TL;DR: My primary Cooler Loan vanished, while my secondary loan remains active; despite extending both multiple times, this indicates the positions were not migrated to V2 . With Cooler Loans V2 shifting to perpetual, fixed-rate borrowing without expiries, this V1-style loss feels outdated and contrary to Olympus's borrower-first vision of minimizing unnecessary user harm.
I truly believed I'd already migrated and was fully set; that's why I'm begging for a one-time intervention given this loan was heavily over collateralized. I understand that when a loan ends, everything has to be paid + fees. But losing the entire capital is not helping any user and conflicts with the concept of "liquidation-free loans".
For many, 7K might not mean much, but this has a huge impact on me. I've stacked this position multiple times because I believe in the protocol & product. And I get why this can't be standard policy, but we are leaving v1 behind and the switch to V2 clearly aimed to prevent situations like this.
Proposal:
I'm requesting community support for a one-time intervention: partial or fully equivalent of lost gOHM (minus debt/interest/liquidation fee eg 15%) for users affected during the transition period.
Rationale:
Alignment with V2 Vision and with the USP "liquidation-free loans": V2 shows the DAO's commitment to reducing user friction and preventing unnecessary defaults. Retroactive leniency supports the project's vision of a fairer financial future for all and demonstrates the DAO's commitment, especially to those impacted by the V1-to-V2 transition.
Precedent for Fairness: While defaults are final, the DAO has handled edge cases before (e.g., exploit reimbursements in 2022). I understand this situation is different, but I'm begging you for understanding the confusion with the transition to v2.
Minimal Impact: eg my position was roughly 7K USD (collateral - borrowed), so an intervention wouldn't strain the treasury. And again it reenforces the vision now implemented with V2 and the commitment of the DAO to a fairer financial system.
My Commitment: I first started using Olympus in the previous cycle and always left some money on the platform, with the cooler loan project I started putting more capital in the ecosystem. Naturally I plan to continue using Cooler Loans V2 responsibly.
Recognizing that fair treatment is crucial in our ecosystem, I suggest extending this plea to others caught in the V1-to-V2 transition period, allowing those with overcollateralized positions liquidated during that grace period to step forward and seek similar relief.
I really hope this resonates with some of you and I hope we can discuss turning it into a formal proposal.
