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Alongside Crypto Market Index v2

Alongside Crypto Market Index (AMKT) is a fully backed market index, providing exposure to a market-cap weighted basket of assets, to be rebalanced quarterly.

The next iteration of AMKT moves custody on-chain, relying on Vault to custody underlying assets, and on governance to submit accurate Bounty for the next set of underlying assets to rebalance.

Overview

System Relationship Diagram

Core System Relationship Diagram This diagram provides a high-level overview of the system and its core functions. While it aims to capture the key components and interactions, it does not encompass the full breadth and depth of the system's functionality.

AMKT

AMKT is an Upgradeable, Votable, ERC20 token on Ethereum Mainnet. It can be issued by bringing a basket of underlying assets, and it can be redeemed to receive a basket of underlying assets, as defined by Issuance and Vault.

Core

The core system aims to be modular and minimal for maximal safety and extensibility.

  • Vault: Source of truth for the index and custodian of assets.

    • virtualUnits() defines the amount of each asset required in the index.
    • Issuance is authorized to call invokeERC20s(), invokeMint(), and invokeBurn().
    • InvokeableBounty is authorized to call invokeERC20s(), and invokeSetNominals().
    • Fee Recipient is authorized to call tryInflation(), which will mint accrued fees to them and adjust virtualUnitsto account for minted tokens.
    • Emergency Multisig is authorized to call setEmergency, which will pause token issuance and rebalance, but cannot not pause redemptions.
    • Governance owns Vault via TimelockController. It's able to change the configurations of the vault, including fee rate, as well as roles.

  • Issuance: Entry point for issuing and redeeming AMKT.

    • issue() and redeem() are permisionless functions allowing conversion of underlying assets and AMKT.

  • InvokeableBounty: Entry point for rebalancing the index.

    • fulfillBounty() is a permissioned function only callable by fulfiller of the Bounty. It calculates amount of tokens to exchange based on the Bounty and facilitates the exchange. It also modifies virtualUnits to reflect the rebalance.
    • ActiveBounty maintains the currently active bounty. Governance is authorized to call setHash(), which will make a Bounty active.

Governance

Governance is responsible for facilitating rebalances, configuring the Vault, and upgrading AMKT. Users can participate in governance with AMKT via Tally. Every governance action besides rebalances is subject to a minimum delay of 4 days, enforced by the TimelockController.

To prevent against a malicious token Governance takeover, the Governance Multisig is the only entity authorized to cancel and execute transactions scheduled in TimelockController.

Local Development

Tests

This repo primarily uses Foundry for testing.

cd contracts && forge test

Additionally, Halmos is used for symbolic testing.

cd contracts && halmos

Rebalance

sdk/rebalance contains an example Rust program to assist users with preparing a rebalance proposal to Governance.

Links