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docs: sketch the two supported auction types

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positiveblue 2022-10-07 07:59:37 -07:00
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27
cmd/pool/order.go
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@ -33,6 +33,26 @@ const (
defaultConfirmationConstraints = 1
defaultAuctionType = auctionTypeInboundLiquidity
submitOrderDescription = `
Submit a new order in the given market. Currently, Pool supports two
types of orders: asks, and bids. In Pool, market participants buy/sell
liquidity in _units_. A unit is 100,000 satoshis.
In the *inbound* market, the bidder pays the asker a premium for a
channel with 50% to 100% of inbound liquidity. The premium amount is
calculated using the funding amount of the asker.
In the outbound market, the bidder pays the asker a premium for
a channel with outbound liquidity.
To participate in the outbound market the asker needs to create an order
with '--amount=100000' (one unit) and the '--min_chan_amt' equals to
the minimum channel size that is willing to accept.
The bidder needs to create an order with '--amount=100000' (one unit)
and '--self_chan_balance' equals to the funds that is willing to commit
in a channel. The premium amount is calculated using the funding amount
of the bidder ('--self_chan_balance').
`
)
var ordersCommands = []cli.Command{
@ -45,9 +65,10 @@ var ordersCommands = []cli.Command{
ordersListCommand,
ordersCancelCommand,
{
Name: "submit",
Aliases: []string{"s"},
Usage: "submit an order",
Name: "submit",
Aliases: []string{"s"},
Usage: "submit an order",
Description: submitOrderDescription,
Subcommands: []cli.Command{
ordersSubmitAskCommand,
ordersSubmitBidCommand,

11
docs/orders.md
View file

@ -297,6 +297,17 @@ To cancel an order. First get the order_nonce of the to be canceled order by usi
$ pool orders cancel order_nonce
```
## Auction types
Currently there are two kind of auction types supported in pool:
* **BTC inbound liquidity market**: the bidder pays the asker for getting a channel where most of the funding liquidity comes from the asker. The bidder pays a premium based on the asker liquidity supply.
* **BTC outbound liquidity market**: the bidder pays the asker for opening a channel where most of the funding liquidity comes from the bidder side. The bidder pays a premium based on the bidder liquidity supply.
In this kind of auctions the asker needs to set the order amount to 100k and specify the `min_chan_amt` that will be matched against the bidder's `self_chan_balance`. The bidder needs to set the order amount to 100k and a `self_chan_balance` greater or equal than 100k.
Sidecar tickets are not supported in this kind of auction yet.
## Extensibility
At the moment there are only two restrictions that users can set on _who_ their orders will be matched against. There is the global `--newnodesonly` flag which will cause the trader daemon to reject any matches with nodes that its connected `lnd` node already has channels with.