Astroport (ASTRO)

Astroport is a DEX on the Terra blockchain

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: went live on 5-6-2022 on Terra 2
• DEX AMM

History

• Originally deployed on Terra Classic, but decided to stay within the ecosystem and deploy on Terra 2 (24-5-2022):

"The existing implementation of Astroport will remain live on Terra Classic for as long as the network remains operational. However, with two networks running in parallel, there will need to be two sets of governance tokens."

Audits & Exploits

• Scored 90% on DeFi Safety (14-2-2022):

"Factory is extremely active at over 10 transactions per day. Astroport has great software architecture documentation. With a TtC of 85%, this protocol has clearly undergone good testing. A GitHub code coverage report is detailed. Astroport has not undergone formal verification. Astroport was audited once before and once after launch. Changes were implemented. Astroport's bug bounty is nothing short of extra-terrestrial at an astonishing $3M top reward using Immunefi. "

• From their docs (16-1-2022):

1. "The audits from Halborn can be found here.
2. The Oak audits can be found here"

Bugs/Exploits

Astroport got exploited on 31-7-2024 for around $4M, which promted 67% of Terra's voting power to halt the network.

Governance

Admin Keys

• From DeFi Safety (14-2-2022):

"This information is easily located. All contracts relevant are listed as upgradeable. Ownership is clearly detailed as being in the hands of governance. Change capabilities are clearly detailed. Pause control is documented and explained. There is no evidence on testing. The protocol does not use a timelock, and this is justified. "

DAO

• Governance is 'a work in progress' as of 24-1-2022.

Token

Launch

• From their docs (12-2021):

"Astroport will not have an ICO. Instead, tokens are distributed through a lockdrop."

Token Allocation

• Astroport team delayed their unlocks with 6 months (12-2022), 1/3rd would unlock immediately, 2/3rd will unlock gradually in the 2 years following.
• With the deployment on Terra 2, the team decided to mint more ASTRO tokens (3-6-2022):

"ASTRO’s annual inflation rate (which is 100 million tokens in Year 1) will remain unchanged. However, the total supply of ASTRO will be increased from 1 billion to 1.1 billion on Terra 2.0. The additional 100 million tokens will be exclusively used to incentivize liquidity. A portion will go towards a future lockdrop mechanism, and the remainder will be distributed at the same rate as the long-term emission schedule. Plans for the uncirculating supply including locked builder allocations are still being finalized, though Astrochad expects few changes to the pre-depeg distribution."

• From their docs (12-2021):

"The community holds 110M ASTRO after the lockdrop(11% of the total supply). 49% of the supply goes to LPs over 69 years. 10% of the supply is reserved for the Astral Assembly (Astroport DAO). The rest is allocated to Astroport Builders, who have a 3-year lock-up period."

Utility

• There are 3 versions of $ASTRO (24-11-2021):

"$ASTRO - $xASTRO - $vxASTRO

$xASTRO is the staked version of $ASTRO, It’s main benefits being: - Value accrual from trading fees captured by the protocol. - Voting in Astroport governance. - Liquid and Transferable.

If you plan to hold your $ASTRO for a long period of time you can take your $xASTRO and lock it up from 1 to 24 months to receive $vxASTRO which provides more benefits such as: - Receiving more protocol fees. - Increasing voting power in Astroport governance. - LP boosties."

Technology

• Whitepaper or docs can be found here (10-9-2021).
• Code can be viewed here. From DeFi Safety (14-2-2022):

"At 436 commits and 10 branches, this development history is intergalactic in quality and length."

Implementations

• Built on: Terra, deployed on Injective (9-3-2023).

How it works

• From The Generalist (21-11-2021):

"You can think of Astroport as a mix between Uniswap and Curve. It will provide typical AMM pools alongside stable swap pools and then hopefully concentrated liquidity in the future."

• Pool types offered on launch will include (23-11-2021): - Constant product pools - Stableswap invariant pools - Liquidity bootstrapping pools (LBP)

Fees

• From the Terra 2 deployment announcement (5-6-2022):

"Astroport’s standard fees will apply on Terra 2.0. However, before the launch of ASTRO tokens on Terra 2.0, the portion of the swap fees normally allocated to ASTRO stakers will accumulate in the Astroport fee collector instead. These fees will then be distributed to ASTRO stakers when ASTRO tokens and fee share launches on Terra 2.0."

• From their docs (12-2021):

"A fee is charged on all trades on Astroport pools by traders in the respective native pool tokens. This fee is embedded in the Astroport smart contracts and is subject to adjustment by the Astral Assembly.

For constant product pools, this fee will initially be 0.3%.

For stableswap invariant pools, this fee will initially be 0.05%."

Staking

• From their docs (12-2021):

"ASTRO holders will be able to use ASTRO in two ways to assume governance responsibility for Astroport:

1. Staking ASTRO in the xASTRO pool: ASTRO holders may stake their ASTRO in the xASTRO pool to receive xASTRO tokens, activate their governance power, and accrue a share of trading fees (funded with one-half of the Astral Assembly’s share of trading fees). xASTRO is inspired by SushiSwap’s xSUSHI token / xSUSHI pool.
2. Locking xASTRO in the vxASTRO pool: xASTRO holders may lock their xASTRO in the vxASTRO pool to receive vxASTRO points, amplify their governance power, receive an additional share of trading fees (funded with the other half of the Astral Assembly’s share of trading fees) and access other benefits such as boosted liquidity mining rewards (see below under “vxAstro Utility”). vxASTRO is inspired by Curve’s pioneering veCRV model"

Oracle Method

• From DeFi Safety (14-2-2022):

"An oracle is fully documented. Astroport's dev team is well aware of front running but does not implement countermeasures.. It considers front running as a standard part of the protocol operating as intended. In their eyes, no frontrunning countermeasure is necessary. It is important to remember that Terra has extremely quick blocktimes and is proof of stake, meaning front-running is difficult to orchestrate anyway. This protocol considers flashloans a legitimate part of user interaction and encourages users willing to use them, so they do not use countermeasures."

• From their docs (12-2021):

"There are two types of oracle contracts in Astroport:

1. Oracles for constant product pools
2. Oracles for stableswap pools"

Roadmap

• Can be found [Insert link here].

Usage

• From this thread (6-3-2022):

"@astroport_fi just did $613M in 24h volume making it the second biggest DEX by volume in crypto right now."

Team, Funding and Partners

Team

• Team members are listed and public, though this is transitioning to a system of contributors (14-2-2022).

(:

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