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%.
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
TBD
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_fordeposits on behalf ofemit Transferto allow compatibility with third party explorers- balance is moved to
tokenIdinstead ofaddress - Locks are unique as NFTs, and not on a per
addressbasis
function balanceOfNFT(uint) external returns (uint)
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
Base V1 factory allows for the creation of pools via function createPair(address tokenA, address tokenB, bool stable) external returns (address pair)
Base V1 factory uses an immutable pattern to create pairs, further reducing the gas costs involved in swaps
Anyone can create a pool permissionlessly.
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)
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.
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
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
| Name | Address | Qty |
|---|---|---|
| Multichain | 0x5bDacBaE440A2F30af96147DE964CC97FE283305 | 800000 |
| 0xDAO | 0xa96D2F0978E317e7a97aDFf7b5A76F4600916021 | 2376588 |
| SpookySwap | 0x95478C4F7D22D1048F46100001c2C69D2BA57380 | 1331994 |
| Yearn Finance | 0xC0E2830724C946a6748dDFE09753613cd38f6767 | 1118072 |
| veDAO | 0x3293cB515Dbc8E0A8Ab83f1E5F5f3CC2F6bbc7ba | 1070472 |
| Curve | 0xffFfBBB50c131E664Ef375421094995C59808c97 | 1023840 |
| Tomb Finance | 0x02517411F32ac2481753aD3045cA19D58e448A01 | 864361 |
| Geist Finance | 0xf332789fae0d1d6f058bfb040b3c060d76d06574 | 812928 |
| Beefy Finance | 0xdFf234670038dEfB2115Cf103F86dA5fB7CfD2D2 | 795726 |
| RenVM | 0x0f2A144d711E7390d72BD474653170B201D504C8 | 763362 |
| Synapse | 0x224002428cF0BA45590e0022DF4b06653058F22F | 727329 |
| Radial | 0x26D70e4871EF565ef8C428e8782F1890B9255367 | 688233 |
| Iron Bank | 0xA5fC0BbfcD05827ed582869b7254b6f141BA84Eb | 681101 |
| SpiritSwap | 0x4D5362dd18Ea4Ba880c829B0152B7Ba371741E59 | 677507 |
| Scream | 0x1e26D95599797f1cD24577ea91D99a9c97cf9C09 | 676304 |
| Abracadabra | 0xb4ad8B57Bd6963912c80FCbb6Baea99988543c1c | 642992 |
| SushiSwap | 0xF9E7d4c6d36ca311566f46c81E572102A2DC9F52 | 609195 |
| Frax | 0xE838c61635dd1D41952c68E47159329443283d90 | 598412 |
| Reaper Farm | 0x111731A388743a75CF60CCA7b140C58e41D83635 | 591573 |
| Beethoven X | 0x0edfcc1b8d082cd46d13db694b849d7d8151c6d5 | 587431 |
| Hundred Finance | 0xD0Bb8e4E4Dd5FDCD5D54f78263F5Ec8f33da4C95 | 542785 |
| Morpheus Swap | 0x9685c79e7572faF11220d0F3a1C1ffF8B74fDc65 | 536754 |
| Saddle | 0xa70b1d5956DAb595E47a1Be7dE8FaA504851D3c5 | 518240 |
| Liquid Driver | 0x06917EFCE692CAD37A77a50B9BEEF6f4Cdd36422 | 511920 |
| Tarot | 0x5b0390bccCa1F040d8993eB6e4ce8DeD93721765 | 452870 |
| Name | Address |
|---|---|
| BaseV1Factory | 0xff81f7b1F18E7B0Af0cE970f3dA7763e7bED3fe5 |
| BaseV1GaugesFactory | 0xf6555439d27eA5e0CBefF0e10e8C479A58147bee |
| BaseV1Router01 | 0xC9f92bF3add3d462b9f0d937Fff4878e076beE09 |
| BaseV1Voter | 0x571f572D6046A9CEF7B7f629D79cF8cFf6E164E5 |
| veNFT | 0xDd49111B9208bDFaF62dA69fe9799736FF4C4587 |
| veNFT-dist | 0x7B4Ce50292E57a2a08DaF1AEAEdF53cE3F50c9a7 |
| BaseV1Minter | 0x2ee410D7b07717cF52d524EDd1aa7964d3D84Ce6 |
| Name | Address |
|---|---|
| wFTM | 0x21be370d5312f44cb42ce377bc9b8a0cef1a4c83 |
| Solid | 0xBB5298e572519DaE7784f533B5E76F37855b1A4A |
| BaseV1Factory | 0x117F6F61e797E411Ea92F0ea1555c397Ecf17939 |
| BaseV1GaugesFactory | 0xb8F4176Ed6f251fF24F50d17A3BFA6852FeF13bD |
| BaseV1Router01 | 0xCAE00F31F7cB5A78450Ca119fc2D0e7bbaEF0439 |
| BaseV1Voter | 0xfF61f4aC23a3d8b5D1f21C231282A96deF3855D6 |
| veNFT | 0xC34A4644Bb1deea88e4045Ce3C38A0261E41FC9f |
| veNFT-dist | 0xA4229Db9b0bAB36b212ABe09C4Be1b76E5629906 |
| BaseV1Minter | 0x5778F4c3AC8A26Bf44cEc570b2b5536B148475B8 |