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pragma solidity ^0.4.11;
import "../Markets/Market.sol";
import "../Tokens/Token.sol";
import "../Events/Event.sol";
import "../MarketMakers/MarketMaker.sol";
/// @title Market factory contract - Allows to create market contracts
/// @author Stefan George - <stefan@gnosis.pm>
contract StandardMarket is Market {
using Math for *;
/*
* Constants
*/
uint24 public constant FEE_RANGE = 1000000; // 100%
/*
* Modifiers
*/
modifier isCreator () {
// Only creator is allowed to proceed
require(msg.sender == creator);
_;
}
modifier atStage(Stages _stage) {
// Contract has to be in given stage
require(stage == _stage);
_;
}
/*
* Public functions
*/
/// @dev Constructor validates and sets market properties
/// @param _creator Market creator
/// @param _eventContract Event contract
/// @param _marketMaker Market maker contract
/// @param _fee Market fee
function StandardMarket(address _creator, Event _eventContract, MarketMaker _marketMaker, uint24 _fee)
public
{
// Validate inputs
require(address(_eventContract) != 0 && address(_marketMaker) != 0 && _fee < FEE_RANGE);
creator = _creator;
createdAtBlock = block.number;
eventContract = _eventContract;
netOutcomeTokensSold = new int[](eventContract.getOutcomeCount());
fee = _fee;
marketMaker = _marketMaker;
stage = Stages.MarketCreated;
}
/// @dev Allows to fund the market with collateral tokens converting them into outcome tokens
/// @param _funding Funding amount
function fund(uint _funding)
public
isCreator
atStage(Stages.MarketCreated)
{
// Request collateral tokens and allow event contract to transfer them to buy all outcomes
require( eventContract.collateralToken().transferFrom(msg.sender, this, _funding)
&& eventContract.collateralToken().approve(eventContract, _funding));
eventContract.buyAllOutcomes(_funding);
funding = _funding;
stage = Stages.MarketFunded;
MarketFunding(funding);
}
/// @dev Allows market creator to close the markets by transferring all remaining outcome tokens to the creator
function close()
public
isCreator
atStage(Stages.MarketFunded)
{
uint8 outcomeCount = eventContract.getOutcomeCount();
for (uint8 i = 0; i < outcomeCount; i++)
require(eventContract.outcomeTokens(i).transfer(creator, eventContract.outcomeTokens(i).balanceOf(this)));
stage = Stages.MarketClosed;
MarketClosing();
}
/// @dev Allows market creator to withdraw fees generated by trades
/// @return Fee amount
function withdrawFees()
public
isCreator
returns (uint fees)
{
fees = eventContract.collateralToken().balanceOf(this);
// Transfer fees
require(eventContract.collateralToken().transfer(creator, fees));
FeeWithdrawal(fees);
}
/// @dev Allows to buy outcome tokens from market maker
/// @param outcomeTokenIndex Index of the outcome token to buy
/// @param outcomeTokenCount Amount of outcome tokens to buy
/// @param maxCost The maximum cost in collateral tokens to pay for outcome tokens
/// @return Cost in collateral tokens
function buy(uint8 outcomeTokenIndex, uint outcomeTokenCount, uint maxCost)
public
atStage(Stages.MarketFunded)
returns (uint cost)
{
// Calculate cost to buy outcome tokens
uint outcomeTokenCost = marketMaker.calcCost(this, outcomeTokenIndex, outcomeTokenCount);
// Calculate fees charged by market
uint fees = calcMarketFee(outcomeTokenCost);
cost = outcomeTokenCost.add(fees);
// Check cost doesn't exceed max cost
require(cost > 0 && cost <= maxCost);
// Transfer tokens to markets contract and buy all outcomes
require( eventContract.collateralToken().transferFrom(msg.sender, this, cost)
&& eventContract.collateralToken().approve(eventContract, outcomeTokenCost));
// Buy all outcomes
eventContract.buyAllOutcomes(outcomeTokenCost);
// Transfer outcome tokens to buyer
require(eventContract.outcomeTokens(outcomeTokenIndex).transfer(msg.sender, outcomeTokenCount));
// Add outcome token count to market maker net balance
require(int(outcomeTokenCount) >= 0);
netOutcomeTokensSold[outcomeTokenIndex] = netOutcomeTokensSold[outcomeTokenIndex].add(int(outcomeTokenCount));
OutcomeTokenPurchase(msg.sender, outcomeTokenIndex, outcomeTokenCount, cost);
}
/// @dev Allows to sell outcome tokens to market maker
/// @param outcomeTokenIndex Index of the outcome token to sell
/// @param outcomeTokenCount Amount of outcome tokens to sell
/// @param minProfit The minimum profit in collateral tokens to earn for outcome tokens
/// @return Profit in collateral tokens
function sell(uint8 outcomeTokenIndex, uint outcomeTokenCount, uint minProfit)
public
atStage(Stages.MarketFunded)
returns (uint profit)
{
// Calculate profit for selling outcome tokens
uint outcomeTokenProfit = marketMaker.calcProfit(this, outcomeTokenIndex, outcomeTokenCount);
// Calculate fee charged by market
uint fees = calcMarketFee(outcomeTokenProfit);
profit = outcomeTokenProfit.sub(fees);
// Check profit is not too low
require(profit > 0 && profit >= minProfit);
// Transfer outcome tokens to markets contract to sell all outcomes
require(eventContract.outcomeTokens(outcomeTokenIndex).transferFrom(msg.sender, this, outcomeTokenCount));
// Sell all outcomes
eventContract.sellAllOutcomes(outcomeTokenProfit);
// Transfer profit to seller
require(eventContract.collateralToken().transfer(msg.sender, profit));
// Subtract outcome token count from market maker net balance
require(int(outcomeTokenCount) >= 0);
netOutcomeTokensSold[outcomeTokenIndex] = netOutcomeTokensSold[outcomeTokenIndex].sub(int(outcomeTokenCount));
OutcomeTokenSale(msg.sender, outcomeTokenIndex, outcomeTokenCount, profit);
}
/// @dev Buys all outcomes, then sells all shares of selected outcome which were bought, keeping
/// shares of all other outcome tokens.
/// @param outcomeTokenIndex Index of the outcome token to short sell
/// @param outcomeTokenCount Amount of outcome tokens to short sell
/// @param minProfit The minimum profit in collateral tokens to earn for short sold outcome tokens
/// @return Cost to short sell outcome in collateral tokens
function shortSell(uint8 outcomeTokenIndex, uint outcomeTokenCount, uint minProfit)
public
returns (uint cost)
{
// Buy all outcomes
require( eventContract.collateralToken().transferFrom(msg.sender, this, outcomeTokenCount)
&& eventContract.collateralToken().approve(eventContract, outcomeTokenCount));
eventContract.buyAllOutcomes(outcomeTokenCount);
// Short sell selected outcome
eventContract.outcomeTokens(outcomeTokenIndex).approve(this, outcomeTokenCount);
uint profit = this.sell(outcomeTokenIndex, outcomeTokenCount, minProfit);
cost = outcomeTokenCount - profit;
// Transfer outcome tokens to buyer
uint8 outcomeCount = eventContract.getOutcomeCount();
for (uint8 i = 0; i < outcomeCount; i++)
if (i != outcomeTokenIndex)
require(eventContract.outcomeTokens(i).transfer(msg.sender, outcomeTokenCount));
// Send change back to buyer
require(eventContract.collateralToken().transfer(msg.sender, profit));
OutcomeTokenShortSale(msg.sender, outcomeTokenIndex, outcomeTokenCount, cost);
}
/// @dev Calculates fee to be paid to market maker
/// @param outcomeTokenCost Cost for buying outcome tokens
/// @return Fee for trade
function calcMarketFee(uint outcomeTokenCost)
public
constant
returns (uint)
{
return outcomeTokenCost * fee / FEE_RANGE;
}
}
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