Swaps
Swap provides the most basic mechanism for exchanging one denom for another. It is a core building block of Multihop Swaps and Taker limit order. The swap operation operates by trading a TokenIn
through the available TickLiquidity
(PoolReserves
and LimitOrderTranches
) and outputs a specified TokenOut
.
When performing a swap we iterate through liquidity (PoolReserves
& LimitOrderTranche
s) from best to worst price. As we iterate through each instance of TickLiqudity
we fully exhaust it before moving to the next TickLiquidity
instance. This iteration continues until ONE of the following conditions is met:
- All available liquidity has been exhausted.
- If there is no available
TokenOut
liquidity for the given pair at the beginning of the swap it will fail and return anErrLimitPriceNotSatisfied
. - If swap is called through a
IMMEDIATE_OR_CANCEL
limit order it will still succeed if liquidity is exhausted and only a portion of theAmountIn
has been used. In all other cases a partial fill of a swap will result in a failure.
- If there is no available
- The
AmountIn
has been hit (ie. the user has swapped through 100% of the suppliedTokenIn
. MaxAmountOut
has been set and theTokenOut
amount is equal toMaxAmountOut
.- In cases where only a portion of the
AmountIn
is used, only the used portion ofTokenIn
will be debited from the user's account.
- In cases where only a portion of the