Address 4J62LDAEKUEBKWY5OEO47PYCBXD27OKM Bonded Stablecoins AA., transactions and portfolio

4J62LDAEKUEBKWY5OEO47PYCBXD27OKM

Bonded Stablecoins AA.

Definition

1	[
2	"autonomous agent",
3	{
4	"doc_url": "https://ostable.org/bonded-stablecoin.json",
5	"getters": "{
6	$get_reserve = ($s1, $s2) => {
7	$dilution_factor = var['dilution_factor'];
8	$r = $dilution_factor * $s1^params.m * $s2^params.n;
9	$r
10	};
11
12	$get_p2 = ($s1, $s2) => {
13	// $p2 = ($get_reserve($s1, $s2 + 0.001$s2) - $get_reserve($s1, $s2))/(0.001$s2);
14	$dilution_factor = var['dilution_factor'];
15	if (is_integer(params.n*2))
16	$p2 = $dilution_factor * $s1^params.m * params.n * sqrt($s2^((params.n-1)*2)); // derivative
17	else
18	$p2 = $dilution_factor * $s1^params.m * params.n * $s2^(params.n-1); // derivative
19	$p2
20	};
21
22	$get_oracle = () => var['oracle'] OTHERWISE params.oracle; // 'F4KHJUCLJKY4JV7M5F754LAJX4EB7M4N';
23
24	$get_feed_name = () => var['feed_name'] OTHERWISE params.feed_name; // 'GBYTE_USD';
25
26	$get_fee_multiplier = () => var['fee_multiplier'] OTHERWISE params.fee_multiplier OTHERWISE 5;
27
28	$get_initial_interest_rate = () => exists(params.interest_rate) ? params.interest_rate : 0.1; // 10%
29
30	$get_interest_rate = () => {
31	$interest_rate_var = var['interest_rate'];
32	exists($interest_rate_var) ? $interest_rate_var : $get_initial_interest_rate()
33	};
34
35	$get_slow_capacity_share = () => {
36	$slow_capacity_share_var = var['slow_capacity_share'];
37	if (exists($slow_capacity_share_var))
38	$slow_capacity_share = $slow_capacity_share_var;
39	else if (exists(params.slow_capacity_share))
40	$slow_capacity_share = params.slow_capacity_share;
41	else
42	$slow_capacity_share = 0.5;
43	$slow_capacity_share
44	};
45
46	$get_growth_factor = () => {
47	$interest_rate = $get_interest_rate();
48	$term = (timestamp - var['rate_update_ts']) / (360 * 24 * 3600); // in years
49	$growth_factor = var['growth_factor'] * (1 + $interest_rate)^$term;
50	$growth_factor
51	};
52
53	$get_fee = ($avg_reserve, $old_distance, $new_distance) => {
54	$fee_multiplier = $get_fee_multiplier();
55	// capacity = fee_multiplier * reserve * distance^2
56	$fee = ceil($fee_multiplier * $avg_reserve * ($new_distance - $old_distance) * ($new_distance + $old_distance));
57	// $fee = ceil($fee_multiplier * $avg_reserve * ($new_distance - $old_distance));
58	// $fee = ceil($abs_reserve_delta * ($new_distance + $old_distance) / 2 * $fee_multiplier);
59	$fee
60	};
61
62	$get_target_p2 = () => {
63	// leverage
64	// 0: track the oracle price, e.g. USD
65	// 1: track the reserve price, e.g. GBYTE
66	// 2: take 2x long position in the reserve asset relative to the oracle price
67	// -1: take short position in the reserve asset relative to the oracle price
68	// -2: take 2x short position in the reserve asset relative to the oracle price
69	// fractional leverage is also ok
70	$leverage = params.leverage OTHERWISE 0;
71	$oracle = $get_oracle();
72	$feed_name = $get_feed_name();
73	$growth_factor = $get_growth_factor();
74	$oracle_price = ($oracle AND $feed_name) ? data_feed[[oracles=$oracle, feed_name=$feed_name]] : 1;
75	$target_p2 = $oracle_price^($leverage - 1) * $growth_factor;
76	$target_p2
77	};
78
79	$get_exchange_result = ($tokens1, $tokens2) => {
80	$slow_capacity_share = $get_slow_capacity_share();
81	$fast_capacity_share = 1 - $slow_capacity_share;
82
83	$initial_p2 = var['p2'];
84	$target_p2 = $get_target_p2();
85	$distance = exists($initial_p2) ? abs($initial_p2 - $target_p2) / $target_p2 : 0;
86
87	$reserve = var['reserve'];
88	if (!$reserve AND ($tokens1 <= 0 OR $tokens2 <= 0))
89	bounce("initial mint must be with both tokens");
90	$new_supply1 = var['supply1'] + $tokens1;
91	$new_supply2 = var['supply2'] + $tokens2;
92	$s1 = $new_supply1 / 10^params.decimals1;
93	$s2 = $new_supply2 / 10^params.decimals2;
94	$r = $get_reserve($s1, $s2);
95	$p2 = $get_p2($s1, $s2);
96	$new_reserve = ceil($r * 10^params.reserve_asset_decimals);
97	$reserve_delta = $new_reserve - $reserve; // can be negative
98	if ($tokens1 >= 0 AND $tokens2 >= 0 AND $reserve_delta < 0)
99	bounce("issuing tokens while the reserve decreases?");
100	if ($tokens1 <= 0 AND $tokens2 <= 0 AND $reserve_delta > 0)
101	bounce("burning tokens while the reserve increases?");
102
103	$new_distance = abs($p2 - $target_p2) / $target_p2;
104	$avg_reserve = ($reserve + $new_reserve) / 2;
105	$fast_capacity = var['fast_capacity'];
106	if ($distance == 0 AND $new_distance == 0){
107	$fee = 0;
108	$reward = 0;
109	$reserve_needed = $reserve_delta;
110	}
111	else if ($new_distance >= $distance){ // going away from the target price - pay a fee
112	$reward = 0;
113	$regular_fee = $get_fee($avg_reserve, $distance, $new_distance);
114	$new_fast_capacity = $fast_capacity + $regular_fee * $fast_capacity_share;
115	$distance_share = 1 - $distance/$new_distance;
116	// reward that would be paid for returning the price back to $initial_p2
117	$reverse_reward = $distance_share * $new_fast_capacity;
118	if ($regular_fee >= $reverse_reward)
119	$fee = $regular_fee;
120	else
121	$fee = ceil($distance_share / (1 - $distance_share * $fast_capacity_share) * $fast_capacity);
122	$reserve_needed = $reserve_delta + $fee; // negative for payouts
123	}
124	else { // going towards the target price - get a reward
125	$fee = 0;
126	$reward = floor((1 - $new_distance/$distance) * $fast_capacity);
127	$reserve_needed = $reserve_delta - $reward; // negative for payouts
128	}
129
130	{
131	reserve_needed: $reserve_needed,
132	reserve_delta: $reserve_delta,
133	fee: $fee,
134	regular_fee: $regular_fee,
135	reward: $reward,
136	p2: $p2,
137	target_p2: $target_p2,
138	new_distance: $new_distance,
139	slow_capacity_share: $slow_capacity_share,
140	}
141	};
142	}",
143	"init": "{
144	$define_asset2_forwarder = 'FNSRIUI7TPKK23PTR6MIXCPFIUSOKP2K';
145	$governance_base_aa = '5FRLNHLRXUGOF5UEKEF44GT5B4ZQ6F6K';
146
147	// peg
148	$allow_oracle_change = params.allow_oracle_change;
149
150	// curve
151	if (!exists(params.m) OR !exists(params.n))
152	bounce("curve not defined");
153
154	// dilution
155	$allow_grants = params.allow_grants;
156
157	// fee and capacitor
158	$moved_capacity_share = var['moved_capacity_share'] OTHERWISE params.moved_capacity_share OTHERWISE 0.1; // how much is moved each time
159	$threshold_distance = var['threshold_distance'] OTHERWISE params.threshold_distance OTHERWISE 0.01; // 1% deviation from the peg
160	$move_capacity_timeout = var['move_capacity_timeout'] OTHERWISE params.move_capacity_timeout OTHERWISE 2*3600;
161
162	// reserve
163	$reserve_asset = params.reserve_asset OTHERWISE 'base';
164	if (!exists(params.reserve_asset_decimals))
165	bounce('no reserve_asset_decimals');
166	$min_contribution = ($reserve_asset == 'base') ? 99999 : 0;
167	$network_fee = ($reserve_asset == 'base') ? 1000 : 0;
168
169	// tokens
170	if (!exists(params.decimals1))
171	bounce('no decimals1');
172	if (!exists(params.decimals2))
173	bounce('no decimals2');
174	$asset1 = var['asset1'];
175	$asset2 = var['asset2'];
176
177	$ready = $asset1 AND $asset2;
178	if ($ready)
179	$lost_peg_ts = var['lost_peg_ts'];
180	}",
181	"messages": {
182	"cases": [
183	{
184	"if": "{ trigger.data.define AND (!$asset1 OR !$asset2) }",
185	"init": "{
186	$index = !$asset1 ? 1 : 2;
187	}",
188	"messages": [
189	{
190	"app": "asset",
191	"payload": {
192	"is_private": false,
193	"is_transferrable": true,
194	"auto_destroy": false,
195	"fixed_denominations": false,
196	"issued_by_definer_only": true,
197	"cosigned_by_definer": false,
198	"spender_attested": false
199	}
200	},
201	{
202	"if": "{trigger.data.factory AND !$asset1}",
203	"app": "data",
204	"payload": {
205	"factory": "{trigger.data.factory}"
206	}
207	},
208	{
209	"if": "{trigger.data.factory AND !$asset1}",
210	"app": "payment",
211	"payload": {
212	"asset": "base",
213	"outputs": [
214	{
215	"address": "{$define_asset2_forwarder}",
216	"amount": 4000
217	}
218	]
219	}
220	},
221	{
222	"if": "{trigger.data.factory AND $asset1}",
223	"app": "data",
224	"payload": {
225	"asset1": "{$asset1}"
226	}
227	},
228	{
229	"if": "{trigger.data.factory AND $asset1}",
230	"app": "payment",
231	"payload": {
232	"asset": "base",
233	"outputs": [
234	{
235	"address": "{trigger.data.factory}",
236	"amount": 4000
237	}
238	]
239	}
240	},
241	{
242	"if": "{$asset1}",
243	"app": "definition",
244	"payload": {
245	"definition": [
246	"autonomous agent",
247	{
248	"base_aa": "{$governance_base_aa}",
249	"params": {
250	"curve_aa": "{this_address}",
251	"asset": "{$asset1}"
252	}
253	}
254	]
255	}
256	},
257	{
258	"app": "state",
259	"state": "{
260	var['asset' \|\| $index] = response_unit;
261	response['asset' \|\| $index] = response_unit;
262	if ($asset1){
263	var['governance_aa'] = unit[response_unit].messages[[.app='definition']].payload.address;
264	var['rate_update_ts'] = timestamp;
265	var['growth_factor'] = 1;
266	var['interest_rate'] = $get_initial_interest_rate();
267	var['dilution_factor'] = 1;
268	}
269	}"
270	}
271	]
272	},
273	{
274	"if": "{ $ready AND trigger.data.move_capacity }",
275	"messages": [
276	{
277	"app": "state",
278	"state": "{
279	if ($lost_peg_ts){
280	$initial_p2 = var['p2'];
281	$target_p2 = $get_target_p2();
282	$distance = exists($initial_p2) ? abs($initial_p2 - $target_p2) / $target_p2 : 0;
283	if ($distance > $threshold_distance AND timestamp > $lost_peg_ts + $move_capacity_timeout){
284	$amount = floor($moved_capacity_share * var['slow_capacity']);
285	var['slow_capacity'] -= $amount;
286	var['fast_capacity'] += $amount;
287	var['lost_peg_ts'] = timestamp; // restart the countdown to the next movement
288	response['amount'] = $amount;
289	}
290	else if ($distance <= $threshold_distance)
291	var['lost_peg_ts'] = false;
292	}
293	else if ($distance > $threshold_distance)
294	var['lost_peg_ts'] = timestamp;
295	}"
296	}
297	]
298	},
299	{
300	"if": "{ $ready AND trigger.address == var['governance_aa'] AND trigger.data.name }",
301	"init": "{
302	$name = trigger.data.name;
303	}",
304	"messages": [
305	{
306	"app": "state",
307	"state": "{
308	if ($name == 'oracle-feed'){
309	if (!$allow_oracle_change)
310	bounce("changing the oracle is not allowed");
311	var['oracle'] = substring(trigger.data.value, 0, 32);
312	var['feed_name'] = substring(trigger.data.value, 33);
313	}
314	else {
315	var[$name] = trigger.data.value;
316	if ($name == 'interest_rate'){
317	var['growth_factor'] = $get_growth_factor();
318	var['rate_update_ts'] = timestamp;
319	}
320	}
321	}"
322	}
323	]
324	},
325	{
326	"if": "{ $ready AND trigger.address == var['governance_aa'] AND $allow_grants AND trigger.data.grant AND trigger.data.recipient AND trigger.data.amount }",
327	"init": "{
328	$name = trigger.data.name;
329	}",
330	"messages": [
331	{
332	"app": "payment",
333	"payload": {
334	"asset": "{$asset1}",
335	"outputs": [
336	{
337	"address": "{trigger.data.recipient}",
338	"amount": "{trigger.data.amount}"
339	}
340	]
341	}
342	},
343	{
344	"app": "state",
345	"state": "{
346	$supply2 = var['supply2'];
347	$old_supply1 = var['supply1'];
348	$new_supply1 = $old_supply1 + trigger.data.amount;
349	// var['dilution_factor'] *= ($old_supply/$new_supply)^$m;
350	var['dilution_factor'] *= $get_reserve($old_supply1, $supply2) / $get_reserve($new_supply1, $supply2);
351	var['supply1'] += trigger.data.amount;
352	}"
353	}
354	]
355	},
356	{
357	"if": "{ $ready AND (trigger.output[[asset=$reserve_asset]] > $min_contribution AND (trigger.data.tokens1 OR trigger.data.tokens2) OR trigger.output[[asset=$asset1]] > 0 OR trigger.output[[asset=$asset2]] > 0) }",
358	"init": "{
359	$get_turnover = ($reserve_payout, $tokens1, $tokens2, $p2) => {
360	// positive numbers are outputs, negative amounts are inputs
361	$reserve_turnover = abs($reserve_payout);
362	if ($tokens1 >= 0 AND $tokens2 >= 0 OR $tokens1 <= 0 AND $tokens2 <= 0)
363	return $reserve_turnover;
364	$token2_turnover = abs($tokens2) * $p2 * 10^(params.reserve_asset_decimals - params.decimals2);
365	if ($tokens2 >= 0 AND $reserve_payout >= 0 OR $tokens2 <= 0 AND $reserve_payout <= 0)
366	return $token2_turnover + $reserve_turnover;
367	$token2_turnover
368	};
369	if (trigger.data.tokens1_to AND !is_valid_address(trigger.data.tokens1_to))
370	bounce("bad tokens1_to address");
371	if (trigger.data.tokens2_to AND !is_valid_address(trigger.data.tokens2_to))
372	bounce("bad tokens2_to address");
373	if (trigger.data.reserve_to AND !is_valid_address(trigger.data.reserve_to))
374	bounce("bad reserve_to address");
375	if (trigger.data.to AND !is_valid_address(trigger.data.to))
376	bounce("bad to address");
377	$tokens1_to = trigger.data.tokens1_to OTHERWISE trigger.data.to OTHERWISE trigger.address;
378	$tokens2_to = trigger.data.tokens2_to OTHERWISE trigger.data.to OTHERWISE trigger.address;
379	$reserve_to = trigger.data.reserve_to OTHERWISE trigger.data.to OTHERWISE trigger.address;
380
381	if (trigger.data.tokens1 AND (!is_integer(trigger.data.tokens1) OR trigger.data.tokens1 <= 0))
382	bounce("invalid number of tokens1");
383	if (trigger.data.tokens2 AND (!is_integer(trigger.data.tokens2) OR trigger.data.tokens2 <= 0))
384	bounce("invalid number of tokens2");
385	if (trigger.data.tokens1 AND trigger.output[[asset=$asset1]] > 0)
386	bounce("both tokens1 param and amount");
387	if (trigger.data.tokens2 AND trigger.output[[asset=$asset2]] > 0)
388	bounce("both tokens2 param and amount");
389	$tokens1 = trigger.data.tokens1 OTHERWISE -trigger.output[[asset=$asset1]];
390	$tokens2 = trigger.data.tokens2 OTHERWISE -trigger.output[[asset=$asset2]];
391	$reserve_asset_amount = trigger.output[[asset=$reserve_asset]] - $network_fee; // subtract a fee to compensate for network fees
392	$reserve = var['reserve'];
393	if (!$reserve AND ($tokens1 <= 0 OR $tokens2 <= 0))
394	bounce("initial mint must be with both tokens");
395
396	$res = $get_exchange_result($tokens1, $tokens2);
397	$reserve_needed = $res.reserve_needed;
398	$reserve_delta = $res.reserve_delta;
399	$fee = $res.fee;
400	$regular_fee = $res.regular_fee;
401	$reward = $res.reward;
402	$p2 = $res.p2;
403	$target_p2 = $res.target_p2;
404	$new_distance = $res.new_distance;
405	$slow_capacity_share = $res.slow_capacity_share;
406
407	$turnover = $get_turnover(-$reserve_delta, $tokens1, $tokens2, $p2);
408	$fee_percent = $fee/$turnover*100;
409
410	response['p2'] = $p2;
411	response['target_p2'] = $target_p2;
412	response['new_distance'] = $new_distance;
413	response['fee'] = $fee;
414	response['term'] = (timestamp - var['rate_update_ts']) / (360 * 24 * 3600);
415	response['growth_factor'] = $get_growth_factor();
416	response['turnover'] = $turnover;
417
418	if ($fee >= $turnover)
419	bounce("fee would be too large: " \|\| $fee \|\| ", regular fee " \|\| $regular_fee);
420	if ($reward >= $turnover)
421	bounce("reward would be too large: " \|\| $reward);
422
423	if ($reserve_delta > 0 AND $reserve_needed > $reserve_asset_amount){
424	$currency = ($reserve_asset == 'base') ? 'bytes' : 'reserve tokens';
425	bounce("expected " \|\| ($reserve_needed + $network_fee) \|\| " " \|\| $currency \|\| ", received " \|\| ($reserve_asset_amount + $network_fee) /\|\| ", growth factor " \|\| $growth_factor/ \|\| ", p2 " \|\| $p2 \|\| ", target p2 " \|\| $target_p2 \|\| ", new distance " \|\| $new_distance);
426	}
427	$payout = $reserve_asset_amount - $reserve_needed; // it is the change if reserve_delta>0
428	if ($payout < 0)
429	bounce("unexpected payout < 0");
430	if ($payout > 0 AND trigger.data.min_reserve_tokens AND $payout < trigger.data.min_reserve_tokens)
431	bounce("payout would be only " \|\| $payout);
432	if (trigger.data.max_fee_percent AND $fee_percent > trigger.data.max_fee_percent)
433	bounce("fee would be " \|\| $fee_percent \|\| '%');
434	$tokens1_to_aa = $tokens1 > 0 AND $tokens1_to != trigger.address AND is_aa($tokens1_to);
435	$tokens2_to_aa = $tokens2 > 0 AND $tokens2_to != trigger.address AND is_aa($tokens2_to);
436	$reserve_to_aa = $payout > 0 AND $reserve_to != trigger.address AND is_aa($reserve_to);
437	}",
438	"messages": [
439	{
440	"if": "{$tokens1 > 0}",
441	"app": "payment",
442	"payload": {
443	"asset": "{$asset1}",
444	"outputs": [
445	{
446	"address": "{$tokens1_to}",
447	"amount": "{ $tokens1 }"
448	}
449	]
450	}
451	},
452	{
453	"if": "{$tokens2 > 0}",
454	"app": "payment",
455	"payload": {
456	"asset": "{$asset2}",
457	"outputs": [
458	{
459	"address": "{$tokens2_to}",
460	"amount": "{ $tokens2 }"
461	}
462	]
463	}
464	},
465	{
466	"app": "payment",
467	"payload": {
468	"asset": "{$reserve_asset}",
469	"outputs": [
470	{
471	"address": "{$reserve_to}",
472	"amount": "{ $payout }"
473	},
474	{
475	"address": "{$tokens1_to}",
476	"amount": 2000,
477	"if": "{ $reserve_asset == 'base' AND $tokens1_to_aa}"
478	},
479	{
480	"address": "{$tokens2_to}",
481	"amount": 2000,
482	"if": "{ $reserve_asset == 'base' AND $tokens2_to_aa}"
483	}
484	]
485	}
486	},
487	{
488	"if": "{ $reserve_asset != 'base' }",
489	"app": "payment",
490	"payload": {
491	"asset": "base",
492	"outputs": [
493	{
494	"address": "{$reserve_to}",
495	"amount": 2000,
496	"if": "{$reserve_to_aa}"
497	},
498	{
499	"address": "{$tokens1_to}",
500	"amount": 2000,
501	"if": "{$tokens1_to_aa}"
502	},
503	{
504	"address": "{$tokens2_to}",
505	"amount": 2000,
506	"if": "{$tokens2_to_aa}"
507	}
508	]
509	}
510	},
511	{
512	"if": "{ $tokens1_to_aa OR $tokens2_to_aa OR $reserve_to_aa }",
513	"app": "data",
514	"payload": {
515	"to": "{trigger.address}"
516	}
517	},
518	{
519	"app": "state",
520	"state": "{
521	var['p2'] = $p2;
522	var['supply1'] += $tokens1;
523	var['supply2'] += $tokens2;
524	var['reserve'] += $reserve_delta;
525	if ($fee){
526	$fee_to_slow_capacitor = floor($slow_capacity_share * $fee);
527	$fee_to_fast_capacitor = $fee - $fee_to_slow_capacitor;
528	var['slow_capacity'] += $fee_to_slow_capacitor;
529	var['fast_capacity'] += $fee_to_fast_capacitor;
530	response['fee%'] = round($fee_percent, 4) \|\| '%';
531	}
532	if ($reward){
533	var['fast_capacity'] -= $reward;
534	response['reward%'] = round($reward / $turnover * 100, 4) \|\| '%';
535	}
536	if ($new_distance > $threshold_distance AND !$lost_peg_ts)
537	var['lost_peg_ts'] = timestamp;
538	if ($new_distance <= $threshold_distance AND $lost_peg_ts)
539	var['lost_peg_ts'] = false;
540	}"
541	}
542	]
543	}
544	]
545	}
546	}
547	]

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