This repository contains a variant of the Constant Rate Issuance Sales Protocol mechanism proposed by Paradigm.
The fundamental concept is that, unlike a Dutch Auction, the price of the asset can vary both up and down over the length of the auction based on expected demand for the asset. If demand is higher than expected, the price goes up, if demand is lower than expected, the price goes down.
Expected demand is currently calculated as collectionSize / (duration / stepDuration)
Where:
collectionSizeis the total number of NFTs in the collectiondurationis the total duration of the initial mint auction in blocksstepDurationis how many blocks make up a step / phase of the auction (i.e. how frequently to update the mint price)
This contract is a proof of concept and is not production ready. Yoz Labs is not liable for any outcomes as a result of using CRA. DYOR.
Clone the repository and download dependencies with:
git clone [email protected]:yozlabs/cra.git
cd cra
yarn install
From the cra repo, run a Hardhat node with:
npx hardhat node
In another terminal, deploy the contract with:
npx hardhat run scripts/deployCRA.ts --network localhost
Make sure to copy the contract address to your clipboard.
To make contract calls and test the contract, run:
npx hardhat console --network localhost
From the Hardhat console, mint an NFT from the contract:
let cra = await ethers.getContractAt("CRA", "<contract address>");
let currentPrice = await cra.getCurrentAuctionPrice();
await cra.mint(1, {value: currentPrice})
Confirm an NFT was minted to your address:
const [signer] = await ethers.getSigners();
// Should return 1
await cra.balanceOf(signer.address);
Compile the contract with:
yarn compile
Run tests with:
yarn test