Definition: [
"autonomous agent",
{
"doc_url": "https://pyth.ooo/perpetual.json",
"getters": "{
$trade_merge_period = 1; // seconds
$get_param = ($name, $default) => {
$value = var[$name];
exists($value) ? $value : (exists(params[$name]) ? params[$name] : $default)
};
$get_swap_fee = () => $get_param('swap_fee', 0.003);
$get_arb_profit_tax = () => $get_param('arb_profit_tax', 0.9);
$get_adjustment_period = () => $get_param('adjustment_period', 3 * 24 * 3600); // 3 days
$get_presale_period = () => $get_param('presale_period', 14 * 24 * 3600); // 14 days
$get_auction_price_halving_period = () => $get_param('auction_price_halving_period', 3 * 24 * 3600); // 3 days
$get_token_share_threshold = () => $get_param('token_share_threshold', 0.1); // 10%
$get_min_s0_share = () => $get_param('min_s0_share', 0.01); // 1%
$get_stakers_fee_share = () => $get_param('stakers_fee_share', 0.5); // 50%
$get_reserve_price_aa = () => $get_param('reserve_price_aa');
$pow2 = $x => $x*$x;
$adjust_prices = ($asset, $asset_info, $state) => {
if ($state.asset0 == $asset)
return;
$elapsed = timestamp - $asset_info.last_ts;
$asset_info.last_ts = timestamp;
if ($asset_info.presale AND $asset_info.preipo){
$target_price = $asset_info.last_auction_price;
}
else{
$price_aa = $asset_info.price_aa;
if (!$price_aa)
return;
// $target_price is in terms of the reserve currency.
// Both $get_target_price() and $get_reserve_price() return prices in USD (or some other common currency)
$target_price = $price_aa#3.$get_target_price() / $get_reserve_price_aa()#8.$get_reserve_price();
if (typeof($target_price) != 'number' OR $target_price < 0)
return;
}
if ($asset_info.presale){
if (
$asset_info.presale_amount
AND (
timestamp >= $asset_info.presale_finish_ts
OR $asset_info.presale_amount >= $get_token_share_threshold() * $state.reserve
// we can exceed max_tokens
OR $asset_info.preipo AND $asset_info.presale_amount / $target_price >= $asset_info.max_tokens
)
){ // add the reserve and launch trading
delete($asset_info, 'presale');
$asset_info.initial_price = $target_price;
$asset_info.supply = floor($asset_info.presale_amount / $target_price);
$asset_info.a = $pow2($target_price / $state.coef) * $state.reserve/$asset_info.presale_amount;
$new_reserve = $state.reserve + $asset_info.presale_amount;
$state.coef = $state.coef * sqrt($new_reserve/$state.reserve);
$state.reserve = $new_reserve;
}
return;
}
$r = $state.reserve;
$c = $state.coef;
$s = $asset_info.supply;
$a = $asset_info.a;
$p = $c*$c * $a * $s / $r;
$s0 = $state.s0;
if (!$s)
return;
$full_delta_p = $target_price - $p;
$adjustment_period = $get_adjustment_period();
$delta_p = $elapsed >= $adjustment_period ? $full_delta_p : $elapsed/$adjustment_period*$full_delta_p;
// $delta_a = $a * $delta_p/$p; // >= -$a
// $asset_info.a = $asset_info.a + $delta_a; // stays positive
// $state.coef = $c / sqrt(1 + $delta_a * $pow2($s * $c / $r));
$new_c = $c * sqrt(1 - $s * $r * $delta_p / ($r*$r - $a * $pow2($c * $s)));
require(($new_c - $c) * $delta_p <= 0, "c should change opposite to p");
$new_a = ($p + $delta_p) * $r / $new_c/$new_c / $s;
require(($new_a - $a) * $delta_p >= 0, "a should change as p");
$asset_info.a = $new_a;
$state.coef = $new_c;
// apply drift that slowly depreciates p and moves the wealth to s0 holders
if ($asset_info.drift_rate){
$relative_price_drift = $elapsed/360/24/3600 * $asset_info.drift_rate;
if ($relative_price_drift < 1){
$asset_info.a = $asset_info.a * (1 - $relative_price_drift);
$state.a0 = $state.a0 + $pow2($s/$s0) * $asset_info.a * $relative_price_drift;
require($state.a0 > 0, "a0 would become negative");
}
}
// keeping s0 share above some minimum
$a0 = $state.a0;
$c1 = $state.coef;
$s0_share = $a0 * $pow2($s0 * $c1 / $r);
$min_s0_share = $get_min_s0_share();
if ($s0_share < $min_s0_share){
$new_a0 = ($pow2($r/$c1/$s0) - $a0) / (1/$min_s0_share - 1);
$new_c2 = $r/$s0 * sqrt($min_s0_share/$new_a0);
require($new_a0 > $a0, "a0 should grow");
require($new_c2 < $c, "c should fall");
$state.a0 = $new_a0;
$state.coef = $new_c;
}
};
$get_auction_price = ($asset) => {
$state = var['state'];
$asset_info = var['asset_'||$asset];
require($asset_info, "no such asset");
require($asset_info.preipo, "not a pre-IPO");
$asset_info.initial_auction_price / 2^((timestamp - $asset_info.creation_ts)/$get_auction_price_halving_period())
};
$get_price = ($asset, $bWithPriceAdjustment) => {
$state = var['state'];
$bAsset0 = $state.asset0 == $asset;
if (!$bAsset0) {
$asset_info = var['asset_'||$asset];
require($asset_info, "no such asset");
if ($bWithPriceAdjustment)
$adjust_prices($asset, $asset_info, $state);
}
$r = $state.reserve;
$c = $state.coef;
$s = $bAsset0 ? $state.s0 : $asset_info.supply;
$a = $bAsset0 ? $state.a0 : $asset_info.a;
$p = $c*$c * $a * $s / $r;
$p
};
$get_exchange_result_by_state = ($tokens, $delta_r, $asset, $asset_info, $state, $trigger_initial_address) => {
require($tokens > 0 AND $delta_r == 0 OR $tokens == 0 AND $delta_r > 0, "invalid input");
$op = $tokens ? 'sell' : 'buy';
$bAsset0 = $state.asset0 == $asset;
$r = $state.reserve;
$c = $state.coef;
$a0 = $state.a0;
$s = $bAsset0 ? $state.s0 : $asset_info.supply;
$a = $bAsset0 ? $state.a0 : $asset_info.a;
$p = $s ? $c*$c * $a * $s / $r : 0;
// log('p = ', $p);
$bInitial = $bAsset0 AND ($r == 0);
$key = 'last_'||$op;
$last_trade = $bAsset0 ? $state[$key] : $asset_info[$key];
$bMerge = (timestamp <= $last_trade.ts + $trade_merge_period AND $trigger_initial_address == $last_trade.address);
$recent_tax = $bMerge ? $last_trade.tax : 0;
$recent_delta_s = $bMerge ? $last_trade.delta_s : 0;
$initial_p = $bMerge ? ($tokens ? max($p, $last_trade.initial_p) : min($p, $last_trade.initial_p)) : $p;
$swap_fee_rate = $bInitial ? 0 : $get_swap_fee();
$arb_profit_tax_rate = $bInitial ? 0 : $get_arb_profit_tax();
$stakers_fee_share = $get_stakers_fee_share();
$a0_fee_share = 1 - $stakers_fee_share;
$get_new_s = ($new_r, $fee_rate) => sqrt($s*$s + ($new_r*$new_r - $r*$r)/$c/$c/$a * (1 - $fee_rate));
$get_new_r = ($new_s, $fee_rate) => sqrt($r*$r + ($new_s*$new_s - $s*$s)*$c*$c*$a * (1 - $fee_rate));
if ($tokens) { // selling tokens
$delta_s = -$tokens;
$new_s = $s - $tokens;
$new_r1 = $get_new_r($new_s, $swap_fee_rate);
$new_a1 = $bAsset0 ? ($a * $s*$s + ($new_r1*$new_r1 - $r*$r)/$c/$c)/$new_s/$new_s : $a;
$new_p1 = $c*$c * $new_a1 * $new_s / $new_r1;
require($new_p1 < $p OR abs($new_p1 - $p)/$p < $swap_fee_rate, "price should go down when selling, got "||$p||" => "||$new_p1);
$arb_profit_tax = $arb_profit_tax_rate * abs($initial_p - $new_p1) * ($tokens - $recent_delta_s) / 2 - $recent_tax;
require($arb_profit_tax >= 0, "negative arb profit tax "||$arb_profit_tax);
$full_fee_rate = $swap_fee_rate + $arb_profit_tax/($r - $new_r1);
require($full_fee_rate < 1, "fee would exceed 100%");
$new_r_gross = ceil($get_new_r($new_s, $full_fee_rate));
require($new_r_gross <= $r, "r_gross would increase to "||$new_r_gross);
$new_r = ceil($get_new_r($new_s, $full_fee_rate * $a0_fee_share));
require($new_r <= $r, "r would increase to "||$new_r);
$staker_fee = $new_r_gross - $new_r;
require($staker_fee >= 0, "negative staker fee "||$staker_fee);
$payout = $r - $new_r_gross;
$swap_fee = $swap_fee_rate * $payout;
$total_fee = $swap_fee + $arb_profit_tax;
// $new_r = $net_new_r + $swap_fee;
}
else { // buying tokens
$new_r_gross = $r + $delta_r;
$swap_fee = $swap_fee_rate * $delta_r;
$new_s1 = $get_new_s($new_r_gross, $swap_fee_rate);
// log('new_s1 = ', $new_s1, 'delta', $new_s1 - $s);
$new_a1 = $bAsset0 ? ($a * $s*$s + ($new_r_gross*$new_r_gross - $r*$r)/$c/$c)/$new_s1/$new_s1 : $a;
$new_p1 = $c*$c * $new_a1 * $new_s1 / $new_r_gross;
// log('new_p1 = ', $new_p1, 'delta', $new_p1 - $p);
require($new_p1 > $p, "price should go up when buying, got "||$p||" => "||$new_p1);
$arb_profit_tax = $arb_profit_tax_rate * ($new_p1 - $initial_p) * ($new_s1 - $s + $recent_delta_s) / 2 - $recent_tax;
require($arb_profit_tax >= 0, "negative arb profit tax "||$arb_profit_tax);
$total_fee = $swap_fee + $arb_profit_tax;
$staker_fee = floor($total_fee * $stakers_fee_share);
$full_fee_rate = $swap_fee_rate + $arb_profit_tax/$delta_r;
require($full_fee_rate < 1, "fee would exceed 100%");
$new_r = $new_r_gross - $staker_fee;
$new_s = floor($get_new_s($new_r, $full_fee_rate * $a0_fee_share)); // rounding is like an additional fee
// log('new_s = ', $new_s);
$delta_s = $new_s - $s;
require($delta_s >= 0, "s would decrease by "||$delta_s);
}
$state.a0 = $bAsset0
? ($state.a0 * $s*$s + ($new_r*$new_r - $r*$r)/$c/$c)/$new_s/$new_s
: $a0 + (($new_r*$new_r - $r*$r)/$c/$c - $a * ($new_s*$new_s - $s*$s))/$state.s0/$state.s0;
require($state.a0 >= $a0, "a0 should grow "||$a0||" => "||$state.a0);
$state.reserve = $new_r;
if ($bAsset0)
$state.s0 = $new_s;
else
$asset_info.supply = $new_s;
$new_p = $c*$c * $a * $new_s / $new_r; // fix
// log('new_p = ', $new_p);
// if ($tokens)
// $arb_profit_tax = $arb_profit_tax_rate * abs(($new_p - $p) * ($new_s - $s) / 2);
$fee_percent = $total_fee / ($tokens ? $payout : $delta_r) * 100;
$state.total_staker_fees = $state.total_staker_fees + $staker_fee;
if ($bAsset0){
$state[$key].delta_s = ($bMerge ? $last_trade.delta_s : 0) + $delta_s;
$state[$key].initial_p = $initial_p;
$state[$key].tax = $arb_profit_tax;
$state[$key].ts = timestamp;
$state[$key].address = $trigger_initial_address;
}
else {
$asset_info[$key].delta_s = ($bMerge ? $last_trade.delta_s : 0) + $delta_s;
$asset_info[$key].initial_p = $initial_p;
$asset_info[$key].tax = $arb_profit_tax;
$asset_info[$key].ts = timestamp;
$asset_info[$key].address = $trigger_initial_address;
}
{
payout: $payout,
delta_s: $delta_s,
old_reserve: $r,
new_reserve: $new_r,
delta_reserve: $new_r - $r,
old_price: $p,
new_price: $new_p,
swap_fee: $swap_fee,
arb_profit_tax: $arb_profit_tax,
total_fee: $total_fee,
fee_percent: $fee_percent,
}
};
$get_exchange_result = ($asset, $tokens, $delta_r) => {
$state = var['state'];
if ($asset != $state.asset0){
$asset_info = var['asset_'||$asset];
require($asset_info, "no such asset");
$adjust_prices($asset, $asset_info, $state);
}
$get_exchange_result_by_state($tokens, $delta_r, $asset, $asset_info, $state, 'ADDRESS')
};
}",
"init": "{
$reserve_asset = params.reserve_asset;
// reserve
$min_contribution = ($reserve_asset == 'base') ? 99999 : 0;
$network_fee = ($reserve_asset == 'base') ? 1000 : 0;
$state = var['state'];
// tokens
$asset = trigger.data.asset;
if ($asset AND $asset != $state.asset0){
$asset_info = var['asset_'||$asset];
require($asset_info, "no such asset");
$adjust_prices($asset, $asset_info, $state);
}
if (trigger.data.to AND !is_valid_address(trigger.data.to))
bounce("bad to address");
$to = trigger.data.to OTHERWISE trigger.address;
$staking_base_aa = 'HPJQ6ZCB2T3JTIVAMDM5QESZWNJNJERO';
}",
"messages": {
"cases": [
{
"if": "{ trigger.data.define AND !$state }",
"init": "{
$params = {aa: this_address};
if (params.challenging_period)
$params.challenging_period = params.challenging_period;
if (params.max_term)
$params.max_term = params.max_term;
if (params.min_term)
$params.min_term = params.min_term;
if (params.decay_factor)
$params.decay_factor = params.decay_factor;
if (params.max_drift_rate)
$params.max_drift_rate = params.max_drift_rate;
$staking_aa = [
'autonomous agent',
{
base_aa: $staking_base_aa,
params: $params
}
];
$staking_aa_address = chash160($staking_aa);
}",
"messages": [
{
"app": "asset",
"payload": {
"is_private": false,
"is_transferrable": true,
"auto_destroy": false,
"fixed_denominations": false,
"issued_by_definer_only": true,
"cosigned_by_definer": false,
"spender_attested": false
}
},
{
"app": "definition",
"payload": {
"definition": "{$staking_aa}"
}
},
{
"app": "payment",
"payload": {
"asset": "base",
"outputs": [
{
"address": "{ $staking_aa_address }",
"amount": 1000
}
]
}
},
{
"app": "state",
"state": "{
var['staking_aa'] = $staking_aa_address;
var['state'] = {asset0: response_unit, a0: 1, s0: 0, reserve: 0, coef: 1, total_staker_fees: 0};
response['asset'] = response_unit;
}"
}
]
},
{
"if": "{ trigger.address == var['staking_aa'] AND trigger.data.name }",
"init": "{
$name = trigger.data.name;
$value = trigger.data.value;
if ($name == 'add_price_aa'){
require($value == 'yes', "can't remove asset");
require(trigger.data.price_aa, "no price_aa");
}
else if ($name == 'change_price_aa' OR $name == 'change_drift_rate'){
require($asset, "no asset");
if ($name == 'change_price_aa' AND $asset_info.price_aa)
bounce("only preipo can set a price AA");
}
else if ($name == 'add_preipo'){
require($value == 'yes', "can't remove preipo");
require(trigger.data.symbol, "no symbol");
require(trigger.data.initial_auction_price, "no initial_auction_price");
require(trigger.data.max_tokens, "no max_tokens");
}
$bAddNewAsset = ($name == 'add_price_aa' OR $name == 'add_preipo');
}",
"messages": [
{
"if": "{$bAddNewAsset}",
"app": "asset",
"payload": {
"is_private": false,
"is_transferrable": true,
"auto_destroy": false,
"fixed_denominations": false,
"issued_by_definer_only": true,
"cosigned_by_definer": false,
"spender_attested": false
}
},
{
"if": "{$bAddNewAsset}",
"app": "payment",
"payload": {
"asset": "base",
"outputs": [
{
"address": "{trigger.address}",
"amount": 1000
}
]
}
},
{
"app": "state",
"state": "{
if ($bAddNewAsset){
response['asset'] = response_unit;
$a_info = { // start a presale
// supply: 0,
// a: 1,
last_ts: timestamp,
presale: true,
presale_amount: 0,
creation_ts: timestamp,
presale_finish_ts: timestamp + $get_presale_period(),
};
if ($name == 'add_price_aa')
$a_info.price_aa = trigger.data.price_aa;
else {
$a_info.preipo = true;
$a_info.symbol = trigger.data.symbol;
$a_info.initial_auction_price = trigger.data.initial_auction_price;
$a_info.last_auction_price = trigger.data.initial_auction_price;
$a_info.max_tokens = trigger.data.max_tokens;
}
var['asset_'||response_unit] = $a_info;
}
else if ($name == 'change_price_aa' OR $name == 'change_drift_rate'){
$asset_info[$name == 'change_price_aa' ? 'price_aa' : 'drift_rate'] = $value;
var['asset_'||$asset] = $asset_info;
var['state'] = $state; // we adjusted prices since we had asset in trigger.data
}
else
var[$name] = $value;
}"
}
]
},
{
"if": "{trigger.data.withdraw_staker_fees AND trigger.address == var['staking_aa']}",
"messages": [
{
"app": "payment",
"payload": {
"asset": "{$reserve_asset}",
"outputs": [
{
"address": "{trigger.data.address}",
"amount": "{ trigger.data.amount }"
}
]
}
}
]
},
{
"if": "{
if (!($state AND $asset AND trigger.data.presale))
return false;
$in_amount = trigger.output[[asset=$reserve_asset]];
$bAdd = $in_amount > $min_contribution;
$bWithdraw = $in_amount <= $min_contribution AND is_integer(trigger.data.withdraw_amount) AND trigger.data.withdraw_amount > 0;
$bAdd OR $bWithdraw
}",
"init": "{
require($asset_info.presale, "already launched");
require($asset_info.presale_finish_ts >= timestamp, "presale finished");
if ($bAdd)
$delta = $in_amount;
else { // withdraw
$contribution = var['contribution_'||trigger.address||'_'||$asset];
require(trigger.data.withdraw_amount <= $contribution, "you have only "||$contribution);
$delta = -trigger.data.withdraw_amount;
}
}",
"messages": [
{
"if": "{$bWithdraw}",
"app": "payment",
"payload": {
"asset": "{$reserve_asset}",
"outputs": [
{
"address": "{$to}",
"amount": "{ trigger.data.withdraw_amount }"
}
]
}
},
{
"app": "state",
"state": "{
var['contribution_'||trigger.address||'_'||$asset] += $delta;
$asset_info.presale_amount = $asset_info.presale_amount + $delta;
if ($asset_info.preipo AND $bAdd)
$asset_info.last_auction_price = $asset_info.initial_auction_price / 2^((timestamp - $asset_info.creation_ts)/$get_auction_price_halving_period());
var['asset_'||$asset] = $asset_info;
}"
}
]
},
{
"if": "{ $state AND $asset AND trigger.data.claim }",
"init": "{
require(!$asset_info.presale, "not launched yet");
$contribution = var['contribution_'||trigger.address||'_'||$asset];
require($contribution, "you had no contribution or already paid");
}",
"messages": [
{
"app": "payment",
"payload": {
"asset": "{$asset}",
"outputs": [
{
"address": "{$to}",
"amount": "{ floor($contribution / $asset_info.initial_price) }"
}
]
}
},
{
"app": "state",
"state": "{
var['contribution_'||trigger.address||'_'||$asset] = false;
var['asset_'||$asset] = $asset_info; // modified if we finished the presale or the price moved
var['state'] = $state;
}"
}
]
},
{
"if": "{ $state AND $asset AND (trigger.output[[asset=$reserve_asset]] > $min_contribution OR trigger.output[[asset=$asset]] > 0) }",
"init": "{
$tokens = trigger.output[[asset=$asset]];
if ($tokens){
require(trigger.output[[asset=$reserve_asset]] <= $min_contribution, "don't send the reserve when redeeming tokens");
}
$reserve_asset_amount = $tokens ? 0 : trigger.output[[asset=$reserve_asset]] - $network_fee; // subtract a fee to compensate for network fees
$res = $get_exchange_result_by_state($tokens, $reserve_asset_amount, $asset, $asset_info, $state, trigger.initial_address);
response['price'] = $res.new_price;
response['swap_fee'] = $res.swap_fee;
response['arb_profit_tax'] = $res.arb_profit_tax;
response['total_fee'] = $res.total_fee;
if ($res.payout AND $res.payout < 0)
bounce("unexpected payout < 0");
if ($res.payout AND trigger.data.min_reserve_tokens AND $res.payout < trigger.data.min_reserve_tokens)
bounce("payout would be only " || $res.payout);
if (trigger.data.max_fee_percent AND $res.fee_percent > trigger.data.max_fee_percent)
bounce("fee would be " || $res.fee_percent || '%');
// further hops
$hops = trigger.data.hops;
$address = $hops[0].address OTHERWISE $to;
require($address != var['staking_aa'], "sending to staking AA not allowed"); // not necessary now
if ($hops){
$data_for_next_hop = $hops[0].data;
delete($hops, 0); // remove the head hop
if ($data_for_next_hop OR length($hops)){
$forwarded_data = $data_for_next_hop OTHERWISE {};
if (length($hops))
$forwarded_data.hops = $hops;
}
}
}",
"messages": [
{
"if": "{$res.delta_s > 0}",
"app": "payment",
"payload": {
"asset": "{$asset}",
"outputs": [
{
"address": "{$address}",
"amount": "{ $res.delta_s }"
}
]
}
},
{
"app": "payment",
"payload": {
"asset": "{$reserve_asset}",
"outputs": [
{
"address": "{$address}",
"amount": "{$res.payout}",
"if": "{$res.payout}"
}
]
}
},
{
"if": "{$forwarded_data}",
"app": "data",
"payload": "{$forwarded_data}"
},
{
"app": "state",
"state": "{
if ($asset != $state.asset0)
var['asset_'||$asset] = $asset_info;
var['state'] = $state;
response['fee%'] = round($res.fee_percent, 4) || '%';
}"
}
]
}
]
}
}
]