Code with Us Workshop

codewithus/README.md

@@ -0,0 +1,29 @@
+# Code with Us Workshop - Nov 03 2020
+Make your own Automated Market-Maker, using the new Cosmos SDK Bonds Module
+
+- Discover the new Cosmos-SDK Bonds module, the Automated Market-Maker (AMM) with universal bonding curves. The workshop will be hosted by [Miguel Dingli](https://twitter.com/MiguelDingli), the lead developer of this module, and [Shaun Conway](https://twitter.com/shaunbconway), founder of ixo.
+- Learn how to configure your first AMM using a simple bonding curve for algorithmic pricing. Then we will move onto more advanced types such as Uniswap-type token pair swappers and Augmented Bonding Curves.
+
+## Resources
+
+- Repository (_you're already here_): https://github.com/ixoworld/bonds/
+- Medium article: https://medium.com/ixo-blog/cosmic-bonding-4f948dd4c2e4
+- Risk-Adjusted Bonding Burves: https://github.com/BlockScience/InterchainFoundation/
+- Alpha Bonds: https://www.alphabond.org/
+- Part of the [Code with Us](https://cosmos.network/series/code-with-us) online workshop series.
+
+## Installation Requirements
+
+- Golang 1.13+
+- Make (to run Makefile)
+- Bash (for demo scripts)
+
+Note: check out the [main README](../README.md) for instructions on how to quickly run the app.
+
+## Workshop Agenda
+
+- Introduction
+- [_Demo 1_](./demo_1_power.sh): Create a Simple Bonding Curve for Algorithmic Pricing
+- [_Demo 2_](./demo_2_swapper.sh): Create a Uniswap-Like AMM
+- [_Demo 3_](./demo_3_augmented.sh): Create an Augmented Bonding Curve
+- Alpha Bonds

codewithus/demo_1_power.sh

@@ -0,0 +1,70 @@
+#!/usr/bin/env bash
+
+ALICE=$(bondscli keys show alice --keyring-backend=test -a)
+BOB=$(bondscli keys show bob --keyring-backend=test -a)
+FEE=$(bondscli keys show fee --keyring-backend=test -a)
+
+# Visual representation of bonding curve:
+# https://www.desmos.com/calculator/2ael5dojku
+
+# Create a Power Function bonding curve
+bondscli tx bonds create-bond \
+  --token=mytoken \
+  --name="My Token" \
+  --description="My first continuous token" \
+  --function-type=power_function \
+  --function-parameters="m:12,n:2,c:100" \
+  --reserve-tokens=uatom \
+  --tx-fee-percentage=0 \
+  --exit-fee-percentage=0 \
+  --fee-address="$FEE" \
+  --max-supply=1000000mytoken \
+  --order-quantity-limits="" \
+  --sanity-rate="0" \
+  --sanity-margin-percentage="0" \
+  --allow-sells \
+  --signers="$ALICE" \
+  --batch-blocks=3 \
+  --from alice --keyring-backend=test --broadcast-mode block -y
+# Query the created bond
+bondscli q bonds bond mytoken
+# We can keep an eye on the batch
+watch -n 1 bondscli q bonds batch mytoken
+
+# Query the price of buying 10mytoken
+bondscli q bonds buy-price 10mytoken
+# Query the token price at supply=10mytoken
+bondscli q bonds price 10mytoken
+
+# Buy 10mytoken from alice with max spend of 1000000uatom
+bondscli tx bonds buy 10mytoken 1000000uatom --from alice --keyring-backend=test --broadcast-mode block -y
+# Wait for order to get processed
+sleep 21
+# Query alice's account
+bondscli q account "$ALICE"
+
+# Query the price of buying 10mytoken
+bondscli q bonds buy-price 10mytoken
+# Query the token price at supply=20mytoken
+bondscli q bonds price 20mytoken
+
+# Buy 10mytoken from bob with max spend of 1000000uatom
+bondscli tx bonds buy 10mytoken 1000000uatom --from bob --keyring-backend=test --broadcast-mode block -y
+# Wait for order to get processed
+sleep 21
+# Query bob's account
+bondscli q account "$BOB"
+
+# Sell 10mytoken from alice at a profit :]
+bondscli tx bonds sell 10mytoken --from alice --keyring-backend=test --broadcast-mode block -y
+# Wait for order to get processed
+sleep 21
+# Query alice's account
+bondscli q account "$ALICE"
+
+# Sell 10mytoken from bob at a loss :[
+bondscli tx bonds sell 10mytoken --from bob --keyring-backend=test --broadcast-mode block -y
+# Wait for order to get processed
+sleep 21
+# Query bob's account
+bondscli q account "$BOB"

codewithus/demo_2_swapper.sh

@@ -0,0 +1,75 @@
+#!/usr/bin/env bash
+
+ALICE=$(bondscli keys show alice --keyring-backend=test -a)
+BOB=$(bondscli keys show bob --keyring-backend=test -a)
+FEE=$(bondscli keys show fee --keyring-backend=test -a)
+
+# Visual representation of liquidity pool:
+# https://www.desmos.com/calculator/plmzg2hboo
+
+# Create liquidity pool
+bondscli tx bonds create-bond \
+  --token=atombtcpool \
+  --name="ATOM-BTC Pool" \
+  --description="An ATOM-BTC Liquidity Pool" \
+  --function-type=swapper_function \
+  --function-parameters="" \
+  --reserve-tokens=uatom,ubtc \
+  --tx-fee-percentage=0.5 \
+  --exit-fee-percentage=0.1 \
+  --fee-address="$FEE" \
+  --max-supply=1000000atombtcpool \
+  --order-quantity-limits="30000000000uatom,100000000ubtc" \
+  --sanity-rate="3000" \
+  --sanity-margin-percentage="10" \
+  --allow-sells \
+  --signers="$ALICE" \
+  --batch-blocks=1 \
+  --from alice --keyring-backend=test --broadcast-mode block -y
+# Query the created bond
+bondscli q bonds bond atombtcpool
+
+# Alice adds liquidity (+10atombtcpool -3000ATOM -1BTC)
+bondscli tx bonds buy 10atombtcpool 3000000000uatom,1000000ubtc --from alice --keyring-backend=test --broadcast-mode block -y
+# Query alice's account
+bondscli q account "$ALICE"
+
+# Bob adds liquidity (+100atombtcpool with max prices 310,000ATOM and 110BTC)
+bondscli tx bonds buy 1000atombtcpool 310000000000uatom,110000000ubtc --from bob --keyring-backend=test --broadcast-mode block -y
+# Query bob's account
+bondscli q account "$BOB"
+
+# Query the swap returns from 3000ATOM to BTC (expected to be ~1BTC before fees)
+bondscli q bonds swap-return atombtcpool 3000000000uatom ubtc
+# Query the swap returns from 1BTC to ATOM (expected to be ~3000ATOM before fees)
+bondscli q bonds swap-return atombtcpool 1000000ubtc uatom
+
+# Alice swaps 3000ATOM to BTC at the current rate
+bondscli tx bonds swap atombtcpool 3000000000 uatom ubtc --from alice --keyring-backend=test --broadcast-mode block -y
+# Query alice's account
+bondscli q account "$ALICE"
+
+# Bob swaps 1BTC to ATOM at the current rate
+bondscli tx bonds swap atombtcpool 1000000 ubtc uatom --from bob --keyring-backend=test --broadcast-mode block -y
+# Query bob's account
+bondscli q account "$BOB"
+
+# Alice tries to swap above the order limit
+bondscli tx bonds swap atombtcpool 30000000001 uatom ubtc --from alice --keyring-backend=test --broadcast-mode block -y
+# Query alice's account [no changes]
+bondscli q account "$ALICE"
+
+# Bob tries to swap but violates sanity rates (tx successful but order will fail)
+bondscli tx bonds swap atombtcpool 100000000 ubtc uatom --from bob --keyring-backend=test --broadcast-mode block -y
+# Query bob's account [no changes]
+bondscli q account "$BOB"
+
+# Alice removes liquidity (-10atombtcpool +uatom +ubtc)
+bondscli tx bonds sell 10atombtcpool --from alice --keyring-backend=test --broadcast-mode block -y
+# Query alice's account
+bondscli q account "$ALICE"
+
+# Bob removes liquidity (-1000atombtcpool +uatom +ubtc)
+bondscli tx bonds sell 1000atombtcpool --from bob --keyring-backend=test --broadcast-mode block -y
+# Query bob's account
+bondscli q account "$BOB"

codewithus/demo_3_augmented.sh

@@ -0,0 +1,90 @@
+#!/usr/bin/env bash
+
+ALICE=$(bondscli keys show alice --keyring-backend=test -a)  # organiser
+FEE=$(bondscli keys show fee --keyring-backend=test -a)      # funding pool
+
+bondscli keys add p1 --keyring-backend=test
+bondscli keys add p2 --keyring-backend=test
+bondscli keys add p3 --keyring-backend=test
+
+P1=$(bondscli keys show p1 --keyring-backend=test -a)  # participant 1 (new account)
+P2=$(bondscli keys show p2 --keyring-backend=test -a)  # participant 2 (new account)
+P3=$(bondscli keys show p3 --keyring-backend=test -a)  # participant 3 (new account)
+
+# Creator-specified values:
+#   d0 := 1000000       // initial raise (reserve [uatom])
+#   p0 := 1             // initial price (reserve per token [uatom/ufit])
+#   theta := 0          // initial allocation (percentage)
+#   kappa := 3.0        // degrees of polynomial (i.e. x^2, x^4, x^6)
+
+# Calculated values:
+#   R0 = 1000000        // initial reserve (calculated by (1-theta)*d0)
+#   S0 = 1000000        // initial supply (equal to R0 since p0=1)
+#   V0 = 1000000000000  // invariant which relates supply and reserve
+
+# Create an Augmented Bonding Curve
+bondscli tx bonds create-bond \
+  --token=ufit \
+  --name="FIT Initiative" \
+  --description="An incentivised fitness initiative" \
+  --function-type=augmented_function \
+  --function-parameters="d0:1000000,p0:1,theta:0,kappa:3.0" \
+  --reserve-tokens=uatom \
+  --tx-fee-percentage=0 \
+  --exit-fee-percentage=0 \
+  --fee-address="$FEE" \
+  --max-supply=20000000ufit \
+  --order-quantity-limits="" \
+  --sanity-rate="0" \
+  --sanity-margin-percentage="0" \
+  --allow-sells \
+  --signers="$ALICE" \
+  --batch-blocks=1 \
+  --outcome-payment="300000000uatom" \
+  --from alice --keyring-backend=test --broadcast-mode block -y
+# Query the created bond
+bondscli q bonds bond ufit
+
+# DAY 1 :: P1, P2, P3 all submit a valid claim, so organiser sends 1ATOM each
+bondscli tx send "$ALICE" "$P1" 1000000uatom --from alice --keyring-backend=test --broadcast-mode block -y
+bondscli tx send "$ALICE" "$P2" 1000000uatom --from alice --keyring-backend=test --broadcast-mode block -y
+bondscli tx send "$ALICE" "$P3" 1000000uatom --from alice --keyring-backend=test --broadcast-mode block -y
+
+# Each account now has 1ATOM
+bondscli q account "$P1"
+bondscli q account "$P2"
+bondscli q account "$P3"
+
+# P1 buys 1ATOM worth of FIT (=1FIT)      [note: 1ATOM=1FIT because p0=1]
+bondscli tx bonds buy 1000000ufit 1000000uatom --from p1 --broadcast-mode block -y
+# P2 buys 1ATOM worth of FIT (=0.26FIT)   [note: 1ATOM=0.26FIT because we are now in OPEN phase]
+bondscli tx bonds buy 259921ufit 1000000uatom --from p2 --broadcast-mode block -y
+# P3 keeps the ATOM and does not buy FIT
+
+# Bond is now in OPEN phase
+bondscli q bonds bond ufit
+
+# Note that P1 and P2 are both able to sell (and re-buy) their FIT tokens during the OPEN phase
+
+# A secondary market of FIT tokens (e.g. FIT<->USD liquidity pool) might be set up as well!
+
+# Assume some days pass, participants exercise, more ATOM is exchanged, and project is coming to an end
+
+# Organiser deems the project a success and makes the outcome payment of 300ATOM
+# Note: amount not specified here since it was written into the bond at creation
+bondscli tx bonds make-outcome-payment ufit --from alice --broadcast-mode block -y
+
+# Bond is now in SETTLE phase (no buying/selling allowed)
+bondscli q bonds bond ufit
+
+# P1 withdraws their share
+bondscli tx bonds withdraw-share ufit --from p1 --keyring-backend=test --broadcast-mode block -y
+# P2 withdraws their share
+bondscli tx bonds withdraw-share ufit --from p2 --keyring-backend=test --broadcast-mode block -y
+
+# P1 balance is equal to that of P2 (each gets a proportional share of the outcome payment)
+bondscli q account "$P1"
+bondscli q account "$P2"
+
+# Of course P3 still only has 1ATOM
+bondscli q account "$P3"

scripts/run_with_data.sh

@@ -1,58 +1,44 @@
 #!/usr/bin/env bash
 
-PASSWORD="12345678"
-GAS_PRICES="0.025stake"
-
 bondsd init local --chain-id bondschain-1
 
-yes $PASSWORD | bondscli keys delete miguel --keyring-backend=test --force
-yes $PASSWORD | bondscli keys delete francesco --keyring-backend=test --force
-yes $PASSWORD | bondscli keys delete shaun --keyring-backend=test --force
-yes $PASSWORD | bondscli keys delete fee --keyring-backend=test --force
-yes $PASSWORD | bondscli keys delete fee2 --keyring-backend=test --force
-yes $PASSWORD | bondscli keys delete fee3 --keyring-backend=test --force
-yes $PASSWORD | bondscli keys delete fee4 --keyring-backend=test --force
-yes $PASSWORD | bondscli keys delete fee5 --keyring-backend=test --force
-
-yes $PASSWORD | bondscli keys add miguel --keyring-backend=test
-yes $PASSWORD | bondscli keys add francesco --keyring-backend=test
-yes $PASSWORD | bondscli keys add shaun --keyring-backend=test
-yes $PASSWORD | bondscli keys add fee --keyring-backend=test
-yes $PASSWORD | bondscli keys add fee2 --keyring-backend=test
-yes $PASSWORD | bondscli keys add fee3 --keyring-backend=test
-yes $PASSWORD | bondscli keys add fee4 --keyring-backend=test
-yes $PASSWORD | bondscli keys add fee5 --keyring-backend=test
-
-# Note: important to add 'miguel' as a genesis-account since this is the chain's validator
-yes $PASSWORD | bondsd add-genesis-account $(bondscli keys show miguel --keyring-backend=test -a) 200000000stake,1000000res,1000000rez
-yes $PASSWORD | bondsd add-genesis-account $(bondscli keys show francesco --keyring-backend=test -a) 100000000stake,1000000res,1000000rez
-yes $PASSWORD | bondsd add-genesis-account $(bondscli keys show shaun --keyring-backend=test -a) 100000000stake,1000000res,1000000rez
-
-# Set min-gas-prices
-FROM="minimum-gas-prices = \"\""
-TO="minimum-gas-prices = \"0.025stake\""
-sed -i "s/$FROM/$TO/" "$HOME"/.bondsd/config/app.toml
+bondscli keys delete node --keyring-backend=test --force
+bondscli keys delete alice --keyring-backend=test --force
+bondscli keys delete bob --keyring-backend=test --force
+bondscli keys delete charlie --keyring-backend=test --force
+bondscli keys delete fee --keyring-backend=test --force
+
+bondscli keys add node --keyring-backend=test
+bondscli keys add alice --keyring-backend=test
+bondscli keys add bob --keyring-backend=test
+bondscli keys add charlie --keyring-backend=test
+bondscli keys add fee --keyring-backend=test
+
+# Note: important to add 'node' as a genesis-account since this is the validator
+bondsd add-genesis-account $(bondscli keys show node --keyring-backend=test -a) 1000000000000uatom,1000000000000ubtc
+bondsd add-genesis-account $(bondscli keys show alice --keyring-backend=test -a) 1000000000000uatom,1000000000000ubtc
+bondsd add-genesis-account $(bondscli keys show bob --keyring-backend=test -a) 1000000000000uatom,1000000000000ubtc
+bondsd add-genesis-account $(bondscli keys show charlie --keyring-backend=test -a) 1000000000000uatom,1000000000000ubtc
+
+# Set staking token (both bond_denom and mint_denom)
+STAKING_TOKEN="uatom"
+FROM="\"bond_denom\": \"stake\""
+TO="\"bond_denom\": \"$STAKING_TOKEN\""
+sed -i "s/$FROM/$TO/" "$HOME"/.bondsd/config/genesis.json
+FROM="\"mint_denom\": \"stake\""
+TO="\"mint_denom\": \"$STAKING_TOKEN\""
+sed -i "s/$FROM/$TO/" "$HOME"/.bondsd/config/genesis.json
 
 bondscli config chain-id bondschain-1
 bondscli config output json
 bondscli config indent true
 bondscli config trust-node true
 bondscli config keyring-backend test
 
-yes $PASSWORD | bondsd gentx --name miguel --keyring-backend=test
+bondsd gentx --name node --amount 1000000uatom --keyring-backend=test
 
 bondsd collect-gentxs
 bondsd validate-genesis
 
-# Uncomment the below to broadcast node RPC endpoint
-#FROM="laddr = \"tcp:\/\/127.0.0.1:26657\""
-#TO="laddr = \"tcp:\/\/0.0.0.0:26657\""
-#sed -i "s/$FROM/$TO/" "$HOME"/.bondsd/config/config.toml
-
-# Uncomment the below to broadcast REST endpoint
-# Do not forget to comment the bottom lines !!
-# bondsd start --pruning "everything" &
-# bondscli rest-server --chain-id bondschain-1 --laddr="tcp://0.0.0.0:1317" --trust-node && fg
-
 bondsd start --pruning "everything" &
 bondscli rest-server --chain-id bondschain-1 --trust-node && fg

x/bonds/internal/keeper/batch.go

@@ -493,7 +493,7 @@ func (k Keeper) PerformSwapOrders(ctx sdk.Context, token string) {
 					batch.Swaps[i].CancelReason = err.Error()
 
 					logger.Info(fmt.Sprintf("cancelled swap order for %s to %s from %s", so.Amount.String(), so.ToToken, so.Address.String()))
-					logger.Debug(fmt.Sprintf("cancellation reason: %s", err.Error()))
+					logger.Info(fmt.Sprintf("cancellation reason: %s", err.Error())) // set to Info for visibility
 
 					ctx.EventManager().EmitEvent(sdk.NewEvent(
 						types.EventTypeOrderCancel,
@@ -560,7 +560,7 @@ func (k Keeper) CancelUnfulfillableBuys(ctx sdk.Context, token string) (cancelle
 				cancelledOrders += 1
 
 				logger.Info(fmt.Sprintf("cancelled buy order for %s from %s", bo.Amount.String(), bo.Address.String()))
-				logger.Debug(fmt.Sprintf("cancellation reason: %s", err.Error()))
+				logger.Info(fmt.Sprintf("cancellation reason: %s", err.Error())) // set to Info for visibility
 
 				ctx.EventManager().EmitEvent(sdk.NewEvent(
 					types.EventTypeOrderCancel,