# Clear: Liquidity Source Integration Proposal

**URL:** <https://forum.cow.fi/t/clear-liquidity-source-integration-proposal/3293>\
**Category:** Technical\
**Created:** [December 3, 2025, 9:56pm UTC](https://forum.cow.fi/t/clear-liquidity-source-integration-proposal/3293 "2025-12-03T21:56:26Z")\
**Posts on this page:** 2\
**Page:** 1

<div class="post-metadata">

**Author:** ![Figue](https://avatars.discourse-cdn.com/v4/letter/f/ce7236/32.png) [@Figue](https://forum.cow.fi/u/Figue)\
**Post date:** [December 3, 2025, 9:56pm UTC](https://forum.cow.fi/t/clear-liquidity-source-integration-proposal/3293/1 "2025-12-03T21:56:26Z")

</div>

## Trevee Clear Integration

## Author

[Beg1 (Trevee, Data Analyst), Figue (Trevee, co-founder), Mason Lok (Trevee, Developer)]

Contact: romain @ mithras . xyz

## Simple Summary

Clear protocol is a stablecoin focused liquidity source, formally providing better rates for depegged stablecoin swaps by emitting IOUs corresponding to the delta between market price and target 1:1 rate, enabling traders to sell it at market price, without slippage, as well as earning a bonus in IOUs, ultimately offering a premium vs any other amm or oracle feed.

## Motivation

**What unique value does your liquidity source bring?**

In alignment with cowswap Surplus mechanism, Clear offers price improvement on quoted liquidity sources by quantifying the target rate deviation on stablecoin swaps and adding it to the trade in the form of IOUs.

Clear provides a unique peg protection mechanism, absorbing selling pressure during high volatility events, and maintaining upside of peg recovery. It also offers 0 slippage swaps and mitigates price impact on large size trades.

**How will it improve settlement quality?**

These IOUs can be zap swapped atomically in the trade through a IOU/TargetToken pool to top up the initial quote, thus effectively settling the swap at a better rate than other routes (given it’s gas efficient at the time of the swap).

When a trader’s swap zap the IOUs emitted into the Target Token it ultimately adds a premium on the base quote solved, when the IOU/TargetToken pool is imbalanced by IOUs zap selling pressure, the protocol or external arbitrageurs can step in and buy IOUs from the pool to redeem it for their underlying in Clear protocol reserve as the stablecoin peg recover (either on the market or through native redemptions e.g GSM for GHO) thus realizing the part of upside the trader forfeited when zap swapping it.

**What trading pairs/assets are supported?**

In V0 Clear will process swap only with USDC token out i.e GHO → USDC ; USDT → USDC ; DAI → USDC, …etc and will iterate to transact more and more stablecoins in the coming weeks.

**Current trading volumes and liquidity depth**

Clear can be tested on Arbitrum Sepolia, and is now live on Ethereum Mainnet.

At launch, Clear will run with private LPs and TVL caps (starting with $50k, gradually increasing to $10M over next months), it is projected to be able to process volume according to simulations available on Clear Simulator (Vercel).

## Technical Specification

### Price Discovery

Two methods available:

1. **On-chain (recommended):** Call `ClearSwap.previewSwap(vault, tokenIn, tokenOut, amountIn)`

2. **API:** GraphQL endpoint for vault discovery (endpoints available on request)

**Response format (previewSwap):**

```auto
amountOut: uint256 // Tokens received
ious: uint256 // IOUs generated (bonus)

```

**Rate limits:** No rate limits on RPC calls. GraphQL API: standard rate limiting.

### Settlement Interface

**Smart contract addresses:**

**Ethereum Mainnet:**

- ClearSwap (proxy): `0xC12247E25bf2ec1a1d43eFa7b5f9e6b579B32F40`
- ClearOracle (proxy): `0xA84933DEE05514258E4C2b54468389539567634F`
- ClearFactory: `0xcEAc924839ba0ef49613d8FF10609434939bEb5b`
- AccessManager: `0x42d3E0D351cD3E8aE25b1632611d4411E8d801D9`

**Arbitrum Sepolia (testnet):**

- ClearSwap (proxy): `0x799E139f31CE15760A73B22f2DA7f3e402037EaE`
- ClearOracle (proxy): `0x5a1703857B441b205d1f2071766788F86889271f`
- ClearFactory: `0xd4CE4e5dd7F855A6D02510f7477EF439948338B1`
- AccessManager: `0x3Be1099f5DBC321A537fC57197a351193DaF0b5B`

**Function signature:**

```solidity
function swap(
    address receiver, // Recipient of output tokens
    address vault, // Clear vault address
    address tokenIn, // Input token
    address tokenOut, // Output token
    uint256 amountIn, // Amount to swap
    uint256 minAmountOut, // Slippage protection
    bool receiveIOU // false = receive tokens only, true = also receive IOUs
) external returns (uint256 amountOut, uint256 ious);

```

**Gas cost estimate:** ~150,000 gas per swap

**Example flow:**

1. Query vault via GraphQL or known vault address
2. Call `previewSwap()` to get quote
3. Execute `swap()` with `receiveIOU = false` for standard settlement

## Integration Incentives

**Are you offering integration grants?**

No

## Additional Information

**Security audits:** None for now

**Known limitations:** -

**Future roadmap:**

- Stablecoin integrations: USDS, USDe, crvUSD, …
- Chains expansion: Arbitrum, Base, …
- Routes variety: New assets pairs
- Fee-switch and LP incentives: IOUs fee sharing

**Testing environment details:** Arbitrum Sepolia

## Contact Information

- **Development team contacts:** romain @ mithras . xyz / @Figu3
- **Technical support channels:** Discord & Telegram available on request
- **Response time expectations:** 1-2h

---

<div class="post-metadata">

**Author:** ![Figue](https://avatars.discourse-cdn.com/v4/letter/f/ce7236/32.png) [@Figue](https://forum.cow.fi/u/Figue)\
**Post date:** [December 9, 2025, 4:18pm UTC](https://forum.cow.fi/t/clear-liquidity-source-integration-proposal/3293/2 "2025-12-09T16:18:41Z")

</div>

We had to redeploy the contracts, here is the updated proposal:

# Clear: Liquidity Source Integration Proposal

## Simple Summary

Clear is a stablecoin focused liquidity source, formally providing better rates for depegged stablecoin swaps by emitting IOUs.

## Motivation

Clear enhances stablecoin swaps by:

- **Price Improvement** : Quantifying the target rate deviation on stablecoin swaps and adding it to the trade in the form of IOUs
- **Peg Protection** : Absorbing selling pressure during volatility while maintaining upside on peg recovery
- **Zero Slippage** : Enabling atomic swaps without price impact

## Technical Specifications

### Price Discovery

Price discovery can be performed:

- **On-chain** via `ClearSwap.previewSwap()` returning output amounts and IOU bonuses
- **GraphQL API** for vault discovery with standard rate limiting

### Settlement Interface

Settlement is executed through the `swap()` function on ClearSwap contract.

**Gas Cost** : ~150,000 gas per swap

### Smart Contract Addresses

**Ethereum Mainnet:**

| Contract | Address |
| --- | --- |
| ClearFactory | `0x8bF266ED803e474AE7Bf09ADB5ba2566c489223d` |
| ClearVault (Implementation) | `0x95FD342EE48000E600448Fdce88D47F6c14E3146` |
| ClearOracle | `0x049ad7Ff0c6BdbaB86baf4b1A5a5cA975e234FCA` |
| ClearSwap | `0xeb5AD3D93E59eFcbC6934caD2B48EB33BAf29745` |
| ClearUSD Vault | `0x5cC8b3282dCC692532B857A68bC0FB07f45fBaDE` |
| ClearAaveV3DepositAdapter | `0x6af14a7dd4143df261ACE458A4Bd7C8504a13764` |
| ClearSGHOAdapter | `0x6E1cc930155A0d7D0B8A21D9FD3c5b480D21Fd19` |
| ClearGHOGsm4626RebalanceAdapter | `0xA414b8156c1Ab23aa268828De779302c740F57e0` |
| ClearIOU (Implementation) | `0x2e6b8C3BE581ec0852Fb6BBafC4a03251407fcc5` |
| iouGHO | `0x50ca266a50c6531dce25ee7da0dfb57a06bd864e` |
| iouUSDC | `0x139c15f07260b0f7fce30d64f9fc6f31c00e3814` |

### Supported Pairs

Currently processes stablecoin swaps with GHO and USDC:

- GHO ↔ USDC

Roadmap includes expanding to: USDT, USDS, USDe, crvUSD

## Current Status

- **Network** : Live on Ethereum Mainnet
- **TVL** : Initial cap of $50k, scaling to $10M
- **Security Audits** : In progress

## Integration Incentives

None offered at this time.

## Contact

- **Email** : romain @ mithras . xyz
- **Support Response Time** : 1-2 hours