Definition: [
"autonomous agent",
{
"doc_url": "https://ostable.org/bonded-stablecoin.json",
"getters": "{
$get_reserve = ($s1, $s2) => {
$dilution_factor = var['dilution_factor'];
$r = $dilution_factor * $s1^params.m * $s2^params.n;
$r
};
$get_p2 = ($s1, $s2) => {
// $p2 = ($get_reserve($s1, $s2 + 0.001*$s2) - $get_reserve($s1, $s2))/(0.001*$s2);
$dilution_factor = var['dilution_factor'];
if (is_integer(params.n*2))
$p2 = $dilution_factor * $s1^params.m * params.n * sqrt($s2^((params.n-1)*2)); // derivative
else
$p2 = $dilution_factor * $s1^params.m * params.n * $s2^(params.n-1); // derivative
$p2
};
$get_oracle = () => var['oracle'] OTHERWISE params.oracle; // 'F4KHJUCLJKY4JV7M5F754LAJX4EB7M4N';
$get_feed_name = () => var['feed_name'] OTHERWISE params.feed_name; // 'GBYTE_USD';
$get_fee_multiplier = () => var['fee_multiplier'] OTHERWISE params.fee_multiplier OTHERWISE 5;
$get_initial_interest_rate = () => exists(params.interest_rate) ? params.interest_rate : 0.1; // 10%
$get_interest_rate = () => {
$interest_rate_var = var['interest_rate'];
exists($interest_rate_var) ? $interest_rate_var : $get_initial_interest_rate()
};
$get_slow_capacity_share = () => {
$slow_capacity_share_var = var['slow_capacity_share'];
if (exists($slow_capacity_share_var))
$slow_capacity_share = $slow_capacity_share_var;
else if (exists(params.slow_capacity_share))
$slow_capacity_share = params.slow_capacity_share;
else
$slow_capacity_share = 0.5;
$slow_capacity_share
};
$get_growth_factor = () => {
$interest_rate = $get_interest_rate();
$term = (timestamp - var['rate_update_ts']) / (360 * 24 * 3600); // in years
$growth_factor = var['growth_factor'] * (1 + $interest_rate)^$term;
$growth_factor
};
$get_fee = ($avg_reserve, $old_distance, $new_distance) => {
$fee_multiplier = $get_fee_multiplier();
// capacity = fee_multiplier * reserve * distance^2
$fee = ceil($fee_multiplier * $avg_reserve * ($new_distance - $old_distance) * ($new_distance + $old_distance));
// $fee = ceil($fee_multiplier * $avg_reserve * ($new_distance - $old_distance));
// $fee = ceil($abs_reserve_delta * ($new_distance + $old_distance) / 2 * $fee_multiplier);
$fee
};
$get_target_p2 = () => {
// leverage
// 0: track the oracle price, e.g. USD
// 1: track the reserve price, e.g. GBYTE
// 2: take 2x long position in the reserve asset relative to the oracle price
// -1: take short position in the reserve asset relative to the oracle price
// -2: take 2x short position in the reserve asset relative to the oracle price
// fractional leverage is also ok
$leverage = params.leverage OTHERWISE 0;
$oracle = $get_oracle();
$feed_name = $get_feed_name();
$growth_factor = $get_growth_factor();
$oracle_price = ($oracle AND $feed_name) ? data_feed[[oracles=$oracle, feed_name=$feed_name]] : 1;
$target_p2 = $oracle_price^($leverage - 1) * $growth_factor;
$target_p2
};
$get_exchange_result = ($tokens1, $tokens2) => {
$slow_capacity_share = $get_slow_capacity_share();
$fast_capacity_share = 1 - $slow_capacity_share;
$initial_p2 = var['p2'];
$target_p2 = $get_target_p2();
$distance = exists($initial_p2) ? abs($initial_p2 - $target_p2) / $target_p2 : 0;
$reserve = var['reserve'];
if (!$reserve AND ($tokens1 <= 0 OR $tokens2 <= 0))
bounce("initial mint must be with both tokens");
$new_supply1 = var['supply1'] + $tokens1;
$new_supply2 = var['supply2'] + $tokens2;
$s1 = $new_supply1 / 10^params.decimals1;
$s2 = $new_supply2 / 10^params.decimals2;
$r = $get_reserve($s1, $s2);
$p2 = $get_p2($s1, $s2);
$new_reserve = ceil($r * 10^params.reserve_asset_decimals);
$reserve_delta = $new_reserve - $reserve; // can be negative
if ($tokens1 >= 0 AND $tokens2 >= 0 AND $reserve_delta < 0)
bounce("issuing tokens while the reserve decreases?");
if ($tokens1 <= 0 AND $tokens2 <= 0 AND $reserve_delta > 0)
bounce("burning tokens while the reserve increases?");
$new_distance = abs($p2 - $target_p2) / $target_p2;
$avg_reserve = ($reserve + $new_reserve) / 2;
$fast_capacity = var['fast_capacity'];
if ($distance == 0 AND $new_distance == 0){
$fee = 0;
$reward = 0;
$reserve_needed = $reserve_delta;
}
else if ($new_distance >= $distance){ // going away from the target price - pay a fee
$reward = 0;
$regular_fee = $get_fee($avg_reserve, $distance, $new_distance);
$new_fast_capacity = $fast_capacity + $regular_fee * $fast_capacity_share;
$distance_share = 1 - $distance/$new_distance;
// reward that would be paid for returning the price back to $initial_p2
$reverse_reward = $distance_share * $new_fast_capacity;
if ($regular_fee >= $reverse_reward)
$fee = $regular_fee;
else
$fee = ceil($distance_share / (1 - $distance_share * $fast_capacity_share) * $fast_capacity);
$reserve_needed = $reserve_delta + $fee; // negative for payouts
}
else { // going towards the target price - get a reward
$fee = 0;
$reward = floor((1 - $new_distance/$distance) * $fast_capacity);
$reserve_needed = $reserve_delta - $reward; // negative for payouts
}
{
reserve_needed: $reserve_needed,
reserve_delta: $reserve_delta,
fee: $fee,
regular_fee: $regular_fee,
reward: $reward,
p2: $p2,
target_p2: $target_p2,
new_distance: $new_distance,
slow_capacity_share: $slow_capacity_share,
}
};
}",
"init": "{
$define_asset2_forwarder = 'FNSRIUI7TPKK23PTR6MIXCPFIUSOKP2K';
$governance_base_aa = '5FRLNHLRXUGOF5UEKEF44GT5B4ZQ6F6K';
// peg
$allow_oracle_change = params.allow_oracle_change;
// curve
if (!exists(params.m) OR !exists(params.n))
bounce("curve not defined");
// dilution
$allow_grants = params.allow_grants;
// fee and capacitor
$moved_capacity_share = var['moved_capacity_share'] OTHERWISE params.moved_capacity_share OTHERWISE 0.1; // how much is moved each time
$threshold_distance = var['threshold_distance'] OTHERWISE params.threshold_distance OTHERWISE 0.01; // 1% deviation from the peg
$move_capacity_timeout = var['move_capacity_timeout'] OTHERWISE params.move_capacity_timeout OTHERWISE 2*3600;
// reserve
$reserve_asset = params.reserve_asset OTHERWISE 'base';
if (!exists(params.reserve_asset_decimals))
bounce('no reserve_asset_decimals');
$min_contribution = ($reserve_asset == 'base') ? 99999 : 0;
$network_fee = ($reserve_asset == 'base') ? 1000 : 0;
// tokens
if (!exists(params.decimals1))
bounce('no decimals1');
if (!exists(params.decimals2))
bounce('no decimals2');
$asset1 = var['asset1'];
$asset2 = var['asset2'];
$ready = $asset1 AND $asset2;
if ($ready)
$lost_peg_ts = var['lost_peg_ts'];
}",
"messages": {
"cases": [
{
"if": "{ trigger.data.define AND (!$asset1 OR !$asset2) }",
"init": "{
$index = !$asset1 ? 1 : 2;
}",
"messages": [
{
"app": "asset",
"payload": {
"is_private": false,
"is_transferrable": true,
"auto_destroy": false,
"fixed_denominations": false,
"issued_by_definer_only": true,
"cosigned_by_definer": false,
"spender_attested": false
}
},
{
"if": "{trigger.data.factory AND !$asset1}",
"app": "data",
"payload": {
"factory": "{trigger.data.factory}"
}
},
{
"if": "{trigger.data.factory AND !$asset1}",
"app": "payment",
"payload": {
"asset": "base",
"outputs": [
{
"address": "{$define_asset2_forwarder}",
"amount": 4000
}
]
}
},
{
"if": "{trigger.data.factory AND $asset1}",
"app": "data",
"payload": {
"asset1": "{$asset1}"
}
},
{
"if": "{trigger.data.factory AND $asset1}",
"app": "payment",
"payload": {
"asset": "base",
"outputs": [
{
"address": "{trigger.data.factory}",
"amount": 4000
}
]
}
},
{
"if": "{$asset1}",
"app": "definition",
"payload": {
"definition": [
"autonomous agent",
{
"base_aa": "{$governance_base_aa}",
"params": {
"curve_aa": "{this_address}",
"asset": "{$asset1}"
}
}
]
}
},
{
"app": "state",
"state": "{
var['asset' || $index] = response_unit;
response['asset' || $index] = response_unit;
if ($asset1){
var['governance_aa'] = unit[response_unit].messages[[.app='definition']].payload.address;
var['rate_update_ts'] = timestamp;
var['growth_factor'] = 1;
var['interest_rate'] = $get_initial_interest_rate();
var['dilution_factor'] = 1;
}
}"
}
]
},
{
"if": "{ $ready AND trigger.data.move_capacity }",
"messages": [
{
"app": "state",
"state": "{
if ($lost_peg_ts){
$initial_p2 = var['p2'];
$target_p2 = $get_target_p2();
$distance = exists($initial_p2) ? abs($initial_p2 - $target_p2) / $target_p2 : 0;
if ($distance > $threshold_distance AND timestamp > $lost_peg_ts + $move_capacity_timeout){
$amount = floor($moved_capacity_share * var['slow_capacity']);
var['slow_capacity'] -= $amount;
var['fast_capacity'] += $amount;
var['lost_peg_ts'] = timestamp; // restart the countdown to the next movement
response['amount'] = $amount;
}
else if ($distance <= $threshold_distance)
var['lost_peg_ts'] = false;
}
else if ($distance > $threshold_distance)
var['lost_peg_ts'] = timestamp;
}"
}
]
},
{
"if": "{ $ready AND trigger.address == var['governance_aa'] AND trigger.data.name }",
"init": "{
$name = trigger.data.name;
}",
"messages": [
{
"app": "state",
"state": "{
if ($name == 'oracle-feed'){
if (!$allow_oracle_change)
bounce("changing the oracle is not allowed");
var['oracle'] = substring(trigger.data.value, 0, 32);
var['feed_name'] = substring(trigger.data.value, 33);
}
else {
var[$name] = trigger.data.value;
if ($name == 'interest_rate'){
var['growth_factor'] = $get_growth_factor();
var['rate_update_ts'] = timestamp;
}
}
}"
}
]
},
{
"if": "{ $ready AND trigger.address == var['governance_aa'] AND $allow_grants AND trigger.data.grant AND trigger.data.recipient AND trigger.data.amount }",
"init": "{
$name = trigger.data.name;
}",
"messages": [
{
"app": "payment",
"payload": {
"asset": "{$asset1}",
"outputs": [
{
"address": "{trigger.data.recipient}",
"amount": "{trigger.data.amount}"
}
]
}
},
{
"app": "state",
"state": "{
$supply2 = var['supply2'];
$old_supply1 = var['supply1'];
$new_supply1 = $old_supply1 + trigger.data.amount;
// var['dilution_factor'] *= ($old_supply/$new_supply)^$m;
var['dilution_factor'] *= $get_reserve($old_supply1, $supply2) / $get_reserve($new_supply1, $supply2);
var['supply1'] += trigger.data.amount;
}"
}
]
},
{
"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) }",
"init": "{
$get_turnover = ($reserve_payout, $tokens1, $tokens2, $p2) => {
// positive numbers are outputs, negative amounts are inputs
$reserve_turnover = abs($reserve_payout);
if ($tokens1 >= 0 AND $tokens2 >= 0 OR $tokens1 <= 0 AND $tokens2 <= 0)
return $reserve_turnover;
$token2_turnover = abs($tokens2) * $p2 * 10^(params.reserve_asset_decimals - params.decimals2);
if ($tokens2 >= 0 AND $reserve_payout >= 0 OR $tokens2 <= 0 AND $reserve_payout <= 0)
return $token2_turnover + $reserve_turnover;
$token2_turnover
};
if (trigger.data.tokens1_to AND !is_valid_address(trigger.data.tokens1_to))
bounce("bad tokens1_to address");
if (trigger.data.tokens2_to AND !is_valid_address(trigger.data.tokens2_to))
bounce("bad tokens2_to address");
if (trigger.data.reserve_to AND !is_valid_address(trigger.data.reserve_to))
bounce("bad reserve_to address");
if (trigger.data.to AND !is_valid_address(trigger.data.to))
bounce("bad to address");
$tokens1_to = trigger.data.tokens1_to OTHERWISE trigger.data.to OTHERWISE trigger.address;
$tokens2_to = trigger.data.tokens2_to OTHERWISE trigger.data.to OTHERWISE trigger.address;
$reserve_to = trigger.data.reserve_to OTHERWISE trigger.data.to OTHERWISE trigger.address;
if (trigger.data.tokens1 AND (!is_integer(trigger.data.tokens1) OR trigger.data.tokens1 <= 0))
bounce("invalid number of tokens1");
if (trigger.data.tokens2 AND (!is_integer(trigger.data.tokens2) OR trigger.data.tokens2 <= 0))
bounce("invalid number of tokens2");
if (trigger.data.tokens1 AND trigger.output[[asset=$asset1]] > 0)
bounce("both tokens1 param and amount");
if (trigger.data.tokens2 AND trigger.output[[asset=$asset2]] > 0)
bounce("both tokens2 param and amount");
$tokens1 = trigger.data.tokens1 OTHERWISE -trigger.output[[asset=$asset1]];
$tokens2 = trigger.data.tokens2 OTHERWISE -trigger.output[[asset=$asset2]];
$reserve_asset_amount = trigger.output[[asset=$reserve_asset]] - $network_fee; // subtract a fee to compensate for network fees
$reserve = var['reserve'];
if (!$reserve AND ($tokens1 <= 0 OR $tokens2 <= 0))
bounce("initial mint must be with both tokens");
$res = $get_exchange_result($tokens1, $tokens2);
$reserve_needed = $res.reserve_needed;
$reserve_delta = $res.reserve_delta;
$fee = $res.fee;
$regular_fee = $res.regular_fee;
$reward = $res.reward;
$p2 = $res.p2;
$target_p2 = $res.target_p2;
$new_distance = $res.new_distance;
$slow_capacity_share = $res.slow_capacity_share;
$turnover = $get_turnover(-$reserve_delta, $tokens1, $tokens2, $p2);
$fee_percent = $fee/$turnover*100;
response['p2'] = $p2;
response['target_p2'] = $target_p2;
response['new_distance'] = $new_distance;
response['fee'] = $fee;
response['term'] = (timestamp - var['rate_update_ts']) / (360 * 24 * 3600);
response['growth_factor'] = $get_growth_factor();
response['turnover'] = $turnover;
if ($fee >= $turnover)
bounce("fee would be too large: " || $fee || ", regular fee " || $regular_fee);
if ($reward >= $turnover)
bounce("reward would be too large: " || $reward);
if ($reserve_delta > 0 AND $reserve_needed > $reserve_asset_amount){
$currency = ($reserve_asset == 'base') ? 'bytes' : 'reserve tokens';
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);
}
$payout = $reserve_asset_amount - $reserve_needed; // it is the change if reserve_delta>0
if ($payout < 0)
bounce("unexpected payout < 0");
if ($payout > 0 AND trigger.data.min_reserve_tokens AND $payout < trigger.data.min_reserve_tokens)
bounce("payout would be only " || $payout);
if (trigger.data.max_fee_percent AND $fee_percent > trigger.data.max_fee_percent)
bounce("fee would be " || $fee_percent || '%');
$tokens1_to_aa = $tokens1 > 0 AND $tokens1_to != trigger.address AND is_aa($tokens1_to);
$tokens2_to_aa = $tokens2 > 0 AND $tokens2_to != trigger.address AND is_aa($tokens2_to);
$reserve_to_aa = $payout > 0 AND $reserve_to != trigger.address AND is_aa($reserve_to);
}",
"messages": [
{
"if": "{$tokens1 > 0}",
"app": "payment",
"payload": {
"asset": "{$asset1}",
"outputs": [
{
"address": "{$tokens1_to}",
"amount": "{ $tokens1 }"
}
]
}
},
{
"if": "{$tokens2 > 0}",
"app": "payment",
"payload": {
"asset": "{$asset2}",
"outputs": [
{
"address": "{$tokens2_to}",
"amount": "{ $tokens2 }"
}
]
}
},
{
"app": "payment",
"payload": {
"asset": "{$reserve_asset}",
"outputs": [
{
"address": "{$reserve_to}",
"amount": "{ $payout }"
},
{
"address": "{$tokens1_to}",
"amount": 2000,
"if": "{ $reserve_asset == 'base' AND $tokens1_to_aa}"
},
{
"address": "{$tokens2_to}",
"amount": 2000,
"if": "{ $reserve_asset == 'base' AND $tokens2_to_aa}"
}
]
}
},
{
"if": "{ $reserve_asset != 'base' }",
"app": "payment",
"payload": {
"asset": "base",
"outputs": [
{
"address": "{$reserve_to}",
"amount": 2000,
"if": "{$reserve_to_aa}"
},
{
"address": "{$tokens1_to}",
"amount": 2000,
"if": "{$tokens1_to_aa}"
},
{
"address": "{$tokens2_to}",
"amount": 2000,
"if": "{$tokens2_to_aa}"
}
]
}
},
{
"if": "{ $tokens1_to_aa OR $tokens2_to_aa OR $reserve_to_aa }",
"app": "data",
"payload": {
"to": "{trigger.address}"
}
},
{
"app": "state",
"state": "{
var['p2'] = $p2;
var['supply1'] += $tokens1;
var['supply2'] += $tokens2;
var['reserve'] += $reserve_delta;
if ($fee){
$fee_to_slow_capacitor = floor($slow_capacity_share * $fee);
$fee_to_fast_capacitor = $fee - $fee_to_slow_capacitor;
var['slow_capacity'] += $fee_to_slow_capacitor;
var['fast_capacity'] += $fee_to_fast_capacitor;
response['fee%'] = round($fee_percent, 4) || '%';
}
if ($reward){
var['fast_capacity'] -= $reward;
response['reward%'] = round($reward / $turnover * 100, 4) || '%';
}
if ($new_distance > $threshold_distance AND !$lost_peg_ts)
var['lost_peg_ts'] = timestamp;
if ($new_distance <= $threshold_distance AND $lost_peg_ts)
var['lost_peg_ts'] = false;
}"
}
]
}
]
}
}
]