Implement AMM curve for like-asset pairs in Agoric

rowgraus commented 3 years ago

Description

Implement a curve for Agoric's Automated Market Maker (AMM) which minimizes slippage, similar to curve.fi's StableSwap in Ethereum.

A completed bounty will include:

A new version of bondingCurves.js using new curve structure
An update to Agoric's MultiPool Autoswap contract to include a term that chooses which bonding curve to use

Context

Standard X*Y=K automated market maker (AMM) curves are meant for asset pairs which have relative volatility and require price responses (slippage) based on trades.

However, there is a large demand for AMM swaps of like-assets (e.g., USDC-USDT, WBTC-TBTC, ETH-sETH) - particularly stablecoin pairs - for which the slippage driven by X*Y=K curves is not desirable. Curve.Fi's StableSwap implementation on Ethereum has had great success driving high volume of these trades.

Agoric's stable local currency RUN will need to trade against other stablecoins with minimal slippage. This adjusted curve implementation will allow for that.

Acceptance Criteria

Price slippage for a given trade and pool size is comparable to StableSwap
Pool value never declines on swap, as confirmed by testing framework
Rounding of values gives preferential treatment to the pool
Bonding curve price calculations use ratios and amountMath rather than Nat
Offer safety and rights conservation are not violated on trades

Time Estimation

2-3 weeks

Reward

$9,600

Payment will be made in USD (fiat currency) via wire transfer. The developer is responsible for providing their completed tax documents (W9 for US based developers and/or W8 or W8-BEN-E for non-US based developers) and providing their banking details in order to receive payment.

Applicant Assessment Criteria

Important: Please provide a clear workplan for how you will approach this bounty. Use the work plan as an initial demonstration that you would be a good candidate. Bounties will require coordination with the Agoric team, so unfortunately only plans submitted in English will be considered.

Applicants will be assessed based on the following criteria:

Javascript Experience
Demonstrated familiarity with curve.fi whitepaper and associated math
Familiarity with Agoric's platform
Availability and communication

References

Agoric Documentation: https://agoric.com/documentation/getting-started/
Curve.Fi's StableSwap implementation: https://curve.fi/files/stableswap-paper.pdf
Agoric's AMM X*Y=K curve logic: https://github.com/Agoric/agoric-sdk/blob/master/packages/zoe/src/contractSupport/bondingCurves.js
Agoric's AMM: https://github.com/Agoric/agoric-sdk/tree/master/packages/zoe/src/contracts/multipoolAutoswap
bounties channel on Agoric Discord for questions!

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 6400.0 USD (6396.8 USD @ $1.0/USD) attached to it as part of the Agoric fund.

If you would like to work on this issue you can 'start work' on the Gitcoin Issue Details page.
- Want to chip in? Add your own contribution here.
- Questions? Checkout Gitcoin Help or the Gitcoin's Discord
- $2,236,842.08 more funded OSS Work available on the Gitcoin Issue Explorer

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

The funding of 6400.0 USD (6396.8 USD @ $1.0/USD) attached to this issue has been cancelled by the bounty submitter

Questions? Checkout Gitcoin Help or the Gitcoin's Discord
$2,236,842.08 more funded OSS Work available on the Gitcoin Issue Explorer

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 9600.0 USD (9595.2 USD @ $1.0/USD) attached to it as part of the Agoric fund.

If you would like to work on this issue you can 'start work' on the Gitcoin Issue Details page.
- Want to chip in? Add your own contribution here.
- Questions? Checkout Gitcoin Help or the Gitcoin's Discord
- $2,039,230.13 more funded OSS Work available on the Gitcoin Issue Explorer

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Workers have applied to start work.

These users each claimed they can complete the work by 265 years, 4 months from now. Please review their action plans below:

1) astrovicis has applied to start work _(Funders only: approve worker | reject worker)_.

review the StableSwap invariant math in the whitepaper
branch master:
- modify bondingCurves methods
- modify zoe multiPoolAutoswap files (constantProduct.js and possibly others)

Learn more on the Gitcoin Issue Details page.

gitcoinbot commented 3 years ago

@branmcf Hello from Gitcoin Core - are you still working on this issue? Please submit a WIP PR or comment back within the next 3 days or you will be removed from this ticket and it will be returned to an ‘Open’ status. Please let us know if you have questions!

[x] reminder (3 days)
[ ] escalation to mods (6 days)

Funders only: Snooze warnings for 1 day | 3 days | 5 days | 10 days | 100 days