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| [alias] | ||
| wasm = "build --release --target wasm32-unknown-unknown" | ||
| wasm-debug = "build --target wasm32-unknown-unknown" | ||
| unit-test = "test --lib" | ||
| integration-test = "test --test integration" | ||
| schema = "run --example schema" |
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| [package] | ||
| name = "cw-abc" | ||
| authors = [ | ||
| "Ethan Frey <ethanfrey@users.noreply.github.com>", | ||
| "Jake Hartnell", | ||
| "Adair <adairrr@users.noreply.github.com>", | ||
| "Gabe Lopez <ismellike@users.noreply.github.com>", | ||
| ] | ||
| description = "Implements an Augmented Bonding Curve" | ||
| # Inherits license from previous work | ||
| license = "Apache-2.0" | ||
| edition = { workspace = true } | ||
| repository = { workspace = true } | ||
| version = { workspace = true } | ||
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| [lib] | ||
| crate-type = ["cdylib", "rlib"] | ||
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| [features] | ||
| backtraces = ["cosmwasm-std/backtraces"] | ||
| # use library feature to disable all instantiate/execute/query exports | ||
| library = [] | ||
| # use test tube feature to enable test-tube integration tests, for example | ||
| # cargo test --features "test-tube" | ||
| test-tube = [] | ||
| # when writing tests you may wish to enable test-tube as a default feature | ||
| # default = ["test-tube"] | ||
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| [dependencies] | ||
| cw-utils = { workspace = true } | ||
| cw2 = { workspace = true } | ||
| cw-storage-plus = { workspace = true } | ||
| cosmwasm-std = { workspace = true } | ||
| cosmwasm-schema = { workspace = true } | ||
| cw-address-like = { workspace = true } | ||
| cw-ownable = { workspace = true } | ||
| cw-paginate-storage = { workspace = true } | ||
| cw-tokenfactory-issuer = { workspace = true, features = ["library"] } | ||
| dao-interface = { workspace = true } | ||
| getrandom = { workspace = true, features = ["js"] } | ||
| thiserror = { workspace = true } | ||
| cw-curves = { workspace = true } | ||
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| [dev-dependencies] | ||
| speculoos = { workspace = true } | ||
| anyhow = { workspace = true } | ||
| cw-multi-test = { workspace = true } | ||
| dao-testing = { workspace = true, features = ["test-tube"] } | ||
| osmosis-std = { workspace = true } | ||
| osmosis-test-tube = { workspace = true } | ||
| serde = { workspace = true } | ||
| serde_json = { workspace = true } | ||
| cw-tokenfactory-issuer = { workspace = true } | ||
| dao-voting-token-staked = { workspace = true } | ||
| dao-proposal-single = { workspace = true } | ||
| dao-voting = { workspace = true } |
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| CW20-Bonding: Bonding Curve to release CW20 token | ||
| Copyright 2020-21 Ethan Frey <ethanfrey@users.noreply.github.com> | ||
| Copyright 2021-22 Confio GmbH | ||
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| Licensed under the Apache License, Version 2.0 (the "License"); | ||
| you may not use this file except in compliance with the License. | ||
| You may obtain a copy of the License at | ||
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| http://www.apache.org/licenses/LICENSE-2.0 | ||
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| Unless required by applicable law or agreed to in writing, software | ||
| distributed under the License is distributed on an "AS IS" BASIS, | ||
| WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied. | ||
| See the License for the specific language governing permissions and | ||
| limitations under the License. |
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| # cw-abc | ||
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| Implements an [Augmented Bonding Curve](https://medium.com/commonsstack/deep-dive-augmented-bonding-curves-b5ca4fad4436). | ||
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| Forked from and heavily inspired by the work on [cw20-bonding](https://github.com/cosmwasm/cw-tokens/tree/main/contracts/cw20-bonding). This contract uses native and token factory tokens instead. | ||
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| NOTE: this contract is NOT AUDITED and experimental. NOT RECOMMENDED FOR PRODUCTION USE. Use at your own risk. | ||
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| ## What are Augmented Bonding Curves? | ||
| Before we get to the *Augmented* part, we must first describe bonding curves themselves. | ||
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| ### Token Bonding Curves | ||
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| "A token bonding curve (TBC) is a mathematical curve that defines a relationship between price and token supply." ~[Aavegotchi Wiki](https://wiki.aavegotchi.com/en/curve) | ||
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| Each bonding curve has a pricing function, also known as the price curve (or `curve_fn` in our implementation). The `curve_fn` is used to determine the price of the asset. | ||
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| With bonding curves, we will always know what the price of an asset will be based on supply! More on benefits later. | ||
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| This contract implements two methods: | ||
| - `Buy {}` is called with sending along some reserve currency (such as $USDC, or whatever the bonding curve is backed by). The reserve currency is stored by the bonding curve contract, and new tokens are minted and sent to the user. | ||
| - `Sell {}` is called along with sending some supply currency (the token minted by the bonding curve). The supply tokens are burned, and reserve currency is returned. | ||
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| It is possible to use this contact as a basic bonding curve, without any of the augmented features. | ||
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| #### Math | ||
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| Given a price curve `f(x)` = price of the `x`th token, we want to figure out how to buy into and sell from the bonding curve. In fact we can look at the total supply issued. let `F(x)` be the integral of `f(x)`. We have issued `x` tokens for `F(x)` sent to the contract. Or, in reverse, if we send `x` tokens to the contract, it will mint `F^-1(x)` tokens. | ||
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| From this we can create some formulas. Assume we currently have issued `S` tokens in exchange for `N = F(S)` input tokens. If someone sends us `x` tokens, how much will we issue? | ||
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| `F^-1(N+x) - F^-1(N)` = `F^-1(N+x) - S` | ||
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| And if we sell `x` tokens, how much we will get out: | ||
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| `F(S) - F(S-x)` = `N - F(S-x)` | ||
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| Just one calculation each side. To be safe, make sure to round down and always check against `F(S)` when using `F^-1(S)` to estimate how much should be issued. This will also safely give us how many tokens to return. | ||
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| There is built in support for safely [raising i128 to an integer power](https://doc.rust-lang.org/std/primitive.i128.html#method.checked_pow). There is also a crate to [provide nth-root of for all integers](https://docs.rs/num-integer/0.1.43/num_integer/trait.Roots.html). With these two, we can handle most math except for logs/exponents. | ||
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| Compare this to [writing it all in solidity](https://github.com/OpenZeppelin/openzeppelin-contracts/blob/7b7ff729b82ea73ea168e495d9c94cb901ae95ce/contracts/math/Power.sol) | ||
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| Examples: | ||
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| Price Constant: `f(x) = k` and `F(x) = kx` and `F^-1(x) = x/k` | ||
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| Price Linear: `f(x) = kx` and `F(x) = kx^2/2` and `F^-1(x) = (2x/k)^(0.5)` | ||
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| Price Square Root: `f(x) = x^0.5` and `F(x) = x^1.5/1.5` and `F^-1(x) = (1.5*x)^(2/3)` | ||
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| [You can read more about bonding curve math here](https://yos.io/2018/11/10/bonding-curves/). | ||
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| #### Benefits | ||
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| There are a number of benefits to bonding curves: | ||
| - There is enough liquidity to back the entire supply without having to list tokens on DEXs | ||
| - Easier to wind down projects (there is no going to zero) | ||
| - Transparent pricing: looking at the curve will tell you a lot about what kind of project it is. | ||
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| ### Augmented Bonding Curves | ||
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| Augmented Bonding Curves are nothing new, some articles that inspired this implementation: | ||
| - https://medium.com/commonsstack/deep-dive-augmented-bonding-curves-b5ca4fad4436 | ||
| - https://tokeneconomy.co/token-bonding-curves-in-practice-3eb904720cb8 | ||
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| At a high level, augmented bonding curves extend bonding curves with new functionality: | ||
| - Entry and exit fees | ||
| - Different phases representing the life cycles of projects | ||
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| ## Features | ||
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| Example Instantiation message: | ||
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| ``` json | ||
| { | ||
| "fees_recipient": "address that receives fees", | ||
| "token_issuer_code_id": 0, | ||
| "supply": { | ||
| "subdenom": "utokenname", | ||
| "metadata": { | ||
| "name": "tokenname", | ||
| "description": "Token description.", | ||
| "symbol": "TOKEN", | ||
| "display": "Token", | ||
| }, | ||
| "decimals": 6, | ||
| "max_supply": "100000000000000" | ||
| }, | ||
| "reserve": { | ||
| "denom": "ujuno", | ||
| "decimals": 6, | ||
| }, | ||
| "curve_type": { | ||
| "linear": { | ||
| "slope": "2", | ||
| "scale": 1 | ||
| } | ||
| }, | ||
| "phase_config": { | ||
| "hatch": { | ||
| "contribution_limits": { | ||
| "min": "10000000", | ||
| "max": "100000000000" | ||
| }, | ||
| "initial_raise": { | ||
| "min": "10000000", | ||
| "max": "100000000000" | ||
| }, | ||
| "entry_fee": "0.25" | ||
| }, | ||
| "open": { | ||
| "exit_fee": "0.01", | ||
| "entry_fee": "0.01" | ||
| }, | ||
| "closed": {} | ||
| }, | ||
| "hatcher_allowlist": [ | ||
| { | ||
| "addr": "dao_address", | ||
| "config": { | ||
| "config_type": { "dao": { "priority": 1 } }, | ||
| "contribution_limits_override": { | ||
| "min": "100000000", | ||
| "max": "99999999999999" | ||
| } | ||
| } | ||
| }, | ||
| { | ||
| "addr": "address", | ||
| "config": { | ||
| "config_type": { "address": {} } | ||
| } | ||
| } | ||
| ], | ||
| } | ||
| ``` | ||
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| - `fees_recipient`: the address that will receive fees (usually a DAO). | ||
| - `token_issuer_code_id`: the CosmWasm code ID for a `cw-tokenfactory_issuer` contract. | ||
| - `supply`: info about the token that will be minted by the curve. This is the token that is created by the bonding curve. | ||
| - `reserve`: this is the token that is used to mint the supply token. | ||
| - `curve_type`: information about the pricing curve. | ||
| - `phase_config`: configuration for the different phase of the augmented bonding curve. | ||
| - `hatcher_allowlist`: the list of address allowed to participate in a hatch. | ||
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| ## Future Work | ||
| - [ ] Optionally vest tokens during the hatch phase | ||
| - [ ] Implement an expanded set of pricing curves to choose from | ||
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| use cosmwasm_schema::write_api; | ||
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| use cw_abc::msg::{ExecuteMsg, InstantiateMsg, QueryMsg}; | ||
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| fn main() { | ||
| write_api! { | ||
| instantiate: InstantiateMsg, | ||
| query: QueryMsg, | ||
| execute: ExecuteMsg, | ||
| } | ||
| } |
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