From 22891b39d6bceca03f1afc035e730eaa4b3a2b30 Mon Sep 17 00:00:00 2001 From: Patrick Amato <51000544+pathoam@users.noreply.github.com> Date: Wed, 31 Jul 2019 23:08:56 -0600 Subject: [PATCH] bench-exc: readme changes (#5373) replace token pair, direction replace "swapper" with "matcher" --- bench-exchange/README.md | 125 +++++++++++++++++++-------------------- 1 file changed, 62 insertions(+), 63 deletions(-) diff --git a/bench-exchange/README.md b/bench-exchange/README.md index e895b5e46f..1d0898fa21 100644 --- a/bench-exchange/README.md +++ b/bench-exchange/README.md @@ -23,7 +23,7 @@ demo demonstrates one way to host an exchange on the Solana blockchain by emulating a currency exchange. The assets are virtual tokens held by investors who may post order requests to -the exchange. A Swapper monitors the exchange and posts swap requests for +the exchange. A Matcher monitors the exchange and posts swap requests for matching orders. All the transactions can execute concurrently. ## Premise @@ -42,30 +42,26 @@ matching orders. All the transactions can execute concurrently. - A request to create a token account - Token request - A request to deposit tokens of a particular type into a token account. -- Token pair - - A unique ordered list of two tokens. For the four types of tokens used in - this demo, the valid pairs are AB, AC, AD, BC, BD, CD. -- Direction of trade - - Describes which token in the pair the investor wants to sell and buy and can - be either "To" or "From". For example, if an investor issues a "To" trade - for "AB" then they which to exchange A tokens to B tokens. A "From" order - would read the other way, A tokens from B tokens. +- Asset pair + - A struct with fields Base and Quote, representing the two assets which make up a + trading pair, which themselves are Tokens. The Base or 'primary' asset is the + numerator and the Quote is the denominator for pricing purposes. +- Order side + - Describes which side of the market an investor wants to place a trade on. Options + are "Bid" or "Ask", where a bid represents an offer to purchase the Base asset of + the AssetPair for a sum of the Quote Asset and an Ask is an offer to sell Base asset + for the Quote asset. - Price ratio - - An expression of the relative prices of two tokens. They consist of the - price of the primary token and the price of the secondary token. For - simplicity sake, the primary token's price is always 1, which forces the - secondary to be the common denominator. For example, if token A was worth - 2 and token B was worth 6, the price ratio would be 1:3 or just 3. Price - ratios are represented as fixed point numbers. The fixed point scaler is - defined in + - An expression of the relative prices of two tokens. Calculated with the Base + Asset as the numerator and the Quote Asset as the denominator. Ratios are + represented as fixed point numbers. The fixed point scaler is defined in [exchange_state.rs](https://github.com/solana-labs/solana/blob/c2fdd1362a029dcf89c8907c562d2079d977df11/programs/exchange_api/src/exchange_state.rs#L7) - Order request - - A Solana transaction executed by the exchange requesting the trade of one - type of token for another. order requests are made up of the token pair, - the direction of the trade, quantity of the primary token, the price ratio, - and the two token accounts to be credited/deducted. An example trade - request looks like "T AB 5 2" which reads "Exchange 5 A tokens to B tokens - at a price ratio of 1:2" A fulfilled trade would result in 5 A tokens + - A Solana transaction sent by a trader to the exchange to submit an order. + Order requests are made up of the token pair, the order side (bid or ask), + quantity of the primary token, the price ratio, and the two token accounts + to be credited/deducted. An example trade request looks like "T AB 5 2" + which reads "Exchange 5 A tokens to B tokens at a price ratio of 1:2" A fulfilled trade would result in 5 A tokens deducted and 10 B tokens credited to the trade initiator's token accounts. Successful order requests result in an order. - Order @@ -75,59 +71,62 @@ matching orders. All the transactions can execute concurrently. contain the same information as the order request. - Price spread - The difference between the two matching orders. The spread is the - profit of the Swapper initiating the swap request. -- Swap requirements + profit of the Matcher initiating the swap request. +- Match requirements - Policies that result in a successful trade swap. -- Swap request - - A request to exchange tokens between to orders -- Trade swap - - A successful trade. A swap consists of two matching orders that meet - swap requirements. A trade swap may not wholly satisfy one or both of the - orders in which case the orders are adjusted appropriately. As - long as the swap requirements are met there will be an exchange of tokens - between accounts. Any price spread is deposited into the Swapper's profit - account. All trade swaps are recorded in a new account for posterity. +- Match request + - A request to fill two complementary orders (bid/ask), resulting if successful, + in a trade being created. +- Trade + - A successful trade is created from two matching orders that meet + swap requirements which are submitted in a Match Request by a Matcher and + executed by the exchange. A trade may not wholly satisfy one or both of the + orders in which case the orders are adjusted appropriately. Upon execution, + tokens are distributed to the traders' accounts and any overlap or + "negative spread" between orders is deposited into the Matcher's profit + account. All successful trades are recorded in the data of a new solana + account for posterity. - Investor - Individual investors who hold a number of tokens and wish to trade them on the exchange. Investors operate as Solana thin clients who own a set of accounts containing tokens and/or order requests. Investors post transactions to the exchange in order to request tokens and post or cancel order requests. -- Swapper - - An agent who facilitates trading between investors. Swappers operate as +- Matcher + - An agent who facilitates trading between investors. Matchers operate as Solana thin clients who monitor all the orders looking for a trade - match. Once found, the Swapper issues a swap request to the exchange. - Swappers are the engine of the exchange and are rewarded for their efforts by - accumulating the price spreads of the swaps they initiate. Swappers also + match. Once found, the Matcher issues a swap request to the exchange. + Matchers are the engine of the exchange and are rewarded for their efforts by + accumulating the price spreads of the swaps they initiate. Matchers also provide current bid/ask price and OHLCV (Open, High, Low, Close, Volume) information on demand via a public network port. - Transaction fees - Solana transaction fees are paid for by the transaction submitters who are - the Investors and Swappers. + the Investors and Matchers. ## Exchange startup The exchange is up and running when it reaches a state where it can take -investor's trades and Swapper's swap requests. To achieve this state the +investors' trades and Matchers' match requests. To achieve this state the following must occur in order: - Start the Solana blockchain -- Start the Swapper thin-client -- The Swapper subscribes to change notifications for all the accounts owned by +- Start the thin-client +- The Matcher subscribes to change notifications for all the accounts owned by the exchange program id. The subscription is managed via Solana's JSON RPC interface. -- The Swapper starts responding to queries for bid/ask price and OHLCV +- The Matcher starts responding to queries for bid/ask price and OHLCV -The Swapper responding successfully to price and OHLCV requests is the signal to +The Matcher responding successfully to price and OHLCV requests is the signal to the investors that trades submitted after that point will be analyzed. Investors will initially query the exchange to discover their current balance for each type of token. If the investor does not already have an account for -each type of token, they will submit account requests. Swappers as well will +each type of token, they will submit account requests. Matcher as well will request accounts to hold the tokens they earn by initiating trade swaps. ```rust @@ -165,7 +164,7 @@ pub struct TokenAccountInfo { } ``` -For this demo investors or Swappers can request more tokens from the exchange at +For this demo investors or Matcher can request more tokens from the exchange at any time by submitting token requests. In non-demos, an exchange of this type would provide another way to exchange a 3rd party asset into tokens. @@ -269,10 +268,10 @@ pub enum ExchangeInstruction { ## Trade swaps -The Swapper is monitoring the accounts assigned to the exchange program and +The Matcher is monitoring the accounts assigned to the exchange program and building a trade-order table. The order table is used to identify matching orders which could be fulfilled. When a match is found the -Swapper should issue a swap request. Swap requests may not satisfy the entirety +Matcher should issue a swap request. Swap requests may not satisfy the entirety of either order, but the exchange will greedily fulfill it. Any leftover tokens in either account will keep the order valid for further swap requests in the future. @@ -310,14 +309,14 @@ whole for clarity. | 5 | 1 T AB 2 10 | 2 F AB 1 5 | As part of a successful swap request, the exchange will credit tokens to the -Swapper's account equal to the difference in the price ratios or the two orders. -These tokens are considered the Swapper's profit for initiating the trade. +Matcher's account equal to the difference in the price ratios or the two orders. +These tokens are considered the Matcher's profit for initiating the trade. -The Swapper would initiate the following swap on the order table above: +The Matcher would initiate the following swap on the order table above: - Row 1, To: Investor 1 trades 2 A tokens to 8 B tokens - Row 1, From: Investor 2 trades 2 A tokens from 8 B tokens - - Swapper takes 8 B tokens as profit + - Matcher takes 8 B tokens as profit Both row 1 trades are fully realized, table becomes: @@ -328,11 +327,11 @@ Both row 1 trades are fully realized, table becomes: | 3 | 1 T AB 2 8 | 2 F AB 3 6 | | 4 | 1 T AB 2 10 | 2 F AB 1 5 | -The Swapper would initiate the following swap: +The Matcher would initiate the following swap: - Row 1, To: Investor 1 trades 1 A token to 4 B tokens - Row 1, From: Investor 2 trades 1 A token from 4 B tokens - - Swapper takes 4 B tokens as profit + - Matcher takes 4 B tokens as profit Row 1 From is not fully realized, table becomes: @@ -343,11 +342,11 @@ Row 1 From is not fully realized, table becomes: | 3 | 1 T AB 2 10 | 2 F AB 3 6 | | 4 | | 2 F AB 1 5 | -The Swapper would initiate the following swap: +The Matcher would initiate the following swap: - Row 1, To: Investor 1 trades 1 A token to 6 B tokens - Row 1, From: Investor 2 trades 1 A token from 6 B tokens - - Swapper takes 2 B tokens as profit + - Matcher takes 2 B tokens as profit Row 1 To is now fully realized, table becomes: @@ -357,11 +356,11 @@ Row 1 To is now fully realized, table becomes: | 2 | 1 T AB 2 8 | 2 F AB 3 5 | | 3 | 1 T AB 2 10 | 2 F AB 1 5 | -The Swapper would initiate the following last swap: +The Matcher would initiate the following last swap: - Row 1, To: Investor 1 trades 2 A token to 12 B tokens - Row 1, From: Investor 2 trades 2 A token from 12 B tokens - - Swapper takes 4 B tokens as profit + - Matcher takes 4 B tokens as profit Table becomes: @@ -383,7 +382,7 @@ pub enum ExchangeInstruction { /// key 3 - `From` order /// key 4 - Token account associated with the To Trade /// key 5 - Token account associated with From trade - /// key 6 - Token account in which to deposit the Swappers profit from the swap. + /// key 6 - Token account in which to deposit the Matcher profit from the swap. SwapRequest, } @@ -442,14 +441,14 @@ pub enum ExchangeInstruction { /// key 3 - `From` order /// key 4 - Token account associated with the To Trade /// key 5 - Token account associated with From trade - /// key 6 - Token account in which to deposit the Swappers profit from the swap. + /// key 6 - Token account in which to deposit the Matcher profit from the swap. SwapRequest, } ``` ## Quotes and OHLCV -The Swapper will provide current bid/ask price quotes based on trade actively and +The Matcher will provide current bid/ask price quotes based on trade actively and also provide OHLCV based on some time window. The details of how the bid/ask price quotes are calculated are yet to be decided.