SolCentralX/FE_Submission

Solana Decentralized GMX-type AMM Perpetual Exchange built at Grizzlython 2023

SolDecentral

While FTX and Alameda supported TVL, transactions, and token values throughout Solana, they were only a piece of the broader puzzle. Despite regular network outages, it's advantages of speed, low fees, composability, and developer friendliness cannot be denied. The strong Singapore builder community led by Metacamp is a testament to that fact. When the Grizzlython came rolling around, we saw a chance to make a dent in the Solana ecosystem. A team was put together to build a decentralized GMX-type AMM Perpetual Exchange. With one core aim to rebuild institutional investor trust. We want to make Solana great again.

Introduction

SolDecentral is an experimental implementation of GMX, a renowned platform for perpetual trading that has gained immense popularity on Arbitrum and Avalanche and triggered a phenomenon known as the GLP wars. The tokenomics model of GMX has been a key factor in its success, with significant fees generated for GMX stakers and a surge in demand for GLP. The goal is to replicate this model on Solana and make it work seamlessly on the network.

Architecture

Deployed - Devnet (MVP)

Live demo: https://soldecentral.vercel.app/

Connect with the team

Connect with us on Twitter if you would like to explore synergies or have any questions.

Quick start

Follow the steps below if you want to run it yourself.

Setup Environment

1. Clone the repository from https://github.com/askibin/perpetuals.git.
2. Install the latest Solana tools from https://docs.solana.com/cli/install-solana-cli-tools. If you already have Solana tools, run solana-install update to get the latest compatible version.
3. Install the latest Rust stable from https://rustup.rs/. If you already have Rust, run rustup update to get the latest version.
4. Install the latest Anchor framework from https://www.anchor-lang.com/docs/installation. If you already have Anchor, run avm update to get the latest version.

Build

First, generate a new key for the program address with solana-keygen new -o my_new_keypair.json. This keypair is your wallet and ensure the path of your wallet in anchor.toml matches this. Then replace the existing program ID with the newly generated address in Anchor.toml and programs/perpetuals/src/lib.rs. Save this seed phrase and your BIP39 passphrase as you will need this later when deploying your program in Sol Playground. More on this later.

Important: The wallet's pubkey will be set as an upgrade authority upon initial deployment of the program. It is strongly recommended to make upgrade authority a multisig when deploying to the mainnet.

To build the program run anchor build command from the perpetuals directory:

cd perpetuals
anchor build

Before you can deploy, you will need 24 test SOL. If you don't have it, then you can follow these steps to get it.

solana airdrop 2 <pubkey>
solana balance <pubkey>
repeat (1) until your balance returns 26 SOL

Note: pubkey is also the account used to deploy the program.

Deploy

To deploy the program to the devnet, we will use solana-playground https://beta.solpg.io/. This was our workaround to the dependency issues we faced.

1. Open browser to https://beta.solpg.io/
2. In the left panel > click on hammer and wrench icon
3. In program credentials > import public key you created in the build phase eg. my_new_keypair.json
4. Upload your program > target > deploy > perpetuals.so
5. IDL > target > idl > perpetuals.json
6. Click Deploy

Once deployed successfully verify with:

solana program show <PROGRAM_ID>

Output should look something like this:

Program Id: 2nv5ppjUhvze6m6RAZweUBVzt3KSbszsBuW1Yjh4kr8A Owner: BPFLoaderUpgradeab1e11111111111111111111111 ProgramData Address: DEs1TUwv3bgRL6drB7n9ggsc1GZbMMpBTaFBR2vBrLrx Authority: ApxxRUyjGDPNp4VWV9CRfKa1WE37PoJLjjREupUD5Bvt Last Deployed In Slot: 200043118 Data Length: 2351568 (0x23e1d0) bytes Balance: 16.36811736 SOL

Initialize Program and Pool

Create an admin wallet following the same procedure in the build step above. Note the seed phrase and passphrase if you used one.

To initialize deployed program, run the following commands:

cd app
npm install
npm install -g npx
npx ts-node app/src/cli.ts -k <ADMIN_WALLET> init -m 1 <pubkey of admin wallet>

Where <ADMIN_WALLET> is the file path to the wallet that was set as the upgrade authority of the program upon deployment. -m for min-signatures will be required to execute privileged instructions. To provide multiple signatures, just execute exactly the same command multiple times specifying different <ADMIN_WALLET> with -k option. The intermediate state is recorded on-chain so that commands can be executed on different computers.

To validate initialized program:

npx ts-node app/src/cli.ts -k <ADMIN WALLET> get-multisig
npx ts-node app/src/cli.ts -k <ADMIN WALLET> get-perpetuals

Before the program can accept any liquidity or open a trade, you need to create a token pool and add one or more token custodies to it:

npx ts-node app/src/cli.ts -k <ADMIN_WALLET> add-pool <POOL_NAME>
npx ts-node app/src/cli.ts -k <ADMIN_WALLET> add-custody <POOL_NAME>
<POOL_NAME> <TOKEN_MINT> <TOKEN_ORACLE> <IS_STABLE>

Where <POOL_NAME> is a random name you want to assign to the pool, <TOKEN_MINT> is the mint address of the token, and <TOKEN_ORACLE> is the corresponding Pyth price account that can be found on this page. <IS_STABLE> specifies whether the custody is for a stablecoin. For example:

npx ts-node app/src/cli.ts -k ~/my-solana-wallets/admin-wallet-keypair-1.json add-pool SLP-Pool
npx ts-node app/src/cli.ts -k ~/my-solana-wallets/admin-wallet-keypair-1.json add-custody SLP-Pool So11111111111111111111111111111111111111112 J83w4HKfqxwcq3BEMMkPFSppX3gqekLyLJBexebFVkix false

To validate added pools and custodies, run:

npx ts-node app/src/cli.ts -k ~/my-solana-wallets/admin-wallet-keypair-1.json get-pool SLP-Pool
npx ts-node app/src/cli.ts -k ~/my-solana-wallets/admin-wallet-keypair-1.json get-custody SLP-Pool So11111111111111111111111111111111111111112

CLI offers other useful commands. You can get the list of all of them by running the following:

npx ts-node src/cli.ts --help

More Information

• Created at: Solana Grizzlython 2023
• Slides: Presentation Slides
• Figma: Mockups, wireframes, and logic flow
• Notion: Brainstorming
• R&D: Solana Labs - Perpetuals Slide Deck

Thought Process

• Originally inspired by Emon and Alexey from Solana Labs.
• Expressed interest to implement their reference implementation.
• Major challenges: language barrier, no backend dev, and no Solana experience.

Future Developments

• If we secure funding, we will continue to build V2 and partnerships.