From 2874387d07299234388ecb0a0c588f3de5ae5dbb Mon Sep 17 00:00:00 2001 From: =?UTF-8?q?Alberto=20Cuesta=20Ca=C3=B1ada?= <38806121+albertocuestacanada@users.noreply.github.com> Date: Wed, 24 Feb 2021 09:25:05 +0000 Subject: [PATCH] 3156: Final Moves EIP-3156 to final. --- EIPS/eip-3156.md | 7 +++++-- 1 file changed, 5 insertions(+), 2 deletions(-) diff --git a/EIPS/eip-3156.md b/EIPS/eip-3156.md index 597b2ba4..1da3825a 100644 --- a/EIPS/eip-3156.md +++ b/EIPS/eip-3156.md @@ -3,8 +3,7 @@ eip: 3156 title: Flash Loans author: Alberto Cuesta CaƱada (@albertocuestacanada), Fiona Kobayashi (@fifikobayashi), fubuloubu (@fubuloubu), Austin Williams (@onewayfunction) discussions-to: https://ethereum-magicians.org/t/erc-3156-flash-loans-review-discussion/5077 -status: Last Call -review-period-end: 2021-02-16 +status: Final type: Standards Track category: ERC created: 2020-11-15 @@ -14,6 +13,10 @@ created: 2020-11-15 This ERC provides standard interfaces and processes for single-asset flash loans. +## Abstract + +A flash loan is a smart contract transaction in which a lender smart contract lends assets to a borrower smart contract with the condition that the assets are returned, plus an optional fee, before the end of the transaction. This ERC specifies interfaces for lenders to accept flash loan requests, and for borrowers to take temporary control of the transaction within the lender execution. The process for the safe execution of flash loans is also specified. + ## Motivation Flash loans allow smart contracts to lend an amount of tokens without a requirement for collateral, with the condition that they must be returned within the same transaction.