# Ketju research: Cooler Loans

- URL: https://riadefi.com/rejections/cooler-loans/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-19
- Last confirmed: 2026-08-19

## Research summary

The research assessment is adverse because of single-collateral concentration and an undisclosed legal structure. Cooler Loans is Olympus DAO's peer-to-protocol lending facility. A borrower posts gOHM and draws a stablecoin loan directly from the Olympus Treasury at a governance-fixed rate, with no price-based liquidation. Instead, a permissionless keeper function permanently burns a defaulted loan's collateral. That design avoids liquidation cascades and is a real, verified structural strength. Olympus also clearly discloses its on-chain governance process, a roughly 12-day proposal-to-execution cycle with set quorum and approval thresholds, backed by an emergency veto multisig. But the sole collateral asset, gOHM, derives its value from OHM, a token trading roughly 98.7% below its 2021 all-time high after a well-documented collapse caused by unsustainable tokenomics. This creates severe single-asset concentration risk for any position built on the facility. No source identified a formal legal entity behind Olympus DAO or Cooler Loans specifically. The newer V2 (MonoCooler) contract also has no confirmed dedicated third-party audit apart from audits of adjacent contracts.

## Observable review triggers

- A named legal entity behind Olympus DAO or Cooler Loans specifically is disclosed
- A dedicated, primary-source audit report specifically covering the V2 MonoCooler contract is published
- Additional collateral assets beyond gOHM are approved, reducing single-asset concentration
- gOHM/OHM demonstrates sustained price stability over a full market cycle, reducing the volatility this registry weighs against the collateral quality

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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