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.

Lend

• 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

Redeem

• 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)