We've been wanting to migrate to an AMM for a few reasons, including:
Solve spam w/o causing people to burn money by requiring AMM liquidity, which serves a useful purpose
Easier to incentivize than order book volume
TWAPs on AMMs make more sense than TWAPs on order books because (1) you don't need to worry about dust orders clearing out the book (2) you're guaranteed a similar level of liquidity around the mid (3) you don't need to define how large spreads need to be
@Henry-E found that Raydium CLMM provides some oracle functionality. It doesn't provide the manipulation-resistance mechanisms we need, but we can build them on top. Importantly, it records observations before any trades have been made in a slot. This prevents someone from moving the AMM price to infinity, forcing an observation, and then selling back atomically.
What we can do is build a wrapper program that anyone can crank with recent observations and which stores those observations into its own data. This would also allow us to trade conditional markets through Jupiter, which is pretty cool.
We've been wanting to migrate to an AMM for a few reasons, including:
@Henry-E found that Raydium CLMM provides some oracle functionality. It doesn't provide the manipulation-resistance mechanisms we need, but we can build them on top. Importantly, it records observations before any trades have been made in a slot. This prevents someone from moving the AMM price to infinity, forcing an observation, and then selling back atomically.
What we can do is build a wrapper program that anyone can crank with recent observations and which stores those observations into its own data. This would also allow us to trade conditional markets through Jupiter, which is pretty cool.
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