Liquidity · SKY/ZAI AMM

Selected finite-AMM research model · production fees, incentives and withdrawal policy remain open.

Within Spectre, the proposed Marketsphere, the basic AMM supplies SKY/ZAI swaps and liquidity positions. LIQUID develops the richer exchange application. An LP position is a claim on pool reserves; organisational equity and lender receivables have separate rights.

1. 1

   Contribute reserves

   Move identified ZAI and SKY into the pool.

2. 2

   Hold LP shares

   Track a proportional claim as the reserve mix changes.

3. 3

   Withdraw the claim

   Redeem under explicit available-reserve and exit rules.

1. Inspect the pool

   Read actual reserves, outstanding LP shares, encumbrances and the proposed fee and exit terms. A reserve-ratio mark describes a marginal price; every trade size needs its own finite quote.

2. Provide liquidity

   An authorised contribution moves assets into custody and records LP shares under the pool’s accounting rules. Shares are not extra ZAI inventory. Qualifying pool ZAI may retain stake eligibility, without being counted again or becoming a second freely spendable balance.

3. Allow swaps to change the mix

   A constant-product swap adds one asset and removes the other. Larger trades move the price more. Any fee charged must be accounted for separately; the research fee is not a selected production tariff.

4. Separate each source of change

   Track trade fees, reserve price changes, ZAI redistribution and newly issued SKY loan interest independently. The selected model allocates new interest by LP shares, with escrow when no shares exist. This accounting is not verified external income or a promised yield.

5. Redeem and reconcile

   Calculate the claim against available reserves, record actual assets returned and retire the corresponding shares. Reserve lending cannot be inferred from LP provision. Any future lending integration needs lender consent, availability accounting and explicit withdrawal rights.

Hypothetical constant-product pool with 100 ZAI and 10,000 SKY. This arithmetic isolates a single swap with zero fees, interest, redistribution or other trades; zero is not a proposed production fee.

Before the swap

10,000 ÷ 100 = 100 SKY per ZAI

The reserve-ratio mark is not the price available for selling an unlimited amount.

Sell 10 ZAI

10,000 × 10 ÷ 110 ≈ 909.09 SKY

The average proceeds are about 90.91 SKY per ZAI, before any real trading costs.

After the swap

110 ZAI and about 9,090.91 SKY

The pool holds more ZAI and less SKY. Values are rounded for display.

A 10% LP claim

11 ZAI and about 909.09 SKY

Its reserve claim changes from 10 ZAI and 1,000 SKY. This assumes unchanged share supply and unencumbered reserves.

A liquidity position is often compared with simply holding its starting assets. Compare both at the same final price, including actual fees and costs. A changed reserve mix can underperform holding; sideways prices do not guarantee profit, and a larger pool does not create unlimited exit capacity.

Closing the position

Withdraw the reserve assets owed under the selected pool terms, then decide separately whether to swap either asset. Show completed withdrawals, fees, unavailable amounts and shortfalls. The strict-coverage research variant that can block exits is not an adopted production withdrawal policy.

This aspect has its own VMOSK-A within Spectre, the proposed Marketsphere. These are development objectives; operational availability and measured results need their own evidence.

VVision

Participants can exchange SKY and ZAI through understandable liquidity with visible costs, reserve claims and exit rights.

MMission

Develop the basic Spectre AMM and LP lifecycle with finite quotes and independently reconcilable reserve accounting.

OObjectives

Distinguish marks, quotes and settlement; preserve reserve and share accounting; explain changes in exposure and demonstrate legitimate exits.

SStrategies

Replay swaps and proportional liquidity changes, compare returns with holding, and stress simultaneous withdrawals and recovery before choosing production terms.

KKPIs

Measure quote-to-settlement differences, reserve reconciliation, realised results against holding and completed withdrawals. No fee or yield target is adopted here.

AAgents & skills

Pool accounting, market analysis, rights review and adversarial testing skills inspect evidence and propose bounded actions; agents receive no implied permission to trade or lend reserves.

Each evaluation must record its workload, observation window, source revision and baseline. Numeric production targets remain unset; these definitions describe what to test.

These are required capabilities, not appointed operators. Agents can prepare explanations, proposals and evaluations from permitted inputs. Publishing a plan gives them no permission to sign, trade, hold assets or change a network.

• Select fee and incentive rules consistent with the standing fee boundary; the model’s swap tariff and interest allocation are research assumptions.
• Specify LP entry and exit, rounding, share timing, manipulation resistance and availability during concurrent swaps or recoveries.
• Qualify whether pool reserves may ever be lent, with opt-in rights and separate inventory accounting. A short position cannot silently borrow LP reserves.

These pages explain the product direction and the work needed to qualify it. They do not provide a live borrowing, swap or deposit facility.