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WUSETHer

The WUSETHer is the "liquidity mining" contract for WUSD.
In contrast to traditional liquidity mining that relies on inflation and is inherently vulnerable to mercenaries or, more recently, bonding mechanisms with tenuous efficacy, GLO's unique credit system offers a third way: granting credit to liquidity providers.
The WUSETHer allows users to earn GLO credit (for the GLO in their wallets) and trading fees for providing full-range Uniswap v3 WUSD-WETH liquidity.

Functions

The WUSETHer is basically a simplified interface to the canonical WUSD-WETH Uniswap v3 1% fee tier pool with the ability to grant GLO credit for usage.

nfts ()

Liquidity created on Uniswap v3 is identified by nfts. This returns a list of all such nfts created via the WUSETHer.

nftOf (account)

Returns the Uniswap v3 liquidity nft owned by account.
Unlike Provisioner, there's only one range here so account can have only one nft, hence the lack of "s" in the function

provisionOf (nft)

This returns data about some WUSD-WETH provision of liquidity identified by its Uniswap v3 nft id.
Name
Meaning
liquidity
Size of liquidity position as defined by Uniswap​
timestamp
Timestamp of provide() or last executed updating function
withdrawable
Timestamp past which owner of nft can withdraw some liquidity
withdrawable is a timestamp 24 hours ahead of the initial provide() or last increase().

provide (addable0, addable1, referrer)

Used to provide the WUSD-WETH full-range liquidity for the first time via referrer's frontend.
Name
Meaning
addable0
Amount of WUSD to optimistically create liquidity position with
addable1
Amount of WETH to optimistically create liquidity position with
referrer
Address of registered frontend enabling the interaction or 0 address
Like wrapping, there's a service fee, paid in USDT, of 1% of the actually added WUSD amount — or 100, whichever is higher. This can be executed only once per user.
The liquidity position created cannot be withdrawn for 24 hours, available through withdrawable in the preceding function.
As with the Provisioner, the referral units earned by referrer here is a fixed amount of 100.
The caller must approve WUSETHer to spend their WUSD, WETH, and USDT

increase (addable0, addable1)

Used to increase a user's WUSD-WETH liquidity.
Name
Meaning
addable0
Amount of WUSD to optimistically add to existing liquidity
addable1
Amount of WETH to optimistically add to existing liquidity
Just as with provide() above, there's a service fee, also paid in USDT, of 1% of the actually added WUSD amount — or 100, whichever is higher.
  • The caller must approve WUSETHer to spend their WUSD, WETH, and USDT
  • provisionOf(nft).withdrawable is updated after execution

decrease (percentage)

Used to decrease a user's WUSD-WETH liquidity.
Name
Meaning
percentage
A percentage, in basis point, to decrease the liquidity by
When a liquidity position is decreased, the constituent tokens — WUSD and WETH — that make up the position, as well as any fees earned, are withdrawn from Uniswap and returned to the user.
The WUSD withdrawn is then used to calculate how much GLO credit a user has earned for their GLO wallet balance. The credit earned is, at most, +1% for every 100K WUSD deposited per week since the last provisionOf(nft).timestamp update. It is always, at most, 1% per week deposited, where 100K (or more) WUSD deposited gives the full 1%.
If the WUSD being withdrawn — whether via this function, collect(), or decrease() — is under ~1% of 100K, no credit will be earned unless the deposit was left for several weeks.
  • block.timestamp > provisionOf(nft).withdrawable must be true
  • percentage must be >0 && <100e18, scaled such that 1% is 1e18
  • provisionOf(nft).timestamp is updated after execution

collect ()

Used to collect fees earned by user's WUSD-WETH liquidity.
In the manner of decrease(), this returns the constituent tokens that make up the fee and the WUSD portion is used to calculate how much GLO credit the user gets.
provisionOf(nft).timestamp is updated after execution

withdraw ()

Used to completely withdraw a user's WUSD-WETH liquidity.
Identical to decrease() but effectively presets percentage to 100%.
The nft is deleted from both WUSETHer and Uniswap and can no longer be used in either system.
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Last modified 5mo ago