Operation Checklists

What each redeem and lend must accomplish to be successful
Note that this refers to non-Illuminate lend and redeem calls - Illuminate calls are slightly different.


  • Extract fee
  • Transfer underlying to lender contract
  • Swap the underlying for PTs
  • Verify receipt of PTs
  • Mint equivalent amount of Illuminate PTs to the user


  • Verify principal
  • Verify token has matured
  • Transfer PTs for the protocol from the Lender to Redeemer
  • Execute the redemption for underlying (if necessary, convert to underlying)
  • Update the holdings mapping (which determines how much underlying has been redeemed, necessary in the event of partial redemptions)