iceCREAM Mechanism Phase 1
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The lending protocol includes the comptroller, cToken markets, and cTokenAdmin. Every market will generate reserves. CTokenAdmin is a new contract that controls the cToken market. In addition to normal access control in cToken, it allows a specific reserve manager to extract reserves.
The reserve manager is the hub of reserves extraction. It snapshots all the cToken reserves and everyone could trigger the extraction (with a 1-day cooldown period). It should take a ratio (currently 50%) of reserves and send them to the burners.
Burners are a group of token converters. They will burn tokens into USDC, and USDC burner will convert USDC into yvCurve-IB token. There is a special component called manual burner. It's used for tokens whose onchain liquidity (Ethereum) is not deep enough. The manual burner is an EOA that will send the tokens to a centralized exchange or another network to convert manually. In the end, all tokens will be converted to yvCurve-IB token and send to the fee distributor.
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The fee distributor and the voting escrow are the final stops of iceCream phase 1. The fee distributor stores all the reserves in yvCurve-IB and it handles the fee distribution among all the iceCream stakers. The voting escrow (iceCream) is where users stake their CREAM tokens. Users could claim the rewards here.
Last modified 1yr ago