Rocket Joe

Rocket Joe is a token launch platform where participants bid to provide liquidity for newly issued tokens. The platform enables price discovery and token distribution over a period of time before tokens are issued to public market, while discouraging front-running by bots. In addition, it improves liquidity sustainability by allowing issuing protocols to acquire its own token liquidity.

Full whitepaper available here.

How It Works

• User stakes JOE into the RocketJoeStaking contract to earn rJOE.
• LaunchEvent is created with a fixed amount of tokens to be issued.
• Users can deposit AVAX and rJOE into the LaunchEvent contract. The amount of rJOE needed to deposit a certain amount of AVAX is dictated by the parameter rJoePerAvax, which may vary from launch event to launch event.
• Users can also withdraw AVAX (if they think the price of TOKEN/AVAX is too high), but a withdrawal penalty may be incurred depending on which phase the launch event is at:

| Phase One | | Phase Two | Phase Three | | ---------- | --------------------------------- | ----------- | ------------------------------------------ | | 0-24 hrs | 24-48 hrs | 48-72 hrs | Additional 0-7 days | | 0% penalty | 0-50% penalty (linear increasing) | 20% penalty | LPs are locked + bonus incentives received |

• Phase One:
  • 0-24 hrs: Users can deposit and withdraw AVAX without any penalty.
  • 24-72 hrs: Users can continue to deposit and withdraw AVAX, but must incur a withdrawal penalty that increases linearly from 0-50% (the maximum is configurable).
• Phase Two: Users can only withdraw AVAX with a 20% penalty (this parameter is also configurable).
• Phase Three: Initial liquidity is seeded, but the LP tokens are locked for an additional 0-7 days. As an incentive for locking, participants receive a bonus percentage of tokens once phase three starts. After this phase, both user and issuer are free to claim their LP tokens.

Contracts

RocketJoeToken

An infinite supply ERC20 token that is an allocation credit for users to participate in a Launch Event. The amount of rJOE required to deposit an amount of AVAX into a launch event is dictated by rJoePerAvax, which is set manually on RocketJoeFactory. Once AVAX is deposited, rJOE is burned.

RocketJoeStaking

A MasterChef-style staking contract in which users stake JOE to earn rJOE.

RocketJoeFactory

Creates individual LaunchEvent contracts. Also sets rJoePerAvax.

LaunchEvent

Contract in which price discovery and token distribution takes place. Issuer deposits the issued tokens and users deposit and/or withdraw AVAX during a 72 hour period. The final amount of AVAX at the end of this period dictates the TOKEN/AVAX price which will be used to the seed initial liquidity on the Trader Joe.

Installation

The first things you need to do are cloning this repository and installing its dependencies:

git clone https://github.com/traderjoe-xyz/rocket-joe.git
cd rocket-joe
yarn

Testing

To run the tests run:

make test

There is a pending bug with solidity-coverage. To get around this bug, you must manually edit node_modules/solidity-coverage/plugins/hardhat.plugin.js according to these edits.

Then to run coverage:

make coverage

The coverage report will then be found in coverage/.

Deployment

Rinkeby

To deploy to the rinkeby network you need to set appropriate environment variables. The file .env.example contains examples of the variables you need to set. For convenience you can copy this file to a file name .env and use a tool like direnv to automatically load it.

You could then deploy to rinkeby by using hardhat-deploy with this command yarn hardhat deploy --network rinkeby.

After the deploy is complete you should commit the deployments directory to this repo.

Verifying contracts

To verify the contracts on rinkeby you will need an etherscan API key, see .env.example. To verify a contract on you will need the deployed contracts address, run

yarn hardhat verify --network rinkeby "${contract_address}"

License

MIT