Sealed Price Appraisals for Deterministic Emissions.
??????????????????????????????????????????????? . ################################################
?????????????????????????????????????????????? % ###############################################
????????????????????????????????????????????? %*: ##############################################
???????????????????????????????????????????? %#*?: #############################################
?????????????????????????????????????????? ,%##*??:. ###########################################
???????????????????????????????????????? ,%##*?*#*??:. #########################################
?????????????????????????????????????? ,%###*??*##*???:. #######################################
???????????????????????????????????? ,%####*???*###*????:. #####################################
?????????????????????????????????? ,%####**????*####**????:. ###################################
???????????????????????????????? ,%#####**?????*#####**?????:. #################################
??????????????????????????????? %######**??????*######**??????: ################################
?????????????????????????????? %######**???????*#######**??????: ###############################
????????????????????????????? %######***???????*#######***??????: ##############################
????????????????????????????? %######***???????*#######***??????: ##############################
????????????????????????????? %######***???????*#######***??????: ##############################
?????????????????????????????? %######**??????***######**??????: ###############################
??????????????????????????????? '%######****:^%*:^%****??????:' ################################
????????????????????????????????? '%####*:' %*: '%*????:' ##################################
??????????????????????????????????? %#*?: ####################################
?????????????????????????????????????????? ,%##*??:. ###########################################
???????????????????????????????????????? .%###***???:. #########################################
??????????????????????????????????????? ########################################
????????????????????????????????????????????????*#################################################
Current mints sacrifice both price-discovery and gas efficiency for ordering.
This leads to gas wars and bag shilling, often enabled by gated whitelists.
Spades is an attempt to maximize the ERC721 drop tradeoff by building off of Cloaks.
TL;DR - Spades is an ERC721 with a builtin commit-reveal scheme to determine the initial clearing price of an LBP.
Spades is an ERC721 Token with built-in minting broken down into four phases.
Spades begins with a commit phase that lasts from commitStart to revealStart.
During the commit phase, anyone can permissionlessly call the commit(bytes32) function, passing in a hashed commitment (32 bytes).
The hashed commitment includes an appraisal price (at which each ERC721 token should be valued) along with a blindingFactor that prevents hash table attacks.
Calling the commitment also requires a depositAmount of ether or the depositToken to prevent commitment spam.
At this point, there are a bunch of commitments stored in the Spades Contract.
Once the Reveal Phase begins when the block.timestamp reaches revealStart, participants from phase 1 can reveal their appraisal by calling the reveal(uint256,bytes32) function.
Where the first argument is the appraisal value and the second is the blindingFactor.
Once this function is called, the sender's sealed appraisal becomes public.
MAX_LOSS_PENALTY (in bips) on their deposit. After the reveal phase, the user may call lostReveal() to extract the remainder of their deposit.
When the timestamp reaches restrictedMintStart, the reveal phase ends and the Restricted mint period begins.
Since all appraisals have been revealed, a clearingPrice can be calculated as the mean of all committed appraisals.
This is the starting mint price.
Participants who revealed their appraisals can now call restrictedMint() to mint one ERC721 token at a discounted price.
Calling restrictedMint() requires the discounted price to be sent in ether or will be transferred from the user for the specified depositToken.
Where the discount is proportional to how close their appraisal value was to the calculated clearingPrice.
Also note, the max discount factor is 2,000 bips or 20% off the clearingPrice.
To view their discount price, a particpant can call the restrictedMintPrice() function.
To check restricted minting eligibility, a participany can call the canRestrictedMint() function.
Additionally, a user can choose to forgo() their mint allocation (outliers must do this to recover part of their deposit).
The forgo() function will return the depositAmount less a loss penalty inversely related to how close their appraisal was to the clearingPrice.
MAX_LOSS_PENALTY.
At this point, if not all ERC721 tokens are minted (tokenSupply < MAX_TOKEN_SUPPLY), minting is enabled for everyone, including non-commitment participants.
When block.timestamp is greater than or equal to publicMintStart, the mint(uint256) function can be called, supplying the number of tokens to be minted.
The public mint function requires ether to be sent or the depositToken will be transferred at an initial amount equal to the clearingPrice (or the minPrice if clearingPrice < minPrice).
With one important caveat - the price to mint is modeled after an LBP.
That is, on each new token minted, the price to mint another token increase by priceIncreasePerMint and on each new block, the price decreases by priceDecayPerBlock.
MAX_MINT_PER_ACCOUNT can be minted per account (except for the commitment participants who can mint MAX_MINT_PER_ACCOUNT + 1).
Essentially the same as cloaks.
Mints suck...
They're difficult to mint, oft impossible.
The mint price is fixed - artists and creators don't realize upside.
Whitelists, gating methods, and gas wars prevent any semblance of a fair mint.
lib
├─ ds-test — https://github.com/dapphub/ds-test
├─ forge-std — https://github.com/brockelmore/forge-std
├─ solmate — https://github.com/Rari-Capital/solmate
├─ clones-with-immutable-args — https://github.com/wighawag/clones-with-immutable-args
src
├─ tests
│ └─ Spade.t — "Spade Tests"
└─ Spade — "Spade ERC721 Contract"A Spade is an extensible ERC721 implementation with a commit-reveal scheme and lbp built into the ERC721 contract itself. The only contract is located in src/ called Spade.
It is an abstract contract and requires an implementation for tokenURI as in MockSpade;
Both DappTools and Foundry are supported. Installation instructions for both are included below.
Install DappTools using their installation guide.
See the official Foundry installation instructions.
Don't have rust installed? Run
curl --proto '=https' --tlsv1.2 -sSf https://sh.rustup.rs | shThen, install the foundry toolchain installer (foundryup) with:
curl -L https://foundry.paradigm.xyz | bashNow that you've installed the foundryup binary,
anytime you need to get the latest forge or cast binaries,
you can run foundryup.
So, simply execute:
foundryup🎉 Foundry is installed! 🎉
make
# OR #
make setupmake buildmake testUsing foundry.toml, Foundry is easily configurable.
- Glass.xyz's LBP ERC721
- commit-reveal schemes
- foundry
- solmate
- forge-std
- clones-with-immutable-args.
- Brock Elmore for forge-std
- foundry-toolchain by onbjerg.
- forge-template by FrankieIsLost.
- Georgios Konstantopoulos for forge-template resource.
These smart contracts are being provided as is. No guarantee, representation or warranty is being made, express or implied, as to the safety or correctness of the user interface or the smart contracts. They have not been audited and as such there can be no assurance they will work as intended, and users may experience delays, failures, errors, omissions, loss of transmitted information or loss of funds. The creators are not liable for any of the foregoing. Users should proceed with caution and use at their own risk.