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Cone exchange

codecov

Cone 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 Cone's AMM;

Cone 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

Cone 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 ConeFactory for gauge rewards and gauge voting.

This is based off of ve(3,3)

  • 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)

ConePair

ConePair 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 ConeRouter

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

ConeFactory

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

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

Anyone can create a pool permissionlessly.

ConeRouter

ConeRouter 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 ConePair 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 ConeFactory. 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

veCONE distribution recipients

Name Address Qty
TBD TBD TBD

Testnet deployment

Name Address
wBNB 0xae13d989daC2f0dEbFf460aC112a837C89BAa7cd
USDC_TOKEN 0x88a12B7b6525c0B46c0c200405f49cE0E72D71Aa
MIM_TOKEN 0x549aE613Bb492CCf68A6620848C80262709a1fb4
DAI_TOKEN 0xf31d85CA2811B482f783860aacE022cf837dF7fE
USDT_TOKEN 0x0EFc2D2D054383462F2cD72eA2526Ef7687E1016
MAI_TOKEN 0xbf1fc29668e5f5Eaa819948599c9Ac1B1E03E75F
Name Address
ConeFactory 0x422282F18CFE573e7dc6BEcC7242ffad43340aF8
ConeRouter01 0x13d862a01d0AB241509A2e47e31d0db04e9b9F49
BribeFactory 0xD8a4054d63fCb0030BC73E2323344Ae59A19E92b
GaugesFactory 0xC363F3D4e1C005bf5321040653A088F71Bb974Ab
CONE 0x875976AeF383Fe4135B93C3989671056c4dEcDFF
ConeMinter 0x0C6868831c504Fb0bB61A54FEfC6464804380508
ConeVoter 0xC9d5917A0cb82450Cd687AF31eCAaC967D7F121C
veCONE 0xbEB411eAD71713E7f2814326498Ff2a054242206
VeDist 0xa4EB2E1284D9E30fb656Fe6b34c1680Ef5d4cBFC
Controller 0x6ce857d3037e87465b003aCbA264DDF2Cec6D5E4

BSC deployment

Name Address
ConeFactory 0x0EFc2D2D054383462F2cD72eA2526Ef7687E1016
ConeRouter01 0xbf1fc29668e5f5Eaa819948599c9Ac1B1E03E75F
BribeFactory 0xFE700D523094Cc6C673d78F1446AE0743C89586E
GaugesFactory 0xeE7FFE79689B3d826C7389B95780F42849Fb7019
CONE 0xA60205802E1B5C6EC1CAFA3cAcd49dFeECe05AC9
ConeMinter 0x308A756B4f9aa3148CaD7ccf8e72c18C758b2EF2
ConeVoter 0xC3B5d80E4c094B17603Ea8Bb15d2D31ff5954aAE
veCONE 0xd0C1378c177E961D96c06b0E8F6E7841476C81Ef
VeDist 0xdfB765935D7f4e38641457c431F89d20Db571674
Controller 0x2d91C960b03F2C39604aE1b644ba508a1366057c