Project description

# Project description  ###### tags: `Public` ## High level description Business description of the project, one-two sentences. E.g.: > Lending system for governance tokens, where suppliers can earn interest and borrowers can get voting power cheaply. ### Token description For non-utility tokens, please provide additional information: * `name`, `symbol`, and `decimals`. * `totalSupply` if predetermined. * initial token distribution if it is hardcoded within the contract. * extra features (anything beyond ERC20 Standard or Open Zeppelin implementation). ## Main actors, actions, flows List of roles and their main actions. E.g.: > * Suppliers can deposit and withdraw governance tokens to the pools. > * Borrowers can "borrow" tokens for fee, extend loan duration, and return their loans. > * Liquidators can forcibly close loan positions that have consumed their fee. Liquidators receive a small reward for each closed loan. > * Owner of the system (multisig) can adjust settings and pause the system. ## Technical details Design and architecture choices, clever tricks and hacks, complex logic, etc. E.g.: > * The contracts are not upgradable, we will have to deploy new versions of the system if we decide to. > * The token pool is an entry point for all users and holds all tokens that are not utilized right now. > * Suppliers receive xTokens when they deposit governance tokens (similar to Compound's cTokens). > * Borrowers don't receive governance tokens, they become delegatee of the borrowed tokens. To achieve it, the pool deploys a minimal proxy (ERC-1167) for each loan, that holds borrowed tokens and interacts with the according governance system. When the loan is closed, the tokens return to the pool. ## Deployed contracts Number of deployed contracts, connections between them. E.g.: > * We deploy a separate `Pool` and an `xToken` for each governance token we support. > * Each `Pool` has a `LoanLogic` contract that knows how to interact with specific governance system. Every `LoanProxy` deployed by the `Pool` has `LoanLogic` contract as its target for delegatecall. > * Additionally, we have a `FeeLogic` contract that is common for all `Pool`s. It is used to determine the rate at which the fee provided by the borrower is consumed and therefore the loan "expires" and can be liquidated.