feat: add support for rebasing tokens #1063
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Signed-off-by: Gregory Hill <gregorydhill@outlook.com>
Signed-off-by: Gregory Hill <gregorydhill@outlook.com>
sander2
reviewed
May 19, 2023
| @@ -108,6 +110,10 @@ pub mod pallet { | |||
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| /// Weight information for extrinsics in this pallet. | |||
| type WeightInfo: WeightInfo; | |||
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| /// Convert supported currencies to target asset. | |||
| /// NOTE: the price should only ever increase | |||
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I think theoretically the price can also decrease if a slashing event happens (LSD) or a default without sufficient collateral to cover the debt (qToken).
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This was very finicky to build and I have low confidence in its production readiness (hence why I'm opening this PR in draft). I will need to review the architecture again with @philippb90 as the system doesn't seem to make sense for LPs - I think they would be economically worse-off.
Closes #1036
Architecture
Concepts:
Requirement: prices always increase (e.g. LKSM is always 1:1 with KSM or can be redeemed for more)
The main idea is that rebasing (staked) tokens in a stable pool are continuously re-pegged to the price of their liquid token otherwise redeeming after a price increase will result in less tokens. When removing or adding liquidity the staking token amount is converted to the target liquid currency and vice versa.
The reason this is required is because we need all assets in a pool to be of equal value.
Problem: some staking tokens are worth more than the liquid currency?