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Will Ruddick 2021-05-29 08:21:08 +00:00
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spec/023_token_conversion.md
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# Multi Token Environment
# Token Conversion
<!--
valid status values are: Pre-draft|Draft|Proposal|Accepted
@ -9,11 +9,12 @@ valid status values are: Pre-draft|Draft|Proposal|Accepted
* Status: Pre-draft
## Rationale
Enabeling users to convert between them various tokens should make usage easier between villages
Enabeling users to convert between them various tokens should make usage easier between villages and also out to 3rd party tokens
## Intro
* Today users only hold one token aka Sarafu (and eventually they will hold multiple tokens) but they can't convert between them
* We want users to be able to choose to convert and even auto-convert between various tokens
* We also would like supporters to be able to contribute toward liquidity pools to support communities
## Multi-Token – User Flow:
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1. Auto-Convert Tokens (on/off) default is off
## Conversion
### Manual Conversion
Note that GE may also act as a manual exchange by holding a supply of several tokens.
Note that GE may also act as a manual exchange by holding a supply of several tokens. This would need both CLI and CICADA support.
### Liquidity Pools
If users want automated conversion between tokens, then GE will have to be given a supply of that token and any other that they want to convert to (preferably Sarafu or a central network token) – and a static (1:1) liquidity pool connecting those tokens will be created with that given supply of each tokens.
If users want automated conversion between tokens, then a pool must be created. With a supply of any two tokens on the network that they want to convert to – a static (1:1) liquidity pool connecting those tokens will be created with that given supply of each tokens.
If the amount in the liquidity pool is insufficient for a trade – the sending user will get an error message and not be able to trade. This should also alert the owner of the liquidity pool – and possibly trigger a community process to refill the pool.
@ -51,8 +51,8 @@ give back 40 S ….. if less than 40 S are available (or there is a bonded pool)
If there is sufficient liquidity in the pool(s) then his 40 B will be added to the pool and 40 S removed and given to Sally.
## Liquidity pool creation process
1. GE holind 2 tokens will add a supply of both to a liquiditiy pool with a 1:1 excahnge rate.
1. THe pool needs to be added it to the registry
1. GE holding 2 tokens will add a supply of both to a liquiditiy pool with a 1:1 excahnge rate.
1. The pool needs to be added it to the registry
1. A static pool will/can become empty on one side and will stop to function in that director of conversion