Summary
Ketju does not approve Cooler Loans: its only collateral, gOHM, takes its value from OHM, which trades about 98.7% below its 2021 high, and no source names a legal entity behind it. Cooler Loans is Olympus DAO’s lending facility. A borrower posts gOHM and borrows stablecoins directly from the Olympus Treasury at a rate governance sets. Nothing is liquidated on price. When a loan defaults, anyone can call a function that permanently burns its collateral. That design avoids liquidation cascades, and we verified it. Olympus discloses its on-chain governance: about 12 days from proposal to execution, with set quorum and approval thresholds and an emergency veto multisig behind it. OHM collapsed after 2021 under unsustainable token design, so every loan rests on one very volatile asset. The newer V2 contract, MonoCooler, has no confirmed audit of its own; the audits we found cover nearby contracts.
Review triggers
- Olympus publishes a named legal entity behind Olympus DAO or Cooler Loans
- An audit report that covers the V2 MonoCooler contract itself is published
- Governance adds collateral beyond gOHM, reducing the concentration in one asset
- gOHM and OHM demonstrate a stable price through a full market cycle
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Ethereum
- Reviewed
- Last confirmed