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v4-dynamic-auction

📁 rustydotwtf/doppler-skills 📅 10 days ago
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安装命令
npx skills add https://github.com/rustydotwtf/doppler-skills --skill v4-dynamic-auction

Agent 安装分布

opencode 1
claude-code 1

Skill 文档

Source References: Code citations link to raw GitHub files pinned to commit 988dab4. To fetch specific lines: curl -s "<url>" | sed -n 'START,ENDp'

V4 Dynamic Auction

A V4 dynamic auction uses a Uniswap V4 hook to automatically rebalance the bonding curve every epoch based on actual sales performance. Unlike V3 static auctions, the price curve actively adjusts.

Key Contracts

Contract Path Purpose
Doppler src/initializers/Doppler.sol Main V4 dynamic auction hook
UniswapV4Initializer src/initializers/UniswapV4Initializer.sol V4 pool initialization

Dynamic vs Static

Aspect V3 Static V4 Dynamic
Rebalancing None Every epoch via beforeSwap
Position count Fixed at init 3 slug types, repositioned
Price discovery Passive (swaps move price) Active (tick accumulator)
Dynamic auction N/A Max, Relative, or Oversold
Exit condition Price at far tick Proceeds thresholds or time

Quick Facts

Fact Value Source
Precision constant WAD = 1e18 Doppler.sol:153
Max tick spacing 30 Doppler.sol:159
Max price discovery slugs 15 Doppler.sol:162
Default slug count 3 (Lower, Upper, PD) Doppler.sol:165

Parameters Reference

Parameter Type Description
gamma int24 Max tick change for entire curve
epochLength uint256 Rebalance frequency (seconds)
numTokensToSell uint256 Total tokens for sale
minimumProceeds uint256 Refund threshold
maximumProceeds uint256 Early exit threshold
startingTick int24 Initial price tick
endingTick int24 Final price after full auction
numPDSlugs uint256 Price discovery positions (1-15)

Detailed parameters

Three Slug Types

Slug Purpose Token Type Range
Lower Refund support at average price Numeraire tickLower → currentTick
Upper Current epoch liquidity Asset currentTick → currentTick + upperSlugRange
Price Discovery Future epoch liquidity Asset Above upper slug → tickUpper

Source: Doppler.sol (lines 167-171, salt constants)

Note: No Tail Positions

V4 dynamic auctions do not use tail positions (unlike V3 static and V4 multicurve auctions). The 3 dynamic slug types replace this concept:

  • Price Discovery slugs extend toward the far tick dynamically
  • Epoch-based rebalancing continuously redistributes liquidity
  • Proceeds-based exit eliminates the need for tick-based tail positions

See v3-static-auction or v4-multicurve-auction for tail position details.

Dynamic Auction Modes

Scenario Condition Action
Max Adjustment No sales + behind schedule Full _getMaxTickDeltaPerEpoch()
Relative Adjustment Some sales but undersold delta * (1 - actualSold/expectedSold)
Oversold Ahead of schedule Move curve UP (worse prices)

Source: Doppler.sol (lines 630-665)

Three Exit Paths

Path Condition Behavior
Early Exit proceeds >= maximumProceeds Immediate migration available
Success proceeds >= minimumProceeds at endingTime Migration available
Insufficient proceeds < minimumProceeds at endingTime Refund phase (sell back at avg price)

Source: Doppler.sol (lines 400, 412-467, 574-577)

Epoch System

Epoch = (block.timestamp - startingTime) / epochLength + 1
  • Epochs are 1-indexed
  • Rebalance triggers in beforeSwap when entering a new epoch
  • Only one rebalance per epoch (check: _getCurrentEpoch() <= state.lastEpoch)

Source: Doppler.sol (lines 791-794, 404-407)

State Tracking

struct State {
    uint40 lastEpoch;              // Last rebalanced epoch
    int256 tickAccumulator;        // Cumulative price adjustment
    uint256 totalTokensSold;       // Tokens sold to date
    uint256 totalProceeds;         // Numeraire earned
    uint256 totalTokensSoldLastEpoch;
    BalanceDelta feesAccrued;      // Accumulated fees
}

Source: Doppler.sol (lines 44-51)

Common Tasks

Related Skills

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