---
id: TASK-13
title: Implement Gyroscope-Style P-AMM Redemption Curve
status: To Do
assignee: []
created_date: '2026-04-03 21:42'
labels:
  - solidity
  - gyroscope
  - pamm
  - balancer
dependencies:
  - TASK-5
references:
  - /home/jeffe/Github/myco-bonding-curve/src/primitives/redemption_curve.py
  - /home/jeffe/Github/myco-bonding-curve/src/primitives/reserve_tranching.py
documentation:
  - backlog/docs/GYROSCOPE_MAPPING.md
priority: medium
---

## Description

<!-- SECTION:DESCRIPTION:BEGIN -->
Port src/primitives/redemption_curve.py (P-AMM) to Solidity as a Balancer V3 hook.

P-AMM (Primary AMM) provides backing-ratio-dependent redemption pricing:
- When system CR > 1: redeem at par (1:1)
- When CR < 1: redeem at discount proportional to backing ratio
- Prevents death spiral: redemptions at discount preserve remaining collateral for senior tranches
- Integrates as Balancer V3 onBeforeSwap() hook

Gyroscope reference implementation exists on mainnet — use as reference but our version is more general (not stablecoin-specific).

Also port:
- reserve_tranching.py — multi-vault weight targets with safety checks
- imbalance_fees.py — surge fees when pool is unbalanced
- dynamic_weights.py — time-varying + oracle-driven weight adjustments

These compose together: P-AMM uses reserve tranche health to determine redemption pricing, imbalance fees prevent one-sided flow, dynamic weights respond to market conditions.
<!-- SECTION:DESCRIPTION:END -->

## Acceptance Criteria
<!-- AC:BEGIN -->
- [ ] #1 P-AMM redemption price follows backing ratio correctly
- [ ] #2 Implements Balancer V3 IHooks interface
- [ ] #3 Reserve tranching validates vault weight targets
- [ ] #4 Imbalance fees activate when pool skews beyond threshold
- [ ] #5 Matches Gyroscope test vectors within 0.01%
<!-- AC:END -->