alexgo-io / alex-v1

Build Finance on Bitcoin

ALEX builds finance on Bitcoin. Create best-in-class financial apps on Bitcoin with ALEX!

See you at https://docs.alexgo.io if you want to find out more.

Before you run, we use a custom dependency management tool, so please run the following.

> cd <project root>/clarity
> sh ./scripts/clarinet_manager.sh update alex_dao main
> sh ./scripts/clarinet_manager.sh install alex_dao

The list of dependencies (not all are required) is available here: https://github.com/alexgo-io/alex-v1/blob/main/clarity/Clarinet.json

alex-v1's Issues

Extend Yield Space to incorporate concentrated liquidity

Combine
https://yield.is/YieldSpace.pdf
https://uniswap.org/whitepaper-v3.pdf

[Modelling] Borrow sourcing - Yield Farming

Yield Token AMM Whitepaper

[DEV] oracle implementation (based on psq/stacks-open-oracle)

https://github.com/psq/stacks-open-oracle, at least until we have Chainlink

ALEX Platform Whitepaper

[DEV] Yield Token implementation

Implement overnight lending using Yield Tokens

You can of course "roll" from one contract to another (say, ayBTC-(today) to ayBTC-(tomorrow)), but that sounds overly complicated.
Any simpler approach is possible?

[Modelling] Borrow sourcing - NFT

[Notebook] Impact (i.e. impermanent loss) of injecting single-sided liquidity into CRP

Collateral Rebalancing Pool Whitepaper

[DEV] yield-token-pool implementation

https://docs.alexgo.io/platform-architecture-that-supports-ecosystem-development#yield-token-pool

[DEV] Validate Flash loan

To check the control flow of micro execution of flash loan line by line.

[Modelling] Liquidity sourcing - DEX

[DEV] Proper calculation of t at yield-token-pool

[Modelling] Single-sided liquidity - Collateral Rebalancing Pool

[Modelling] Initialisation scheme - Yield Token Pool

Liquidity Bootstrapping Pool

A simple, yet very useful, strategy that we can offer on ALEX - Liquidity Bootstrapping Pool.

[DEV] Implement price oracle for yield token by accessing YTP

• get-price implementation in YTP

[Modelling] Initialisation scheme - Collateral Rebalancing Pool

ayToken / Token Specification

Based on Yield Space.

[Modelling] Impermanent-loss optimised Collateral Rebalancing Pool

Real-time margined loans with minimal counterparty risk

Stablecoins are typically implemented as an overcollateralised loan (say 50% LTV) with a liquidation trigger (say 66% Max LTV).
No periodic margining is implemented (as far as I know), which could be expensive to implement on ETH.
On Stacks, with faster transaction speed and lower transaction fee, can we implement a real-time margined loans with minimal counterparty risk?

Vault specification

Please refer to IVault at Class Diagram.

[DEV] fixed-weight-pool implementation

Fixed-weight-pool implements Balancer two token weighted oracle pools and uses weighted-equation and vault.

Pool specification

Please refer to IPool of Class Diagram

invariant function

In the yieldspace paper https://yield.is/YieldSpace.pdf, there are 4 invariant function

1. equation (16) assuming no fee
2. equation (20) assuming buying fyDai with an indirect fee factor of g
3. extension of equation (20) assuming selling fyDai with an indirect fee factor of g
4. equation (21), a non-decreasing invariant, seemingly addressing the problem of negative interest rate. However, it value would be different from the above 3 equations. As it has additional power, as well as scaled by s

Does it mean the invariant function changes with different scenario?

[Notebook] Comparison of impermanent loss distribution of CRP and liquidity loss distribution of a vanilla lending pool

[DEV] Implement fee collector

[TEST] Initial Testing setup

• Fixed Weight Pool
• Collateral Rebalancing Pool
• Weighted Equations
• Vault

[DEV] weighted-equation implementation

https://docs.alexgo.io/platform-architecture-that-supports-ecosystem-development#weighted-equation

ayToken / Collateral Equation

Can we extend the AMM logic to implement collateralised lending?
Post collateral to mint ayToken == sell collateral to buy ayToken?

[DOC] Developer Documentation(1) - API

• Fixed Weight Pool
• Collateral Rebalancing Pool
• Weighted Equations
• Vault

[Modelling] Expiry handling - Collateral Rebalancing Pool

Extend Balancer Weighted Pool to incorporate concentrated liquidity

Constant weights

https://docs.alexgo.io/platform-architecture-that-supports-ecosystem-development#weighted-equation

Dynamic weights

https://docs.alexgo.io/platform-architecture-that-supports-ecosystem-development#collateral-rebalancing-equation
https://docs.alexgo.io/platform-architecture-that-supports-ecosystem-development#liquidity-bootstrapping-equation

[Notebook] Clean up definitions for better readability

[DEV] Pool Token Implementation

Equation Specification

Please refer to IEquation of Class Diagram.

[DEV] collateral-rebalancing-pool implementation

https://docs.alexgo.io/platform-architecture-that-supports-ecosystem-development#collateral-rebalancing-pool

[Modelling] Expiry handling - Yield Token Pool

[DEV] Vault Implementation

Vault implementation using trait-vault

1. alex-vault

• get-balance
• get-balances
• transfer-to-vault
• transfer-from-vault
• flash-loan

[Notebook] Impact of using moving average for CRP weights

[DEV] replace unwrap-panic

For better debugging and error handling

CRE-based stablecoin

[DEV] yield-token-equation implementation

https://docs.alexgo.io/platform-architecture-that-supports-ecosystem-development#yield-token-equation

Monte Carlo simulation engine to stress test lending params

CRP dynamically rebalances collateral to ensure the ayToken minted (i.e. the loan) remain solvent especially in an adverse market environment (i.e. the value of the loan does not exceed the value of collateral). This dynamic rebalancing, together with a careful choice of the key parameters (including LTV and volatilty assumption) allows ALEX to eliminate the needs for liquidation. Any residual gap risk (which CRP cannot address entirely) is addressed through maintaining a strong reserve fund.

Monte Carlo engine to stress test the choice of key params and determine appropriate reserve size.

Oracle Specification

Please refer to IOracle of Class Diagram.

[DEV] Testing on LBP and YTP

• Testing LBP
• Testing YTP

[Notebook] Adding fee/IL rebate to Collateral Rebalancing Pool

[DEV] Error code standardization

• Error code standardization on ERRCode.md
• Modify unwrap panicking
• Testing with Error code

math-fixed-point: overflow causes runtime error, should handle before operation rather than after