Variable Rate Gradual Dutch Auctions (VRGDAs) on Solana

VRGDAs are kind of a novel token issuance mechanism, conceived by Paradigm Research in this blogpost. VRGDAs dynamically adjust token issuance based on demand, ensuring a smooth and balanced token distribution. This repository provides an implementation of a linear VRGDA schedule specifically tailored for Solana using Anchor.

📦 What's Included

• Anchor-based Solana Program: A structured implementation for VRGDAs, only the buy side for now.

• TypeScript Tests ensuring the mechanism functions as intended.

• Lite-SVM Tests: cargo t -r -- --no-capture

• Demo Application: A practical example app located in the app directory.

🚀 Quick Start

1. Start a Local Validator

pnpm run start-validator

2. Build and deploy

anchor b && anchor deploy

3. For typescript tests

npx tsc tests/vrgda.ts

npx mocha --reporter spec -t 1000000 -r ts-node/register tests/

Feel free to modify the test values and params.

Note

The precise number library and functions are borrowed from Strata protocol's math library which can be found here.

⚠️ Warning

Unaudited code. This code is not production ready! The formula needs upper and lower bounds since exponential functions can easily overflow.