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This is the main repository for the Kwenta token and respective system contracts (staking, escrow, distribution, etc..).

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Kwenta Token System

This is the main repository for the Kwenta token and respective system contracts (staking, escrow, distribution, etc..).

  • See KIP-4 for details on tokenomics.
  • See KIP-3 for details on staking mechanism.

Documentation

Kwenta.sol

An extended ERC20 contract constructed with the name “Kwenta”, symbolized as “KWENTA”, and with an initial supply of 313373. Initial distribution is handled by the deployer in the deploy script.

Only the currently set SupplySchedule contract has control over minting.

SupplySchedule.sol

Similar to Synthetix's SupplySchedule, this contract describes the inflationary supply schedule over the next four years. There is 1% terminal inflation. Inflation begins as soon as the contract is deployed. Decay begins on week 2, meaning the first week’s rewards are not affected by decay. The current inflation target is roughly 1,009,409.43 KWENTA tokens at the end of four years. The initial weekly emission is calculated from INITIAL SUPPLY * 240% APY. Decay occurs at a rate of 2.05% a week and this should bring the weekly emission near the 1% APY mark at the end of four years.

Minting KWENTA can only be performed once a week. A minting fee is issued first to ensure sustainable rewards for minter. After which, a percentage of the new supply will be diverted to the treasury (20%). Another percentage will be diverted to the trading rewards distribution contract (20%). The remainder will go into StakingRewards.

StakingRewards.sol

A modified StakingRewards contract with added support for escrowed KWENTA staking.

When rewards are harvested they are escrowed in RewardEscrow for a year.

RewardEscrow.sol

Based on Synthetix’s BaseRewardEscrowV2 with migration and account merging functionality stripped out. Supports appending escrow entries from StakingRewards, but also open to anyone with createEscrowEntry. For example, the treasuryDAO will use this feature to escrow rewards for DAO beneficiaries.

Any escrowed Kwenta can also be staked back into StakingRewards, boosting potential rewards for stakers. When staked, tokens are not transferred, but an “escrowedBalance” is accounted for in StakingRewards. There is additional logic to make sure sufficient Kwenta is unstaked when vesting rewards.

Another mechanism introduced here is a linearly decaying vesting fee that allows beneficiaries to vest early – at a cost. Immediate vesting is subject to a fee that is 80% of the escrowed amount. It falls to 0% as the reward reaches the end of the escrow duration. The fee is sent to the kwenta treasury.

MerkleDistributor.sol

Distribution manager for the initial KWENTA distribution. Details are described in KIP-13 and scripts used to generate the distribution can be found under scripts/distribution/.

ControlL2MerkleDistributor.sol

A companion contract deployed to Ethereum Mainnet to enable multisigs on L1 to claim retroactively earned KWENTA on L2.

MultipleMerkleDistributor.sol

Modified MerkleDistributor that supports rewards over multiple epochs. This will be used in conjunction with a trading rewards calculation script to pay out incentives. A portion of inflation is routed towards this contract every mint.

Staking V2

Staking was upgraded to V2 on the 11th of July 2023. This introduces changes described by the following KIPS:

Here is an overview of the changes:

Here is an explanation of the migration process:

Three main new contracts were deployed:

  • RewardEscrowV2.sol - upgraded version of RewardEscrow
  • StakingRewardsV2.sol - upgraded version of StakingRewards
  • EscrowMigrator.sol - used for the migration process.

All of these contracts are upgradeable following the UUPS standard.

Also the following simple non-upgradeable contract was added to help enact KIP-75:

  • StakingRewardsNotifier.sol

Testing

npm run test
npm run test:contracts
npm run test:integration
npm run test:fork

Local Deployment & Interacting

Run a local hardhat node

npx hardhat node

Deploy contracts to localhost

npm run deploy:local

Run the interact tool

npm run interact:local

Scripting with Tenderly

You can use scripts such as npm run deploy:stakingv2-tenderly to deploy and verify contracts on a Tenderly fork.

In order for the verification to work, you must:

Now you can run npm run deploy:stakingv2-tenderly and it will deploy and verify the contracts on Tenderly.

You can also follow the pattern in deploy-stakingv2-tenderly.ts to deploy and verify other contracts.

Or another example of a tenderly script is get-tenderly-time.ts.

Deployments

Note: for contracts with both an implementation and proxy, when interaction with the contract is required, the proxy address should be used.

Contract Address
Kwenta 0x920Cf626a271321C151D027030D5d08aF699456b
SupplySchedule 0x3e8b82326Ff5f2f10da8CEa117bD44343ccb9c26
StakingRewards 0x6e56A5D49F775BA08041e28030bc7826b13489e0
RewardEscrow 0x1066A8eB3d90Af0Ad3F89839b974658577e75BE2
StakingRewardsNotifier 0xb176DaD2916db0905cd2D65ed54FDC3a878aFFe4
StakingRewardsV2 Proxy 0x61294940CE7cD1BDA10e349adC5B538B722CeB88
StakingRewardsV2 Implementation 0x276df8bfe424Ab1aaD1EFC138eef3099a8ac8FE1
RewardEscrowV2 Proxy 0xb2a20fCdc506a685122847b21E34536359E94C56
RewardEscrowV2 Implementation 0xFBF7D647E94780F2787f8d80DA59DCe74D40C5cc
EscrowMigrator Proxy 0xC9aF789Ae606F69cF8Ed073A04eC92f2354b027d
EscrowMigrator Implementation 0x10B04483d762Bd4F193F35600112ad52391004A7
MultipleMerkleDistributor 0xf486A72E8c8143ACd9F65A104A16990fDb38be14
MultipleMerkleDistributor (ARB) 0x5733Ef72c134E7A276029CB4ba07Bff8b1163086
vKWENTA 0x6789D8a7a7871923Fc6430432A602879eCB6520a
vKWENTARedeemer 0x8132EE584bCD6f8Eb1bea141DB7a7AC1E72917b9

Staking V2 Audits

Other audit reports to add:


ok I need KWENTA TOKEN TO GO LIVE. like VERY SOON. I cant take this anymore. every day I am checking discord and still no token. every day, check discord, no token. I cant take this anymore, I have under invested, by a lot. it is what it is. but I need the token to GO LIVE ALREADY. can devs DO SOMETHING??

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This is the main repository for the Kwenta token and respective system contracts (staking, escrow, distribution, etc..).

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