spot

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 Go to latest Published: Sep 6, 2023 License: Apache-2.0 Imports: 16 Imported by: 0

README

Spot Module

The x/spot module is responsible for creating, joining, and exiting liquidity pools. It also allows users to swap between two assets in an existing pool. It's a fully functional AMM.

Concepts

The x/spot module is responsible for for creating, joining, and exiting liquidity pools that are dictated by an AMM for swaps.

Pool

Creation of Pool

When a pool is created, a fixed amount of 100 LP shares is minted and sent to the pool creator. The base pool share denom is in the format of nibiru/pool/{poolId} and is displayed in the format of NIBIRU-POOL-{poolId} to the user. One NIBIRU-POOL-{poolId} token is equivalent to 10^18 nibiru/pool/{poolId} tokens.

Pool assets are sorted in alphabetical order by defualt.

Joining Pool

When joining a pool, users provide the tokens they are willing to deposit. The application will try to deposit as many tokens as it can while maintaining equal weight ratios across the pool's assets. Usually this means one asset acts as a limiting factor and all other tokens are deposited in proportion to the limited token.

For example, assume there is a 50/50 pool with 100 tokenA and 100 tokenB. A user wishes to LP 10 tokenA and 5 tokenB into the pool. Because tokenB is the limiting factor, all of tokenB will be deposited and only 5 of tokenA will be deposited. The user will be left with 5 tokenA and receive LP shares for the liquidity they provided.

Exiting Pool

When exiting the pool, the user also provides the number of LP shares they are returning to the pool, and will receive assets in proportion to the LP shares returned. However, unlike joining a pool, exiting a pool requires the user to pay the exit fee, which is set as the param of the pool. The share of the user gets burnt.

For example, assume there is a 50/50 pool with 50 tokenA and 150 tokenB and 200 total LP shares minted. A user wishes to return 20 LP shares to the pool and withdraw their liquidity. Because 20/200 = 10%, the user will receive 5 tokenA and 15 tokenB from the pool, minus exit fees.

Swap

During the process of swapping a specific asset, the token user is putting into the pool is justified as tokenIn, while the token that would be omitted after the swap is justified as tokenOut throughout the module.

Given a tokenIn, the following calculations are done to calculate how much tokens are to be swapped and ommitted from the pool.

  • tokenBalanceOut * [ 1 - { tokenBalanceIn / (tokenBalanceIn+(1-swapFee) * tokenAmountIn)}^(tokenWeightIn/tokenWeightOut)]

The whole process is also able vice versa, the case where user provides tokenOut. The calculation for the amount of token that the user should be putting in is done through the following formula.

  • tokenBalanceIn * [{tokenBalanceOut / (tokenBalanceOut - tokenAmountOut)}^(tokenWeightOut/tokenWeightIn)-1] / tokenAmountIn
Spot Price

Meanwhile, calculation of the spot price with a swap fee is done using the following formula

  • spotPrice / (1-swapFee)

where spotPrice is

  • (tokenBalanceIn / tokenWeightIn) / (tokenBalanceOut / tokenWeightOut)

State

Next Pool Number

The spot module stores a monotonically increasing counter denoting the next available integer pool number. Pool numbers start at 1 and increase every time a pool is created. The Keeper.GetNextPoolNumberAndIncrement function always fetches the next availble pool number and increments the stored value by 1.

Pools

Serialized protobufs representing pools are stored in the state, with the key 0x02 | poolId. See the pool proto file for what fields a pool has.

Total Liquidity

The spot module also stores the total liquidity in the module's account, which is the sum of all assets aggregated across all pools. The total liquidity is updated every time a pool's liquidity is updated (either through creation, joining, exiting, or swaps).

The total liquidity is stored with key 0x03 | denom.

Messages

MsgCreatePool

Message to create a pool. Requires parameters specifying swap fee & exit fee, as well as the initial assets to deposit into the pool. The initial assets also determine the target weight of the pool (e.g. 50/50).

For now we only support two-asset pools, but could expand to >2 assets in the future.

MsgCreatePoolResponse

Contains the poolId.

MsgJoinPool

Message to join a pool. Users specify the poolId they wish to join and the assets they wish to deposit. The number of distinct assets provided by the user must match the number of distinct assets in the pool, or else the message will error.

MsgJoinPoolResponse

Contains the updated pool liquidity, the number of LP shares minted and transferred to the user, and the remaining coins that could not be deposited due to a ratio mismatch (see Concepts).

CLI

A user can query and interact with the spot module using the CLI.

Query

The query commands allow users to query spot state.

nibid query spot --help
params

The params command allows users to query genesis parameters for the spot module.

nibid query spot params [flags]

Example:

nibid query spot params

Example Output:

params:
  pool_creation_fee:
  - amount: "1000000000"
    denom: unibi
  startingPoolNumber: "1"
get-pool-number

The get-pool-number command allows users to query the next available pool id number.

nibid query spot get-pool-number [flags]

Example:

nibid query spot get-pool-number

Example Output:

poolId: "1"
get-pool

The get-pool command allows users to query a pool by id number.

nibid query spot get-pool [pool-id] [flags]

Example:

nibid query spot get-pool 1

Example Output:

pool:
  address: nibi1w00c7pqkr5z7ptewg5z87j2ncvxd88w43ug679
  id: "1"
  poolAssets:
  - token:
      amount: "100"
      denom: stake
    weight: "1073741824"
  - token:
      amount: "100"
      denom: validatortoken
    weight: "1073741824"
  poolParams:
    exitFee: "0.010000000000000000"
    swapFee: "0.010000000000000000"
  totalShares:
    amount: "100000000000000000000"
    denom: nibiru/pool/1
  totalWeight: "2147483648"
total-liquidity

The total-liquidity command allows users to query the total amount of liquidity in the spot.

nibid query spot total-liquidity [flags]

Example:

nibid query spot total-liquidity

Example Output:

liquidity:
- amount: "100"
  denom: stake
- amount: "100"
  denom: validatortoken
pool-liquidity

The pool-liquidity command allows users to query the total amount of liquidity in the spot.

nibid query spot pool-liquidity [pool-id] [flags]

Example:

nibid query spot pool-liquidity 1

Example Output:

liquidity:
- amount: "100"
  denom: stake
- amount: "100"
  denom: validatortoken

Transactions

The tx commands allow users to interact with the spot module.

nibid tx spot --help
create-pool

The create-pool command allows users to create pools.

nibid tx spot create-pool [flags]

Example:

nibid tx spot create-pool --pool-file ./new-pool.json

Where the pool file JSON has format:

{
    "weights": "1stake,1validatortoken",
    "initial-deposit": "100stake,100validatortoken",
    "swap-fee": "0.01",
    "exit-fee": "0.01"
}
join-pool

The join-pool command allows users to join pools with liquidty.

nibid tx spot join-pool [flags]

Example:

nibid tx spot join-pool --pool-id 1 --tokens-in 1validatortoken,1stake

GRPC and REST

(https://github.com/NibiruChain/nibiru/issues/220): Add gRPC and REST docs.

Parameters

The spot module contains the following parameters:

Key Type Example
StartingPoolNumber uint64 1
PoolCreationFee sdk.Coins 1000000ubini

StartingPoolNumber

The initial pool number to start creating pools at.

PoolCreationFee

The amount of coins taken as a fee for creating a pool, from the pool creator's address.

Events

Event Type Attribute Key Attribute Value Attribute Type
pool_joined sender sender's address string
pool_joined pool_id the numeric pool identifier uint64
pool_joined tokens_in the tokens sent by the user sdk.Coins
pool_joined pool_shares_out the number of LP tokens returned to the user sdk.Coin
pool_joined rem_coins the tokens remaining after joining the pool sdk.Coins
pool_created sender sender's address string
pool_created pool_id pool identifier uint64
pool_exited sender sender's address string
pool_exited pool_id pool identifier uint64
pool_exited num_shares_in number of LP tokens in sdk.Coin
pool_exited tokens_out tokens returned to the user sdk.Coins
assets_swapped sender sender's address string
assets_swapped pool_id pool identifier uint64
assets_swapped token_in token to swap in sdk.Coin
assets_swapped token_out token returned to user sdk.Coin

Hooks

As of this time, there are no hooks into the x/spot module.

Begin Block

Nothing happens in begin block yet.

End Block

Nothing happens in end block yet.

Future Improvements

Acceptance Tests

  1. create pool
  2. join pool
  3. swap assets against pool
  4. exit pool

Documentation

Index

Constants

This section is empty.

Variables

This section is empty.

Functions

func ExportGenesis 

func ExportGenesis(ctx sdk.Context, k keeper.Keeper) *types.GenesisState

ExportGenesis returns the spot module's exported genesis.

func InitGenesis 

func InitGenesis(ctx sdk.Context, k keeper.Keeper, genState types.GenesisState)

InitGenesis initializes the spot module's state from a provided genesis state.

Types

type AppModule 

type AppModule struct {
	AppModuleBasic
	// contains filtered or unexported fields
}

AppModule implements the AppModule interface for the module.

func NewAppModule 

func NewAppModule(
	cdc codec.Codec,
	keeper keeper.Keeper,
	accountKeeper types.AccountKeeper,
	bankKeeper types.BankKeeper,
) AppModule

func (AppModule) BeginBlock 

func (am AppModule) BeginBlock(_ sdk.Context, _ abci.RequestBeginBlock)

BeginBlock executes all ABCI BeginBlock logic respective to the capability module.

func (AppModule) ConsensusVersion 

func (AppModule) ConsensusVersion() uint64

ConsensusVersion implements ConsensusVersion.

func (AppModule) EndBlock 

func (am AppModule) EndBlock(_ sdk.Context, _ abci.RequestEndBlock) []abci.ValidatorUpdate

EndBlock executes all ABCI EndBlock logic respective to the capability module. It returns no validator updates.

func (AppModule) ExportGenesis 

func (am AppModule) ExportGenesis(ctx sdk.Context, cdc codec.JSONCodec) json.RawMessage

ExportGenesis returns the capability module's exported genesis state as raw JSON bytes.

func (AppModule) GenerateGenesisState 

func (AppModule) GenerateGenesisState(simState *module.SimulationState)

GenerateGenesisState creates a default GenState of the module

func (AppModule) InitGenesis 

func (am AppModule) InitGenesis(ctx sdk.Context, cdc codec.JSONCodec, gs json.RawMessage) []abci.ValidatorUpdate

InitGenesis performs the capability module's genesis initialization It returns no validator updates.

func (AppModule) Name 

func (am AppModule) Name() string

Name returns the capability module's name.

func (AppModule) ProposalContents 

func (AppModule) ProposalContents(_ module.SimulationState) []simtypes.WeightedProposalMsg

ProposalContents doesn't return any content functions for governance proposals

func (AppModule) RegisterInvariants 

func (am AppModule) RegisterInvariants(_ sdk.InvariantRegistry)

RegisterInvariants registers the capability module's invariants.

func (AppModule) RegisterServices 

func (am AppModule) RegisterServices(cfg module.Configurator)

RegisterServices registers a GRPC query service to respond to the module-specific GRPC queries.

func (AppModule) RegisterStoreDecoder 

func (am AppModule) RegisterStoreDecoder(_ sdk.StoreDecoderRegistry)

RegisterStoreDecoder registers a decoder

func (AppModule) WeightedOperations 

func (am AppModule) WeightedOperations(_ module.SimulationState) []simtypes.WeightedOperation

WeightedOperations returns the all the spot module operations with their respective weights.

type AppModuleBasic 

type AppModuleBasic struct {
	// contains filtered or unexported fields
}

AppModuleBasic implements the AppModuleBasic interface for the capability module.

func NewAppModuleBasic 

func NewAppModuleBasic(cdc codec.BinaryCodec) AppModuleBasic

func (AppModuleBasic) DefaultGenesis 

func (AppModuleBasic) DefaultGenesis(cdc codec.JSONCodec) json.RawMessage

DefaultGenesis returns the capability module's default genesis state.

func (AppModuleBasic) GetQueryCmd 

func (AppModuleBasic) GetQueryCmd() *cobra.Command

GetQueryCmd returns the capability module's root query command.

func (AppModuleBasic) GetTxCmd 

func (a AppModuleBasic) GetTxCmd() *cobra.Command

GetTxCmd returns the capability module's root tx command.

func (AppModuleBasic) Name 

func (AppModuleBasic) Name() string

Name returns the capability module's name.

func (AppModuleBasic) RegisterGRPCGatewayRoutes 

func (AppModuleBasic) RegisterGRPCGatewayRoutes(clientCtx client.Context, mux *runtime.ServeMux)

RegisterGRPCGatewayRoutes registers the gRPC Gateway routes for the module.

func (AppModuleBasic) RegisterInterfaces 

func (a AppModuleBasic) RegisterInterfaces(reg cdctypes.InterfaceRegistry)

RegisterInterfaces registers the module's interface types

func (AppModuleBasic) RegisterLegacyAminoCodec 

func (AppModuleBasic) RegisterLegacyAminoCodec(cdc *codec.LegacyAmino)

func (AppModuleBasic) ValidateGenesis 

func (AppModuleBasic) ValidateGenesis(cdc codec.JSONCodec, config client.TxEncodingConfig, bz json.RawMessage) error

ValidateGenesis performs genesis state validation for the capability module.

Source Files

View all Source files

Directories

Path Synopsis
client
cli
testutil
Package types is a reverse proxy.
 Package types is a reverse proxy.

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