Checker How to Build Robocoins
Definition
A robocoin (the name is lame on purpose) is a cryptographic token that controls its supply algorithmically: by creating incentives for creation and destruction.
Checker is a generic piece of software for creating robocoins. In this presentation, we call one of these robocoins "kit."
Design goals
some design goals
Minimize governance
Minimize oracle dependency
Minimize the impact of liquidation
sound economic principles
Not a design goal
Achieve a perfect peg between the kit and some external assets.
Principle
Place tez collateral in a "burrow."
Mint "Kit"
Set a target value for kit
set adrift
If the kit above the target value, decrease drift
If kit below the target value, increase drift
If the outstanding kit exceeds a limit, liquidate collateral.
Target, quantity, drift, index
The index the price of something in the kit (could be 1 CHF, one cheeseburger, et)
The quantity: a quantity that can fluctuate up or down
The target: the product of the index and the quantity: e.g., "How many kits of a quantity q of cheeseburgers:
If the target is below 1, kits are too expensive. It's above one; kits are also cheap.
How do we know the index?
Use a median of several oracles
use an on-chain CFMM oracle for kit/tez price.
E.g., oracle provides x=XTZCHF time series, and on-chain CFMM provides x=KITXTZ, which yields KITCHF by multiplication.
What's with the drift?
Drift represents the rate at which the quantity changes: dq/q= drift dt A positive drift means the amount increases over time.
A negative drift means it decreases.
The drift balances out the demand for holding kit and the supply of kit to maintain the target close to 1.0
Liquidation
If collateral behind the kit is too low, send it to an auction queue.
Auctions can be .canceled
Collateral bought for kit and kit burned.
Non-linear filter around oracle data
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