address account, uint32 maxDelegateAddresses) [admin]

• Sets maximum number of delegates for an account

View Functions

accountPosition(address account)

• Returns position's current state including:

  • Collateral and debt amounts

  • Current LTV and health factor

  • Max borrowable amount

  • Liquidation threshold

computeLiquidity(address[] calldata accounts)

• Batch check if positions are liquidatable

accountDebt(address account)

• Returns current debt including accrued interest

accountCollateral(address account)

• Returns current collateral amount