Skip to content

Commit

Permalink
Initial commit: adding ref-exchange contract
Browse files Browse the repository at this point in the history
  • Loading branch information
ilblackdragon committed Mar 9, 2021
1 parent 2dbd5eb commit b6c9226
Show file tree
Hide file tree
Showing 23 changed files with 1,483 additions and 3 deletions.
5 changes: 4 additions & 1 deletion .gitignore
Original file line number Diff line number Diff line change
@@ -1,10 +1,13 @@
# Generated by Cargo
# will have compiled files and executables
/target/
**/target/

# Remove Cargo.lock from gitignore if creating an executable, leave it for libraries
# More information here https://doc.rust-lang.org/cargo/guide/cargo-toml-vs-cargo-lock.html
Cargo.lock

# These are backup files generated by rustfmt
**/*.rs.bk

.idea

25 changes: 25 additions & 0 deletions LICENSE
Original file line number Diff line number Diff line change
@@ -0,0 +1,25 @@
Copyright 2019 Ref Finance

Permission is hereby granted, free of charge, to any
person obtaining a copy of this software and associated
documentation files (the "Software"), to deal in the
Software without restriction, including without
limitation the rights to use, copy, modify, merge,
publish, distribute, sublicense, and/or sell copies of
the Software, and to permit persons to whom the Software
is furnished to do so, subject to the following
conditions:

The above copyright notice and this permission notice
shall be included in all copies or substantial portions
of the Software.

THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF
ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED
TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT
SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY
CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION
OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR
IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER
DEALINGS IN THE SOFTWARE.
176 changes: 176 additions & 0 deletions LICENSE-APACHE
Original file line number Diff line number Diff line change
@@ -0,0 +1,176 @@
Apache License
Version 2.0, January 2004
http://www.apache.org/licenses/

TERMS AND CONDITIONS FOR USE, REPRODUCTION, AND DISTRIBUTION

1. Definitions.

"License" shall mean the terms and conditions for use, reproduction,
and distribution as defined by Sections 1 through 9 of this document.

"Licensor" shall mean the copyright owner or entity authorized by
the copyright owner that is granting the License.

"Legal Entity" shall mean the union of the acting entity and all
other entities that control, are controlled by, or are under common
control with that entity. For the purposes of this definition,
"control" means (i) the power, direct or indirect, to cause the
direction or management of such entity, whether by contract or
otherwise, or (ii) ownership of fifty percent (50%) or more of the
outstanding shares, or (iii) beneficial ownership of such entity.

"You" (or "Your") shall mean an individual or Legal Entity
exercising permissions granted by this License.

"Source" form shall mean the preferred form for making modifications,
including but not limited to software source code, documentation
source, and configuration files.

"Object" form shall mean any form resulting from mechanical
transformation or translation of a Source form, including but
not limited to compiled object code, generated documentation,
and conversions to other media types.

"Work" shall mean the work of authorship, whether in Source or
Object form, made available under the License, as indicated by a
copyright notice that is included in or attached to the work
(an example is provided in the Appendix below).

"Derivative Works" shall mean any work, whether in Source or Object
form, that is based on (or derived from) the Work and for which the
editorial revisions, annotations, elaborations, or other modifications
represent, as a whole, an original work of authorship. For the purposes
of this License, Derivative Works shall not include works that remain
separable from, or merely link (or bind by name) to the interfaces of,
the Work and Derivative Works thereof.

"Contribution" shall mean any work of authorship, including
the original version of the Work and any modifications or additions
to that Work or Derivative Works thereof, that is intentionally
submitted to Licensor for inclusion in the Work by the copyright owner
or by an individual or Legal Entity authorized to submit on behalf of
the copyright owner. For the purposes of this definition, "submitted"
means any form of electronic, verbal, or written communication sent
to the Licensor or its representatives, including but not limited to
communication on electronic mailing lists, source code control systems,
and issue tracking systems that are managed by, or on behalf of, the
Licensor for the purpose of discussing and improving the Work, but
excluding communication that is conspicuously marked or otherwise
designated in writing by the copyright owner as "Not a Contribution."

"Contributor" shall mean Licensor and any individual or Legal Entity
on behalf of whom a Contribution has been received by Licensor and
subsequently incorporated within the Work.

2. Grant of Copyright License. Subject to the terms and conditions of
this License, each Contributor hereby grants to You a perpetual,
worldwide, non-exclusive, no-charge, royalty-free, irrevocable
copyright license to reproduce, prepare Derivative Works of,
publicly display, publicly perform, sublicense, and distribute the
Work and such Derivative Works in Source or Object form.

3. Grant of Patent License. Subject to the terms and conditions of
this License, each Contributor hereby grants to You a perpetual,
worldwide, non-exclusive, no-charge, royalty-free, irrevocable
(except as stated in this section) patent license to make, have made,
use, offer to sell, sell, import, and otherwise transfer the Work,
where such license applies only to those patent claims licensable
by such Contributor that are necessarily infringed by their
Contribution(s) alone or by combination of their Contribution(s)
with the Work to which such Contribution(s) was submitted. If You
institute patent litigation against any entity (including a
cross-claim or counterclaim in a lawsuit) alleging that the Work
or a Contribution incorporated within the Work constitutes direct
or contributory patent infringement, then any patent licenses
granted to You under this License for that Work shall terminate
as of the date such litigation is filed.

4. Redistribution. You may reproduce and distribute copies of the
Work or Derivative Works thereof in any medium, with or without
modifications, and in Source or Object form, provided that You
meet the following conditions:

(a) You must give any other recipients of the Work or
Derivative Works a copy of this License; and

(b) You must cause any modified files to carry prominent notices
stating that You changed the files; and

(c) You must retain, in the Source form of any Derivative Works
that You distribute, all copyright, patent, trademark, and
attribution notices from the Source form of the Work,
excluding those notices that do not pertain to any part of
the Derivative Works; and

(d) If the Work includes a "NOTICE" text file as part of its
distribution, then any Derivative Works that You distribute must
include a readable copy of the attribution notices contained
within such NOTICE file, excluding those notices that do not
pertain to any part of the Derivative Works, in at least one
of the following places: within a NOTICE text file distributed
as part of the Derivative Works; within the Source form or
documentation, if provided along with the Derivative Works; or,
within a display generated by the Derivative Works, if and
wherever such third-party notices normally appear. The contents
of the NOTICE file are for informational purposes only and
do not modify the License. You may add Your own attribution
notices within Derivative Works that You distribute, alongside
or as an addendum to the NOTICE text from the Work, provided
that such additional attribution notices cannot be construed
as modifying the License.

You may add Your own copyright statement to Your modifications and
may provide additional or different license terms and conditions
for use, reproduction, or distribution of Your modifications, or
for any such Derivative Works as a whole, provided Your use,
reproduction, and distribution of the Work otherwise complies with
the conditions stated in this License.

5. Submission of Contributions. Unless You explicitly state otherwise,
any Contribution intentionally submitted for inclusion in the Work
by You to the Licensor shall be under the terms and conditions of
this License, without any additional terms or conditions.
Notwithstanding the above, nothing herein shall supersede or modify
the terms of any separate license agreement you may have executed
with Licensor regarding such Contributions.

6. Trademarks. This License does not grant permission to use the trade
names, trademarks, service marks, or product names of the Licensor,
except as required for reasonable and customary use in describing the
origin of the Work and reproducing the content of the NOTICE file.

7. Disclaimer of Warranty. Unless required by applicable law or
agreed to in writing, Licensor provides the Work (and each
Contributor provides its Contributions) on an "AS IS" BASIS,
WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or
implied, including, without limitation, any warranties or conditions
of TITLE, NON-INFRINGEMENT, MERCHANTABILITY, or FITNESS FOR A
PARTICULAR PURPOSE. You are solely responsible for determining the
appropriateness of using or redistributing the Work and assume any
risks associated with Your exercise of permissions under this License.

8. Limitation of Liability. In no event and under no legal theory,
whether in tort (including negligence), contract, or otherwise,
unless required by applicable law (such as deliberate and grossly
negligent acts) or agreed to in writing, shall any Contributor be
liable to You for damages, including any direct, indirect, special,
incidental, or consequential damages of any character arising as a
result of this License or out of the use or inability to use the
Work (including but not limited to damages for loss of goodwill,
work stoppage, computer failure or malfunction, or any and all
other commercial damages or losses), even if such Contributor
has been advised of the possibility of such damages.

9. Accepting Warranty or Additional Liability. While redistributing
the Work or Derivative Works thereof, You may choose to offer,
and charge a fee for, acceptance of support, warranty, indemnity,
or other liability obligations and/or rights consistent with this
License. However, in accepting such obligations, You may act only
on Your own behalf and on Your sole responsibility, not on behalf
of any other Contributor, and only if You agree to indemnify,
defend, and hold each Contributor harmless for any liability
incurred by, or claims asserted against, such Contributor by reason
of your accepting any such warranty or additional liability.

END OF TERMS AND CONDITIONS
48 changes: 46 additions & 2 deletions README.md
Original file line number Diff line number Diff line change
@@ -1,2 +1,46 @@
# ref-contracts
Smart contracts for Ref Finance
# Ref Finance Contracts

This mono repo contains the source code for the smart contracts of Ref Finance on [NEAR](https://near.org).

## Contracts

| Contract | Reference | Description |
| - | - | - |
| [test-token](test-token/src/lib) | - | Test token contract |
| [ref-exchange](ref-exchange/src/lib) | TODO | Main exchange contract, that allows to deposit and withdraw tokens, exchange them via various pools |

## Development

1. Install `rustup` via https://rustup.rs/
2. Run the following:

```
rustup default stable
rustup target add wasm32-unknown-unknown
```

### Testing

Contracts have unit tests and also integration tests using NEAR Simulation framework. All together can be run:

```
cargo test --all
```

### Compiling

You can build release version by running next scripts inside each contract folder:

```
./build.sh
```

### Deploying to TestNet

To deploy to TestNet, you can use next command:
```
near dev-deploy
```

This will output on the contract ID it deployed it.

51 changes: 51 additions & 0 deletions docs.md
Original file line number Diff line number Diff line change
@@ -0,0 +1,51 @@
# Ref Finance

[Ref Finance](https://ref.finance) is the protocol for creating synthetic tokenized assets on NEAR blockchain.

It uses NEAR as collateral and allows to mint any token that has a whitelisted price feed, for example: rUSD, rBTC, rTESLA, rSPBEAR (short S&P500) or rOIL.

The protocol will be governed by an instance of SputnikDAO.

## Approach

There are two main approaches to create synthetic assets:
- Collateralized Debt Position, where the position is over collateralized and serves to borrow the synthetic asset
- A fractional reserve approach, selling tokens above the peg value and allowing to trade in below with various incentives.

Ref Finance is taking an approach of fractional reserve that is used to provide liquidity instead of just sitting as collateral, while allowing people to use other lending protocols for CDP-like experience.

*This design leverages Fei Protocol's stabilization mechanics extended to multiple assets.*

Ref Finance maintains internal pools of <collateral, synthetic asset> for each asset. These assets provide liquidity in the form of Uniswap exchange.

Additionally new assets are minted with price above `x%` (configurable parameter) the oracle price. This allows to expand the supply when there is demand.

If the price is below the pool price:
- For anyone who is buying under the price, additional tokens are minted to reward them based on time-weighted difference with the market price `r * num_blocks * (target_price - current_price) * amount`.
- If someone is selling more below the oracle price - the slippage increases and extra tokens `(target_price - end_price) ^ 2 * 100 * amount` are burnt.

If that didn't help to bring the price, the pool can be reweighted by burning the extra Ref tokens to bring price to the target price. Condition for reweight to happen if `num_blocks = (target_price - current_price) * 100 / r`.

There is a central contract "Controller" that provides all operations including minting and exchange functionality.

Next functions are available on `Controller`:
- `add_asset(asset_name, oracle_feed, config)` - adds new assets to available with given oracle feed. Only allowed by `owner`.
- `set_asset_config(asset_name, config)` - sets config including all the trading parameters for given asset. Only allowed by `owner`.
- `buy(asset_name, amount_out)` - buy given `amount_out` of `asset_name`, must attach enough $NEAR to cover the trade. This will first buy from the Uniswap formula (rewarding with new minted tokens if the price of liquidity below oracle price) and if the amount brings price above current bonding curve - will buy from bonding curve expanding the supply.
- `sell(asset_name, amount_in, amount_out)` - (works as callback from `asset_name`) sell `amount_in` of given `asset_name` and expecting at least `amount_out` of $N. This uses Uniswap curve and uses quadratic penalty to disinsentivize large sell orders. Penalty is getting burnt.
- `trade(asset_name_in, amount_in, asset_name_in, amount_out)` - (works as callback from `asset_name_in`) trade two assets between each other. Uses internal calculations to exchange them to save on the fees.
- `reweight(asset_name)` - if the internal exchange rate is way below the oracle price for given `asset_name` and ??? - allows to reweight the Uniswap pool to bring it back to the pool.
- `stage_upgrade(contract)` - Stage upgrade for this contract. Only allowed by `owner`.
- `upgrade()` - Upgrade to staged contract. Only allowed by `owner`.

Each Ref Token will have it's own contract living under sub-name of the Controller contract. These token contracts provide `owner` ability for Controller to mint / burn assets .

Future features:
- Allowing to add external capital as LP to the exchange.

# References

- MarkerDAO - https://makerdao.com/whitepaper/
- Synthetix - https://synthetix.io/
- Mirror Protocol - https://mirror.finance/
- Fei Protocol - https://fei.money/static/media/whitepaper.7d5e2986.pdf
27 changes: 27 additions & 0 deletions ref-exchange/Cargo.toml
Original file line number Diff line number Diff line change
@@ -0,0 +1,27 @@
[package]
name = "ref-exchange"
version = "0.1.0"
authors = ["Illia Polosukhin <[email protected]>"]
edition = "2018"
publish = false

[lib]
crate-type = ["cdylib", "rlib"]

[profile.release]
codegen-units = 1
# Tell `rustc` to optimize for small code size.
opt-level = "z"
lto = true
debug = false
panic = "abort"
overflow-checks = true

[dependencies]
near-sdk = { git = "https://github.com/near/near-sdk-rs", rev = "76c4180dc68f01ab5527faa0dd9c6985d900060c" }
near-contract-standards = { git = "https://github.com/near/near-sdk-rs", rev = "76c4180dc68f01ab5527faa0dd9c6985d900060c" }
uint = { version = "0.9.0", default-features = false }

[dev-dependencies]
near-sdk-sim = { git = "https://github.com/near/near-sdk-rs", rev = "76c4180dc68f01ab5527faa0dd9c6985d900060c" }
test-token = { path = "../test-token" }
12 changes: 12 additions & 0 deletions ref-exchange/README.md
Original file line number Diff line number Diff line change
@@ -0,0 +1,12 @@
# Multiswap

This is a contract that contains many token swap pools.
Each pool can have up to 10 tokens and it's own fee %.

## Usage

- deposit funds / withdraw funds of the contract's virtual balance. User can maintain up to 10 distinct tokens on their balance.
- create a pool with specific set of tokens and a fee, get `pool_id`
- add liquidity to specific pool from the funds deposited
- remove liquidity from specific pool back into deposited funds on the contract
- with funds in the pool, call swap to trade
5 changes: 5 additions & 0 deletions ref-exchange/build.sh
Original file line number Diff line number Diff line change
@@ -0,0 +1,5 @@
#!/bin/bash
set -e

RUSTFLAGS='-C link-arg=-s' cargo +stable build --target wasm32-unknown-unknown --release
cp target/wasm32-unknown-unknown/release/ref_exchange.wasm ../res/
1 change: 1 addition & 0 deletions ref-exchange/neardev/dev-account
Original file line number Diff line number Diff line change
@@ -0,0 +1 @@
dev-1614947681178-6795333
1 change: 1 addition & 0 deletions ref-exchange/neardev/dev-account.env
Original file line number Diff line number Diff line change
@@ -0,0 +1 @@
CONTRACT_NAME=dev-1614947681178-6795333
Loading

0 comments on commit b6c9226

Please sign in to comment.