deanpress/solidly

Solidly allows low cost, near 0 slippage trades on uncorrelated or tightly correlated assets. The protocol incentivizes fees instead of liquidity. Liquidity providers (LPs) are given incentives in the form of token, the amount received is calculated as follows;

100% of weekly distribution weighted on votes from ve-token holders

The above is distributed to the gauge (see below), however LPs will earn between 40% and 100% based on their own ve-token balance.

LPs with 0 ve* balance, will earn a maximum of 40%.

AMM

What differentiates Solidly's AMM;

Solidly AMMs are compatible with all the standard features as popularized by Uniswap V2, these include;

Lazy LP management
Fungible LP positions
Chained swaps to route between pairs
priceCumulativeLast that can be used as external TWAP
Flashloan proof TWAP
Direct LP rewards via skim
xy>=k

Solidly adds on the following features;

0 upkeep 30 minute TWAPs. This means no additional upkeep is required, you can quote directly from the pair
Fee split. Fees do not auto accrue, this allows external protocols to be able to profit from the fee claim
New curve: x3y+y3x, which allows efficient stable swaps
Curve quoting: y = (sqrt((27 a^3 b x^2 + 27 a b^3 x^2)^2 + 108 x^12) + 27 a^3 b x^2 + 27 a b^3 x^2)^(1/3)/(3 2^(1/3) x) - (2^(1/3) x^3)/(sqrt((27 a^3 b x^2 + 27 a b^3 x^2)^2 + 108 x^12) + 27 a^3 b x^2 + 27 a b^3 x^2)^(1/3)
Routing through both stable and volatile pairs
Flashloan proof reserve quoting

token

TBD

ve-token

Vested Escrow (ve), this is the core voting mechanism of the system, used by BaseV1Factory for gauge rewards and gauge voting.

This is based off of ve(3,3) as proposed here

deposit_for deposits on behalf of
emit Transfer to allow compatibility with third party explorers
balance is moved to tokenId instead of address
Locks are unique as NFTs, and not on a per address basis

function balanceOfNFT(uint) external returns (uint)

BaseV1Pair

Base V1 pair is the base pair, referred to as a pool, it holds two (2) closely correlated assets (example MIM-UST) if a stable pool or two (2) uncorrelated assets (example FTM-SPELL) if not a stable pool, it uses the standard UniswapV2Pair interface for UI & analytics compatibility.

function mint(address to) external returns (uint liquidity)
function burn(address to) external returns (uint amount0, uint amount1)
function swap(uint amount0Out, uint amount1Out, address to, bytes calldata data) external

Functions should not be referenced directly, should be interacted with via the BaseV1Router

Fees are not accrued in the base pair themselves, but are transfered to BaseV1Fees which has a 1:1 relationship with BaseV1Pair

BaseV1Factory

Base V1 factory allows for the creation of pools via function createPair(address tokenA, address tokenB, bool stable) external returns (address pair)

Base V! factory uses an immutable pattern to create pairs, further reducing the gas costs involved in swaps

Anyone can create a pool permissionlessly.

BaseV1Router

Base V1 router is a wrapper contract and the default entry point into Stable V1 pools.


function addLiquidity(
    address tokenA,
    address tokenB,
    bool stable,
    uint amountADesired,
    uint amountBDesired,
    uint amountAMin,
    uint amountBMin,
    address to,
    uint deadline
) external ensure(deadline) returns (uint amountA, uint amountB, uint liquidity)

function removeLiquidity(
    address tokenA,
    address tokenB,
    bool stable,
    uint liquidity,
    uint amountAMin,
    uint amountBMin,
    address to,
    uint deadline
) public ensure(deadline) returns (uint amountA, uint amountB)

function swapExactTokensForTokens(
    uint amountIn,
    uint amountOutMin,
    route[] calldata routes,
    address to,
    uint deadline
) external ensure(deadline) returns (uint[] memory amounts)

Gauge

Gauges distribute arbitrary token(s) rewards to BaseV1Pair LPs based on voting weights as defined by ve voters.

Arbitrary rewards can be added permissionlessly via function notifyRewardAmount(address token, uint amount) external

Gauges are completely overhauled to separate reward calculations from deposit and withdraw. This further protect LP while allowing for infinite token calculations.

Previous iterations would track rewardPerToken as a shift everytime either totalSupply, rewardRate, or time changed. Instead we track each individually as a checkpoint and then iterate and calculation.

Bribe

Gauge bribes are natively supported by the protocol, Bribes inherit from Gauges and are automatically adjusted on votes.

Users that voted can claim their bribes via calling function getReward(address token) public

Fees accrued by Gauges are distributed to Bribes

BaseV1Voter

Gauge factory permissionlessly creates gauges for pools created by BaseV1Factory. Further it handles voting for 100% of the incentives to pools.

function vote(address[] calldata _poolVote, uint[] calldata _weights) external
function distribute(address token) external

Testnet deployment

Name	Address
wFTM	0x27Ce41c3cb9AdB5Edb2d8bE253A1c6A64Db8c96d
USDT	0x8ad96050318043166114884b59E2fc82210273b3
MIM	0x976e33B07565b0c05B08b2e13AfFD3113e3D178d
BaseV1Factory	0xace5dB14f89D49Aa612bD62caf98f71A5916f9E4
BaseV1Router01	0x55974E7Ed4A95728d24aF056aEA2847F3E79c5f5
BaseV1	0xc30EB4dD0187AaD1428b998B251aa7d124783905
tokenizer	0x3092326DB3220b5102A2999e8A5e80cd7503E1b5
ve3	0xeEe7131B79DF27C7dD61DFaEc66474C3A949cDe5
ve3-dist	0x6d8A9761DCD425912cfb3285AEF2Bde4eb8B416c
BaseV1GaugesFactory	0x1d601AccbACB22CFA76831eb0ea68A27A39386CC
BaseV1GaugesVoter	0xe6E56E917A628232B3cbd78A66e0FC78d480CA12
BaseV1Minter	0x7d252ecB5f77D8a5bb8010Cb9C22725B8a99d4B1

deanpress / solidly

AMM