Address WULY2PCQZDNDPH473YAFFGRDWVANKL2S, transactions and portfolio

WULY2PCQZDNDPH473YAFFGRDWVANKL2S

Definition

1	[
2	"autonomous agent",
3	{
4	"getters": "{
5
6	$get_leverages = () => [2, 5, 10, 20, 50, 100];
7
8	$singularity_threshold = 0.1;
9
10	$trade_merge_period = 1;
11
12	$update_recent_data = ($recent, $p, $final_p, $trigger_initial_address, $tax_token, $traded_amount, $paid_tax, $period_length) => {
13	$period_start_ts = floor(timestamp / $period_length) * $period_length;
14	$pmin = min($p, $final_p);
15	$pmax = max($p, $final_p);
16	if (+$recent.current.start_ts < $period_start_ts){
17	$recent.prev = $recent.current;
18	$recent.current = {start_ts: $period_start_ts, pmin: $pmin, pmax: $pmax};
19	}
20	else{
21	$recent.current.pmin = min($recent.current.pmin, $pmin);
22	$recent.current.pmax = max($recent.current.pmax, $pmax);
23	}
24	if ($recent.last_trade AND $recent.last_trade.address == $trigger_initial_address AND $recent.last_ts >= timestamp - $trade_merge_period){ // closely following trades are merged into one trade
25	$recent.last_trade.pmin = min($recent.last_trade.pmin, $pmin);
26	$recent.last_trade.pmax = max($recent.last_trade.pmax, $pmax);
27	$recent.last_trade.amounts[$tax_token] = $recent.last_trade.amounts[$tax_token] + $traded_amount;
28	$recent.last_trade.paid_taxes[$tax_token] = $recent.last_trade.paid_taxes[$tax_token] + $paid_tax;
29	}
30	else{
31	$amounts = {x:0, y:0};
32	$paid_taxes = {x:0, y:0};
33	$amounts[$tax_token] = $traded_amount;
34	$paid_taxes[$tax_token] = $paid_tax;
35	$recent.last_trade = {
36	address: $trigger_initial_address,
37	pmin: $pmin,
38	pmax: $pmax,
39	amounts: $amounts,
40	paid_taxes: $paid_taxes,
41	};
42	}
43	$recent.last_ts = timestamp;
44	};
45
46	$get_utilization_ratio = ($balances, $l_balances, $x0, $y0, $alpha) => {
47	$beta = 1 - $alpha;
48	$ratio = reduce($get_leverages(), 6, ($acc, $L) => $acc + $l_balances[$L\|\|'x'].balance/($balances.x+$x0)($L-1)/$beta + $l_balances[-$L\|\|'x'].balance/($balances.y+$y0)($L-1)/$alpha, 0);
49	$ratio
50	};
51
52	// X through Y:
53
54	// without LP leverage (Lambda)
55	$get_final_x = ($X, $Y, $final_Y, $X0, $Y0, $pool_props, $inverted) => {
56	require($final_Y >= $Y, "not selling Y");
57	$a = $inverted ? $pool_props.beta : $pool_props.alpha; // alpha
58	$b = 1 - $a; // beta
59	$final_X = ($X + $X0) * (($Y + $Y0)/($final_Y + $Y0))^($b/$a) - $X0;
60	require($final_X >= 0, "bad final_X " \|\| $final_X);
61	$deltaX = $X - $final_X;
62	require($deltaX >= 0, "bad deltaX " \|\| $deltaX);
63	$final_X
64	};
65
66	// along x means keeping x fully leveraged (y underleveraged)
67	$get_final_x_along_x = ($X, $Y, $final_Y, $pool_props, $inverted) => {
68	log('get_final_x_along_x', $X, $Y, $final_Y);
69	$b = $inverted ? $pool_props.alpha : $pool_props.beta; // beta
70	$X * ($final_Y/$Y)^($b * $pool_props.Lambda/($b * $pool_props.Lambda - 1))
71	};
72
73	// along y means keeping y fully leveraged (x underleveraged)
74	$get_final_x_along_y = ($X, $Y, $final_Y, $pool_props, $inverted) => {
75	log('get_final_x_along_y', $X, $Y, $final_Y);
76	$a = $inverted ? $pool_props.beta : $pool_props.alpha; // alpha
77	$X * ($final_Y/$Y)^(1-1/$a/$pool_props.Lambda)
78	};
79
80
81	// Y through X:
82
83	// without LP leverage (Lambda)
84	$get_final_y = ($X, $Y, $final_X, $X0, $Y0, $pool_props, $inverted) => {
85	// require($final_X <= $X, "not buying X"); // selling when redeeming L-tokens
86	$a = $inverted ? $pool_props.beta : $pool_props.alpha; // alpha
87	$b = 1 - $a; // beta
88	$final_Y = ($Y + $Y0) * (($X + $X0)/($final_X + $X0))^($a/$b) - $Y0;
89	require($final_Y >= 0, "bad final_Y " \|\| $final_Y);
90	// $deltaY = $final_Y - $Y;
91	// require($deltaY >= 0, "bad deltaY " \|\| $deltaY);
92	$final_Y
93	};
94
95	// along x means keeping x fully leveraged (y underleveraged)
96	$get_final_y_along_x = ($X, $Y, $final_X, $pool_props, $inverted) => {
97	$b = $inverted ? $pool_props.alpha : $pool_props.beta; // beta
98	$Y * ($final_X/$X)^(1 - 1/$b/$pool_props.Lambda)
99	};
100
101	// along y means keeping y fully leveraged (x underleveraged)
102	$get_final_y_along_y = ($X, $Y, $final_X, $pool_props, $inverted) => {
103	$a = $inverted ? $pool_props.beta : $pool_props.alpha; // alpha
104	$Y * ($final_X/$X)^($a$pool_props.Lambda/($a$pool_props.Lambda - 1))
105	};
106
107
108
109	$add_net_balance_without_changing_price = ($balances, $profits, $side, $amount, $Lambda) => {
110	if (!$amount)
111	return;
112	if ($Lambda == 1){
113	$profits[$side] = $profits[$side] + $amount;
114	return;
115	}
116
117	$opposite = $side == 'x' ? 'y' : 'x';
118	$side_n = $side \|\| 'n';
119	$opposite_n = $opposite \|\| 'n';
120
121	$Xn = $balances[$side_n];
122	$Yn = $balances[$opposite_n];
123	$X = $balances[$side];
124	$Y = $balances[$opposite];
125
126	$underleveraged = $Xn > ceil($X/$Lambda);
127	$delta_Xn = $amount;
128	// $delta_Yn = 0;
129	// the price doesn't change as X and Y grow proportionally
130	if (!$underleveraged){ // along X
131	// Y is underleveraged, increase Y proportionally while keeping Yn intact
132	$full_delta_Y = $Y * $delta_Xn/$Xn;
133	if ($Y + $full_delta_Y > $Yn * $Lambda){ // would overshoot and make Y overleveraged
134	$ratio = $Yn * $Lambda / $Y - 1;
135	$delta_X = $ratio * $X;
136	$delta_Y = $ratio * $Y;
137	}
138	else{
139	$delta_X = $delta_Xn * $Lambda;
140	$delta_Y = $full_delta_Y;
141	}
142	}
143	else{
144	$delta_X = 0; // only net X gets increased
145	$delta_Y = 0;
146	}
147
148	$balances[$side_n] = $balances[$side_n] + $delta_Xn;
149	// $balances[$opposite_n] = $balances[$opposite_n] + $delta_Yn;
150	$balances[$side] = $balances[$side] + $delta_X;
151	$balances[$opposite] = $balances[$opposite] + $delta_Y;
152	};
153
154
155	$pow = ($precomputed, $power) => {
156	require($precomputed[$power], "no precomputed power " \|\| $power);
157	$precomputed[$power]
158	};
159	$precompute = $v => {
160	$pre = {};
161	$pre['2'] = $v * $v;
162	$pre['5'] = $pre['2'] * $pre['2'] * $v;
163	$pre['10'] = $pre['5'] * $pre['5'];
164	$pre['20'] = $pre['10'] * $pre['10'];
165	$pre['50'] = $pre['20'] * $pre['20'] * $pre['10'];
166	$pre['100'] = $pre['50'] * $pre['50'];
167	$pre
168	};
169
170
171	$charge_interest = ($balances, $l_balances, $profits, $x0, $y0, $last_ts, $i, $alpha, $Lambda) => {
172	require($last_ts, "no last ts");
173	if (length($l_balances) == 0 OR $i == 0 OR timestamp == $last_ts)
174	return;
175	$beta = 1 - $alpha;
176	$x = $balances.x;
177	$y = $balances.y;
178
179	$accrued_rate = (timestamp - $last_ts)/3600/24/360 * $i;
180	$factor = max(1 - $accrued_rate, 0); // how much is left
181	$factor_powers = $precompute($factor);
182
183	$y2x = ($y + $y0) / ($x + $x0);
184	$p = $alpha/$beta * $y2x;
185	$n_deltas = {dxn:0, dyn:0};
186	// we change x and y in such a way that the price does not change
187	foreach($get_leverages(), 6, ($L) => {
188	$xL = $l_balances[$L\|\|'x'].balance;
189	$yL = $l_balances[-$L\|\|'x'].balance;
190	if (!$xL AND !$yL)
191	return;
192	$factorL1 = $pow($factor_powers, $L) / $factor; // $factor^($L-1)
193	if ($xL){
194	$dxL = -$xL * (1 - $factorL1);
195	$l_balances[$L\|\|'x'].balance = $xL + $dxL;
196	// change in the amount lent out by the swap pool (swap pool's assets)
197	$delta_yn = $dxL * $p * ($L-1)/$L; // < 0
198	$n_deltas.dyn = $n_deltas.dyn + $delta_yn;
199	if ($Lambda == 1){
200	$n_deltas.dxn = $n_deltas.dxn + $delta_yn / $y2x; // proportional - no price change
201	$profits.x = $profits.x - $dxL - $delta_yn / $y2x; // income from interest + transferred from the pool to keep the price
202	}
203	else
204	$n_deltas.dxn = $n_deltas.dxn - $dxL; // > 0
205	}
206	if ($yL){
207	$dyL = -$yL * (1 - $factorL1);
208	$l_balances[-$L\|\|'x'].balance = $yL + $dyL;
209	// change in the amount lent out by the swap pool (swap pool's assets)
210	$delta_xn = $dyL / $p * ($L-1)/$L; // < 0
211	$n_deltas.dxn = $n_deltas.dxn + $delta_xn;
212	if ($Lambda == 1){
213	$n_deltas.dyn = $n_deltas.dyn + $delta_xn * $y2x; // proportional - no price change
214	$profits.y = $profits.y - $dyL - $delta_xn * $y2x; // income from interest + transferred from the pool to keep the price
215	}
216	else
217	$n_deltas.dyn = $n_deltas.dyn - $dyL; // > 0
218	}
219	});
220	// log('interest', $n_deltas);
221
222	$dxn = $n_deltas.dxn;
223	$dyn = $n_deltas.dyn;
224
225	if ($Lambda == 1){
226	$balances.xn = $balances.xn + $dxn;
227	$balances.yn = $balances.yn + $dyn;
228	$balances.x = $balances.x + $dxn;
229	$balances.y = $balances.y + $dyn;
230	}
231	else{
232	$add_net_balance_without_changing_price($balances, $profits, 'x', $dxn, $Lambda);
233	$add_net_balance_without_changing_price($balances, $profits, 'y', $dyn, $Lambda);
234	}
235	};
236
237
238	$update_leveraged_balances = ($l_balances, $P, $final_P, $inverted) => {
239	$ratio = $final_P/$P;
240	$ratio_powers = $precompute($ratio);
241
242	$totals = {
243	delta_XL: 0, // (L>0) X added to the L-pools (bought from the swap pool) minus (L<0) new X borrowed by the L-pools (sent to the swap pool for buying Y)
244	delta_YL: 0, // (L>0) Y added to the L-pools (bought from the swap pool) minus (L<0) new Y borrowed by the L-pools (sent to the swap pool for buying X)
245	XL_denom: 0,
246	YL_denom: 0,
247	}; // if inverted, XL corresponds to y, YL to x
248	foreach($get_leverages(), 6, ($L) => {
249	$allyL = $inverted ? -$L : $L;
250	$balance = $l_balances[$allyL\|\|'x'].balance;
251	$obalance = $l_balances[-$allyL\|\|'x'].balance;
252	if (!$balance AND !$obalance)
253	return;
254	$ratio_L1 = $pow($ratio_powers, $L) / $ratio; // $ratio^($L-1)
255	$debt_ratio = ($L-1)/$L;
256	if ($balance) {
257	$delta_XL_balance = $balance * ($ratio_L1 - 1);
258	$new_XL_balance = $balance + $delta_XL_balance;
259	$l_balances[$allyL\|\|'x'].balance = $new_XL_balance;
260	$delta_YL_balance = -(($new_XL_balance * $final_P - $balance * $P) * $debt_ratio); // borrowed
261	$totals.delta_XL = $totals.delta_XL + $delta_XL_balance;
262	$totals.delta_YL = $totals.delta_YL + $delta_YL_balance;
263	$totals.XL_denom = $totals.XL_denom + $new_XL_balance * ($L-1);
264	}
265	if ($obalance) { // e.g. L=-2
266	$delta_YL_obalance = $obalance * (1/$ratio_L1 - 1);
267	$new_YL_obalance = $obalance + $delta_YL_obalance;
268	$l_balances[-$allyL\|\|'x'].balance = $new_YL_obalance;
269	$delta_XL_obalance = -(($new_YL_obalance / $final_P - $obalance / $P) * $debt_ratio); // borrowed
270	$totals.delta_YL = $totals.delta_YL + $delta_YL_obalance;
271	$totals.delta_XL = $totals.delta_XL + $delta_XL_obalance;
272	$totals.YL_denom = $totals.YL_denom + $new_YL_obalance * ($L-1);
273	}
274	});
275	$totals
276	};
277
278
279
280	$swap = ($balances, $l_balances, $profits, $recent, $x0, $y0, $y_in, $delta_Yn, $in_final_P, $received_amount_Y, $min_amount_out, $trigger_initial_address, $pool_props) => {
281
282	require(!$in_final_P, "no final price please, this is swap by Y");
283
284	$alpha = $pool_props.alpha;
285	$beta = $pool_props.beta;
286	$Lambda = $pool_props.Lambda;
287
288	$xn = $balances.xn;
289	$yn = $balances.yn;
290	$x = $balances.x;
291	$y = $balances.y;
292
293	if ($y_in){
294	$inverted = false;
295	$X = $x;
296	$Y = $y;
297	$Xn = $xn;
298	$Yn = $yn;
299	$X0 = $x0;
300	$Y0 = $y0;
301	$a = $alpha;
302	$b = $beta;
303	$in_token = 'y';
304	$out_token = 'x';
305	}
306	else{ // x <-> y swap their roles. Uppercase X, Y, and P refer to invertable values
307	$inverted = true;
308	$X = $y;
309	$Y = $x;
310	$Xn = $yn;
311	$Yn = $xn;
312	$X0 = $y0;
313	$Y0 = $x0;
314	$a = $beta;
315	$b = $alpha;
316	$in_token = 'x';
317	$out_token = 'y';
318	}
319	// require($delta_Yn > 0 AND is_integer($delta_Yn), "bad delta " \|\| $delta_Yn);
320	require($delta_Yn > 0, "bad delta " \|\| $delta_Yn);
321
322	if ($Lambda > 1){
323	$underleveraged = $Xn > ceil($X/$Lambda);
324	}
325
326	$final_Yn = $Yn + $delta_Yn;
327
328	if ($Lambda == 1){
329	$final_Xn = $get_final_x($X, $Y, $final_Yn, $X0, $Y0, $pool_props, $inverted);
330	$final_X = $final_Xn;
331	$final_Y = $final_Yn;
332	}
333	else if (!$underleveraged){ // along X
334	$delta_Y = -($b$Lambda-1)/$a$delta_Yn;
335	$final_Y = $Y + $delta_Y;
336	require($final_Y > 0, "fully leveraged: negative final_Y="\|\|$final_Y);
337	$final_X = $get_final_x_along_x($X, $Y, $final_Y, $pool_props, $inverted);
338	$final_Xn = $final_X/$Lambda;
339	}
340	else if ($underleveraged){
341	$delta_Yn_inflection = $Y * (( $Lambda/($Lambda-1) * ($b + ($a * $Lambda - 1) * $Xn/$X) )^($a * $Lambda/($a*$Lambda-1)) - 1) / $Lambda;
342	require($delta_Yn_inflection > 0, "negative delta_Yn_inflection="\|\|$delta_Yn_inflection);
343	$inflected = $delta_Yn > $delta_Yn_inflection;
344	// along Y until the inflection point
345	$inflection_Yn = $Yn + $delta_Yn_inflection;
346	$final_Yn1 = $inflected ? $inflection_Yn : $final_Yn;
347	$final_Y1 = $final_Yn1 * $Lambda;
348	$final_X1 = $get_final_x_along_y($X, $Y, $final_Y1, $pool_props, $inverted);
349	$delta_X1 = $final_X1 - $X;
350	$delta_Xn1 = -$b/($a$Lambda-1) $delta_X1;
351	$final_Xn1 = $Xn + $delta_Xn1;
352	require($final_Xn1 > 0, "negative final_Xn1="\|\|$final_Xn1);
353	if ($inflected){
354	// then, along X
355	log('inflected at ', $delta_Yn_inflection);
356	$delta_Yn2 = $final_Yn - $final_Yn1;
357	$delta_Y2 = -($b$Lambda-1)/$a$delta_Yn2;
358	$final_Y = $final_Y1 + $delta_Y2;
359	require($final_Y > 0, "inflected: negative final_Y="\|\|$final_Y);
360	$final_X = $get_final_x_along_x($final_X1, $final_Y1, $final_Y, $pool_props, $inverted);
361	$final_Xn = $final_X/$Lambda;
362	require($final_Xn <= $final_Xn1, "Xn didn't decrease");
363	}
364	else{
365	$final_X = $final_X1;
366	$final_Xn = $final_Xn1;
367	$final_Y = $final_Y1;
368	}
369	}
370	else
371	bounce("???");
372
373	$balances.x = $y_in ? $final_X : $final_Y;
374	$balances.y = $y_in ? $final_Y : $final_X;
375	$balances.xn = $y_in ? $final_Xn : $final_Yn;
376	$balances.yn = $y_in ? $final_Yn : $final_Xn;
377
378	$final_y = $balances.y;
379	$final_x = $balances.x;
380
381	$p = $alpha/$beta * ($y + $y0) / ($x + $x0); // price of x in terms of y
382	$P = $inverted ? 1/$p : $p; // price of X in terms of Y
383	$final_p = $alpha/$beta * ($final_y + $y0) / ($final_x + $x0);
384	$final_P = $inverted ? 1/$final_p : $final_p;
385	require($final_P > $P, "price should have risen but hasn't, old " \|\| $P \|\| ", new " \|\| $final_P);
386
387	// if inverted, XL corresponds to y, YL to x
388	$totals = $update_leveraged_balances($l_balances, $P, $final_P, $inverted);
389
390	$amount_X_exact = -($final_Xn - $Xn + $totals.delta_XL);
391	$amount_Y_exact = $final_Yn - $Yn + $totals.delta_YL;
392	$amount_Y = ceil($amount_Y_exact);
393	if ($received_amount_Y >= 0)
394	require($received_amount_Y >= $amount_Y, "expected " \|\| $amount_Y \|\| ", received " \|\| $received_amount_Y);
395	require($amount_X_exact >= 0, "to pay " \|\| $amount_X_exact);
396	$change = $received_amount_Y - $amount_Y;
397
398	$denom = 1 - $totals.XL_denom/$b/($final_X+$X0) - $totals.YL_denom/$a/($final_Y+$Y0);
399	log('denom after swap by delta', $denom);
400	require($denom >= $singularity_threshold, "too close to the singularity point, denom="\|\|$denom\|\|", need more liquidity in order to swap this amount");
401
402	// arb tax based on price difference
403	if ($recent.last_trade AND $recent.last_trade.address == $trigger_initial_address AND $recent.last_ts >= timestamp - $trade_merge_period){
404	$min_P = min($P, $y_in ? $recent.last_trade.pmin : 1/$recent.last_trade.pmax);
405	$max_P = max($final_P, $y_in ? $recent.last_trade.pmax : 1/$recent.last_trade.pmin);
406	$recent_traded_amount = $recent.last_trade.amounts[$out_token];
407	$recent_paid_tax = $recent.last_trade.paid_taxes[$out_token];
408	}
409	else{
410	$min_P = $P;
411	$max_P = $final_P;
412	}
413	$arb_profit_in_Y = ($max_P - $min_P) * ($recent_traded_amount + $amount_X_exact) / 2; // in Y
414	$arb_profit_in_X = $arb_profit_in_Y / $min_P;
415	$arb_profit_tax = $arb_profit_in_X * $pool_props.arb_profit_tax - $recent_paid_tax;
416	require($arb_profit_tax >= 0, "negative arb profit tax");
417
418	$swap_fee = $amount_X_exact * $pool_props.swap_fee;
419	$fee = $arb_profit_tax + $swap_fee;
420
421	$net_amount_X_exact = $amount_X_exact - $fee;
422	$net_amount_X = floor($net_amount_X_exact);
423	$rounding_fee_X = $net_amount_X_exact - $net_amount_X;
424	$rounding_fee_Y = $amount_Y - $amount_Y_exact;
425	$total_fee = $fee + $rounding_fee_X;
426
427	if ($min_amount_out)
428	require($net_amount_X >= $min_amount_out, "output amount " \|\| $net_amount_X \|\| " would be less than the expected minimum " \|\| $min_amount_out);
429
430	// include rounding fees
431	$fees = {
432	X: $total_fee,
433	Y: $rounding_fee_Y,
434	};
435
436	// add the fee to the pool without trading and affecting the price (Lambda>1) or to a separate profit accumulator (Lambda=1)
437	$add_net_balance_without_changing_price($balances, $profits, $out_token, $fees.X, $Lambda);
438	$add_net_balance_without_changing_price($balances, $profits, $in_token, $fees.Y, $Lambda);
439	log({fees: $fees, profits: $profits});
440
441	$update_recent_data($recent, $p, $final_p, $trigger_initial_address, $out_token, $amount_X_exact, $arb_profit_tax, $pool_props.period_length);
442
443	$event = json_stringify({
444	type: 'swap',
445	direction: $y_in ? 'y2x' : 'x2y',
446	in: $amount_Y,
447	out: $net_amount_X,
448	swap_fee: $swap_fee,
449	arb_profit_tax: $arb_profit_tax,
450	total_fee: $total_fee,
451	});
452
453	{
454	net_amount_X: $net_amount_X,
455	amount_Y: $amount_Y,
456	swap_fee: $swap_fee,
457	arb_profit_tax: $arb_profit_tax,
458	total_fee: $total_fee,
459	fees: $fees,
460	change: $change,
461	initial_price: $P,
462	final_price: $final_P,
463	event: $event,
464	}
465	};
466
467
468
469	$buy_shares = ($s, $balances, $profits, $recent, $x0, $y0, $received_amount_x, $received_amount_y, $pool_props) => {
470
471	$Lambda = $pool_props.Lambda;
472	$alpha = $pool_props.alpha;
473	$beta = $pool_props.beta;
474
475	// $get_shares = ($x_balance, $y_balance) => round($x_balance^$alpha * $y_balance^$beta);
476	$get_shares = ($x_balance, $y_balance) => round(($x_balance/$y_balance)^$alpha * $y_balance);
477
478	$xn = $balances.xn;
479	$yn = $balances.yn;
480	$x = $balances.x;
481	$y = $balances.y;
482
483	$recent.last_ts = timestamp;
484
485	if (!$s){
486	require($received_amount_x > 0 AND $received_amount_y > 0, "send both assets for the first issue");
487	$mid_price = $pool_props.mid_price;
488	if ($mid_price){
489	// first issue must be at mid price
490	require($received_amount_y == round($mid_price * $received_amount_x), "first issue must be at mid price "\|\|$mid_price);
491	$gamma = $pool_props.gamma;
492	$shares_amount = round($received_amount_x * $pool_props.mid_price_beta * $gamma / ($gamma - 1));
493	}
494	else{
495	// first issue determines the price
496	$shares_amount = $get_shares($received_amount_x, $received_amount_y);
497	}
498	$balances.xn = $balances.xn + $received_amount_x;
499	$balances.yn = $balances.yn + $received_amount_y;
500	$balances.x = $balances.x + $received_amount_x * $Lambda;
501	$balances.y = $balances.y + $received_amount_y * $Lambda;
502
503	$event = json_stringify({
504	type: 'add',
505	x: $received_amount_x,
506	y: $received_amount_y,
507	shares: $shares_amount,
508	});
509
510	return {
511	shares_amount: $shares_amount,
512	coef: 1,
513	change_x: 0,
514	change_y: 0,
515	event: $event,
516	};
517	}
518
519	$p = $alpha/$beta * ($y + $y0) / ($x + $x0);
520	if ($Lambda > 1 AND $recent.prev){
521	$target_xn = $x/$Lambda;
522	if ($xn > ceil($target_xn)){ // x is underleveraged
523	// require($recent.prev, "too early, prev price not known yet");
524	// use the worst (for the user) price that was seen recently
525	$share_price_in_y = ($yn + max($recent.current.pmax, $recent.prev.pmax) * $xn) / $s;
526	$max_delta_yn = ($xn/$target_xn-1)*$yn;
527	$delta_yn1 = min($max_delta_yn, $received_amount_y);
528	$delta_y1 = $delta_yn1 * $Lambda;
529	$delta_x1 = $x * $delta_yn1/$yn; // proportional
530	$shares1 = $delta_yn1/$share_price_in_y;
531	}
532	else{
533	$target_yn = $y/$Lambda;
534	if ($yn > ceil($target_yn)){ // y is underleveraged
535	// require($recent.prev, "too early, prev price not known yet");
536	// use the worst (for the user) price that was seen recently
537	$share_price_in_x = ($xn + 1/min($recent.current.pmin, $recent.prev.pmin) * $yn) / $s;
538	$max_delta_xn = ($yn/$target_yn-1)*$xn;
539	$delta_xn1 = min($max_delta_xn, $received_amount_x);
540	$delta_x1 = $delta_xn1 * $Lambda;
541	$delta_y1 = $y * $delta_xn1/$xn; // proportional
542	$shares1 = $delta_xn1/$share_price_in_x;
543	log({delta_xn1:$delta_xn1, shares1:$shares1, share_price_in_x:$share_price_in_x, p:$p, recent:$recent});
544	}
545	}
546	$balances.xn = $balances.xn + $delta_xn1;
547	$balances.yn = $balances.yn + $delta_yn1;
548	$balances.x = $balances.x + $delta_x1;
549	$balances.y = $balances.y + $delta_y1;
550	}
551	else{
552	$delta_xn1 = 0;
553	$delta_yn1 = 0;
554	$shares1 = 0;
555	}
556	$remaining = {
557	x: $received_amount_x - $delta_xn1,
558	y: $received_amount_y - $delta_yn1,
559	};
560
561	$y_to_x = ($yn+$delta_yn1)/($xn+$delta_xn1);
562	// $y_to_x = $balances.yn/$balances.xn;
563
564	if ($profits.x OR $profits.y){
565	require($Lambda == 1, "have profits while Lambda is " \|\| $Lambda);
566	require($profits.x >= 0 AND $profits.y >= 0, "negative profits?"); // should never happen
567
568	// latest prices, not recent min/max
569	$share_price_in_y = ($yn + $p * $xn) / $s;
570	$share_price_in_x = ($xn + 1/$p * $yn) / $s;
571
572	// move proportional amounts of profit from both x and y. The shares to be issued for the moved profit belong to the pool and will not be actually issued
573	$profits_proportional_y = $y_to_x * $profits.x;
574	if ($profits.y > $profits_proportional_y){
575	$delta_profit_x = $profits.x;
576	$delta_profit_y = $profits_proportional_y;
577	$symmetric_moved_profit_shares = $delta_profit_x/$xn * $s;
578	}
579	else{
580	$profits_proportional_x = $profits.y / $y_to_x;
581	require($profits_proportional_x <= $profits.x, "profits x " \|\| $profits.x \|\| ", proportional " \|\| $profits_proportional_x);
582	$delta_profit_x = $profits_proportional_x;
583	$delta_profit_y = $profits.y;
584	$symmetric_moved_profit_shares = $delta_profit_y/$yn * $s;
585	}
586	$profits.x = $profits.x - $delta_profit_x;
587	$profits.y = $profits.y - $delta_profit_y;
588	$balances.xn = $balances.xn + $delta_profit_x;
589	$balances.yn = $balances.yn + $delta_profit_y;
590	$balances.x = $balances.x + $delta_profit_x;
591	$balances.y = $balances.y + $delta_profit_y;
592	log('after proportional profits: delta_profit_x', $delta_profit_x, 'delta_profit_y', $delta_profit_y, 'remaining profits', $profits, 'symmetric_moved_profit_shares', $symmetric_moved_profit_shares);
593
594	// calc the shares to be issued for moving the one-sided profits to the pool, these shares belong to the pool and will not be actually issued. The user contributes the other side and gets the shares cheaper than their fair price because profits are not included in the price calculation.
595	$moved_profit_x = min($profits.x, $remaining.y / $y_to_x);
596	$moved_profit_y = min($profits.y, $remaining.x * $y_to_x);
597
598	$moved_profit_shares = $moved_profit_x/$share_price_in_x + $moved_profit_y/$share_price_in_y + $symmetric_moved_profit_shares;
599	log('share_price_in_x', $share_price_in_x, 'share_price_in_y', $share_price_in_y, 'moved_profit_shares', $moved_profit_shares, 'moved_profit_x', $moved_profit_x, 'moved_profit_y', $moved_profit_y);
600
601	$profits.x = $profits.x - $moved_profit_x;
602	$profits.y = $profits.y - $moved_profit_y;
603
604	$remaining.x = $remaining.x + $moved_profit_x;
605	$remaining.y = $remaining.y + $moved_profit_y;
606	}
607
608	// part 2: proportional buying
609	log('before proportional buying: remaining', $remaining, 'y_to_x', $y_to_x);
610	$remaining_proportional_y = $y_to_x * $remaining.x;
611	if ($remaining.y > $remaining_proportional_y){ // excessive y
612	$proportional_delta_xn = $remaining.x;
613	$proportional_delta_yn = $remaining_proportional_y;
614	$exact_change_x = 0;
615	$exact_change_y = $remaining.y - $remaining_proportional_y;
616	log({proportional_delta_yn:$proportional_delta_yn, exact_change_y:$exact_change_y, change_y_exact: $remaining.y - $remaining_proportional_y, remaining_y:$remaining.y, remaining_proportional_y:$remaining_proportional_y});
617	$shares_proportional = $remaining.x / ($xn + $delta_xn1) * ($s + $shares1);
618	}
619	else{ // excessive x
620	$remaining_proportional_x = $remaining.y / $y_to_x;
621	$proportional_delta_xn = $remaining_proportional_x;
622	$proportional_delta_yn = $remaining.y;
623	$exact_change_x = $remaining.x - $remaining_proportional_x;
624	log({proportional_delta_xn:$proportional_delta_xn, exact_change_x:$exact_change_x, remaining_x:$remaining.x, remaining_proportional_x:$remaining_proportional_x});
625	require($exact_change_x >= 0, "received x " \|\| $remaining.x \|\| ", proportional " \|\| $remaining_proportional_x);
626	$exact_change_y = 0;
627	$shares_proportional = $remaining.y / ($yn + $delta_yn1) * ($s + $shares1);
628	}
629
630	$gross_shares_amount = $shares1 + $symmetric_moved_profit_shares + $shares_proportional;
631	$shares_amount = floor($gross_shares_amount - $moved_profit_shares);
632	$coef = $Lambda == 1 ? ($s + $gross_shares_amount) / ($s + $shares_amount) : 1;
633	log({shares_proportional:$shares_proportional, moved_profit_shares:$moved_profit_shares, shares_amount:$shares_amount});
634
635	$balances.xn = $balances.xn + $proportional_delta_xn;
636	$balances.yn = $balances.yn + $proportional_delta_yn;
637	$balances.x = $balances.x + $proportional_delta_xn * $Lambda;
638	$balances.y = $balances.y + $proportional_delta_yn * $Lambda;
639
640	$change_x = floor($exact_change_x);
641	$change_y = floor($exact_change_y);
642	$rounding_fee_x = $exact_change_x - $change_x;
643	$rounding_fee_y = $exact_change_y - $change_y;
644
645	$add_net_balance_without_changing_price($balances, $profits, 'x', $rounding_fee_x, $Lambda);
646	$add_net_balance_without_changing_price($balances, $profits, 'y', $rounding_fee_y, $Lambda);
647
648	$event = json_stringify({
649	type: 'add',
650	x: $received_amount_x - $change_x,
651	y: $received_amount_y - $change_y,
652	shares: $shares_amount,
653	});
654
655	{
656	shares_amount: $shares_amount,
657	coef: $coef,
658	change_x: $change_x,
659	change_y: $change_y,
660	event: $event,
661	}
662
663	};
664
665
666	$redeem_shares = ($s, $balances, $l_balances, $profits, $recent, $x0, $y0, $received_shares_amount, $asset, $pool_props) => {
667	$xn = $balances.xn;
668	$yn = $balances.yn;
669	$x = $balances.x;
670	$y = $balances.y;
671	$exit_fee = ($received_shares_amount < $s) ? $pool_props.exit_fee : 0; // 0 fee for the last LP
672	$net_of_exit_fee = 1 - $exit_fee;
673	$x_asset = $pool_props.x_asset;
674	$y_asset = $pool_props.y_asset;
675	$Lambda = $pool_props.Lambda;
676	$alpha = $pool_props.alpha;
677	// $beta = $pool_props.beta;
678	if ($asset){ // one-sided redemption first, then proportional
679	require($asset == $x_asset OR $asset == $y_asset, "wrong preferred asset");
680	require($Lambda > 1, "only proportional withdrawals allowed");
681	$asset_label = $asset == $x_asset ? 'x' : 'y';
682	$net_balance = $asset == $x_asset ? $xn : $yn;
683	$effective_balance = $asset == $x_asset ? $x : $y;
684	$target_net_balance = $effective_balance / $Lambda;
685	// don't fail, just skip it then
686	// require($target_net_balance < $net_balance, "the preferred asset is already fully leveraged");
687	$excess_net_balance = max($net_balance - $target_net_balance, 0);
688	// $p = $alpha/$beta * $y / $x;
689	require($recent.prev, "too early, prev price not known yet");
690	// use the worst (for the user) price that was seen recently
691	$share_price_in_asset = (($asset_label == 'y') ? ($yn + min($recent.current.pmin, $recent.prev.pmin) * $xn) / $s : ($xn + 1/max($recent.current.pmax, $recent.prev.pmax) * $yn) / $s) * $net_of_exit_fee;
692	$max_asset = $received_shares_amount * $share_price_in_asset;
693	$one_sided_amount = min($max_asset, $excess_net_balance);
694	$one_sided_fee = $one_sided_amount / $net_of_exit_fee * $exit_fee;
695	if ($asset_label == 'y'){
696	$yn_amount1 = $one_sided_amount;
697	$xn_amount1 = 0;
698	$one_sided_y_fee = $one_sided_fee;
699	}
700	else{
701	$xn_amount1 = $one_sided_amount;
702	$yn_amount1 = 0;
703	$one_sided_x_fee = $one_sided_fee;
704	}
705	$remaining_received_shares = max($received_shares_amount - ($one_sided_amount / $share_price_in_asset), 0);
706	}
707	else{
708	$remaining_received_shares = $received_shares_amount;
709	$xn_amount1 = 0;
710	$yn_amount1 = 0;
711	}
712	$share_of_shares = $remaining_received_shares / $s;
713	$remaining_share_of_shares = 1 - $share_of_shares;
714	$remaining_share_of_assets = $remaining_share_of_shares;
715	$share_of_assets = 1 - $remaining_share_of_assets;
716	$x_amount = $share_of_assets * $x * $net_of_exit_fee;
717	$y_amount = $share_of_assets * $y * $net_of_exit_fee;
718	$xn_amount = $share_of_assets * ($xn - $xn_amount1) * $net_of_exit_fee + $xn_amount1;
719	$yn_amount = $share_of_assets * ($yn - $yn_amount1) * $net_of_exit_fee + $yn_amount1;
720	if ($asset)
721	log({xn_amount1:$xn_amount1, yn_amount1:$yn_amount1, shares_for_excess: $one_sided_amount / $share_price_in_asset, remaining_received_shares:$remaining_received_shares, xn_amount:$xn_amount, yn_amount:$yn_amount, asset_label:$asset_label, share_price_in_asset:$share_price_in_asset, max_asset: $max_asset, excess_net_balance:$excess_net_balance, recent:$recent, pmin:min($recent.current.pmin, $recent.prev.pmin), pmax:max($recent.current.pmax, $recent.prev.pmax)});
722	log({ remaining_received_shares:$remaining_received_shares, xn_amount:$xn_amount, yn_amount:$yn_amount, x_amount:$x_amount, y_amount:$y_amount});
723
724	log('balances before', $balances);
725	$balances.x = $balances.x - $x_amount;
726	$balances.y = $balances.y - $y_amount;
727	$balances.xn = $balances.xn - $xn_amount;
728	$balances.yn = $balances.yn - $yn_amount;
729	log('balances after', $balances);
730
731	$coef = $Lambda == 1 AND $received_shares_amount < $s ? ($s - $received_shares_amount * $net_of_exit_fee) / ($s - $received_shares_amount) : 1;
732
733	$new_x0 = $x0 * ($s-$received_shares_amount)/$s;
734	$new_y0 = $y0 * ($s-$received_shares_amount)/$s;
735	$denom = 1 - $get_utilization_ratio($balances, $l_balances, $new_x0, $new_y0, $alpha);
736	require($denom >= $singularity_threshold, "redemption amount too large, it would bring us too close to the singularity point, denom="\|\|$denom);
737
738	$int_xn_amount = floor($xn_amount);
739	$int_yn_amount = floor($yn_amount);
740	$rounding_fee_x = $xn_amount - $int_xn_amount;
741	$rounding_fee_y = $yn_amount - $int_yn_amount;
742
743	$add_net_balance_without_changing_price($balances, $profits, 'x', $rounding_fee_x, $Lambda);
744	$add_net_balance_without_changing_price($balances, $profits, 'y', $rounding_fee_y, $Lambda);
745	log('balances after rounding fees', $balances);
746
747	$recent.last_ts = timestamp;
748
749	$event = json_stringify({
750	type: 'remove',
751	shares: $received_shares_amount,
752	x: $int_xn_amount,
753	y: $int_yn_amount,
754	x_fee: $share_of_assets * ($xn - $xn_amount1) * $exit_fee + $one_sided_x_fee,
755	y_fee: $share_of_assets * ($yn - $yn_amount1) * $exit_fee + $one_sided_y_fee,
756	});
757
758	{
759	xn_amount: $int_xn_amount,
760	yn_amount: $int_yn_amount,
761	coef: $coef,
762	event: $event,
763	}
764	};
765
766
767	$update_other_l_balances_and_get_sums = ($l_balances, $P, $final_P, $Leverage, $inverted) => {
768	$ratio = $final_P/$P;
769	$ratio_powers = $precompute($ratio);
770	$sums = {
771	initial: 0,
772	final: 0,
773	delta_XL: 0,
774	XL_denom: 0,
775	YL_denom: 0,
776	PL1_ratio: $pow($ratio_powers, $Leverage) / $ratio, // $ratio^($Leverage-1)
777	};
778	foreach($get_leverages(), 6, $L => {
779	$allyL = $inverted ? -$L : $L;
780	$balance = $l_balances[$allyL\|\|'x'].balance;
781	$obalance = $l_balances[-$allyL\|\|'x'].balance;
782	if (!$balance AND !$obalance)
783	return;
784	$ratio_L1 = $pow($ratio_powers, $L) / $ratio; // $ratio^($L-1)
785	if ($balance){
786	$sums.initial = $sums.initial + $balance * ($L-1)/$L;
787	if ($L != $Leverage){
788	$new_balance = $balance * $ratio_L1;
789	$l_balances[$allyL\|\|'x'].balance = $new_balance;
790	$sums.final = $sums.final + $new_balance * ($L-1)/$L;
791	$sums.XL_denom = $sums.XL_denom + $new_balance * ($L-1);
792	$sums.delta_XL = $sums.delta_XL + $new_balance - $balance;
793	}
794	}
795	if ($obalance){
796	$sums.initial = $sums.initial - $obalance/$P;
797	$new_obalance = $obalance / $ratio_L1;
798	$l_balances[-$allyL\|\|'x'].balance = $new_obalance;
799	$sums.final = $sums.final - $new_obalance/$final_P;
800	$sums.YL_denom = $sums.YL_denom + $new_obalance * ($L-1);
801	$sums.delta_XL = $sums.delta_XL - ($new_obalance / $final_P - $obalance / $P) * ($L-1)/$L;
802	}
803	});
804	$sums
805	};
806
807
808
809	$move_unleveraged = ($pool, $l_balances, $X0, $Y0, $dXn, $Leverage, $pool_props, $inverted) => {
810	$a = $inverted ? $pool_props.beta : $pool_props.alpha;
811	$b = 1 - $a;
812	$L_key = ($inverted ? -$Leverage : $Leverage) \|\| 'x';
813	$l_bal_direction = $dXn < 0 ? "grow" : "fall";
814
815	$Xt = $pool.X + $X0;
816	$P = $a/$b * ($pool.Y + $Y0) / $Xt;
817	$final_Xn = $pool.Xn + $dXn;
818	require($final_Xn > 0, "unleveraged: final_Xn=" \|\| $final_Xn);
819	$final_X = $final_Xn;
820	$final_Xt = $final_X + $X0;
821	$final_Y = $get_final_y($pool.X, $pool.Y, $final_X, $X0, $Y0, $pool_props, $inverted);
822	$delta_Y = $final_Y - $pool.Y;
823	$delta_Yn = $delta_Y;
824	$final_Yn = $pool.Yn + $delta_Yn;
825	require($final_Yn > 0, "unleveraged: final_Yn=" \|\| $final_Yn);
826	$final_P = $a/$b * ($final_Y + $Y0) / $final_Xt;
827
828	// log('l balances before', $l_balances);
829	$sums = $update_other_l_balances_and_get_sums($l_balances, $P, $final_P, $Leverage, $inverted);
830	// log('sums', $sums);
831	// log('l balances after', $l_balances);
832
833	// update the final balance of our L-pool
834	$b1 = $sums.initial + $b/($b-1)*$Xt;
835	$new_l_balance = $Leverage/($Leverage-1) * ( -$sums.final - $b/($b-1)$final_Xt + $b1 ($final_Xt/$Xt)^(1/$b) );
836	// log('new_l_balance', $new_l_balance);
837	require($new_l_balance >= 0, "unleveraged: new_l_balance=" \|\| $new_l_balance);
838	$delta_l_balance = $new_l_balance - $l_balances[$L_key].balance;
839	// log('delta_l_balance', $delta_l_balance);
840	require($delta_l_balance * $dXn < 0, "unleveraged l-bal should "\|\|$l_bal_direction\|\|", got new " \|\| $new_l_balance \|\| ", delta " \|\| $delta_l_balance);
841	$l_balances[$L_key].balance = $new_l_balance;
842	// log('l balances after 2', $l_balances);
843
844	$pool.X = $final_X;
845	$pool.Y = $final_Y;
846	$pool.Xn = $final_Xn;
847	$pool.Yn = $final_Yn;
848	$pool.delta_XL = $pool.delta_XL + $sums.delta_XL;
849	$pool.XL_denom = $sums.XL_denom + $new_l_balance * ($Leverage-1);
850	$pool.YL_denom = $sums.YL_denom;
851	$pool.PL1_ratio = $pool.PL1_ratio * $sums.PL1_ratio;
852	};
853
854
855	$move_along_X = ($pool, $l_balances, $dXn, $Leverage, $pool_props, $inverted) => {
856	$Lambda = $pool_props.Lambda;
857	$a = $inverted ? $pool_props.beta : $pool_props.alpha;
858	$b = 1 - $a;
859	$L_key = ($inverted ? -$Leverage : $Leverage) \|\| 'x';
860	$l_bal_direction = $dXn < 0 ? "grow" : "fall";
861
862	$P = $a/$b * $pool.Y / $pool.X;
863	$final_Xn = $pool.Xn + $dXn;
864	require($final_Xn > 0, "along X: final_Xn=" \|\| $final_Xn);
865	$final_X = $Lambda * $final_Xn;
866	$final_Y = $get_final_y_along_x($pool.X, $pool.Y, $final_X, $pool_props, $inverted);
867	$delta_Y = $final_Y - $pool.Y;
868	$delta_Yn = -$a/($b$Lambda-1)$delta_Y;
869	$final_Yn = $pool.Yn + $delta_Yn;
870	require($final_Yn > 0, "along X: final_Yn=" \|\| $final_Yn);
871	$final_P = $a/$b * $final_Y / $final_X;
872
873	$sums = $update_other_l_balances_and_get_sums($l_balances, $P, $final_P, $Leverage, $inverted);
874
875	// update the final balance of our L-pool
876	$b1 = $sums.initial + $b/($b$Lambda-1)$pool.X;
877	$new_l_balance = $Leverage/($Leverage-1) * ( -$sums.final - $b/($b$Lambda-1)$final_X + $b1 * ($final_X/$pool.X)^(1/$b/$Lambda) );
878	require($new_l_balance >= 0, "along X: new_l_balance=" \|\| $new_l_balance);
879	$delta_l_balance = $new_l_balance - $l_balances[$L_key].balance;
880	require($delta_l_balance * $dXn < 0, "along x l-bal should "\|\|$l_bal_direction\|\|", got new " \|\| $new_l_balance \|\| ", delta " \|\| $delta_l_balance);
881	$l_balances[$L_key].balance = $new_l_balance;
882
883	$pool.X = $final_X;
884	$pool.Y = $final_Y;
885	$pool.Xn = $final_Xn;
886	$pool.Yn = $final_Yn;
887	$pool.delta_XL = $pool.delta_XL + $sums.delta_XL;
888	$pool.XL_denom = $sums.XL_denom + $new_l_balance * ($Leverage-1);
889	$pool.YL_denom = $sums.YL_denom;
890	$pool.PL1_ratio = $pool.PL1_ratio * $sums.PL1_ratio;
891	};
892
893	$move_along_Y = ($pool, $l_balances, $dXn, $Leverage, $pool_props, $inverted) => {
894	$Lambda = $pool_props.Lambda;
895	$a = $inverted ? $pool_props.beta : $pool_props.alpha;
896	$b = 1 - $a;
897	$L_key = ($inverted ? -$Leverage : $Leverage) \|\| 'x';
898	$l_bal_direction = $dXn < 0 ? "grow" : "fall";
899
900	$P = $a/$b * $pool.Y / $pool.X;
901	$final_Xn = $pool.Xn + $dXn;
902	require($final_Xn > 0, "along Y: final_Xn=" \|\| $final_Xn);
903	$delta_X = -($a$Lambda-1)/$b $dXn;
904	$final_X = $pool.X + $delta_X;
905	require($final_X > 0, "along Y: final_X=" \|\| $final_X);
906	$final_Y = $get_final_y_along_y($pool.X, $pool.Y, $final_X, $pool_props, $inverted);
907	$final_Yn = $final_Y/$Lambda;
908	$final_P = $a/$b * $final_Y / $final_X;
909
910	$sums = $update_other_l_balances_and_get_sums($l_balances, $P, $final_P, $Leverage, $inverted);
911
912	// update the final balance of our L-pool
913	$b2 = $sums.initial - $b/$a/$Lambda*$pool.X;
914	$new_l_balance = $Leverage/($Leverage-1) * ( -$sums.final + $b/$a/$Lambda$final_X + $b2 ($final_X/$pool.X)^(-1/($a*$Lambda-1)) );
915	require($new_l_balance >= 0, "along Y: new_l_balance=" \|\| $new_l_balance);
916	$delta_l_balance = $new_l_balance - $l_balances[$L_key].balance;
917	require($delta_l_balance * $dXn < 0, "along y l-bal should "\|\|$l_bal_direction\|\|", got new " \|\| $new_l_balance \|\| ", delta " \|\| $delta_l_balance);
918	$l_balances[$L_key].balance = $new_l_balance;
919
920	$pool.X = $final_X;
921	$pool.Y = $final_Y;
922	$pool.Xn = $final_Xn;
923	$pool.Yn = $final_Yn;
924	$pool.delta_XL = $pool.delta_XL + $sums.delta_XL;
925	$pool.XL_denom = $sums.XL_denom + $new_l_balance * ($Leverage-1);
926	$pool.YL_denom = $sums.YL_denom;
927	$pool.PL1_ratio = $pool.PL1_ratio * $sums.PL1_ratio;
928	};
929
930
931
932	// delta_Xn < 0: buy L-tokens
933	// delta_Xn > 0: sell L-tokens
934	$trade_l_shares = ($balances, $l_balances, $profits, $recent, $x0, $y0, $Leverage, $asset, $delta_Xn, $entry_price, $trigger_initial_address, $pool_props) => {
935	// require(is_integer($delta_Xn), "delta must be int");
936	require($asset == $pool_props.x_asset OR $asset == $pool_props.y_asset, "wrong asset");
937	require($Leverage == 2 OR $Leverage == 5 OR $Leverage == 10 OR $Leverage == 20 OR $Leverage == 50 OR $Leverage == 100, "bad L");
938	$Lambda = $pool_props.Lambda;
939
940	if ($asset == $pool_props.x_asset){
941	$inverted = false;
942	$X = $balances.x;
943	$Y = $balances.y;
944	$Xn = $balances.xn;
945	$Yn = $balances.yn;
946	$X0 = $x0;
947	$Y0 = $y0;
948	$a = $pool_props.alpha;
949	$b = $pool_props.beta;
950	$token = 'x';
951	}
952	else{ // x <-> y swap their roles. Uppercase X, Y, and P refer to invertable values
953	$inverted = true;
954	$X = $balances.y;
955	$Y = $balances.x;
956	$Xn = $balances.yn;
957	$Yn = $balances.xn;
958	$X0 = $y0;
959	$Y0 = $x0;
960	$a = $pool_props.beta;
961	$b = $pool_props.alpha;
962	$token = 'y';
963	}
964	$direct = !$inverted;
965	require($Xn + $delta_Xn > 0, "Xn balance would be negative");
966	$L_key = ($inverted ? -$Leverage : $Leverage) \|\| 'x';
967	$pool = {X: $X, Y: $Y, Xn: $Xn, Yn: $Yn, delta_XL: 0, PL1_ratio: 1};
968
969
970	$initial_l_balance = $l_balances[$L_key].balance;
971	$initial_shares = $l_balances[$L_key].supply;
972	// $initial_l_balance might be non-zero after full redemption of all l-shares -- due to rounding of share amounts
973	// require(!$initial_l_balance == !$initial_shares, "l-balance "\|\|$initial_l_balance\|\|" while shares "\|\|$initial_shares);
974	$initial_P = $a/$b * ($pool.Y + $Y0) / ($pool.X + $X0);
975
976	if ($Lambda == 1)
977	this_address#3.$move_unleveraged($pool, $l_balances, $X0, $Y0, $delta_Xn, $Leverage, $pool_props, $inverted);
978	else {
979	$underleveraged = $Xn > ceil($X/$Lambda);
980	if (!$underleveraged){ // along X
981	if ($delta_Xn > 0){ // selling L-shares and X
982	$delta_Xn_inflection = $X * (( $Lambda/($Lambda-1) * ($a + ($b * $Lambda - 1) * $Yn/$Y) )^($b * $Lambda/($b*$Lambda-1)) - 1) / $Lambda;
983	$inflected = $delta_Xn > $delta_Xn_inflection;
984	}
985	$dXn1 = $inflected ? $delta_Xn_inflection : $delta_Xn;
986	this_address#3.$move_along_X($pool, $l_balances, $dXn1, $Leverage, $pool_props, $inverted);
987	if ($inflected)
988	this_address#3.$move_along_Y($pool, $l_balances, $delta_Xn - $delta_Xn_inflection, $Leverage, $pool_props, $inverted);
989	}
990	else{ // along Y
991	if ($delta_Xn < 0){ // buying L-shares and X
992	$delta_Xn_inflection = -$b/($Lambda-1) * ($Lambda*$Xn - $X);
993	$inflected = abs($delta_Xn) > abs($delta_Xn_inflection);
994	}
995	$dXn1 = $inflected ? $delta_Xn_inflection : $delta_Xn;
996	this_address#3.$move_along_Y($pool, $l_balances, $dXn1, $Leverage, $pool_props, $inverted);
997	if ($inflected)
998	this_address#3.$move_along_X($pool, $l_balances, $delta_Xn - $delta_Xn_inflection, $Leverage, $pool_props, $inverted);
999	}
1000	}
1001
1002	$final_l_balance = $l_balances[$L_key].balance;
1003	$delta_l_balance = $final_l_balance - $initial_l_balance;
1004	$final_P = $a/$b * ($pool.Y + $Y0) / ($pool.X + $X0);
1005
1006	// the change in the total X balance of swap pool + all L-pools (positive when buying, negative when selling)
1007	$net_delta = $delta_Xn + $pool.delta_XL + $delta_l_balance;
1008
1009	$final_shares = $initial_shares
1010	? floor($final_l_balance/$initial_l_balance / $pool.PL1_ratio * $initial_shares)
1011	: round($net_delta); // the initial units for shares are arbitrary
1012	$shares = $final_shares - $initial_shares;
1013	$l_balances[$L_key].supply = $final_shares;
1014	$avg_share_price = $net_delta/$shares;
1015
1016	if ($final_shares == 0){
1017	require($final_l_balance >= 0, "negative final l-balance after redeeming all shares: "\|\|$final_l_balance);
1018	// any remaining l-balance will be a gift to those who buy the l-shares later
1019	// $remainder_fee_X = $final_l_balance;
1020	// $remainder_fee_Y = $final_l_balance * $final_P * ($Leverage-1)/$Leverage;
1021	// $l_balances[$L_key].balance = 0;
1022	}
1023
1024	$denom = 1 - $pool.XL_denom/$b/($pool.X+$X0) - $pool.YL_denom/$a/($pool.Y+$Y0);
1025	// log('denom after L', $denom);
1026	require($denom >= $singularity_threshold, "too close to the singularity point, denom="\|\|$denom\|\|", need more liquidity in order to buy this amount of L-tokens");
1027
1028	$balances.x = $inverted ? $pool.Y : $pool.X;
1029	$balances.y = $inverted ? $pool.X : $pool.Y;
1030	$balances.xn = $inverted ? $pool.Yn : $pool.Xn;
1031	$balances.yn = $inverted ? $pool.Xn : $pool.Yn;
1032
1033	// regular trading fee (%) and arb tax are paid on top
1034	if ($recent.last_trade AND $recent.last_trade.address == $trigger_initial_address AND $recent.last_ts >= timestamp - $trade_merge_period){
1035	$min_P = min($initial_P, $final_P, $direct ? $recent.last_trade.pmin : 1/$recent.last_trade.pmax);
1036	$max_P = max($initial_P, $final_P, $direct ? $recent.last_trade.pmax : 1/$recent.last_trade.pmin);
1037	$recent_traded_amount = $recent.last_trade.amounts[$token];
1038	$recent_paid_tax = $recent.last_trade.paid_taxes[$token];
1039	}
1040	else{
1041	$min_P = min($initial_P, $final_P);
1042	$max_P = max($initial_P, $final_P);
1043	}
1044	$arb_profit_in_Y = ($max_P - $min_P) * ($recent_traded_amount + abs($net_delta)) / 2; // in Y
1045	// $arb_profit_in_Y = ($final_P - $initial_P) * $net_delta / 2; // in Y
1046	// require($arb_profit_in_Y > 0, "arb profit "\|\|$arb_profit_in_Y);
1047	$arb_profit_in_X = $arb_profit_in_Y / $min_P;
1048	$arb_profit_tax = $arb_profit_in_X * $pool_props.arb_profit_tax - $recent_paid_tax;
1049	require($arb_profit_tax >= 0, "negative arb profit tax");
1050
1051	$swap_fee = abs($net_delta) * $pool_props.swap_fee;
1052
1053	if ($delta_Xn > 0){ // sell
1054	$gross_asset_out = -$net_delta; // gross means before tax and fees
1055	require($gross_asset_out > 0, "asset out must be positive, got " \|\| $gross_asset_out);
1056	if ($entry_price){
1057	// L>0 profit is accounted for in x tokens (in y tokens for L<0) meaning that only profits from the borrowed part of the L-pool are taxed
1058	$l_tax = max(($avg_share_price - $entry_price)(-$shares)$pool_props.leverage_profit_tax, 0);
1059	}
1060	else
1061	$l_tax = $gross_asset_out * $pool_props.leverage_token_tax;
1062	}
1063
1064	// For buying, the fee is added on top. For selling (net_delta<0), the fees are subtracted
1065	$subtotal_fee = $arb_profit_tax + $swap_fee + $l_tax;
1066	$gross_delta_exact = $net_delta + $subtotal_fee;
1067	$gross_delta = ceil($gross_delta_exact);
1068	$rounding_fee = $gross_delta - $gross_delta_exact;
1069	$total_fee = $subtotal_fee + $rounding_fee;
1070
1071	// log('balances before', $balances);
1072	$add_net_balance_without_changing_price($balances, $profits, $token, $total_fee, $Lambda);
1073	// log('balances after', $balances);
1074
1075	$update_recent_data($recent, $inverted ? 1/$initial_P : $initial_P, $inverted ? 1/$final_P : $final_P, $trigger_initial_address, $token, abs($net_delta), $arb_profit_tax, $pool_props.period_length);
1076
1077	$event = json_stringify({
1078	type: 'leverage',
1079	token: $token,
1080	L: $Leverage,
1081	shares: $shares,
1082	amount: $gross_delta,
1083	swap_fee: $swap_fee,
1084	arb_profit_tax: $arb_profit_tax,
1085	l_tax: $l_tax,
1086	total_fee: $total_fee,
1087	});
1088
1089	{
1090	shares: $shares,
1091	net_delta: $net_delta,
1092	gross_delta: $gross_delta,
1093	avg_share_price: $avg_share_price,
1094	arb_profit_tax: $arb_profit_tax,
1095	l_tax: $l_tax,
1096	swap_fee: $swap_fee,
1097	total_fee: $total_fee,
1098	initial_price: $initial_P,
1099	final_price: $final_P,
1100	event: $event,
1101	}
1102	};
1103
1104
1105	$handle_trade_l_shares_request = ($pool_aa, $balances, $l_balances, $profits, $recent, $x0, $y0, $trigger_data, $trigger_address, $trigger_outputs, $trigger_initial_address, $pool_props) => {
1106	$x_asset = $pool_props.x_asset;
1107	$y_asset = $pool_props.y_asset;
1108
1109	$asset = $trigger_data.asset == 'x' ? $x_asset : ($trigger_data.asset == 'y' ? $y_asset : $trigger_data.asset);
1110	$L = $trigger_data.L;
1111	$buy = $trigger_data.buy;
1112	$sell = $trigger_data.sell;
1113	$delta = $trigger_data.delta;
1114	$received_amount = $trigger_outputs[$asset];
1115	$min_received_amount = $asset == 'base' ? 10000 : 0;
1116	$net_received_amount = $received_amount - $min_received_amount;
1117
1118	require(!($buy AND $sell), "buy or sell?");
1119	require($delta > 0, "delta must be positive");
1120	if ($buy)
1121	require($net_received_amount > 0, "you forgot to pay");
1122	else
1123	require($net_received_amount == 0, "don't send asset");
1124	$delta_Xn = $buy ? -$delta : $delta; // Xn in the pool
1125	$asset_label = $asset == $x_asset ? 'x' : 'y';
1126
1127	$signedL = $asset_label == 'x' ? $L : -$L;
1128	if ($buy AND $trigger_data.tokens OR $sell AND !$trigger_data.position){
1129	$l_shares_asset = var[$pool_aa]['leveraged_asset' \|\| $signedL];
1130	require($l_shares_asset, "please define an asset for the leveraged token first");
1131	}
1132	if ($sell){
1133	if ($trigger_data.position){
1134	$position = var[$pool_aa][$trigger_data.position];
1135	require($position, "no such position");
1136	require($position.owner == $trigger_address, "you are not the owner of this position");
1137	$parts = split($trigger_data.position, '_');
1138	require(+$parts[1] == $signedL, "wrong L");
1139	$shares_in = $position.shares;
1140	}
1141	else{
1142	$shares_in = $trigger_outputs[$l_shares_asset];
1143	require($shares_in > 0, "no leveraged tokens received");
1144	}
1145	}
1146
1147	$res = $trade_l_shares($balances, $l_balances, $profits, $recent, $x0, $y0, $L, $asset, $delta_Xn, $position.price, $trigger_initial_address, $pool_props);
1148	// log('balances', $balances, 'res', $res);
1149
1150	$shares = $res.shares;
1151	$gross_delta = $res.gross_delta;
1152
1153	if ($buy){
1154	$asset_out = $received_amount - $gross_delta; // the change
1155	require($asset_out >= 0, "expected " \|\| $gross_delta \|\| ", received " \|\| $received_amount);
1156	}
1157	else{
1158	$shares_change = $shares_in + $shares; // shares < 0
1159	require($shares_change >= 0, "expected " \|\| (-$shares) \|\| " shares, received " \|\| $shares_in);
1160	$asset_out = -$gross_delta;
1161	}
1162
1163	$res.signedL = $signedL;
1164	$res.asset_label = $asset_label;
1165	$res.asset = $asset;
1166	$res.l_shares_asset = $l_shares_asset;
1167	$res.position = $position;
1168	$res.shares_change = $shares_change;
1169	$res.asset_out = $asset_out;
1170	$res
1171	};
1172
1173
1174
1175	$validate_and_apply_new_governed_param_value = ($name, $value, $balances, $l_balances, $profits, $lp_shares, $pool_props, $locked_governance) => {
1176
1177	if ($locked_governance)
1178	require(!$locked_governance[$name], "governance is not allowed to change "\|\|$name);
1179
1180	$Lambda = $pool_props.Lambda;
1181	$alpha = $pool_props.alpha;
1182	$beta = $pool_props.beta;
1183	$gamma = $pool_props.gamma;
1184	$mid_price = $pool_props.mid_price;
1185	$mid_price_beta = $pool_props.mid_price_beta;
1186
1187	$s_curve = $lp_shares.linear * $lp_shares.coef;
1188	$x0 = $mid_price ? $s_curve / $mid_price_beta / $gamma : 0;
1189	$y0 = $x0 * $mid_price;
1190
1191	if ($name == 'pool_leverage'){
1192	require($profits.x < 1 AND $profits.y < 1, "profits must be added to the pool before changing pool_leverage"); // only rounding fees are allowed
1193	$profits.x = 0;
1194	$profits.y = 0;
1195	require($alpha != 1/$value, "pool leverage = 1/alpha");
1196	require($beta != 1/$value, "pool leverage = 1/beta");
1197	require($value != $Lambda, "same Lambda");
1198	if ($value > 1)
1199	require(!$mid_price, "price range setting is incompatible with new pool leverage");
1200	$balances.x = $balances.x * $value/$Lambda;
1201	$balances.y = $balances.y * $value/$Lambda;
1202	if ($value == 1){
1203	// move the excessive balances to profits
1204	$profits.x = $profits.x + $balances.xn - $balances.x;
1205	$profits.y = $profits.y + $balances.yn - $balances.y;
1206	$balances.xn = $balances.x;
1207	$balances.yn = $balances.y;
1208	}
1209	// we have modified balances and profits
1210	}
1211	else if ($name == 'mid_price' OR $name == 'price_deviation'){
1212	require($value AND $mid_price, $name\|\|" must be nonzero");
1213	require($alpha == 0.5, "equal weights only");
1214	if ($name == 'price_deviation'){
1215	require($value > 1, "price deviation must be > 1");
1216	$new_p0 = $mid_price;
1217	$new_gamma = $value;
1218	}
1219	else{
1220	$new_p0 = $value;
1221	$new_gamma = $gamma;
1222	}
1223	$sqp = $mid_price_beta; // sqrt(mid_price)
1224	$new_sqp = sqrt($new_p0);
1225	$x = $balances.x;
1226	$y = $balances.y;
1227
1228	// 1. assume we keep all x and decrease y
1229	$new_s1 = 1 / (1/$s_curve + (1/$gamma/$sqp - 1/$new_gamma/$new_sqp) / $x);
1230	$new_y = $new_s1 * ($y/$s_curve + $sqp/$gamma - $new_sqp/$new_gamma);
1231	if ($new_y <= $y){
1232	require($new_y > 0, "new y is negative");
1233	require($new_s1 > 0, "new s1 is negative");
1234	$profits.y = $profits.y + $y - $new_y;
1235	$balances.y = $new_y;
1236	$balances.yn = $new_y;
1237	$lp_shares.coef = $lp_shares.coef * $new_s1/$s_curve;
1238	$new_s = $new_s1;
1239	}
1240	else{ // 2. keep all y and decrease x
1241	$new_s2 = 1 / (1/$s_curve + ($sqp/$gamma - $new_sqp/$new_gamma) / $y);
1242	$new_x = $new_s2 * ($x/$s_curve + 1/$gamma/$sqp - 1/$new_gamma/$new_sqp);
1243	require($new_x <= $x, "can't adjust x and y to keep the price");
1244	require($new_x > 0, "new x is negative");
1245	require($new_s2 > 0, "new s2 is negative");
1246	$profits.x = $profits.x + $x - $new_x;
1247	$balances.x = $new_x;
1248	$balances.xn = $new_x;
1249	$lp_shares.coef = $lp_shares.coef * $new_s2/$s_curve;
1250	$new_s = $new_s2;
1251	}
1252	$new_x0 = $new_s / $new_sqp / $new_gamma;
1253	$new_y0 = $new_s * $new_sqp / $new_gamma;
1254
1255	/*
1256	$sqp = sqrt($new_p0);
1257	$b = ($balances.x/$s_curve*$sqp + $balances.y/$s_curve/$sqp)/$new_gamma;
1258	$a = $balances.x*$balances.y/$s_curve/$s_curve;
1259	$lp_shares.coef = $lp_shares.coef / (-$b + sqrt($b$b - 4$a(1/$new_gamma/$new_gamma-1)))2*$a;
1260	*/
1261
1262	// we have modified lp_shares, balances, and profits
1263	}
1264	else if ($name == 'alpha'){
1265	require(!$mid_price, "can't change token weights while trading in limited range");
1266	$new_alpha = $value;
1267	$new_beta = 1 - $new_alpha;
1268	require($new_alpha != 1/$Lambda AND $new_beta != 1/$Lambda, "pool leverage = 1/alpha or 1/beta");
1269	// s_coef is unused
1270	// var['s_coef'] = $balances.xn^$value $balances.yn^(1-$value) / $s_curve;
1271
1272	// change the balances to preserve the price p = alpha/beta * y/x = const
1273	$new_y2x = $new_beta/$new_alpha * $alpha/$beta * $balances.y/$balances.x;
1274	if ($Lambda > 1){
1275	if ($balances.xn * $Lambda * $new_y2x <= $balances.yn * $Lambda){ // x fully leveraged
1276	$balances.x = $balances.xn * $Lambda;
1277	$balances.y = $balances.x * $new_y2x;
1278	}
1279	else if ($balances.yn * $Lambda / $new_y2x <= $balances.xn * $Lambda){ // y fully leveraged
1280	$balances.y = $balances.yn * $Lambda;
1281	$balances.x = $balances.y / $new_y2x;
1282	}
1283	else
1284	bounce("can't preserve the price"); // should never happen
1285	}
1286	else {
1287	$new_y = $balances.xn * $new_y2x; // assuming x balance stays unchanged
1288	if ($new_y <= $balances.yn){ // excessive y
1289	$profits.y = $profits.y + $balances.yn - $new_y;
1290	$balances.yn = $new_y;
1291	$balances.y = $new_y;
1292	}
1293	else { // excessive x
1294	$new_x = $balances.yn / $new_y2x; // assuming y balance stays unchanged
1295	require($new_x <= $balances.xn, "neither excessive x nor excessive y"); // should never happen
1296	$profits.x = $profits.x + $balances.xn - $new_x;
1297	$balances.xn = $new_x;
1298	$balances.x = $new_x;
1299	}
1300	}
1301	// balances and profits modified
1302	}
1303
1304	// under new balances, we might go over (or too close to) the singularity point
1305	$denom = 1 - $get_utilization_ratio($balances, $l_balances, $new_x0 OTHERWISE $x0, $new_y0 OTHERWISE $y0, $new_alpha OTHERWISE $alpha);
1306	require($denom >= $singularity_threshold, "new balances would bring us too close to the singularity point, denom="\|\|$denom);
1307	};
1308
1309
1310
1311	}",
1312	"messages": [
1313	{
1314	"app": "state",
1315	"state": "{
1316	// $u = $get_utilization_ratio();
1317	// $A = $swap();
1318	// $b = $charge_interest();
1319	// $c = $update_leveraged_balances();
1320	// $d = $trade_l_shares();
1321	$h = $handle_trade_l_shares_request();
1322	// $e = $buy_shares();
1323	// $f = $redeem_shares();
1324	// $g = $validate_and_apply_new_governed_param_value();
1325	// $t = $get_total_balances();
1326	bounce("library only");
1327	}"
1328	}
1329	]
1330	}
1331	]

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