- Edited
- Numerous code differences exist between v1 and v2, primarily aimed at improving future scalability of the protocol while preserving core functionalities.
- V2 is audited. You can find the report in the v2 contracts repo here.
- V2 contracts have been deployed for ~1 month on Arbitrum.
- Fees are upfront. The protocol fee is charged on a per borrow basis.
Ex:
Borrower borrows 1000 USDC w/ 5% term rate & 0.3% protocol fee. Borrower receives 1000 - 5% - 0.3% = 947 USDC. 3 USDC (0.3% proto fee) is sent to protocol. 50 USDC (5% term rate) remains in pool for lender. It's worth noting however, that the total amount a borrower wishes to borrow and inputs into the UI is the actual amount of USDC they will receive. The amount of collateral required to back that loan will be adjusted accordingly.