Valantis Documentation
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  • Sovereign Pool
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      • Swap Parameters
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      • Deposit Liquidity
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  • Hybrid Order Type (HOT)
    • Understanding HOT: A Graphical Overview
    • HOT API
      • HTTP request parameters
      • HTTP request response
      • Reasoning for Request structure
      • Solver Integration
      • Market Maker integration
    • HOT Smart Contracts
      • Interfaces
      • State variables and roles
      • AMM
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      • Hybrid Order Type (HOT) struct parameters
      • Alternating Nonce Bitmap
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        • Bitmap Nonce Instructions
    • Solver Docs
      • Solver Request
      • Simple HOT Swap Example
      • Partial Fill HOT Swap Example
    • Risks and Trust Assumptions
      • Roles
        • Sovereign Pool Manager
        • HOT Manager
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      • Threats
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        • Malicious Price Bound
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  • Validly
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    • Swap
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  • Stake Exchange (stHYPE AMM)
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      • Instant Withdrawals (LST -> Native Token)
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    • LP Positions
      • LP Withdrawals Instant
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    • Ratio Fee
    • Lending of Reserves
    • Smart contracts
      • STEXAMM.sol
      • StHYPEWithdrawalModule.sol
      • StexRatioSwapFeeModule.sol
      • DepositWrapper.sol
      • AaveLendingModule.sol
    • Risks and Trust Assumptions
    • Integration examples
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    • Get HYPE on HyperEVM
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  1. Hybrid Order Type (HOT)
  2. HOT API

Reasoning for Request structure

In general, this is NOT a traditional (Request-For-Quote) RFQ where the Solver specifies a volume and the Market Maker quotes a price. There are two main differences from common "private liquidity" RFQ APIs:

  1. Solvers are encouraged to share the price they receive from a current source of liquidity they have, and Liquidity managers will attempt to beat this price.

    • This gives better guarantees to the Liquidity Manager that distributed Quotes will be executed, while also providing insight into other sources of available liquidity and real-time price discovery.

    • This allows solvers to easily replace specific parts of a computed solution without needing to re-recompute their solution. This is because the HOT Quote will be directly replacing a specific amount of volume at an improved price net of gas.

  2. Solver requests have specified timeouts.

    • This allows solvers to utilize this API as a source of "Last Look Liquidity", where they already have a solution they wish to execute and have limited time to look for an improvement.

This system can be expanded to replace liquidity from a Solver's pre-computed liquidity cache, initially through the API. This enables Solvers to receive quotes before receiving order flow to execute. Rules and methodology for signing Quotes are at the discretion of Liquidity Managers.

Note: If amount_out_requested=0, then the Solver is not sharing any information about competing prices, and the Liquidity Manager returns a default price as it would in other RFQ APIs (though potentially less competitive).

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Last updated 10 months ago

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