Fixed Price Auctioneer (FPA)
Fixed Price Auctioneer is the simplest auction variant. It allows creators to buy/sell a set capacity of token at the quoted price for a certain amount of time. Because of this, it is similar to a limit order in an order book exchange. The goal of this auction variant is to sell as many tokens as possible at the set price. Unlike the SDA auction variants, it will not adjust price to sell out the capacity over the duration.
The Base FPA contract has the following data structures, variables, and methods.
Data Structures (Structs)
MarketParams
Parameters to create a new FPA market. Encoded as bytes and provided as input to createMarket
.
struct MarketParams {
ERC20 payoutToken;
ERC20 quoteToken;
address callbackAddr;
bool capacityInQuote;
uint256 capacity;
uint256 formattedPrice;
uint48 depositInterval;
uint48 vesting;
uint48 start;
uint48 duration;
int8 scaleAdjustment;
}
payoutToken
ERC20 (address)
Payout Token (token paid out by market and provided by creator)
quoteToken
ERC20 (address)
Quote Token (token to be received by the market and provided by purchaser)
callbackAddr
address
Callback contract address, should conform to IBondCallback
. If 0x00, tokens will be transferred from market owner. Using a callback requires whitelisting by the protocol
capacityInQuote
bool
Is Capacity in Quote Token?
capacity
uint256
Capacity (amount in quote token decimals or amount in payout token decimals). Set capacityInQuote
flag appropriately
formattedPrice
uint256
Initial price of the market as a ratio of quote tokens per payout token, see note below on formatting
depositInterval
uint48
Target deposit interval for purchases (in seconds). Determines the maxPayout
of the market. Minimum is 1 hour (3600 seconds)
vesting
uint48
Is fixed term ? Vesting length (seconds) : Vesting expiry (timestamp). A 'vesting' param longer than 50 years is considered a timestamp for fixed expiry
start
uint48
Start time of the market as a timestamp. Allows starting a market in the future. If provided, the transaction must be sent prior to the start time. If not provided, the market will start immediately.
duration
uint48
Duration of the market in seconds.
scaleAdjustment
int8
Market scaling adjustment factor, ranges from -24 to +24. See note below on how to calculate
Calculating Formatted Price and Scale Adjustment
In order to support a broad range of tokens, with different decimal configurations and prices, we calculate an optimal scaling factor for each market. Specifically, the scale adjustment allows the FPA to support tokens with 6 to 18 configured decimals and with prices that differ by up to 24 decimal places (if the tokens have the configured decimals, less if not). To implement this, the market creator must provide a scale adjustment factor and format the price correctly.
First, you need the price of each token in a common unit, e.g. dollars or ether.
Then, if is the price of the payout token and is the price of quote token in the common unit, it can expressed in base 10 (or scientific) notation as:
where:
is the coefficient of the payout token price and is the number of price decimals for the payout token (aka the significand of the price).
is the coefficient of the quote token price and is the number of price decimals for the quote token.
Example: If the price of WETH is $1,500, then we would deconstruct it as . Therefore and .
Now, using the price values and the configured number of decimals for each token, we can calculate the scale adjustment.
where:
is the configured payout token decimals (e.g. WETH has 18 configured decimals)
is the configured quote token decimals.
and are as defined above.
Example:
Let WETH be the quote token and OHM be the payout token. WETH has 18 configured decimals and OHM has 9 configured decimals. Assume the market price of WETH is $1,500 -> and the market price of OHM is $10 -> .
Then, the scale adjustment is
Once we have the scale adjustment, we can format the price using the variables defined above. Here we assume the auction will use the current market price. If selling vesting tokens, a discount to the current market price may be appropriate.
Example: Continuing with the WETH and OHM example from above, we format the price as:
The above price example can be interpreted as 0.0666.. WETH per OHM.
BondMarket
BondMarket contains the core data, such as tokens, capacity, owner, price, etc., for a Fixed Price Market.
struct BondMarket {
address owner; // market owner. sends payout tokens, receives quote tokens (defaults to creator)
ERC20 payoutToken; // token to pay depositors with
ERC20 quoteToken; // token to accept as payment
address callbackAddr; // address to call for any operations on bond purchase. Must inherit to IBondCallback.
bool capacityInQuote; // capacity limit is in payment token (true) or in payout (false, default)
uint256 capacity; // capacity remaining
uint256 maxPayout; // max payout tokens out in one order
uint256 price; // fixed price of the market (see MarketParams struct)
uint256 scale; // scaling factor for the market (see MarketParams struct)
uint256 sold; // payout tokens out
uint256 purchased; // quote tokens in
}
BondTerms
BondTerms contains the time parameters of a Fixed Price Market.
struct BondTerms {
uint48 start; // timestamp when market starts
uint48 conclusion; // timestamp when market no longer offered
uint48 vesting; // length of time from deposit to expiry if fixed-term, vesting timestamp if fixed-expiry
}
Public Variables and View Methods
allowNewMarkets
function allowNewMarkets() external view returns (bool)
Whether or not the auctioneer allows new markets to be created
Changing to false will sunset the auctioneer after all active markets end
authority
function authority() external view returns (contract Authority)
callbackAuthorized
function callbackAuthorized(address) external view returns (bool)
Whether or not the market creator is authorized to use a callback address
currentCapacity
function currentCapacity(uint256 id_) external view returns (uint256)
Returns current capacity of a market
Parameters
id_
uint256
ID of market
getAggregator
function getAggregator() external view returns (contract IBondAggregator)
Returns the Aggregator that services the Auctioneer
getMarketInfoForPurchase
function getMarketInfoForPurchase(uint256 id_) external view returns (address owner, address callbackAddr, contract ERC20 payoutToken, contract ERC20 quoteToken, uint48 vesting, uint256 maxPayout_)
Provides information for the Teller to execute purchases on a Market
Parameters
id_
uint256
ID of market
Returns
owner
address
Address of the market owner (tokens transferred from this address if no callback)
callbackAddr
address
Address of the callback contract to get tokens for payouts
payoutToken
contract ERC20
Payout Token (token paid out) for the Market
quoteToken
contract ERC20
Quote Token (token received) for the Market
vesting
uint48
Timestamp or duration for vesting, implementation-dependent
maxPayout_
uint256
Maximum amount of payout tokens you can purchase in one transaction
getTeller
function getTeller() external view returns (contract IBondTeller)
Returns the Teller that services the Auctioneer
isInstantSwap
function isInstantSwap(uint256 id_) external view returns (bool)
Returns whether the market sends payout immediately (true = no vesting) or not (false = vesting)
Parameters
id_
uint256
ID of market
isLive
function isLive(uint256 id_) external view returns (bool)
Returns whether the market is currently accepting deposits (true) or not (false)
Parameters
id_
uint256
ID of market
marketPrice
function marketPrice(uint256 id_) external view returns (uint256)
Calculates current market price, value returned is the number of quote tokens per payout token, scaled according to the logic described in Calculating Formatted Price and Scale Adjustment
Parameters
id_
uint256
ID of market
marketScale
function marketScale(uint256 id_) external view returns (uint256)
Scale value to use when converting between quote token and payout token amounts with marketPrice()
Parameters
id_
uint256
ID of market
markets
function markets(uint256) external view returns (address owner, contract ERC20 payoutToken, contract ERC20 quoteToken, address callbackAddr, bool capacityInQuote, uint256 capacity, uint256 maxPayout, uint256 price, uint256 scale, uint256 sold, uint256 purchased)
Returns the core information pertaining to a bond market, see BondMarket
Parameters
id_
uint256
ID of market
maxAmountAccepted
function maxAmountAccepted(uint256 id_, address referrer_) external view returns (uint256)
Returns maximum amount of quote token accepted by the market
Parameters
id_
uint256
ID of market
referrer_
address
Address of referrer, used to get fees to calculate accurate payout amount. Inputting the zero address will take into account just the protocol fee.
maxPayout
function maxPayout(uint256 id_) external view returns (uint256)
Calculate max payout of the market in payout tokens
Returns a dynamically calculated payout or the maximum set by the creator, whichever is less. If the remaining capacity is less than the max payout, then that amount will be returned.
Parameters
id_
uint256
ID of market
minDepositInterval
function minDepositInterval() external view returns (uint48)
Minimum deposit interval for a market
minMarketDuration
function minMarketDuration() external view returns (uint48)
Minimum market duration in seconds
newOwners
function newOwners(uint256) external view returns (address)
New address to designate as market owner. They must accept ownership to transfer permissions.
Parameters
id_
uint256
ID of market
ownerOf
function ownerOf(uint256 id_) external view returns (address)
Returns the address of the market owner
Parameters
id_
uint256
ID of market
payoutFor
function payoutFor(uint256 amount_, uint256 id_, address referrer_) external view returns (uint256)
Payout due for amount of quote tokens
Parameters
amount_
uint256
Amount of quote tokens to spend
id_
uint256
ID of market
referrer_
address
Address of referrer, used to get fees to calculate accurate payout amount. Inputting the zero address will take into account just the protocol fee.
terms
function terms(uint256) external view returns (uint48 start, uint48 conclusion, uint48 vesting)
Information pertaining to market time parameters, see BondTerms
Parameters
id_
uint256
ID of the market
State-Mutating Methods
closeMarket
function closeMarket(uint256 id_) external nonpayable
Disable existing bond marketMust be market owner
Parameters
id_
uint256
ID of market to close
createMarket
function createMarket(bytes params_) external nonpayable returns (uint256)
Creates a new bond market
See MarketParams for the required formatting for the abi-encoded input params.
Parameters
params_
bytes
Configuration data needed for market creation, encoded in a bytes array
Returns
id
uint256
ID of the new bond market
pullOwnership
function pullOwnership(uint256 id_) external nonpayable
Accept ownership of a marketMust be market newOwner
The existing owner must call pushOwnership prior to the newOwner calling this function
Parameters
id_
uint256
Market ID
purchaseBond
function purchaseBond(uint256 id_, uint256 amount_, uint256 minAmountOut_) external nonpayable returns (uint256 payout)
Execute a purchase on the auctioneer. Only callable by the configured Teller. Users must interact with the Teller to make purchases.
Parameters
id_
uint256
ID of the Market the bond is being purchased from
amount_
uint256
Amount to deposit in exchange for bond (after fee has been deducted)
minAmountOut_
uint256
Minimum acceptable amount of bond to receive. Prevents front-running
Returns
payout
uint256
Amount of payout token to be received from the bond
pushOwnership
function pushOwnership(uint256 id_, address newOwner_) external nonpayable
Designate a new owner of a marketMust be market owner
Doesn't change permissions until newOwner calls pullOwnership
Parameters
id_
uint256
Market ID
newOwner_
address
New address to give ownership to
setAllowNewMarkets
function setAllowNewMarkets(bool status_) external nonpayable
Change the status of the auctioneer to allow creation of new markets
Setting to false and allowing active markets to end will sunset the auctioneer
Parameters
status_
bool
Allow market creation (true) : Disallow market creation (false)
setCallbackAuthStatus
function setCallbackAuthStatus(address creator_, bool status_) external nonpayable
Change whether a market creator is allowed to use a callback address in their markets or notMust be guardian
Callback is believed to be safe, but a whitelist is implemented to prevent abuse
Parameters
creator_
address
Address of market creator
status_
bool
Allow callback (true) : Disallow callback (false)
setMinDepositInterval
function setMinDepositInterval(uint48 depositInterval_) external nonpayable
Set the minimum deposit intervalAccess controlled
Parameters
depositInterval_
uint48
Minimum deposit interval in seconds
setMinMarketDuration
function setMinMarketDuration(uint48 duration_) external nonpayable
Set the minimum market durationAccess controlled
Parameters
duration_
uint48
Minimum market duration in seconds
Events
MarketClosed
event MarketClosed(uint256 indexed id)
Parameters
id indexed
uint256
ID of the market
MarketCreated
event MarketCreated(uint256 indexed id, address indexed payoutToken, address indexed quoteToken, uint48 vesting, uint256 fixedPrice)
Parameters
id indexed
uint256
ID of the market
payoutToken indexed
address
Address of the payout token
quoteToken indexed
address
Address of the quote token
vesting
uint48
Vesting duration or timestamp
fixedPrice
uint256
Fixed price of the market
Errors
Auctioneer_AmountLessThanMinimum
error Auctioneer_AmountLessThanMinimum()
Auctioneer_BadExpiry
error Auctioneer_BadExpiry()
Auctioneer_InvalidCallback
error Auctioneer_InvalidCallback()
Auctioneer_InvalidParams
error Auctioneer_InvalidParams()
Auctioneer_MarketNotActive
error Auctioneer_MarketNotActive()
Auctioneer_MaxPayoutExceeded
error Auctioneer_MaxPayoutExceeded()
Auctioneer_NewMarketsNotAllowed
error Auctioneer_NewMarketsNotAllowed()
Auctioneer_NotAuthorized
error Auctioneer_NotAuthorized()
Auctioneer_NotEnoughCapacity
error Auctioneer_NotEnoughCapacity()
Auctioneer_OnlyMarketOwner
error Auctioneer_OnlyMarketOwner()
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