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Solidly allows low cost, near 0 slippage trades on uncorrelated or tightly correlated assets. The protocol incentivizes fees instead of liquidity. Liquidity providers (LPs) are given incentives in the form of token, the amount received is calculated as follows;

  • 100% of weekly distribution weighted on votes from ve-token holders

The above is distributed to the gauge (see below), however LPs will earn between 40% and 100% based on their own ve-token balance.

LPs with 0 ve* balance, will earn a maximum of 40%.

AMM

What differentiates Solidly's AMM;

Solidly AMMs are compatible with all the standard features as popularized by Uniswap V2, these include;

  • Lazy LP management
  • Fungible LP positions
  • Chained swaps to route between pairs
  • priceCumulativeLast that can be used as external TWAP
  • Flashloan proof TWAP
  • Direct LP rewards via skim
  • xy>=k

Solidly adds on the following features;

  • 0 upkeep 30 minute TWAPs. This means no additional upkeep is required, you can quote directly from the pair
  • Fee split. Fees do not auto accrue, this allows external protocols to be able to profit from the fee claim
  • New curve: x3y+y3x, which allows efficient stable swaps
  • Curve quoting: y = (sqrt((27 a^3 b x^2 + 27 a b^3 x^2)^2 + 108 x^12) + 27 a^3 b x^2 + 27 a b^3 x^2)^(1/3)/(3 2^(1/3) x) - (2^(1/3) x^3)/(sqrt((27 a^3 b x^2 + 27 a b^3 x^2)^2 + 108 x^12) + 27 a^3 b x^2 + 27 a b^3 x^2)^(1/3)
  • Routing through both stable and volatile pairs
  • Flashloan proof reserve quoting

token

TBD

ve-token

Vested Escrow (ve), this is the core voting mechanism of the system, used by BaseV1Factory for gauge rewards and gauge voting.

This is based off of ve(3,3) as proposed here

  • deposit_for deposits on behalf of
  • emit Transfer to allow compatibility with third party explorers
  • balance is moved to tokenId instead of address
  • Locks are unique as NFTs, and not on a per address basis
function balanceOfNFT(uint) external returns (uint)

BaseV1Pair

Base V1 pair is the base pair, referred to as a pool, it holds two (2) closely correlated assets (example MIM-UST) if a stable pool or two (2) uncorrelated assets (example FTM-SPELL) if not a stable pool, it uses the standard UniswapV2Pair interface for UI & analytics compatibility.

function mint(address to) external returns (uint liquidity)
function burn(address to) external returns (uint amount0, uint amount1)
function swap(uint amount0Out, uint amount1Out, address to, bytes calldata data) external

Functions should not be referenced directly, should be interacted with via the BaseV1Router

Fees are not accrued in the base pair themselves, but are transfered to BaseV1Fees which has a 1:1 relationship with BaseV1Pair

BaseV1Factory

Base V1 factory allows for the creation of pools via function createPair(address tokenA, address tokenB, bool stable) external returns (address pair)

Base V1 factory uses an immutable pattern to create pairs, further reducing the gas costs involved in swaps

Anyone can create a pool permissionlessly.

BaseV1Router

Base V1 router is a wrapper contract and the default entry point into Stable V1 pools.


function addLiquidity(
    address tokenA,
    address tokenB,
    bool stable,
    uint amountADesired,
    uint amountBDesired,
    uint amountAMin,
    uint amountBMin,
    address to,
    uint deadline
) external ensure(deadline) returns (uint amountA, uint amountB, uint liquidity)

function removeLiquidity(
    address tokenA,
    address tokenB,
    bool stable,
    uint liquidity,
    uint amountAMin,
    uint amountBMin,
    address to,
    uint deadline
) public ensure(deadline) returns (uint amountA, uint amountB)

function swapExactTokensForTokens(
    uint amountIn,
    uint amountOutMin,
    route[] calldata routes,
    address to,
    uint deadline
) external ensure(deadline) returns (uint[] memory amounts)

Gauge

Gauges distribute arbitrary token(s) rewards to BaseV1Pair LPs based on voting weights as defined by ve voters.

Arbitrary rewards can be added permissionlessly via function notifyRewardAmount(address token, uint amount) external

Gauges are completely overhauled to separate reward calculations from deposit and withdraw. This further protect LP while allowing for infinite token calculations.

Previous iterations would track rewardPerToken as a shift everytime either totalSupply, rewardRate, or time changed. Instead we track each individually as a checkpoint and then iterate and calculation.

Bribe

Gauge bribes are natively supported by the protocol, Bribes inherit from Gauges and are automatically adjusted on votes.

Users that voted can claim their bribes via calling function getReward(address token) public

Fees accrued by Gauges are distributed to Bribes

BaseV1Voter

Gauge factory permissionlessly creates gauges for pools created by BaseV1Factory. Further it handles voting for 100% of the incentives to pools.

function vote(address[] calldata _poolVote, uint[] calldata _weights) external
function distribute(address token) external

veNFT distribution recipients

Name Address Qty
Multichain 0x5bDacBaE440A2F30af96147DE964CC97FE283305 800000
0xDAO 0xa96D2F0978E317e7a97aDFf7b5A76F4600916021 2376588
SpookySwap 0x95478C4F7D22D1048F46100001c2C69D2BA57380 1331994
Yearn Finance 0xC0E2830724C946a6748dDFE09753613cd38f6767 1118072
veDAO 0x3293cB515Dbc8E0A8Ab83f1E5F5f3CC2F6bbc7ba 1070472
Curve 0xffFfBBB50c131E664Ef375421094995C59808c97 1023840
Tomb Finance 0x02517411F32ac2481753aD3045cA19D58e448A01 864361
Geist Finance 0xf332789fae0d1d6f058bfb040b3c060d76d06574 812928
Beefy Finance 0xdFf234670038dEfB2115Cf103F86dA5fB7CfD2D2 795726
RenVM 0x0f2A144d711E7390d72BD474653170B201D504C8 763362
Synapse 0x224002428cF0BA45590e0022DF4b06653058F22F 727329
Radial 0x26D70e4871EF565ef8C428e8782F1890B9255367 688233
Iron Bank 0xA5fC0BbfcD05827ed582869b7254b6f141BA84Eb 681101
SpiritSwap 0x4D5362dd18Ea4Ba880c829B0152B7Ba371741E59 677507
Scream 0x1e26D95599797f1cD24577ea91D99a9c97cf9C09 676304
Abracadabra 0xb4ad8B57Bd6963912c80FCbb6Baea99988543c1c 642992
SushiSwap 0xF9E7d4c6d36ca311566f46c81E572102A2DC9F52 609195
Frax 0xE838c61635dd1D41952c68E47159329443283d90 598412
Reaper Farm 0x111731A388743a75CF60CCA7b140C58e41D83635 591573
Beethoven X 0x0edfcc1b8d082cd46d13db694b849d7d8151c6d5 587431
Hundred Finance 0xD0Bb8e4E4Dd5FDCD5D54f78263F5Ec8f33da4C95 542785
Morpheus Swap 0x9685c79e7572faF11220d0F3a1C1ffF8B74fDc65 536754
Saddle 0xa70b1d5956DAb595E47a1Be7dE8FaA504851D3c5 518240
Liquid Driver 0x06917EFCE692CAD37A77a50B9BEEF6f4Cdd36422 511920
Tarot 0x5b0390bccCa1F040d8993eB6e4ce8DeD93721765 452870

Testnet deployment

Name Address
wFTM 0x27Ce41c3cb9AdB5Edb2d8bE253A1c6A64Db8c96d
USDT 0x8ad96050318043166114884b59E2fc82210273b3
MIM 0x976e33B07565b0c05B08b2e13AfFD3113e3D178d
Solid 0x0DB76C03fFF8F9f8d6600ca1f9aC004FDB73d442
Name Address
BaseV1Factory 0x7dbA586e00D868EeFA13fC549B63D62b4a45a244
BaseV1BribeFactory 0xEc41c3165bc34eb5BDC66043FE3ac14617e4121c
BaseV1GaugesFactory 0x3CE2B6952be35024411F6dE5A8626aA052E81C06
BaseV1Router01 0xD1D173c5d1de3175B32d3dDCB265BD00Ea9fEDf5
BaseV1Voter 0xDA0eBF84F7A52A06EaeB0409F139D6442262F056
veNFT 0x74a91F1cEe46A20f5a15183aB54AEe89b015C21f
veNFT-dist 0xACCF9d3b4084f85540D24e0aad0bE2c5F13BCDE2
BaseV1Minter 0x17C2074bb32d2B532ab479b6815ca1B50ff00024

Mainnet

Name Address
wFTM 0x21be370d5312f44cb42ce377bc9b8a0cef1a4c83
Solid 0x888EF71766ca594DED1F0FA3AE64eD2941740A20
BaseV1Factory 0x3fAaB499b519fdC5819e3D7ed0C26111904cbc28
BaseV1BribeFactory 0xD0333A1A1AbFD68B362c5aA71B95392745381379
BaseV1GaugesFactory 0x25d220723ED3D9C55fDb9CfDddF044b52639ccae
BaseV1Router01 0xa38cd27185a464914D3046f0AB9d43356B34829D
BaseV1Voter 0xdC819F5d05a6859D2faCbB4A44E5aB105762dbaE
veNFT 0xcBd8fEa77c2452255f59743f55A3Ea9d83b3c72b
veNFT-dist 0xA5CEfAC8966452a78d6692837b2ba83d19b57d07
BaseV1Minter 0xC4209c19b183e72A037b2D1Fb11fbe522054A90D

Security