65 lines
1.6 KiB
Markdown
65 lines
1.6 KiB
Markdown
# Depth Bump - Add new tokens to reserve and supply with a specified price
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Author: Will Ruddick
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Date: 2020.03.16
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Version: 0.0.2
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## Rationale
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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.
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## Before
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We have a virtual token right now as the reserve.
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## After
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We would need to be able to mint tokens and the reserve outside of the bonding curve.
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The idea would be to keep the price 1:1 with reserve and increase both reserve and supply (off the curve)
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## Implementation
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### Workflow
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* return ownership of the token to a person (not the converter)
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* mint more tokens (off the curve)'
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* give ownership back to the converter
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* add more virtual reserve to the converter
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### Variables
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* Amount of supply to add S2 16,000,000
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* Amount of Reserve to add R2 8,000,000
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* Resulting Exchange Price: P2 1.0
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* Existing CIC Supply: S1 ~8,000,000
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* Existing Reserve: R1 ~2,000,000
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* Existing Price: P1 ~1.0
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### Interface
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cmd: depthbump <-s targetsupply> <-p price>
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## Testing
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```
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cmd: depthbump targetsupply=16000000.0 price=1.0
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You are creating (16000000.0 - S1) new tokens? (yes/no/quit)
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You are creating ((16000000.0)/4-R1)*P2 new reserve tokens? (yes/no/quit)
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....
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the new supply of CIC should be: 16,000,000
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the new reserve should be: 4,000,000
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(error if P2 != 4(R1+R2)/(S1+S2)) (where 4 is 1/cw from converter contract)
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(warning if P2 != P1 and confirmation)
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```
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## Changelog
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* 0.0.2: Clean up formatting, subsection implementation
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* 0.0.1: Created initial stub
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