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Add base query for analysing CIP 74 (#318)
* add base query for analysing cip 74 * typo and clarification Co-authored-by: Felix Henneke <felix.henneke@protonmail.com> * add other chains * add score * address minor suggestions * fix lint * use actual reward and uploaded volume fee * fix lint remove error from non-standard type --------- Co-authored-by: Haris Angelidakis <64154020+harisang@users.noreply.github.com> Co-authored-by: harisang <harisangelidakis@gmail.com>
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‎cowprotocol/mechanism/cip_74_analysis/.sqlfluff‎

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[sqlfluff:templater:jinja:context]
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blockchain=ethereum
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start_time='2024-08-20 00:00:00'
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end_time='2024-08-27 00:00:00'
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volume_fee_bps_stable=2.0
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volume_fee_bps_variable=2.0

‎cowprotocol/mechanism/cip_74_analysis/rewards_per_auction_6517101.sql‎

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-- This query is the basis for experiments with capping rewards by a fraction of protocol fees
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--
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-- It is under version control in https://github.com/cowprotocol/dune-queries
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--
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-- Parameters:
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-- {{start_time}} - the timestamp for which the analysis should start (inclusively)
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-- {{end_time}} - the timestamp for which the analysis should end (exclusively)
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-- {{blockchain}} - network to run the analysis on
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-- {{volume_fee_bps_stable}} - fraction of volume charged as fee on correlated tokens
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-- {{volume_fee_bps_variable}} - fraction of volume charged as fee on uncorrelated tokens
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--
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-- The columns of the result are
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-- - time: time of the auction (deadline)
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-- - auction_id: id of the auction
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-- - solver: winning solver in that auction
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-- - xrate_type: either 'stable' for trades between highly correlated tokens, 'variable' for trades between uncorrelated tokens,
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-- None if a classification was not possible
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-- - protocol_fee: sum of protocol fees (excluding fees charged by partners) charged by a solver, in native token
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-- - volume: sum of volume of trades, in native token
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-- - new_protocol_fee: new protocol fee when changing the volume fee for some class of orders
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-- - score: sum of winning scores, in native token
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-- - uncapped_reward: uncapped second price reward for the solver in that auction
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-- - reward: current reward
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-- - new_reward: reward based on capping from above by new_protocol_fee, the original cap from below applies
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-- - old_reward: reward based on static caps
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-- - profit: protocol profit as difference of protocol fee and reward
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-- - new_profit: same as profit but for new reward and new protocol fee
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-- - reward_missed: amount a solver could have gotten from taking a cut instead of getting a capped reward;
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-- this is a measure of how much solvers can gain from acting strategically with their bidding
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-- - new_reward_missed: same as reward_missed but for new reward
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-- - old_reward_missed: same as reward_missed but for old reward
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with wrapped_native_token as (
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select
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case '{{blockchain}}'
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when 'ethereum' then 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 -- WETH
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when 'gnosis' then 0xe91d153e0b41518a2ce8dd3d7944fa863463a97d -- WXDAI
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when 'arbitrum' then 0x82af49447d8a07e3bd95bd0d56f35241523fbab1 -- WETH
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when 'base' then 0x4200000000000000000000000000000000000006 -- WETH
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when 'avalanche_c' then 0xb31f66aa3c1e785363f0875a1b74e27b85fd66c7 -- WAVAX
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when 'polygon' then 0x0d500b1d8e8ef31e21c99d1db9a6444d3adf1270 -- WPOL
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when 'bnb' then 0xbb4cdb9cbd36b01bd1cbaebf2de08d9173bc095c -- WBNB
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end as native_token_address
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),
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reward_caps as (
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select
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case '{{blockchain}}' --noqa: PRS, LT02
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when 'ethereum' then cast(0.012 * 1e18 as int256) -- 0.012 ETH
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when 'arbitrum' then cast(0.012 * 1e18 as int256) -- 0.012 ETH
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when 'base' then cast(0.012 * 1e18 as int256) -- 0.012 ETH
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when 'gnosis' then cast(10 * 1e18 as int256) -- 10 xDAI
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when 'avalanche_c' then cast(0.4 * 1e18 as int256) -- 0.4 AVAX
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when 'polygon' then cast(40 * 1e18 as int256) -- 40 POL
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when 'bnb' then cast(0.048 * 1e18 as int256) -- 0.048 BNB
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end as upper_cap,
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case '{{blockchain}}'
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when 'ethereum' then cast(0.01 * 1e18 as int256) -- 0.01 ETH
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when 'arbitrum' then cast(0.01 * 1e18 as int256) -- 0.01 ETH
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when 'base' then cast(0.01 * 1e18 as int256) -- 0.01 ETH
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when 'gnosis' then cast(10 * 1e18 as int256) -- 10 xDAI
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when 'avalanche_c' then cast(0.3 * 1e18 as int256) -- 0.3 AVAX
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when 'polygon' then cast(30 * 1e18 as int256) -- 30 POL
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when 'bnb' then cast(0.04 * 1e18 as int256) -- 0.04 BNB
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end as lower_cap
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),
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per_solver_auction_data as (
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select
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b.time,
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rbd.auction_id,
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rbd.solver,
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rbd.uncapped_payment_native_token as uncapped_reward,
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rbd.capped_payment as reward,
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sum(rbd.winning_score) as score,
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coalesce(sum((rod.protocol_fee - coalesce(rod.partner_fee, 0)) * rod.protocol_fee_native_price), 0) as protocol_fee, -- this is the actual revenue of the protocol
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coalesce(sum(coalesce(rod.protocol_volume_fee, 0) * rod.protocol_fee_native_price), 0) as protocol_volume_fee,
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coalesce(sum(case when t.order_type = 'SELL' then t.atoms_bought * rod.protocol_fee_native_price else t.atoms_sold * rod.protocol_fee_native_price end), 0) as volume,
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bool_and(
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case
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when t.order_type = 'SELL' then abs((rod.protocol_fee_native_price * t.atoms_bought * p.price / 1e18) / coalesce(t.buy_value_usd, t.usd_value) - 1) < 0.2
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else abs((rod.protocol_fee_native_price * t.atoms_sold * p.price / 1e18) / coalesce(t.sell_value_usd, t.usd_value) - 1) < 0.2
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end
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) as native_prices_are_accurate,
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bool_or(t.tx_hash is not null) as at_least_partial_success, -- this implies that there is data on trades which makes checking native prices meaningful
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if(bool_and(st.ref_date is not null), 'stable', if(bool_and(t.sell_token_address is not null and st.ref_date is null), 'variable')) as xrate_type
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from "query_4351957(blockchain='{{blockchain}}')" as rbd
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left join "query_4364122(blockchain='{{blockchain}}')" as rod
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on rbd.auction_id = rod.auction_id and rbd.solver = rod.solver and rbd.tx_hash = rod.tx_hash
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left join cow_protocol_{{blockchain}}.trades as t
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on rod.order_uid = t.order_uid and rod.tx_hash = t.tx_hash
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left join {{blockchain}}.blocks as b
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on rbd.block_deadline = b.number
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left join prices.day as p
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on date_trunc('day', b.time) = p.timestamp
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and p.contract_address = (select * from wrapped_native_token)
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and p.blockchain = '{{blockchain}}'
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left join "query_5719467(blockchain='{{blockchain}}', start_date='{{start_time}}', end_date='{{end_time}}')" as st
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on t.sell_token_address = st.sell_token_address
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and t.buy_token_address = st.buy_token_address
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and t.block_date = date(st.ref_date)
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where b.time >= (timestamp '{{start_time}}') and b.time < (timestamp '{{end_time}}')
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group by 1, 2, 3, 4, 5
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),
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rewards_per_auction as (
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select
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time,
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auction_id,
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solver,
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xrate_type,
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protocol_fee,
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protocol_volume_fee,
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volume,
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protocol_fee - protocol_volume_fee + (volume + protocol_volume_fee) * if(xrate_type = 'stable', {{volume_fee_bps_stable}}, {{volume_fee_bps_variable}}) / 1e4 as new_protocol_fee,
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score,
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uncapped_reward,
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reward
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from per_solver_auction_data
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where
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(
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native_prices_are_accurate -- this filters out cases where native prices are not accurate
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and uncapped_reward < volume -- this filters out cases where native prices were corrected but rewards are too large
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)
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or not at_least_partial_success -- this makes sure the filtering is only applied if some onchain data exists
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),
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new_rewards_per_auction as (
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select
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*,
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least(new_protocol_fee, greatest(uncapped_reward, -(select lower_cap from reward_caps))) as new_reward,
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least((select upper_cap from reward_caps), greatest(uncapped_reward, -(select lower_cap from reward_caps))) as old_reward
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from rewards_per_auction
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)
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select
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*,
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protocol_fee - reward as profit,
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new_protocol_fee - new_reward as new_profit,
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if(uncapped_reward >=0, uncapped_reward - reward, 0) as reward_missed,
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if(uncapped_reward >=0, uncapped_reward - new_reward, 0) as new_reward_missed,
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if(uncapped_reward >=0, uncapped_reward - old_reward, 0) as old_reward_missed
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from new_rewards_per_auction

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