90 lines
5.1 KiB
Markdown
90 lines
5.1 KiB
Markdown
# MYCO Bonding Surface Architecture
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## Vision
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$MYCO is minted through a multi-channel bonding surface that accepts both financial reserves and non-financial commitments. The system draws on production-tested AMM math from Balancer and Gyroscope, composed into a novel architecture for token issuance.
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## System Diagram
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```
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┌─────────────────────┐
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│ $MYCO Token Mint │
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└─────────┬───────────┘
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│
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┌───────────────┼───────────────┐
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▼ ▼ ▼
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┌─────────────┐ ┌──────────────┐ ┌────────────┐
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│ Financial │ │ Commitment │ │ Staking │
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│ Reserves │ │ Channels │ │ Lockups │
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│ (N assets) │ │ (labor/sub) │ │ (duration) │
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└──────┬──────┘ └──────┬───────┘ └─────┬──────┘
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│ │ │
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┌──────▼──────┐ ┌──────▼───────┐ ┌─────▼──────┐
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│ Ellipsoid │ │ Contribution │ │ Time-weight │
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│ Bonding │ │ Oracle / │ │ Multiplier │
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│ Surface │ │ Attestation │ │ Curve │
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│ (N-CLP) │ │ │ │ │
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└──────┬──────┘ └──────┬───────┘ └─────┬──────┘
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│ │ │
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▼ ▼ ▼
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┌─────────────────────────────────────────────┐
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│ Reserve Tranching Layer │
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│ (target weights, safety checks, rebalance) │
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└──────────────────┬──────────────────────────┘
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│
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┌────────▼────────┐
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│ P-AMM Redemption│
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│ Curve + Flow │
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│ Dampening │
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└─────────────────┘
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```
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## Primitives (bottom-up)
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| # | Primitive | Source | Role in MYCO |
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|---|-----------|--------|-------------|
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| 1 | Weighted constant product | Balancer | Baseline N-asset pricing; fallback invariant |
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| 2 | StableSwap | Curve/Balancer | Pegged asset pricing within reserve tranches |
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| 3 | Concentrated LP (2-CLP) | Gyroscope | Virtual reserves, price bounding (2-asset case) |
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| 4 | Elliptical CLP (E-CLP) | Gyroscope | Elliptical concentration with rotation (2-asset) |
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| 5 | N-dimensional surface | Novel (extends E-CLP) | Full N-asset ellipsoidal bonding surface |
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| 6 | Reserve tranching | Gyroscope GYD | Multi-vault risk separation |
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| 7 | Redemption curve (P-AMM) | Gyroscope | Piecewise redemption pricing by backing ratio |
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| 8 | Dynamic weights | Balancer | Time-varying parameters, oracle-driven shifts |
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| 9 | Flow dampening | Gyroscope | Anti-bank-run exponential outflow memory |
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| 10 | Imbalance fees | Balancer | Surge fees when reserves become unbalanced |
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| 11 | Commitment issuance | Novel | Labor, subscription, and staking mint channels |
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## How They Compose
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**Minting (inflow):**
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1. User deposits one or more reserve assets
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2. The ellipsoid bonding surface prices the deposit in aggregate token-space
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3. Reserve tranching layer routes assets to appropriate vaults and checks safety
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4. Imbalance fees apply if the deposit skews reserve weights away from targets
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5. Dynamic weights may shift pricing based on time or oracle signals
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6. $MYCO is minted proportional to the invariant increase
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**Commitment minting (parallel channel):**
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1. Labor oracle attests to contribution units → mint at governed rate
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2. Subscription stream → continuous drip mint
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3. Staking lockup → time-weighted bonus mint
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4. All subject to flow dampening (rate limits)
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**Redemption (outflow):**
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1. User burns $MYCO
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2. P-AMM determines redemption rate based on backing ratio
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3. Flow dampening tracks recent redemptions, applies decay
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4. If backing ratio < 1, piecewise discount applies (parabolic → linear floor)
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5. Reserve tranching layer selects which vault(s) to redeem from
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6. Assets returned to user
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## Relationship to Existing $MYCO
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The `payment-infra` repo contains the production V1: a simple polynomial bonding curve
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(`price = basePrice + coefficient * supply^exponent`) with USDC-only reserve on Base.
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This repo is the V2 research track. The two coexist — V1 serves current needs while V2
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explores the multi-asset, commitment-augmented design. Migration path TBD after V2
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simulation validates the approach.
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