Audaces Protocol

⚠️ Warning

Any content produced by Audaces Foundation, or developer resources that Audaces Foundation provides, are for educational and inspiration purposes only. Audaces does not encourage, induce or sanction the deployment of any such applications in violation of applicable laws or regulations.

Perpetuals built on Solana

White paper: https://arweave.net/MDXO3eeOjQdmkq_E94Ah2gTS_RuKtrm0ZvTexriOh4M

• On-chain Program
• Insurance fund protection
• vAMM State
• Cranker
• JS Library

Markets:

• BTC/USDC: 475P8ZX3NrzyEMJSFHt9KCMjPpWBWGa6oNxkWcwww2BR

On-chain Program

The on chain Audances Perpetual program maintains the vAMM state as well as a compressed liquidation index-addressable record of all open positions. It manages the creation of user accounts, the opening, closing and modifying of positions. It implements a constant-time liquidation engine which allows for a complete liquidation cycle at each Solana slot.

Insurance fund protection

• Fallback insurance is multi sig locked
• Small effective insurance fund is owned by the program

vAMM State

• Seed Nonce for vAMM signer program account
• Oracle address
• Audaces signer address
• Insurance fund holdings
• Vec of ( leverage, (short_pt, long_pt), gc_hd_pt, Vec of (Pubkey, PageInfo) for position_books )

vAMM == MARKET

Cranker

Perpetual nodes secure the Audaces protocol by cranking transactions. Anyone can run a node and help secure the protocol. The cranking transactions are:

• Liquidations
• Funding rates
• Funding extraction
• Garbage collection

💡 The cranker can be deployed on a small VPS, for instance an AWS LightSail VPS or a Bahnhof VPS.

Cranking with Ansible

The repository contains an Ansible playbook to automate the entire set up of the server. In order to deploy the cranker, you will only need to change the hosts.yaml file. For example, let's say you want to deploy a cranker in two AWS zones: Dublin and Tokyo, the hosts.yaml file could look like

tokyo:
  hosts:
    tokyo_1:
      ansible_host: ip_of_your_server
      ansible_ssh_private_key_file: path_to_your_ssh_key_file

dublin:
  hosts:
    dublin_1:
      ansible_host: ip_of_your_server
      ansible_ssh_private_key_file: path_to_your_ssh_key_file

You also need to setup the wallet with which you want to crank using the wallet.json file in the cranker folder. You can then deploy your node using Ansible by running the following commands

• For the first time set up of your server use:

ansible-playbook -i hosts.yaml setup.yaml

• To update your node

ansible-playbook -i hosts.yaml update.yaml

You can monitor your node using pm2-metrics and Grafana using a Prometheus datasource

Cranking locally

If you want to crank on your local machine and already have Rust installed you can simply run the following

cd cranker
cargo build --release
target/release/./perps-crank --url <rpc_endpoint> --market <market_address> --program-id <program_id> --fee-payer <path_to_your_wallet> <service>

Where <service> is in: funding, funding-extraction, liquidate and garbage-collect

To install Rust on your machine refer to https://rustup.rs/

One can also use the process manager PM2 to launch the crankers

yarn global add pm2
<!-- Or with NPM -->
npm install pm2 -g

Cranking incentives

Cranker	Reward
Liquidate	10% of the position's collateral
Garbage Collect	0.1 USDC per freed slot
Funding	None
Funding Extraction	None

JS Library

A JavaScript client library for interacting with the on-chain program. This library can be used for:

• Creating markets
• Trading on a market
• Fetching market data
• Cranking (Rust sample code is recommended ⚠️)

To install it

npm i @audaces/perps

yarn add @audaces/perps

The JS Library documentation can be generated using

yarn doc