poolmanager

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 Go to latest Published: Mar 12, 2024 License: Apache-2.0 Imports: 21 Imported by: 1

README

Pool Manager Module

The poolmanager module exists as a swap entrypoint for any pool model that exists on the chain. The poolmanager module is responsible for routing swaps across various pools. It also performs pool-id management for any on-chain pool.

The user-stories for this module follow:

As a user, I would like to have a unified entrypoint for my swaps regardless of the underlying pool implementation so that I don't need to reason about API complexity

As a user, I would like the pool management to be unified so that I don't have to reason about additional complexity stemming from divergent pool sources.

We have multiple pool-storage modules. Namely, x/gamm and x/concentrated-liquidity.

To avoid fragmenting swap and pool creation entrypoints and duplicating their boilerplate logic, we define a poolmanager module. Its purpose is twofold:

  1. Handle pool creation
    • Assign ids to pools
    • Store the mapping from pool id to one of the swap modules (gamm or concentrated-liquidity)
    • Propagate the execution to the appropriate module depending on the pool type.
    • Note, that pool creation messages are received by the pool model's message server. Each module's message server then calls the x/poolmanager keeper method CreatePool.
  2. Handle swaps
    • Cover & share multihop logic
    • Propagate intra-pool swaps to the appropriate module depending on the pool type.
    • Contrary to pool creation, swap messages are received by the x/poolmanager message server.

Let's consider pool creation and swaps separately and in more detail.

Pool Creation & Id Management

To make sure that the pool ids are unique across the two modules, we unify pool id management in the poolmanager.

When a call to CreatePool keeper method is received, we get the next pool id from the module storage, assign it to the new pool, and propagate the execution to either gamm or concentrated-liquidity modules.

Note that we define a CreatePoolMsg interface: https://github.com/osmosis-labs/osmosis/blob/f26ceb958adaaf31510e17ed88f5eab47e2bac03/x/poolmanager/types/msg_create_pool.go#L9

Each balancer, stableswap and concentrated-liquidity pool has its own implementation of CreatePoolMsg.

Note the PoolType type. This is an enumeration of all supported pool types. We proto-generate this enumeration:

// proto/osmosis/poolmanager/v1beta1/module_route.proto
// generates to x/poolmanager/types/module_route.pb.go

// PoolType is an enumeration of all supported pool types.
enum PoolType {
  option (gogoproto.goproto_enum_prefix) = false;

  // Balancer is the standard xy=k curve. Its pool model is defined in x/gamm.
  Balancer = 0;
  // Stableswap is the Solidly cfmm stable swap curve. Its pool model is defined
  // in x/gamm.
  StableSwap = 1;
  // Concentrated is the pool model specific to concentrated liquidity. It is
  // defined in x/concentrated-liquidity.
  Concentrated = 2;
}

Let's begin by considering the execution flow of the pool creation message. Assume balancer pool is being created.

  1. CreatePoolMsg is received by the x/gamm message server.

  2. CreatePool keeper method is called from poolmanager, propagating the appropriate implementation of the CreatePoolMsg interface.

// x/poolmanager/creator.go CreatePool(...)

// CreatePool attempts to create a pool returning the newly created pool ID or
// an error upon failure. The pool creation fee is used to fund the community
// pool. It will create a dedicated module account for the pool and sends the
// initial liquidity to the created module account.
//
// After the initial liquidity is sent to the pool's account, this function calls an
// InitializePool function from the source module. That module is responsible for:
// - saving the pool into its own state
// - Minting LP shares to pool creator
// - Setting metadata for the shares
func (k Keeper) CreatePool(ctx sdk.Context, msg types.CreatePoolMsg) (uint64, error) {
    ...
}

  1. The keeper utilizes CreatePoolMsg interface methods to execute the logic specific to each pool type.

  2. Lastly, poolmanager.CreatePool routes the execution to the appropriate module.

The propagation to the desired module is ensured by the routing table stored in memory in the poolmanager keeper.

// x/poolmanager/keeper.go NewKeeper(...)

func NewKeeper(...) *Keeper {
    ...

	routes := map[types.PoolType]types.SwapI{
		types.Balancer:     gammKeeper,
		types.Stableswap:   gammKeeper,
		types.Concentrated: concentratedKeeper,
	}

	return &Keeper{..., routes: routes}
}

MsgCreatePool interface defines the following method: GetPoolType() PoolType

As a result, poolmanagerkeeper.CreatePool can route the execution to the appropriate module in the following way:

// x/poolmanager/creator.go CreatePool(...)

swapModule := k.routes[msg.GetPoolType()]

if err := swapModule.InitializePool(ctx, pool, sender); err != nil {
    return 0, err
}

Where swapModule is either gamm or concentrated-liquidity keeper.

Both of these modules implement the SwapI interface:

// x/poolmanager/types/routes.go SwapI interface

type SwapI interface {
    ...

	InitializePool(ctx sdk.Context, pool gammtypes.PoolI, creatorAddress sdk.AccAddress) error
}

As a result, the poolmanager module propagates core execution to the appropriate swap module.

Lastly, the poolmanager keeper stores a mapping from the pool id to the pool type. This mapping is going to be necessary for knowing where to route the swap messages.

To achieve this, we create the following store index:

// x/poolmanager/types/keys.go

var	(
    ...

    SwapModuleRouterPrefix     = []byte{0x02}
)

// N.B.: we proto-generate this struct. However, the proto
// definition is omitted for brevity.
type ModuleRoute struct {
    PoolType PoolType
}

// FormatModuleRouteKey serializes pool id with appropriate prefix into bytes.
func FormatModuleRouteKey(poolId uint64) []byte {
	return []byte(fmt.Sprintf("%s%d", SwapModuleRouterPrefix, poolId))
}

// ParseModuleRouteFromBz parses the raw bytes into ModuleRoute.
// Returns error if fails to parse or if the bytes are empty.
func ParseModuleRouteFromBz(bz []byte) (ModuleRoute, error) {
    // parsing logic
}

Swaps

There are 4 swap messages:

  • MsgSwapExactAmountIn
  • MsgSwapExactAmountOut
  • MsgSplitRouteSwapExactAmountIn
  • MsgSplitRouteSwapExactAmountOut

Between, MsgSwapExactAmountIn and MsgSwapExactAmountOut, the implementation of routing is similar. We only focus on MsgSwapExactAmountIn below.

MsgSplitRouteSwapExactAmountIn and MsgSplitRouteSwapExactAmountOut support split routes where for each split route they call the respective MsgSwapExactAmountIn or MsgSwapExactAmountOut message. When using the split routes, the slippage protection is disabled on the per-route basis. For swap exact amount in, we provide zero for the min amount out. For swap exact amount out, we provide the max amount in which is 1 << 256 - 1. Read more about route splitting in the "Route Splitting" section.

Once the message is received, it calls RouteExactAmountIn

// x/poolmanager/router.go RouteExactAmountIn(...)

// RouteExactAmountIn defines the input denom and input amount for the first pool,
// the output of the first pool is chained as the input for the next routed pool
// transaction succeeds when final amount out is greater than tokenOutMinAmount defined.
func (k Keeper) RouteExactAmountIn(
	ctx sdk.Context,
	sender sdk.AccAddress,
	routes []types.SwapAmountInRoute,
	tokenIn sdk.Coin,
	tokenOutMinAmount osmomath.Int) (tokenOutAmount osmomath.Int, err error) {
}

Essentially, the method iterates over the routes and calls a SwapExactAmountIn method for each, subsequently updating the inter-pool swap state.

The routing works by querying the index SwapModuleRouterPrefix, searching up the poolmanagerkeeper.router mapping, and calling SwapExactAmountIn method of the appropriate module.

// x/poolmanager/router.go RouteExactAmountIn(...)

moduleRouteBytes := osmoutils.MustGet(poolmanagertypes.FormatModuleRouteIndex(poolId))
moduleRoute, _ := poolmanagertypes.ModuleRouteFromBytes(moduleRouteBytes)

swapModule := k.routes[moduleRoute.PoolType]

_ := swapModule.SwapExactAmountIn(...)
  • note that error checks and other details are omitted for brevity.

Similar to pool creation logic, we are able to call SwapExactAmountIn on any of the swap modules by implementing the SwapI interface:

// x/poolmanager/types/routes.go SwapI interface

type SwapI interface {
    ...

	SwapExactAmountIn(
		ctx sdk.Context,
		sender sdk.AccAddress,
		poolId gammtypes.PoolI,
		tokenIn sdk.Coin,
		tokenOutDenom string,
		tokenOutMinAmount osmomath.Int,
		spreadFactor osmomath.Dec,
	) (osmomath.Int, error)
}

During the process of swapping a specific asset, the token the user is putting into the pool is denoted as tokenIn, while the token that would be returned to the user, the asset that is being swapped for, after the swap is denoted as tokenOut throughout the module.

For example, in the context of balancer pools, given a tokenIn, the following calculations are done to calculate how many tokens are to be swapped into and removed from the pool:

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

The calculation is also able to be reversed, the case where user provides tokenOut. The calculation for the amount of tokens that the user should be putting in is done through the following formula:

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

With the introduction of a takerFee, the actual amount of tokenIn that is used to calculate the amount of tokenOut is reduced by the takerFee amount. If governance or a governance approved DAO adds a specified trading pair to the takerFee module store, the fee associated with that pair is used. Otherwise, the defaultTakerFee defined in the poolmanger's parameters is used.

The poolmanager only concerns itself with proportionally distributing the takerFee to the respective staking rewards and community pool txfees module accounts. For swaps originating in OSMO, the poolmanger distributes these fees based on the OsmoTakerFeeDistribution parameter. For swaps originating in non-OSMO assets, the poolmanager distributes these fees based on the NonOsmoTakerFeeDistribution parameter. For taker fees generated in non whitelisted quote denoms assets, the amount that goes to the community pool (defined by the NonOsmoTakerFeeDistribution above) is swapped to the community_pool_denom_to_swap_non_whitelisted_assets_to parameter defined in poolmanager. For instance, if a taker fee is generated in BTC, the respective community pool percent is sent directly to the community pool since it is a whitelisted quote denom. If it is generated in FOO, which is not a whitelisted quote denom, the respective community pool percent is swapped to the community_pool_denom_to_swap_non_whitelisted_assets_to parameter defined in poolmanager and send to the community pool as that denom at epoch.

For more information on how the final distribution of these fees and how they are swapped, see the txfees module README.

Existing Swap types:

  • SwapExactAmountIn
  • SwapExactAmountOut

Messages

MsgSwapExactAmountIn

MsgSwapExactAmountIn

MsgSwapExactAmountOut

MsgSwapExactAmountOut

MsgSplitRouteSwapExactAmountIn

MsgSplitRouteSwapExactAmountIn

MsgSplitRouteSwapExactAmountOut

MsgSplitRouteSwapExactAmountOut

MsgSetDenomPairTakerFee

MsgSplitRouteSwapExactAmountOut

Multi-Hop

All tokens are swapped using a multi-hop mechanism. That is, all swaps are routed via the most cost-efficient way, swapping in and out from multiple pools in the process. The most cost-efficient route is determined offline and the list of the pools is provided externally, by user, during the broadcasting of the swapping transaction. At the moment of execution, the provided route may not be the most cost-efficient one anymore.

Multi-Hop

Route Splitting

Each route can be thought of as a separate multi-hop swap.

Splitting swaps across multiple pools for the same token pair can be beneficial for several reasons, primarily relating to reduced slippage, price impact, and potentially lower spreads.

Here's a detailed explanation of these advantages:

  • Reduced slippage: When a large trade is executed in a single pool, it can be significantly affected if someone else executes a large swap against that pool.

  • Lower price impact: When executing a large trade in a single pool, the price impact can be substantial, leading to a less favorable exchange rate for the trader. By splitting the swap across multiple pools, the price impact in each pool is minimized, resulting in a better overall exchange rate.

  • Improved liquidity utilization: Different pools may have varying levels of liquidity, spreads, and price curves. By splitting swaps across multiple pools, the router can utilize liquidity from various sources, allowing for more efficient execution of trades. This is particularly useful when the liquidity in a single pool is not sufficient to handle a large trade or when the price curve of one pool becomes less favorable as the trade size increases.

  • Potentially lower spreads: In some cases, splitting swaps across multiple pools may result in lower overall spreads. This can happen when different pools have different spread structures, or when the total spread paid across multiple pools is lower than the spread for executing the entire trade in a single pool with higher slippage.

Note, that the actual split happens off-chain. The router is only responsible for executing the swaps in the order and quantities of token in provided by the routes.

EstimateTradeBasedOnPriceImpact Query

The EstimateTradeBasedOnPriceImpact query allows users to estimate a trade for all pool types given the following parameters are provided for this request EstimateTradeBasedOnPriceImpactRequest:

  • FromCoin: (sdk.Coin): is the total amount of tokens one wants to sell.
  • ToCoinDenom: (string): is the denom they want to buy with the tokens being sold.
  • PoolId: (uint64): is the identifier of the pool that the trade will happen on.
  • MaxPriceImpact: (sdk.Dec): is the maximum percentage that the user is willing to affect the price of the pool.
  • ExternalPrice: (sdk.Dec) is an external price that the user can optionally enter to have the MaxPriceImpact adjusted as the SpotPrice of a pool could be changed at any time.

The response would be EstimateTradeBasedOnPriceImpactResponse which contains the following data:

  • InputCoin: (sdk.Coin): the actual input amount that would be tradeable under that price impact (might be the full amount).
  • OutputCoin: (sdk.Coin): the amount of the ToCoinDenom tokens being received for the actual InputCoin trade.

With that data it is easier for any entity to fill in the MsgSwapExactAmountIn details. The response could be filled with a valid trade or an empty one(InputCoin = 0, OutputCoin = 0), an empty one indicates that no trade could be estimated. It will not error if a trade cannot be estimated.

Process

The following is the process in which the query finds a trade that will stay below the MaxPriceImpact value.

  1. Verify PoolId, FromCoin, ToCoinDenom are not empty.
  2. Return the specific swapModule based on the PoolId.
  3. Return the specific PoolI interface from the swapModule based on the PoolId.
  4. Calculate the SpotPrice in terms of the token being bought, therefore if it's an OSMO/ATOM pool and OSMO is being sold we need to calculate the SpotPrice in terms of ATOM being the base asset and OSMO being the quote asset.
  5. If we have a ExternalPrice specified in the request we need to adjust the MaxPriceImpact into a new variable adjustedMaxPriceImpact which would either increase if the SpotPrice is cheaper than the ExternalPrice or decrease if the SpotPrice is more expensive leaving less room to estimate a trade.
    1. If the adjustedMaxPriceImpact was calculated to be 0 or negative it means that the SpotPrice is more expensive than the ExternalPrice and has already exceeded the possible MaxPriceImpact. We return a sdk.ZeroInt() input and output for the input and output coins indicating that no trade is viable.
  6. Then according to the pool type we attempt to find a viable trade, we must process each pool type differently as they return different results for different scenarios. The sections below explain the different pool types and how they each handle input.
Balancer Pool Type Process

The following is the example input/output when executing CalcOutAmtGivenIn on balancer pools:

  • If the input is greater than the total liquidity of the pool, the output will be the total liquidity of the target token.
  • If the input is an amount that is reasonably within the range of liquidity of the pool, the output will be a tolerable slippage amount based on pool data.
  • If the input is a small amount for which the pool cannot calculate a viable swap output e.g 1, the output will be a small value which can be either positive (greater or equal to 1) or zero, depending on the pool's weights. In the latter case an ErrInvalidMathApprox is returned.

Here is the following process for the EstimateTradeBasedOnPriceImpactBalancerPool function:

  1. The function initially calculates the output amount (tokenOut) using the input amount (FromCoin) without including a swap fee using the CalcOutAmtGivenIn function.

    1. If tokenOut is zero or an ErrInvalidMathApprox is returned, the function returns zero for both the input and output coin, signifying that trading a negligible amount yields no output.

  2. The function calculates the current trade price (currTradePrice) using the initially estimated tokenOut. Following that, it calculates the deviation of this price from the spot price (priceDeviation).

    1. If the priceDeviation is within the acceptable range (adjustedMaxPriceImpact), the function recalculates tokenOut but this time includes the swap fee. The estimated trade is then returned.

  3. In case the initial priceDeviation was not within the acceptable range, the function starts a binary search loop. It initializes lowAmount, highAmount, and currFromCoin to perform this search.

  4. Within the binary search loop, the function recalculates the middle amount (midAmount) to try estimate CalcOutAmtGivenIn again. It performs new trade estimations until it either finds an acceptable priceDeviation or exhausts the search range.

  5. If the loop exhausts the search range without finding a viable trade, it returns zero for both the input and output coin.

  6. If a viable trade is found that respects the adjustedMaxPriceImpact, the function performs a final recalculation, this time including the swap fee, and returns the estimated trade.

StableSwap Pool Type Process

The following is the example input/output when executing CalcOutAmtGivenIn on stableswap pools:

  • If the input is greater than the total liquidity of the pool, the function will panic.
  • If the input is an amount that is reasonably within the range of liquidity of the pool, the output will be a tolerable slippage amount based on pool data.
  • If the input is a small amount for which the pool cannot calculate a viable swap output e.g 1, the function will throw an error.

Here is the following process for the EstimateTradeBasedOnPriceImpactStableSwapPool function:

  1. The function begins by attempting to estimate the output amount (tokenOut) for a given input amount (req.FromCoin). This calculation is done without accounting for the swap fee.

    1. If an error occurs, and it's not a panic, the function returns zero coins for both the input and output, signifying an error due to an amount that's too small for the trade to proceed.

    2. If a panic occurs during the calculation, the function sets the output coin (tokenOut) to zero and proceeds to find a smaller acceptable trade amount.

  2. When there is no error or panic, the function calculates the current trade price (currTradePrice) and checks if the price deviation (priceDeviation) from the spot price is within acceptable limits (adjustedMaxPriceImpact).

    1. If the priceDeviation is acceptable, the function re-estimates the output amount (tokenOut) considering the swap fee. If successful, this trade estimate is returned.

  3. The function initializes variables lowAmount and highAmount to search for an acceptable trade amount if the initial amount is too large or too small.

  4. Within a loop, the function performs a binary search to find an acceptable trade amount. It attempts a new trade with the middle amount (midAmount) between lowAmount and highAmount.

  5. If the new trade amount leads to an error without a panic, the function returns zero coins, indicating the amount has become too small.

  6. If the new trade amount leads to a panic, the function adjusts the highAmount downwards to continue the search.

  7. If the new trade amount does not cause an error or panic, and its priceDeviation is within limits, the function adjusts the lowAmount upwards to continue the search.

  8. If the loop completes without finding an acceptable trade amount, the function returns zero coins for both the input and the output.

  9. If a viable trade is found, the function performs a final recalculation considering the swap fee and returns the estimated trade.

Concentrated Liquidity Pool Type Process

The following is the example input/output when executing CalcOutAmtGivenIn on concentrated liquidity pools:

  • If the input is greater than the total liquidity of the pool, the function will error.
  • If the input is an amount that is reasonably within the range of liquidity of the pool, the output will be a tolerable slippage amount based on pool data.
  • f the input is a small amount for which the pool cannot calculate a viable swap output e.g 1, the function will return a zero.

Here is the following process for the EstimateTradeBasedOnPriceImpactConcentratedLiquidity function:

  1. The function starts by attempting to estimate the output amount (tokenOut) for a given input amount (req.FromCoin), using the CalcOutAmtGivenIn method of the swapModule.

    1. If tokenOut is zero, it means the amount being traded is too small. The function returns zero coins for both input and output.

    2. If an error occurs but tokenOut is not zero, the function ignores the error. The function assumes the error could mean the input is too large and proceeds to the next steps to find a suitable trade amount.

  2. If there is no error in estimating tokenOut, the function calculates the current trade price (currTradePrice). It then checks if the price deviation (priceDeviation) from the spot price is within acceptable limits (adjustedMaxPriceImpact).

    1. If the priceDeviation is acceptable, the function re-estimates the tokenOut considering the swap fee. If successful, this trade estimate is returned.

  3. The function initializes lowAmount and highAmount variables to search for an acceptable trade amount if the initial amount is unsuitable.

  4. Within a loop, the function performs a binary search for an acceptable trade amount. It calculates a middle amount (midAmount) between lowAmount and highAmount to attempt a new trade.

  5. If the new tokenOut is zero, the function returns zero coins for both input and output, indicating the trade amount is too small.

  6. If no error occurs with the new trade amount and the priceDeviation is within limits, the function adjusts lowAmount upwards.

  7. If an error occurs with the new trade amount, the function adjusts highAmount downwards to continue the search.

  8. If the loop completes without finding an acceptable trade amount, the function returns zero coins for both input and output.

  9. If a viable trade amount is found, the function performs a final estimation of tokenOut considering the swap fee and returns the estimated trade.

Take Fee

Taker fee distribution is defined in the poolmanager module’s param store:

type TakerFeeParams struct {
    DefaultTakerFee cosmossdk_io_math.LegacyDec `protobuf:"bytes,1,opt,name=default_taker_fee,json=defaultTakerFee,proto3,customtype=cosmossdk.io/math.LegacyDec" json:"default_taker_fee"`

    OsmoTakerFeeDistribution TakerFeeDistributionPercentage `protobuf:"bytes,2,opt,name=osmo_taker_fee_distribution,json=osmoTakerFeeDistribution,proto3" json:"osmo_taker_fee_distribution"`

    NonOsmoTakerFeeDistribution TakerFeeDistributionPercentage `protobuf:"bytes,3,opt,name=non_osmo_taker_fee_distribution,json=nonOsmoTakerFeeDistribution,proto3" json:"non_osmo_taker_fee_distribution"`

    CommunityPoolDenomToSwapNonWhitelistedAssetsTo string `protobuf:"bytes,5,opt,name=community_pool_denom_to_swap_non_whitelisted_assets_to,json=communityPoolDenomToSwapNonWhitelistedAssetsTo,proto3" json:"community_pool_denom_to_swap_non_whitelisted_assets_to,omitempty" yaml:"community_pool_denom_to_swap_non_whitelisted_assets_to"`
}

Not shown here is a separate KVStore, which holds overrides for the defaultTakerFee.

There are also two module accounts involved:

non_native_fee_collector: osmo1g7ajkk295vactngp74shkfrprvjrdwn662dg26
non_native_fee_collector_community_pool: osmo1f3xhl0gqmyhnu49c8k3j7fkdv75ug0xjtaqu09

Lets go through the lifecycle to better understand how taker fee works in a variety of situations, and how each of these parameters and module accounts are used.

Example 1: Non OSMO taker fee

A user makes a swap of USDC to OSMO. First, the protocol checks the KVStore to determine if the the denom pair has a taker fee override. If the pair exists in the KVStore, the taker fee override is used. If the pair does not exist, the defaultTakerFee is used.

In this example, defaultTakerFee is 0.02%. A USDC<>OSMO KVStore exists with an override of 0.01%. Therefore, 0.01% is used.

Now, imagine the amount in is 1000 USDC. This means that the amount of takerFee utilized is 0.01% of 1000, which is 1 USDC.

In the takerFee params, there are two distribution categories:

  1. Taker fees generated in OSMO
  2. Taker fees generated in non-OSMO

Since USDC is non-OSMO, we look at category 2. In both categories, the fees are distributed to a combo of staking rewards and community pool:

type TakerFeeDistributionPercentage struct {
    StakingRewards cosmossdk_io_math.LegacyDec `protobuf:"bytes,1,opt,name=staking_rewards,json=stakingRewards,proto3,customtype=cosmossdk.io/math.LegacyDec" json:"staking_rewards" yaml:"staking_rewards"`
    CommunityPool  cosmossdk_io_math.LegacyDec `protobuf:"bytes,2,opt,name=community_pool,json=communityPool,proto3,customtype=cosmossdk.io/math.LegacyDec" json:"community_pool" yaml:"community_pool"`
}

For simplicity sake, let’s say staking rewards is 40% and community pool is 60%. This means that out of the 1 USDC taken, 0.4 USDC is meant for staking rewards and 0.6 USDC is meant for community pool.

Starting with the community pool funds, the protocol checks if the fee is a whitelisted fee token. If it is, it is sent directly to the community pool. If it is not, it is sent to the non_native_fee_collector_community_pool module address. At epoch, the funds in this account are swapped to the CommunityPoolDenomToSwapNonWhitelistedAssetsTo defined in the poolmanger params above, and then sent all at once to the community pool at that time.

Next, for staking rewards, since this is a non-OSMO token, it is sent directly to the non_native_fee_collector. At epoch, all funds in this module account are swapped to OSMO and distributed directly to OSMO stakers.

Example 2: OSMO taker fee

This example does not differ much from the previous example. In this example, a user is swapping 1000 OSMO for USDC.

Just as before, we search for a KVStore taker fee override before utilizing the default taker fee. Just as before (order does not matter), a KVStore entry for OSMO<>USDC exists, so we utilize a 0.01% taker fee instead of the 0.02% default taker fee. 0.01% of 1000 OSMO is 1 OSMO.

We now check the OsmoTakerFeeDistribution. In this example, let’s say its 20% to community pool and 80% to stakers. This means that 0.2 OSMO is set for community pool and 0.8 is set for stakers.

For community pool, this is just a direct send to community pool.

For staking, we actually ALSO send this to the non_native_fee_collector. At epoch time, this OSMO is just skipped over, while everything else is swapped to OSMO. At the very end, it takes the OSMO directly sent to the non_native_fee_collector along with the non native tokens that were just swapped to OSMO and distributes it to stakers.

Important Note: How to extract the data

If one were to take the total amount of tokens in the two module accounts (non_native_fee_collector and non_native_fee_collector_community_pool), this would be slightly over exaggerating the amount that is generated from taker fees. This is because, when a user uses a non-native token as a FEE TOKEN, this is also sent to the non_native_fee_collector. So there are two options here to extract the info:

  1. Track the delta of the module accounts 1 block after epoch X and 1 block before epoch X+1. Also, track the total non osmo txfees generated in this period. Subtract the total non osmo txfees generated in this period from the delta of the non_native_fee_collector. Add this to the delta of non_native_fee_collector_community_pool values. This is the taker fees generated
  2. This is the less better way, but you can track the SendCoinsFromAccountToModule events from each block. The problem with this is, imagine I swap USDC to OSMO and use USDC as txfee. This would generate three SendCoinsFromAccountToModule events:
    1. Txfee gets sent to non_native_fee_collector
    2. Part of taker fee gets sent to non_native_fee_collector
    3. Other part of taker fee gets sent to non_native_fee_collector_community_pool You could make an assumption here that the txfee is going to be the smaller of the two that gets sent to the non_native_fee_collector, or better the order of operations is going to always be the same, so you can figure out if the first or second send to non_native_fee_collector is the txfee and not track that value

Documentation

Index

Constants

This section is empty.

Variables

This section is empty.

Functions

func CalcTakerFeeExactIn 

func CalcTakerFeeExactIn(tokenIn sdk.Coin, takerFee osmomath.Dec) (sdk.Coin, sdk.Coin)

Returns remaining amount in to swap, and takerFeeCoins. returns (1 - takerFee) * tokenIn, takerFee * tokenIn

func CalcTakerFeeExactOut 

func CalcTakerFeeExactOut(tokenIn sdk.Coin, takerFee osmomath.Dec) (sdk.Coin, sdk.Coin)

func NewMsgServerImpl 

func NewMsgServerImpl(keeper *Keeper) types.MsgServer

func NewPoolManagerProposalHandler 

func NewPoolManagerProposalHandler(k Keeper) govtypesv1.Handler

Types

type Keeper 

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

func NewKeeper 

func NewKeeper(storeKey storetypes.StoreKey, paramSpace paramtypes.Subspace, gammKeeper types.PoolModuleI, concentratedKeeper types.PoolModuleI, cosmwasmpoolKeeper types.PoolModuleI, bankKeeper types.BankI, accountKeeper types.AccountI, communityPoolKeeper types.CommunityPoolI, stakingKeeper types.StakingKeeper, protorevKeeper types.ProtorevKeeper) *Keeper

func (Keeper) AllPools 

func (k Keeper) AllPools(
	ctx sdk.Context,
) ([]types.PoolI, error)

AllPools returns all pools sorted by their ids from every pool module registered in the pool manager keeper.

func (Keeper) CreateConcentratedPoolAsPoolManager 

func (k Keeper) CreateConcentratedPoolAsPoolManager(ctx sdk.Context, msg types.CreatePoolMsg) (types.PoolI, error)

CreateConcentratedPoolAsPoolManager creates a concentrated liquidity pool from given message without sending any initial liquidity to the pool and paying a creation fee. This is meant to be used for creating the pools internally (such as in the upgrade handler). The creator of the pool must be the poolmanager module account. Returns error if not. Otherwise, functions the same as the regular createPoolZeroLiquidityNoCreationFee.

func (Keeper) CreatePool 

func (k Keeper) CreatePool(ctx sdk.Context, msg types.CreatePoolMsg) (uint64, error)

CreatePool attempts to create a pool returning the newly created pool ID or an error upon failure. The pool creation fee is used to fund the community pool. It will create a dedicated module account for the pool and sends the initial liquidity to the created module account.

After the initial liquidity is sent to the pool's account, this function calls an InitializePool function from the source module. That module is responsible for: - saving the pool into its own state - Minting LP shares to pool creator - Setting metadata for the shares

func (Keeper) EstimateTradeBasedOnPriceImpactBalancerPool 

func (k Keeper) EstimateTradeBasedOnPriceImpactBalancerPool(
	ctx sdk.Context,
	req queryproto.EstimateTradeBasedOnPriceImpactRequest,
	spotPrice, adjustedMaxPriceImpact osmomath.Dec,
	swapModule types.PoolModuleI,
	poolI types.PoolI,
) (*queryproto.EstimateTradeBasedOnPriceImpactResponse, error)

EstimateTradeBasedOnPriceImpactBalancerPool estimates a trade based on price impact for a balancer pool type. For a balancer pool if an amount entered is greater than the total pool liquidity the trade estimated would be the full liquidity of the other token. If the amount is small it would return a close 1:1 trade of the smallest units.

func (Keeper) EstimateTradeBasedOnPriceImpactConcentratedLiquidity 

func (k Keeper) EstimateTradeBasedOnPriceImpactConcentratedLiquidity(
	ctx sdk.Context,
	req queryproto.EstimateTradeBasedOnPriceImpactRequest,
	spotPrice, adjustedMaxPriceImpact osmomath.Dec,
	swapModule types.PoolModuleI,
	poolI types.PoolI,
) (*queryproto.EstimateTradeBasedOnPriceImpactResponse, error)

EstimateTradeBasedOnPriceImpactConcentratedLiquidity estimates a trade based on price impact for a concentrated liquidity pool type. For a concentrated liquidity pool if an amount entered is greater than the total pool liquidity the trade estimated would error. If the amount is small it would return tokenOut to be 0 in which case we should return an empty trade. If the estimate returns an error we should ignore it and continue attempting to estimate by halving the input.

func (Keeper) EstimateTradeBasedOnPriceImpactStableSwapPool 

func (k Keeper) EstimateTradeBasedOnPriceImpactStableSwapPool(
	ctx sdk.Context,
	req queryproto.EstimateTradeBasedOnPriceImpactRequest,
	spotPrice, adjustedMaxPriceImpact osmomath.Dec,
	swapModule types.PoolModuleI,
	poolI types.PoolI,
) (*queryproto.EstimateTradeBasedOnPriceImpactResponse, error)

EstimateTradeBasedOnPriceImpactStableSwapPool estimates a trade based on price impact for a stableswap pool type. For a stableswap pool if an amount entered is greater than the total pool liquidity the trade estimated would `panic`. If the amount is small it would return an error, in the case of a `panic` we should ignore it and keep attempting lower input amounts while if it's a normal error we should return an empty trade.

func (Keeper) ExportGenesis 

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

ExportGenesis returns the poolmanager module's exported genesis.

func (Keeper) GetAllTradingPairTakerFees 

func (k Keeper) GetAllTradingPairTakerFees(ctx sdk.Context) ([]types.DenomPairTakerFee, error)

GetAllTradingPairTakerFees returns all the custom taker fees for trading pairs.

func (Keeper) GetDefaultTakerFee 

func (k Keeper) GetDefaultTakerFee(ctx sdk.Context) sdk.Dec

func (Keeper) GetLegacyTakerFeeTrackerForCommunityPool 

func (k Keeper) GetLegacyTakerFeeTrackerForCommunityPool(ctx sdk.Context) (currentTakerFeeForCommunityPool sdk.Coins)

GetLegacyTakerFeeTrackerForCommunityPool is the legacy getter, to be used in the v22 upgrade handler and removed in v23.

func (Keeper) GetLegacyTakerFeeTrackerForStakers 

func (k Keeper) GetLegacyTakerFeeTrackerForStakers(ctx sdk.Context) (currentTakerFeeForStakers sdk.Coins)

GetLegacyTakerFeeTrackerForStakers is the legacy getter, to be used in the v22 upgrade handler and removed in v23.

func (Keeper) GetNextPoolId 

func (k Keeper) GetNextPoolId(ctx sdk.Context) uint64

GetNextPoolId returns the next pool id.

func (Keeper) GetOsmoVolumeForPool 

func (k Keeper) GetOsmoVolumeForPool(ctx sdk.Context, poolId uint64) osmomath.Int

GetOsmoVolumeForPool gets the total OSMO-denominated historical volume for a given pool ID.

func (Keeper) GetParams 

func (k Keeper) GetParams(ctx sdk.Context) (params types.Params)

GetParams returns the total set of poolmanager parameters.

func (Keeper) GetPool 

func (k Keeper) GetPool(
	ctx sdk.Context,
	poolId uint64,
) (types.PoolI, error)

func (Keeper) GetPoolModule 

func (k Keeper) GetPoolModule(ctx sdk.Context, poolId uint64) (types.PoolModuleI, error)

GetPoolModule returns the swap module for the given pool ID. Returns error if: - any database error occurs. - fails to find a pool with the given id. - the swap module of the type corresponding to the pool id is not registered in poolmanager's keeper constructor. TODO: unexport after concentrated-liqudity upgrade. Currently, it is exported for the upgrade handler logic and tests.

func (Keeper) GetTakerFeeTrackerForCommunityPool 

func (k Keeper) GetTakerFeeTrackerForCommunityPool(ctx sdk.Context) []sdk.Coin

GetTakerFeeTrackerForCommunityPool returns the taker fee for community pool tracker for all denoms that has been collected since the accounting height.

func (Keeper) GetTakerFeeTrackerForCommunityPoolByDenom 

func (k Keeper) GetTakerFeeTrackerForCommunityPoolByDenom(ctx sdk.Context, denom string) (sdk.Coin, error)

GetTakerFeeTrackerForCommunityPoolByDenom returns the taker fee for community pool tracker for the specified denom that has been collected since the accounting height. If the denom is not found, a zero coin is returned.

func (Keeper) GetTakerFeeTrackerForStakers 

func (k Keeper) GetTakerFeeTrackerForStakers(ctx sdk.Context) []sdk.Coin

GetTakerFeeTrackerForStakers returns the taker fee for stakers tracker for all denoms that has been collected since the accounting height.

func (Keeper) GetTakerFeeTrackerForStakersByDenom 

func (k Keeper) GetTakerFeeTrackerForStakersByDenom(ctx sdk.Context, denom string) (sdk.Coin, error)

GetTakerFeeTrackerForStakersByDenom returns the taker fee for stakers tracker for the specified denom that has been collected since the accounting height. If the denom is not found, a zero coin is returned.

func (Keeper) GetTakerFeeTrackerStartHeight 

func (k Keeper) GetTakerFeeTrackerStartHeight(ctx sdk.Context) int64

GetTakerFeeTrackerStartHeight gets the height from which we started accounting for taker fees.

func (Keeper) GetTotalPoolLiquidity 

func (k Keeper) GetTotalPoolLiquidity(ctx sdk.Context, poolId uint64) (sdk.Coins, error)

GetTotalPoolLiquidity gets the total liquidity for a given poolId.

func (Keeper) GetTotalVolumeForPool 

func (k Keeper) GetTotalVolumeForPool(ctx sdk.Context, poolId uint64) sdk.Coins

GetTotalVolumeForPool gets the total historical volume in all supported denominations for a given pool ID.

func (Keeper) GetTradingPairTakerFee 

func (k Keeper) GetTradingPairTakerFee(ctx sdk.Context, denom0, denom1 string) (osmomath.Dec, error)

GetTradingPairTakerFee returns the taker fee for the given trading pair. If the trading pair does not exist, it returns the default taker fee.

func (Keeper) HandleDenomPairTakerFeeProposal 

func (k Keeper) HandleDenomPairTakerFeeProposal(ctx sdk.Context, p *types.DenomPairTakerFeeProposal) error

func (Keeper) InitGenesis 

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

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

func (Keeper) ListPoolsByDenom 

func (k Keeper) ListPoolsByDenom(
	ctx sdk.Context,
	denom string,
) ([]types.PoolI, error)

ListPoolsByDenom returns all pools by denom sorted by their ids from every pool module registered in the pool manager keeper.

func (Keeper) MultihopEstimateInGivenExactAmountOut 

func (k Keeper) MultihopEstimateInGivenExactAmountOut(
	ctx sdk.Context,
	route []types.SwapAmountOutRoute,
	tokenOut sdk.Coin,
) (tokenInAmount osmomath.Int, err error)

func (Keeper) MultihopEstimateOutGivenExactAmountIn 

func (k Keeper) MultihopEstimateOutGivenExactAmountIn(
	ctx sdk.Context,
	route []types.SwapAmountInRoute,
	tokenIn sdk.Coin,
) (tokenOutAmount osmomath.Int, err error)

func (Keeper) RouteCalculateSpotPrice 

func (k Keeper) RouteCalculateSpotPrice(
	ctx sdk.Context,
	poolId uint64,
	quoteAssetDenom string,
	baseAssetDenom string,
) (price osmomath.BigDec, err error)

func (Keeper) RouteExactAmountIn 

func (k Keeper) RouteExactAmountIn(
	ctx sdk.Context,
	sender sdk.AccAddress,
	route []types.SwapAmountInRoute,
	tokenIn sdk.Coin,
	tokenOutMinAmount osmomath.Int,
) (tokenOutAmount osmomath.Int, err error)

RouteExactAmountIn processes a swap along the given route using the swap function corresponding to poolID's pool type. It takes in the input denom and amount for the initial swap against the first pool and chains the output as the input for the next routed pool until the last pool is reached. Transaction succeeds if final amount out is greater than tokenOutMinAmount defined and no errors are encountered along the way.

func (Keeper) RouteExactAmountOut 

func (k Keeper) RouteExactAmountOut(ctx sdk.Context,
	sender sdk.AccAddress,
	route []types.SwapAmountOutRoute,
	tokenInMaxAmount osmomath.Int,
	tokenOut sdk.Coin,
) (tokenInAmount osmomath.Int, err error)

RouteExactAmountOut processes a swap along the given route using the swap function corresponding to poolID's pool type. This function is responsible for computing the optimal output amount for a given input amount when swapping tokens, taking into account the current price of the tokens in the pool and any slippage. Transaction succeeds if the calculated tokenInAmount of the first pool is less than the defined tokenInMaxAmount defined.

func (Keeper) RouteGetPoolDenoms 

func (k Keeper) RouteGetPoolDenoms(
	ctx sdk.Context,
	poolId uint64,
) (denoms []string, err error)

func (Keeper) SenderValidationSetDenomPairTakerFee 

func (k Keeper) SenderValidationSetDenomPairTakerFee(ctx sdk.Context, sender, denom0, denom1 string, takerFee osmomath.Dec) error

SenderValidationSetDenomPairTakerFee sets the taker fee for the given trading pair iff the sender's address also exists in the pool manager taker fee admin address list.

func (Keeper) SetDenomPairTakerFee 

func (k Keeper) SetDenomPairTakerFee(ctx sdk.Context, denom0, denom1 string, takerFee osmomath.Dec)

SetDenomPairTakerFee sets the taker fee for the given trading pair. If the taker fee for this denom pair matches the default taker fee, then it is deleted from state.

func (Keeper) SetNextPoolId 

func (k Keeper) SetNextPoolId(ctx sdk.Context, poolId uint64)

SetNextPoolId sets next pool Id.

func (Keeper) SetParam 

func (k Keeper) SetParam(ctx sdk.Context, key []byte, value interface{})

SetParam sets a specific poolmanger module's parameter with the provided parameter.

func (Keeper) SetParams 

func (k Keeper) SetParams(ctx sdk.Context, params types.Params)

SetParams sets the total set of poolmanager parameters.

func (*Keeper) SetPoolIncentivesKeeper 

func (k *Keeper) SetPoolIncentivesKeeper(poolIncentivesKeeper types.PoolIncentivesKeeperI)

SetPoolIncentivesKeeper sets pool incentives keeper

func (Keeper) SetPoolRoute 

func (k Keeper) SetPoolRoute(ctx sdk.Context, poolId uint64, poolType types.PoolType)

func (*Keeper) SetProtorevKeeper 

func (k *Keeper) SetProtorevKeeper(protorevKeeper types.ProtorevKeeper)

SetProtorevKeeper sets protorev keeper

func (*Keeper) SetStakingKeeper 

func (k *Keeper) SetStakingKeeper(stakingKeeper types.StakingKeeper)

SetStakingKeeper sets staking keeper

func (Keeper) SetTakerFeeTrackerStartHeight 

func (k Keeper) SetTakerFeeTrackerStartHeight(ctx sdk.Context, startHeight int64)

SetTakerFeeTrackerStartHeight sets the height from which we started accounting for taker fees.

func (Keeper) SetVolume 

func (k Keeper) SetVolume(ctx sdk.Context, poolId uint64, totalVolume sdk.Coins)

SetVolume sets the given volume to the global tracked volume for the given pool ID. Note that this function is exported for cross-module testing purposes and should not be called directly from other modules.

func (Keeper) SplitRouteExactAmountIn 

func (k Keeper) SplitRouteExactAmountIn(
	ctx sdk.Context,
	sender sdk.AccAddress,
	routes []types.SwapAmountInSplitRoute,
	tokenInDenom string,
	tokenOutMinAmount osmomath.Int,
) (osmomath.Int, error)

SplitRouteExactAmountIn routes the swap across multiple multihop paths to get the desired token out. This is useful for achieving the most optimal execution. However, note that the responsibility of determining the optimal split is left to the client. This method simply route the swap across the given route. The route must end with the same token out and begin with the same token in.

It performs the price impact protection check on the combination of tokens out from all multihop paths. The given tokenOutMinAmount is used for comparison.

Returns error if:

  • route are empty
  • route contain duplicate multihop paths
  • last token out denom is not the same for all multihop paths in routeStep
  • one of the multihop swaps fails for internal reasons
  • final token out computed is not positive
  • final token out computed is smaller than tokenOutMinAmount

func (Keeper) SplitRouteExactAmountOut 

func (k Keeper) SplitRouteExactAmountOut(
	ctx sdk.Context,
	sender sdk.AccAddress,
	route []types.SwapAmountOutSplitRoute,
	tokenOutDenom string,
	tokenInMaxAmount osmomath.Int,
) (osmomath.Int, error)

SplitRouteExactAmountOut route the swap across multiple multihop paths to get the desired token in. This is useful for achieving the most optimal execution. However, note that the responsibility of determining the optimal split is left to the client. This method simply route the swap across the given route. The route must end with the same token out and begin with the same token in.

It performs the price impact protection check on the combination of tokens in from all multihop paths. The given tokenInMaxAmount is used for comparison.

Returns error if:

  • route are empty
  • route contain duplicate multihop paths
  • last token out denom is not the same for all multihop paths in routeStep
  • one of the multihop swaps fails for internal reasons
  • final token out computed is not positive
  • final token out computed is smaller than tokenInMaxAmount

func (Keeper) SwapExactAmountIn 

func (k Keeper) SwapExactAmountIn(
	ctx sdk.Context,
	sender sdk.AccAddress,
	poolId uint64,
	tokenIn sdk.Coin,
	tokenOutDenom string,
	tokenOutMinAmount osmomath.Int,
) (tokenOutAmount osmomath.Int, err error)

SwapExactAmountIn is an API for swapping an exact amount of tokens as input to a pool to get a minimum amount of the desired token out. The method succeeds when tokenOutAmount is greater than tokenOutMinAmount defined. Errors otherwise. Also, errors if the pool id is invalid, if tokens do not belong to the pool with given id or if sender does not have the swapped-in tokenIn.

func (Keeper) SwapExactAmountInNoTakerFee 

func (k Keeper) SwapExactAmountInNoTakerFee(
	ctx sdk.Context,
	sender sdk.AccAddress,
	poolId uint64,
	tokenIn sdk.Coin,
	tokenOutDenom string,
	tokenOutMinAmount osmomath.Int,
) (tokenOutAmount osmomath.Int, err error)

SwapExactAmountInNoTakerFee is an API for swapping an exact amount of tokens as input to a pool to get a minimum amount of the desired token out. This method does NOT charge a taker fee, and should only be used in txfees hooks when swapping taker fees. This prevents us from charging taker fees on top of taker fees.

func (Keeper) TotalLiquidity 

func (k Keeper) TotalLiquidity(ctx sdk.Context) (sdk.Coins, error)

TotalLiquidity gets the total liquidity across all pools.

func (Keeper) UpdateTakerFeeTrackerForCommunityPoolByDenom 

func (k Keeper) UpdateTakerFeeTrackerForCommunityPoolByDenom(ctx sdk.Context, denom string, increasedAmt osmomath.Int) error

UpdateTakerFeeTrackerForCommunityPoolByDenom increases the take fee for community pool tracker for the specified denom by the specified amount.

func (Keeper) UpdateTakerFeeTrackerForStakersByDenom 

func (k Keeper) UpdateTakerFeeTrackerForStakersByDenom(ctx sdk.Context, denom string, increasedAmt osmomath.Int) error

UpdateTakerFeeTrackerForStakersByDenom increases the take fee for stakers tracker for the specified denom by the specified amount.

Source Files

View all Source files

Directories

Path Synopsis
cli
grpc
grpcv2
queryproto
Package queryproto is a reverse proxy.
 Package queryproto is a reverse proxy.
queryprotov2
Package queryprotov2 is a reverse proxy.
 Package queryprotov2 is a reverse proxy.
testutil

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