explore page: use common numeraire (#223)

* volume and liquidity using common numeraire (usdc) * explore: usdc price api using sql query * round down since value view expects an integer * filter out pairs with zero liquidity and trading volume * linting and comments * stats: usdc-denominated stats for explore page * utility: split price calculations into seperate utility method * linting and fixes
penumbra-zone · Jan 13, 2025 · 3687617 · 3687617
1 parent 8735899
commit 3687617
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Showing 14 changed files with 166 additions and 55 deletions.
diff --git a/src/pages/explore/api/use-summaries.ts b/src/pages/explore/api/use-summaries.ts
@@ -5,7 +5,8 @@ import { SummaryData } from '@/shared/api/server/summary/types';
 import { DurationWindow } from '@/shared/utils/duration';
 import { apiFetch } from '@/shared/utils/api-fetch';
 
-const BASE_LIMIT = 15;
+/// The base limit will need to be increased as more trading pairs are added to the explore page.
+const BASE_LIMIT = 20;
 const BASE_PAGE = 0;
 const BASE_WINDOW: DurationWindow = '1d';
 

diff --git a/src/pages/explore/ui/pair-card.tsx b/src/pages/explore/ui/pair-card.tsx
@@ -17,6 +17,7 @@ import { Skeleton } from '@/shared/ui/skeleton';
 import SparklineChart from './sparkline-chart.svg';
 import ChevronDown from './chevron-down.svg';
 import { PreviewChart } from './preview-chart';
+import { useRegistryAssets } from '@/shared/api/registry';
 
 const ShimmeringBars = () => {
   return (
@@ -65,6 +66,9 @@ export const PairCard = ({ loading, summary }: PairCardProps) => {
   const today = new Date();
   const yesterday = subDays(new Date(), 1);
 
+  const { data: assets } = useRegistryAssets();
+  const usdcMetadata = assets?.find(asset => asset.symbol === 'USDC');
+
   return (
     <Link
       href={loading ? `/trade` : `/trade/${summary.baseAsset.symbol}/${summary.quoteAsset.symbol}`}
@@ -119,7 +123,7 @@ export const PairCard = ({ loading, summary }: PairCardProps) => {
               {shortify(Number(getFormattedAmtFromValueView(summary.liquidity)))}
             </Text>
             <Text detail color='text.secondary'>
-              {summary.quoteAsset.symbol}
+              {usdcMetadata?.symbol}
             </Text>
           </>
         )}
@@ -134,7 +138,7 @@ export const PairCard = ({ loading, summary }: PairCardProps) => {
               {shortify(Number(getFormattedAmtFromValueView(summary.directVolume)))}
             </Text>
             <Text detail color='text.secondary'>
-              {summary.quoteAsset.symbol}
+              {usdcMetadata?.symbol}
             </Text>
           </>
         )}

diff --git a/src/pages/explore/ui/stats.tsx b/src/pages/explore/ui/stats.tsx
@@ -7,9 +7,12 @@ import { pluralizeAndShortify } from '@/shared/utils/pluralize';
 import { shortify } from '@penumbra-zone/types/shortify';
 import { getFormattedAmtFromValueView } from '@penumbra-zone/types/value-view';
 import { useStats } from '@/pages/explore/api/use-stats';
+import { useRegistryAssets } from '@/shared/api/registry';
 
 export const ExploreStats = () => {
   const { data: stats, isLoading, error } = useStats();
+  const { data: assets } = useRegistryAssets();
+  const usdcMetadata = assets?.find(asset => asset.symbol === 'USDC');
 
   if (error) {
     return (
@@ -23,10 +26,9 @@ export const ExploreStats = () => {
     <div className='grid grid-cols-1 tablet:grid-cols-2 desktop:grid-cols-3 gap-2'>
       <InfoCard title='Total Trading Volume (24h)' loading={isLoading}>
         {stats && (
-          <Text large color='text.primary'>
-            <Text large color='text.primary'>
-              {shortify(Number(getFormattedAmtFromValueView(stats.directVolume)))}
-            </Text>
+          <Text large color='success.light'>
+            {shortify(Number(getFormattedAmtFromValueView(stats.directVolume)))}{' '}
+            {usdcMetadata?.symbol}
           </Text>
         )}
       </InfoCard>
@@ -45,7 +47,8 @@ export const ExploreStats = () => {
             </Text>
             {stats.largestPairLiquidity && (
               <Text large color='success.light'>
-                {shortify(Number(getFormattedAmtFromValueView(stats.largestPairLiquidity)))}
+                {shortify(Number(getFormattedAmtFromValueView(stats.largestPairLiquidity)))}{' '}
+                {usdcMetadata?.symbol}
               </Text>
             )}
           </>
@@ -57,8 +60,8 @@ export const ExploreStats = () => {
       </InfoCard>
       <InfoCard title='Total Liquidity Available' loading={isLoading}>
         {stats && (
-          <Text large color='text.primary'>
-            {shortify(Number(getFormattedAmtFromValueView(stats.liquidity)))}
+          <Text large color='success.light'>
+            {shortify(Number(getFormattedAmtFromValueView(stats.liquidity)))} {usdcMetadata?.symbol}
           </Text>
         )}
       </InfoCard>

diff --git a/src/pages/trade/model/useSummary.ts → src/pages/trade/api/use-summary.ts b/src/pages/trade/model/useSummary.ts → src/pages/trade/api/use-summary.ts
diff --git a/src/pages/trade/model/useMarketPrice.ts b/src/pages/trade/model/useMarketPrice.ts
@@ -1,4 +1,4 @@
-import { useSummary } from './useSummary';
+import { useSummary } from '../api/use-summary';
 
 export const useMarketPrice = (baseSymbol?: string, quoteSymbol?: string) => {
   const { data: summary } = useSummary('1d', baseSymbol, quoteSymbol);

diff --git a/src/pages/trade/ui/summary.tsx b/src/pages/trade/ui/summary.tsx
@@ -3,7 +3,7 @@ import cn from 'clsx';
 import { useAutoAnimate } from '@formkit/auto-animate/react';
 import { Text } from '@penumbra-zone/ui/Text';
 import { Skeleton } from '@/shared/ui/skeleton';
-import { useSummary } from '../model/useSummary';
+import { useSummary } from '../api/use-summary';
 import { ValueViewComponent } from '@penumbra-zone/ui/ValueView';
 import { round } from '@penumbra-zone/types/round';
 import { Density } from '@penumbra-zone/ui/Density';

diff --git a/src/shared/api/server/stats.ts b/src/shared/api/server/stats.ts
@@ -5,6 +5,7 @@ import { pindexer } from '@/shared/database';
 import { DurationWindow } from '@/shared/utils/duration';
 import { toValueView } from '@/shared/utils/value-view';
 import { Serialized, serialize } from '@/shared/utils/serializer';
+import { calculateEquivalentInUSDC } from '@/shared/utils/price-conversion';
 
 interface StatsDataBase {
   activePairs: number;
@@ -31,25 +32,26 @@ export const getStats = async (): Promise<Serialized<StatsResponse>> => {
     }
 
     const registryClient = new ChainRegistryClient();
-
-    const [registry, results] = await Promise.all([
-      registryClient.remote.get(chainId),
-      pindexer.stats(STATS_DURATION_WINDOW),
-    ]);
-
-    const stats = results[0];
-    if (!stats) {
-      return { error: `No stats found` };
-    }
+    const registry = await registryClient.remote.get(chainId);
 
     // TODO: Add getMetadataBySymbol() helper to registry npm package
     const allAssets = registry.getAllAssets();
-    // TODO: what asset should be used here?
     const usdcMetadata = allAssets.find(asset => asset.symbol.toLowerCase() === 'usdc');
     if (!usdcMetadata) {
       return { error: 'USDC not found in registry' };
     }
 
+    const results = await pindexer.stats(
+      STATS_DURATION_WINDOW,
+      // eslint-disable-next-line @typescript-eslint/non-nullable-type-assertion-style -- usdc is defined
+      usdcMetadata.penumbraAssetId as AssetId,
+    );
+
+    const stats = results[0];
+    if (!stats) {
+      return { error: `No stats found` };
+    }
+
     const topPriceMoverStart = allAssets.find(asset => {
       return asset.penumbraAssetId?.equals(new AssetId({ inner: stats.top_price_mover_start }));
     });
@@ -79,23 +81,56 @@ export const getStats = async (): Promise<Serialized<StatsResponse>> => {
         end: largestPairEnd.symbol,
       };
 
+    let liquidity = toValueView({
+      amount: Math.floor(stats.liquidity),
+      metadata: usdcMetadata,
+    });
+
+    let directVolume = toValueView({
+      amount: Math.floor(stats.direct_volume),
+      metadata: usdcMetadata,
+    });
+
+    let largestPairLiquidity =
+      largestPairEnd &&
+      toValueView({
+        amount: Math.floor(stats.largest_dv_trading_pair_volume),
+        metadata: largestPairEnd,
+      });
+
+    // Converts liquidity and trading volume to their equivalent USDC prices if `usdc_price` is available
+    if (stats.usdc_price && largestPairEnd) {
+      liquidity = calculateEquivalentInUSDC(
+        stats.liquidity,
+        stats.usdc_price,
+        largestPairEnd,
+        usdcMetadata,
+      );
+
+      directVolume = calculateEquivalentInUSDC(
+        stats.direct_volume,
+        stats.usdc_price,
+        largestPairEnd,
+        usdcMetadata,
+      );
+
+      largestPairLiquidity = calculateEquivalentInUSDC(
+        stats.largest_dv_trading_pair_volume,
+        stats.usdc_price,
+        largestPairEnd,
+        usdcMetadata,
+      );
+    }
+
     return serialize({
       activePairs: stats.active_pairs,
       trades: stats.trades,
       largestPair,
       topPriceMover,
       time: new Date(),
-      largestPairLiquidity:
-        largestPairEnd &&
-        toValueView({
-          amount: stats.largest_dv_trading_pair_volume,
-          metadata: largestPairEnd,
-        }),
-      liquidity: toValueView({
-        amount: parseInt(`${stats.liquidity}`),
-        metadata: usdcMetadata,
-      }),
-      directVolume: toValueView({ amount: stats.direct_volume, metadata: usdcMetadata }),
+      largestPairLiquidity,
+      liquidity,
+      directVolume,
     });
   } catch (error) {
     return { error: (error as Error).message };

diff --git a/src/shared/api/server/summary/all.ts b/src/shared/api/server/summary/all.ts
@@ -29,19 +29,18 @@ export const getAllSummaries = async (
 
   const registryClient = new ChainRegistryClient();
   const registry = await registryClient.remote.get(chainId);
+  const allAssets = registry.getAllAssets();
 
-  const stablecoins = registry
-    .getAllAssets()
-    .filter(asset => ['USDT', 'USDC', 'USDY'].includes(asset.symbol))
-    .map(asset => asset.penumbraAssetId) as AssetId[];
+  const stablecoins = allAssets.filter(asset => ['USDT', 'USDC', 'USDY'].includes(asset.symbol));
+  const usdc = stablecoins.find(asset => asset.symbol === 'USDC');
 
   const results = await pindexer.summaries({
     ...params,
-    stablecoins,
+    stablecoins: stablecoins.map(asset => asset.penumbraAssetId) as AssetId[],
+    // eslint-disable-next-line @typescript-eslint/non-nullable-type-assertion-style -- usdc is defined
+    usdc: usdc?.penumbraAssetId as AssetId,
   });
 
-  const allAssets = registry.getAllAssets();
-
   const summaries = await Promise.all(
     results.map(summary => {
       const baseAsset = getAssetById(allAssets, summary.asset_start);
@@ -54,10 +53,19 @@ export const getAllSummaries = async (
         summary,
         baseAsset,
         quoteAsset,
+        usdc,
         summary.candles,
         summary.candle_times,
       );
 
+      // Filter out pairs with zero liquidity and trading volume
+      if (
+        (data.liquidity.valueView.value?.amount?.lo &&
+          data.directVolume.valueView.value?.amount?.lo) === 0n
+      ) {
+        return;
+      }
+
       return serialize(data);
     }),
   );

diff --git a/src/shared/api/server/summary/pairs.ts b/src/shared/api/server/summary/pairs.ts
@@ -51,14 +51,14 @@ export async function GET(): Promise<NextResponse<PairsResponse>> {
         return undefined;
       }
 
+      // TODO: should this be `direct_volume_over_window`?
       let volume = toValueView({
         amount: summary.liquidity,
         metadata: quoteAsset,
       });
 
+      // Converts liquidity and trading volume to their equivalent USDC prices if `usdc_price` is available
       if (summary.usdc_price) {
-        // Custom volume calculation for USDC pairs
-        // TODO: change to a better method (probably create `pnum.multiply()` method and use it)
         const expDiff = Math.abs(
           getDisplayDenomExponent(quoteAsset) - getDisplayDenomExponent(usdc),
         );

diff --git a/src/shared/api/server/summary/single.ts b/src/shared/api/server/summary/single.ts
@@ -34,6 +34,9 @@ export async function GET(req: NextRequest): Promise<NextResponse<Serialized<Sum
 
   // TODO: Add getMetadataBySymbol() helper to registry npm package
   const allAssets = registry.getAllAssets();
+  const stablecoins = allAssets.filter(asset => ['USDT', 'USDC', 'USDY'].includes(asset.symbol));
+  const usdc = stablecoins.find(asset => asset.symbol === 'USDC');
+
   const baseAssetMetadata = allAssets.find(
     a => a.symbol.toLowerCase() === baseAssetSymbol.toLowerCase(),
   );
@@ -58,6 +61,6 @@ export async function GET(req: NextRequest): Promise<NextResponse<Serialized<Sum
     return NextResponse.json({ window: durationWindow, noData: true });
   }
 
-  const adapted = adaptSummary(summary, baseAssetMetadata, quoteAssetMetadata);
+  const adapted = adaptSummary(summary, baseAssetMetadata, quoteAssetMetadata, usdc);
   return NextResponse.json(serialize(adapted));
 }
diff --git a/src/shared/api/server/summary/types.ts b/src/shared/api/server/summary/types.ts
@@ -1,7 +1,7 @@
 import { DurationWindow } from '@/shared/utils/duration.ts';
 import { Metadata, ValueView } from '@penumbra-zone/protobuf/penumbra/core/asset/v1/asset_pb';
 import { DexExPairsSummary } from '@/shared/database/schema';
-import { calculateDisplayPrice } from '@/shared/utils/price-conversion';
+import { calculateDisplayPrice, calculateEquivalentInUSDC } from '@/shared/utils/price-conversion';
 import { round } from '@penumbra-zone/types/round';
 import { toValueView } from '@/shared/utils/value-view';
 
@@ -39,19 +39,32 @@ export const adaptSummary = (
   summary: DexExPairsSummary,
   baseAsset: Metadata,
   quoteAsset: Metadata,
+  usdc: Metadata | undefined,
   candles?: number[],
   candleTimes?: Date[],
 ): SummaryData => {
-  const directVolume = toValueView({
-    amount: Math.floor(summary.direct_volume_over_window),
+  let liquidity = toValueView({
+    amount: Math.floor(summary.liquidity),
     metadata: quoteAsset,
   });
 
-  const liquidity = toValueView({
-    amount: Math.floor(summary.liquidity),
+  let directVolume = toValueView({
+    amount: Math.floor(summary.direct_volume_over_window),
     metadata: quoteAsset,
   });
 
+  // Converts liquidity and trading volume to their equivalent USDC prices if `usdc_price` is available
+  if (summary.usdc_price && usdc) {
+    liquidity = calculateEquivalentInUSDC(summary.liquidity, summary.usdc_price, quoteAsset, usdc);
+
+    directVolume = calculateEquivalentInUSDC(
+      summary.direct_volume_over_window,
+      summary.usdc_price,
+      quoteAsset,
+      usdc,
+    );
+  }
+
   const priceDiff = summary.price - summary.price_then;
   const change = {
     value: calculateDisplayPrice(priceDiff, baseAsset, quoteAsset),