Poorps

Problem Statement

The Premier Memecoin Leverage PlatformPoorps is a decentralized perpetual futures platform designed specifically for memecoins. We provide two distinct versions to cater to different trading needs and liquidity sources:1Inch Aqua Version: Leveraging 1Inch's Aqua for deep, credit-based liquidity and efficient execution.vAMM Version: Powered byChainlinkandPyth Network, utilizing Virtual Automated Market Maker technology for infinite liquidity without external LPs.⚠️ The ProblemMemecoins are the heartbeat of the crypto culture, but trading them efficiently is painful:Fragmented Liquidity: Deep liquidity is rare, leading to high slippage.No Leverage: Most platforms don't offer futures for smaller caps.High Volatility: Prices swing wildly, making spot trading risky without hedging tools.💡 The SolutionsVersion 1: 1Inch AquaBy integrating with1Inch Aqua, Poorps taps into a vast network of liquidity sources via a credit-based RFQ (Request for Quote) system. This ensures that traders get the best possible prices with minimal slippage, even for volatile memecoins.Version 2: Virtual AMMs (vAMM) with Chainlink & PythFor a fully decentralized, on-chain approach, our vAMM version allows for:Infinite Liquidity: Trades are executed against a virtual bonding curve ($x \cdot y = k$). No real assets are swapped, so there's no need for Liquidity Providers (LPs).Price Discovery: The internal vAMM acts as an independent price discovery mechanism.Collateral Vault: Users deposit collateral (e.g., USDC) into a vault. PnL is settled from this vault when positions are closed.Oracle Integration: We usePyth Networkfor high-fidelity, low-latency price feeds andChainlinkfor automation to ensure fair settlements and liquidations.✨ FeaturesLong & Short: Profit from both pumps and dumps.Deep Liquidity: Access deep markets via Aqua or vAMM.Automated Liquidations: Keep the protocol healthy with automated keeper bots.Real-time Alerts: Get Telegram notifications for position updates and liquidations.Multi-Chain: Built for EVM-compatible chains.🏗 Architecture (vAMM Version)Smart Contracts (foundry-contracts/)Liquidator.sol: The core vAMM engine. Manages virtual reserves (vEthReserve,vUsdcReserve), position tracking, and PnL calculations.Proxies:SetPositionProxyandLiquidateCollateralProxyhandle interactions from the workflow layer.Workflows (poorps-workflow/)Powered by theChainlink Runtime Environment (CRE):Oracle Fetcher: Pulls real-time prices for SHIB, PEPE, and DEGEN from Pyth.Liquidation Bot: Monitors user positions on-chain.Notification Service: Sends updates to a Telegram channel.🚀 Getting StartedPrerequisitesFBor Node.jsSmart ContractsBuild Contractscd foundry-contracts forge buildRun Testsforge testDeployforge script script/Counter.s.sol:LiquidatorScript --rpc-url <your_rpc_url> --private-key <your_key> --broadcastWorkflowsInstall Dependenciescd poorps-workflow bun installRun Workflowbun run start

Solution

🛠 How it's madePoorps (vAMM Version) is built on aVirtual Automated Market Maker (vAMM)architecture inspired by the constant product formula ($x \cdot y = k$). We usedSolidityto implement the core engine (Liquidator), which manages virtual reserves and tracks user positions (Long/Short) without requiring physical liquidity providers.The automation layer is powered by theChainlink Runtime Environment (CRE). We wrote a custom TypeScript workflow that acts as an autonomous keeper. It periodically fetches real-time memecoin prices (SHIB, PEPE, DEGEN) fromPyth Network, checks the health of on-chain positions onBase Sepolia, and executes liquidations or updates seamlessly.Partner Technologies:Chainlink CRE:Enabled us to move complex logic (price fetching + health checks) off-chain, saving gas and allowing easy integration with Web2 services like Telegram for real-time alerts.Pyth Network:Provided the sub-second latency price feeds required to handle the extreme volatility of memecoins.1inch Aqua:Utilized in our credit-based version (separate repo) to solve liquidity fragmentation. It allows for shared liquidity strategies where assets remain in user wallets, maximizing capital efficiency for leveraged memecoin trading without locking funds in traditional pools.Notable/Hacky:We implemented a "virtual" bonding curve where the price discovery mechanism is mathematically decoupled from the collateral vault. The hackiest part is our simulation loop: the CRE workflow toggles the smart contract between "opening positions" and "liquidating" them, creating a self-sustaining demo that showcases the entire lifecycle live without waiting for actual market crashes.