• Proposal
  • TAP-28: Cooler Round 2 (Electric Boogaloo)

nicnombre
ok that's a fair point on the lack of protocol fee reimbursing especially if it is an extra expense done solely at the behest of the community, esepcially if cooler is mainly going to be servicing Olympus and not other protocols much. I just didn't want the DAO to subsidize a legitimate business expense (especially if it expanded later to other protocols, cause then it would have been essentially the DAO subsidizing your growth elsewhere)
thanks for clarifying. eager to see how discussion moves forward with cooler!
on snapshot start date…will I need to re-vote or will the vote stay?

nicnombre 00:00 Saturday, July 1 to snapshot

Given this just came up for the forum vote, this timeline needs to be updated. by at least 3 days.

    nicnombre my preferred combination was the one that was ultimately voted down. What's proposed here is a good compromise though and keeps it democratic with multiple choices. I'm in support of this moving forward.

    RBS price target will need to be closely monitored to make sure that the 2% margin is sufficient. If not it should be moved up to a higher margin. Would be a future proposal but something to keep an eye out for.

    thomasscovell thanks for the context. My perspective is well look back on this and scratch our head how it wasn't so obvious a good thing for the project. Agreed we could have streamlined some of the votes/communication but ultimately I'm ready to see this move forward.

    nicnombre 90% consolidated backing lent per collateral token; 0.5% interest per annum

    Feels like this vote option should be removed in order to simplify things more as it's too similar to option 2 and thus makes voting more ambiguous.

    11 days later

    Following the approval of this proposal, the Olympus development team has determined that the proposed timeline is unfeasible. Stay watchful on Discord and Twitter for the forthcoming announcement of a more practical timeline. The team will make every effort to implement the items outlined in the proposal to the best of their abilities. Additionally, they will continuously assess the impact these changes may have on the remaining mechanisms of the protocol, aiming to execute the implementation with minimal risk

    After discussing with devs and confirming with @nicnombre , a more realistic timeline is to launch Cooler Loans by end of August. Below, I list a detailed plan of what needs to happen. If we can accelerate some things, we will (e.g. Sherlock audit ends up taking less time). If we discover issues that jeopardize security of the protocol and a delay is needed, we will delay (and this will be communicated ahead of time).

    Smart contract - due by end of July

    • integrate sDAI into Cooler Loans
    • ClearingHouse.sol compatibility with Default Framework
    • Unit and integration testing needed
    • Internal review

    Audit - due by end of August

    • For reference, Olympus’ last Sherlock audit lasted 3/17 thru 4/17 so expect ~1 month from start of audit to completion, including remediations.

    • Note: audit date has still not been set so this may delay launch of Cooler Loans.

    Frontend - due at time of audit completion

    • Development already started

    • QA needed

    • Dashboard updates to properly track gOHM supply and DAI reserves used in Cooler Loans

    • Cooler Loans Dashboard that tracks various metrics. NOTE: This isn't required to launch Cooler Loans, and we will launch Cooler Loans even if development on the dashboard is not yet complete.

      unbanksy33 Thanks for this clarity. Would be great to do a live front end review with the community sooner than later so folks understand how it will ultimately look and function from a UX perspective.

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