Remove bond account and remove becoming an LP mechanism

[davidsiska-vega]

More radical

Remove bond account and remove becoming an LP mechanism.

To remove the transaction to become an LP, and to avoid having to evaluate SLA for all keys all the time, consider that a market param that sets what minimum % of maker fees you have to collect to count as an LP for the next epoch.

If in epoch n-1 you were given % of maker fees and in epoch n you meet the SLA you get included in the rewards.

In general, it would be good for LPs if at the end of epoch n-1 they knew what fraction of LP fees they're eligible at the end of epoch n (as long as they met the SLA that epoch).

Old suggestion; ignore for now
Possibly two parts:

1. remove the need for an LP bond being provided upfront:

• instead for a fixed "bond" amount provided with the LP transaction, just provide "bond amount intent",
• the LP fees are moved into the "bond account" at the end of each epoch, until the desired "intent" amount is met.
• Liquidity (volume on book) must be supplied in line with the "intent" amount otherwise penalties kick in.
• At each epoch end update the ELS according to actual bond account balance (same logic as if the LP was increasing the commitment).
• Commitment increase increases the "intent" (and you go back to accumulating fees into bond account).
• Commitment decrease decreases the "intent" and if the amount in the bond account is higher than the intent amount then that's returned according to current rules.

2. Providing liquidity on both sides of the book above the amount implied by the minimum bond amount netparam and meeting the minimum SLA will automatically register the party as an LP with the corresponding "intent" (backed out as the time-weighted average of the volume on the book divided by the scaling factor). From that point we create the bond account and start cumulating LP fees there (without the party having to send a transaction). At end of each epoch "intent" is recalculated increases, reductions are treated as in 1) above.

[davidsiska-vega]

Still too complicated; let's discuss before proceeding.