Straight Facts

• StreamSwap aims to be a special kind of token launchpad
• The StreamSwap contract was accepted by Osmosis governance with a huge 96% majority
• After the proposal passed the contract was deployed to Osmosis on April 19th
• The first token launch was StreamSwaps own token FLIX which took place on April 20th

What makes StreamSwap unique?

Existing launchpads often struggle from issues like:

• All users participating in the launchpad effectively participate in a big TWAP order
• As everyone is using the same steady "streaming" swap there is little to no potential of bad entries; price manipulation or MEV
• It makes the process of launching a token easier; a stream is created; everyone who is interested deposits the token to buy with; after the stream ended everyone can withdraw the new token

Wanna know more? Read this article introducing StreamSwap!

• Highlight key metrics for the first token launch on Streamswap
• Provide accurate and reusable SQL that can be used for more in-depth analytics for token launches in the future
• Figure out if launching a token on StreamSwap leads to a meaningful price discovery that leaves no one behind

There are 2 major things to do:

Decode relevant events

Event can be found in the contracts source by searching for "action" The relevant events are:

• subscribe & subscribe_pending
• withdraw & withdraw_pending
• exit_stream

(The pending variants are for before the stream started)

Calculate swaps & prices during streaming

This is quite difficult as the price depends on the unspent amount of tokens in the pool which is constantly changing with deposits & withdrawals.

I decided to sample every minute, sum up changes to the pool depth, then use the resulting depth to calculate the price and do the swap.

This is realized in a recursive CTE, have fun understanding that bit of SQL😂

Phases

Stream Creation: Whoever wants to launch a token creates a stream specifying parameters like start;end - time; name; tokens offered; ...

Bootstrap Phase: The stream has been created but no swaps are happening. Users can deposit and withdraw tokens.

Streaming Phase: Tokens are being swapped steadily from the input to the output token. Deposits and withdrawals are still open, but tokens already spent can no longer be withdrawn.

End Phase: Streaming is over, users can withdraw their bought tokens. Deposits are no longer possible.

Phases chart 👇 by alessio9567