diff --git a/spec/01_depth_bump.md b/spec/01_depth_bump.md new file mode 100644 index 0000000..57b23ec --- /dev/null +++ b/spec/01_depth_bump.md @@ -0,0 +1,53 @@ +# Depth Bump - Add new tokens to reserve and supply with a specified price + +Author: Will Ruddick +Version: 0.0.1 + +## Rationale + +Moving to xDAI looks unstable right now. In order to increase our token supply we can increase the amount of virtual reserve and CIC supply and keep the price fixed. + +## Before + +We have a virtual token right now as the reserve. + +## After + +We would need to be able to mint tokens and the reserve outside of the bonding curve. +The idea would be to keep the price 1:1 with reserve and increase both reserve and supply (off the curve) + +## Implementation + +* return ownership of the token to a person (not the converter) +* mint more tokens (off the curve)' +* give ownership back to the converter +* add more virtual reserve to the converter + +## Variables + +* Amount of supply to add S2 16,000,000 +* Amount of Reserve to add R2 8,000,000 +* Resulting Exchange Price: P2 1.0 + +* Existing CIC Supply: S1 ~8,000,000 +* Existing Reserve: R1 ~2,000,000 +* Existing Price: P1 ~1.0 + +## Testing + + +cmd: depthbump targetsupply=16000000.0 price=1.0 +You are creating (16000000.0 - S1) new tokens? (yes/no/quit) +You are creating ((16000000.0)/4-R1)*P2 new reserve tokens? (yes/no/quit) + +.... +the new supply of CIC should be: 16,000,000 +the new reserve should be: 4,000,000 + +(error if P2 != 4(R1+R2)/(S1+S2)) (where 4 is 1/cw from converter contract) +(warning if P2 != P1 and confirmation) + + +## Changelog + +* 0.1: Created initial stub