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Ajna contracts

The Ajna protocol is a non-custodial, peer-to-peer, permissionless lending, borrowing and trading system that requires no governance or external price feeds to function. The protocol consists of pools: pairings of quote tokens provided by lenders and collateral tokens provided by borrowers. Ajna is capable of accepting fungible tokens as quote tokens and both fungible and non-fungible tokens as collateral tokens.

Accepted tokens:

Caveats:

Token limitations

  • The following types of tokens are incompatible with Ajna, and no countermeasures exist to explicitly prevent creating a pool with such tokens, actors should use them at their own risk:
    • NFT and fungible tokens which charge a fee on transfer.
    • Fungible tokens whose balance rebases.
  • The following types of tokens are incompatible with Ajna, and countermeasures exist to explicitly prevent creating a pool with such tokens:
    • Fungible tokens with more than 18 decimals or 0 decimals, whose decimals() function does not return a constant value, or which do not implement the optional decimals() function.

Pool limitations

  • Borrowers cannot draw debt from a pool in the same block as when the pool was created.
  • With the exception of quantized prices, pool inputs and most accumulators are not explicitly limited. The pool will stop functioning when the bounds of a uint256 need to be exceeded to process a request.

Position NFT limitations

  • Position NFTs are vulnerable to front running attacks when buying from open markets. Seller of such NFT could redeem positions before transfer, and then transfer an NFT without any value to the buyer. Ajna positions NFTs should not be purchased from open markets.

Development

Requirements

  • python 3.0+
  • eth-brownie 1.18.1+
  • ganache 7.0+ is required.
  • foundry aka forge 0.2.0+ is required.

Foundry setup

curl -L https://foundry.paradigm.xyz | bash
  • To get the latest forge binaries, run:
foundryup

Brownie setup

Brownie with Ganache

  • Install Ganache
npm i -g ganache

Brownie with Hardhat

  • Install Hardhat
npm install --save-dev hardhat
  • To use hardhat instead of ganache, add --network hardhat-fork to override the configured network

Caveats:

  • Brownie does not support mining empty blocks using chain.mine
  • Brownie does not report custom errors raised by the contract when using Hardhat

Project Setup

  • Make a copy of .env.example and name it .env. Add the values for
    • ETHERSCAN_TOKEN - required by brownie to verify contract sources
    • WEB3_INFURA_PROJECT_ID - required by brownie to fork chain
    • ETH_RPC_URL - required by forge to fork chain
  • run
make all

Implementation notes

Pool external calls carry the nonReentrant modifier to prevent invocation from flashLoan and take callbacks.

Documentation

Documentation can be generated as mdbook from Solidity NatSpecs by using forge doc command. For example, to generate documentation and serve it locally on port 4000 (http://localhost:4000/):

forge doc --serve --port 4000

Tests

Forge tests

  • run tests without the gas load tests (good for checking validity)
make test
  • run tests with gas report, used for gas comparison of changes:
make test-with-gas-report
  • run load tests with gas report, used for gas comparison of changes (takes longer to execute):
make test-load

Brownie tests

  • run integration tests:
brownie test
  • to view stdout on long-running tests, use brownie test -s.

Debugging Brownie integration tests

  • to drop into the console upon test failure:
brownie test --interactive
  • From there, you can pull the last transaction using tx=history[-1], followed by tx.events to debug.

Contract size

To display contract code sizes run:

forge build --sizes

or

brownie compile --size

Code Coverage

  • generate basic code coverage report:
make coverage
  • exclude tests from code coverage report:
apt-get install lcov
bash ./check-code-coverage.sh

Slither Analyzer

  • Install Slither
pip install slither-analyzer
  • Make sure the default solc version is set to the same version as contracts (currently 0.8.18). This can be done by installing and using solc-select:
pip install solc-select && solc-select install 0.8.18 && solc-select use 0.8.18
  • Run analyze
make analyze

Licensing

For purposes of the Business Service License: (i) the term “Licensor” means Ajna Labs, LLC, (ii) the term Licensed Work means Licensor’s proprietary software marketed under the name The Ajna Protocol™ and useful for purposes of facilitating the lending and borrowing of digital assets, (iii) the term “Additional Use Grants” means a grant of rights in the Licensed Work that are not included in the Business Service License and are granted by Licensor pursuant to a separate agreement between Licensor and one or more third parties, and (iv) the term “Change Date” means April 1, 2026 or such other date as Licensor may specify on or before April 1, 2026.

The licensed work is under the Business Service License ("BUSL license") with but not limited to the following exceptions:

  • To facilitate integrations, public-facing interfaces are licensed under MIT, as indicated in their SPDX headers.
  • As a derivative work of ds-math, Maths.sol is licensed under GPL-3.0-or-later, as indicated in its SPDX header.
  • As a derivative work of SafeERC20Namer, SafeTokenNamer.sol is licensed under GPL-3.0-or-later, as indicated in its SPDX header.
  • Unit and integration tests under tests folder remain unlicensed, unless their file header specifies otherwise.

Prior to the Change Date, Licensor intends to transfer ownership of the Licensed Work to a to-be-organized not-for-profit foundation or similar public benefit focused entity (the “Ajna Foundation”), whereupon the rights, duties and obligations of Licensor under the BUSL License shall, without further act or deed of the parties, be assigned to Ajna Foundation, which entity shall thereafter be, and assume all rights, duties and obligations of (but not the liabilities, if any, of), the Licensor under the Business Service License.

Licensor reserves the right to specify Additional Use Grants at their discretion and to facilitate changes enacted by the Grant Coordination process, provided always that Additional Use Grants shall not conflict with the Business License. Licensor grants third parties permission to deploy The Ajna Protocol to other public blockchains and scaling solutions, hereby referred to as the "target chain", so long as:

  • No other functional and successful deployment of Ajna is available on the target chain.
  • No modification to Solidity source files in the protocol is made, and no changes are made which conflict with the Business License.
  • Prior to deployment, the canonical burn-wrapped AJNA token (bwAJNA) on Ethereum mainnet is bridged to the target chain.
  • Upon deployment, the protocol is configured to use the bwAJNA token on the target chain.

Prior to the Change Date, Licensor shall elect the Change License governing the Licensed Work after the Change Date, which license shall be an Open Source Initiative compliant license, provided always that the Change License shall be GPL Version 2.0 compatible. Once elected, Licensor may change its Change License designation at any time on or before the Change Date by updating this file in the master branch of source control.

Modifications to, or notices of actions by Licensor, contemplated above or under the Business Service License shall be communicated by updating this file in the master branch of source control. All such updates are binding on Licensor and all licensees under the Business Service License upon the publication of the relevant update.

Deployment

A deployment script has been created to automate deployment of libraries, factory contracts, and manager contracts.

To use it, ensure the following env variables are in your .env file or exported into your environment.

Environment Variable Purpose
AJNA_TOKEN address of the AJNA token on your target chain
DEPLOY_ADDRESS address from which you wish to deploy
DEPLOY_KEY path to the JSON keystore file for the deployment address
ETHERSCAN_API_KEY required to verify contracts
ETH_RPC_URL node on your target deployment network

To run:

make deploy-contracts

Upon completion, contract addresses will be printed to stdout:

== Logs ==
  Deploying to chain with AJNA token address 0x34A1D3fff3958843C43aD80F30b94c510645C...
  === Deployment addresses ===
  ERC20  factory  0x50EEf481cae4250d252Ae577A09bF514f224C...
  ERC721 factory  0x62c20Aa1e0272312BC100b4e23B4DC1Ed96dD...
  PoolInfoUtils   0xDEb1E9a6Be7Baf84208BB6E10aC9F9bbE1D70...
  PositionManager 0xD718d5A27a29FF1cD22403426084bA0d47986...
  RewardsManager  0x4f559F30f5eB88D635FDe1548C4267DB8FaB0...

Record these addresses. If Etherscan verification fails on the first try, copy the deployment command from the Makefile, and tack a --resume switch onto the end.

Validation

Validate the deployment by creating a pool. Set relevant environment variables, and run the following:

cast send ${ERC20_POOLFACTORY} "deployPool(address,address,uint256)(address)" \
	${WBTC_TOKEN} ${DAI_TOKEN} 50000000000000000 \
	--from ${DEPLOY_ADDRESS} --keystore ${DEPLOY_KEY}

Where did it deploy the pool? Let's find out:

export ERC20_NON_SUBSET_HASH=0x2263c4378b4920f0bef611a3ff22c506afa4745b3319c50b6d704a874990b8b2
cast call ${ERC20_POOLFACTORY} "deployedPools(bytes32,address,address)(address)" \
	${ERC20_NON_SUBSET_HASH} ${WBTC_TOKEN} ${DAI_TOKEN}

Record the pool address.

Run an approval to let the contract spend some of your quote token, and then add some liquidity:

cast send ${DAI_TOKEN} "approve(address,uint256)" ${WBTC_DAI_POOL} 50000ether \
	--from ${DEPLOY_ADDRESS} --keystore ${DEPLOY_KEY}
cast send ${WBTC_DAI_POOL} "addQuoteToken(uint256,uint256)" 100ether 3232 \
	--from ${DEPLOY_ADDRESS} --keystore ${DEPLOY_KEY}