Owna-DEX (AMM)

AMM-based decentralized exchange for property tokens with isolated pricing and property owner management

---

Core Value Proposition

Owna-DEX enables liquid secondary markets for real estate yield tokens through:

1. Isolated Pricing – Each property maintains independent price discovery

2. Dynamic Pricing – Constant Product AMM (x × y = k) responds to supply/demand

3. Instant Trading – Buy/sell anytime without waiting for fundraising periods

4. Fair Market Value – No centralized price manipulation

5. Property Owner Control ✨ NEW – Owners can withdraw/inject funds for operational needs

Note: Owna Finance provides two trading venues: Owna-DEX (AMM) for instant execution and Secondary Market (P2P Order Book) for custom pricing. This overview covers the AMM market.

---

How It Works

Constant Product AMM

k = reserveYRT × reserveUSDC

When users trade, reserves change but k remains constant (after fees).

Example:

Initial Pool: 1000 YRT + 1000 USDC = 1,000,000 k
Price: 1 YRT = 1 USDC

User buys with 100 USDC:
→ New Reserves: 909 YRT + 1100 USDC
→ New Price: 1.21 USDC per YRT (+21%)

User sells 50 YRT:
→ New Reserves: 959 YRT + 1043 USDC
→ New Price: 1.09 USDC per YRT (-10%)

Key Insight: Price automatically adjusts based on trading activity—no oracle needed.

---

Architecture

Isolated Pools Per Property

Each property has a unique YRT token and separate liquidity pool.

Benefits:

• ✓ Property A price immune to Property B trading

• ✓ Independent valuations

• ✓ Risk isolation

• ✓ Separate liquidity management

---

Smart Contracts

OwnaFactory

Pool deployment and management

• Create new liquidity pools

• Track all pools

• Update fees and recipients

• Set property owner for each pool ✨ NEW

Key Function:

function createPool(
    address tokenA,         // YRT token (unique per property)
    address tokenB,         // USDC or IDRX (shared)
    string propertyName,
    address propertyOwner   // ✨ NEW: Owner who can withdraw/inject
) external returns (address pool)

---

OwnaPool

AMM implementation

• Constant Product formula

• 0.3% swap fee → Fee Recipient wallet

• Dynamic pricing

• LP token issuance

• Property owner operations ✨ NEW

Core Operations:

• mint() – Add liquidity, receive LP tokens

• burn() – Remove liquidity, redeem tokens

• swap() – Trade tokens, pay 0.3% fee

• ownerWithdrawStable() ✨ NEW – Property owner withdraws USDC/IDRX for operations

• ownerInjectStable() ✨ NEW – Property owner injects USDC/IDRX to boost YRT price

---

OwnaRouter

User interface for all operations

Simplifies interactions with pools through helper functions.

Key Functions:

// Add Liquidity
function addLiquidity(
    address tokenA,
    address tokenB,
    uint amountADesired,
    uint amountBDesired,
    uint amountAMin,        // Slippage protection
    uint amountBMin,        // Slippage protection
    address to,
    uint deadline
) external returns (uint amountA, uint amountB, uint liquidity)

// Remove Liquidity
function removeLiquidity(
    address tokenA,
    address tokenB,
    uint liquidity,
    uint amountAMin,
    uint amountBMin,
    address to,
    uint deadline
) external returns (uint amountA, uint amountB)

// Swap Tokens
function swapExactTokensForTokens(
    uint amountIn,
    uint amountOutMin,      // Slippage protection
    address[] path,         // [USDC, YRT] or [YRT, USDC]
    address to,
    uint deadline
) external returns (uint[] amounts)

// Price Calculation
function getAmountsOut(
    uint amountIn,
    address[] path
) external view returns (uint[] amounts)

---

User Flows

Property Owner: Pool Setup

Steps:

1. Create YRT token via YRTFactory

2. Create pool in Owna-DEX

3. Add initial liquidity (sets starting price)

4. Users can now trade

---

Trader: Buy YRT

Steps:

1. Check expected output (price preview)

2. Approve USDC spend

3. Execute swap

4. Receive YRT tokens

5. Hold for automatic yield distribution

---

Key Features

For Property Owners

✓ Initial Price Setting Set price via liquidity ratio:

Add 1000 YRT + 500 USDC = 0.5 USDC per YRT
Add 1000 YRT + 2000 USDC = 2 USDC per YRT

✓ Fee Collection Earn 0.3% on all swaps in your property's pool

✓ Supply Expansion Mint additional YRT tokens for business growth:

factory.mintTokens(seriesId, owner, 500e18)
// New tokens tradeable immediately

✓ Liquidity Management ✨ NEW Control pool liquidity for operational needs:

// Withdraw USDC for property operations
pool.ownerWithdrawStable(50000e18, treasuryAddress)
// Effect: Decreases USDC reserve → YRT price decreases

// Inject USDC to boost YRT price
pool.ownerInjectStable(100000e18)
// Effect: Increases USDC reserve → YRT price increases

---

For Traders

✓ Instant Liquidity Trade anytime—no waiting for fundraising periods

✓ Fair Pricing Market-determined prices via AMM algorithm

✓ Slippage Protection Set minimum output amounts to prevent price manipulation

✓ Portfolio Diversification Trade across multiple properties easily

---

For Liquidity Providers

✓ Earn Trading Fees Receive 0.3% of all swaps

✓ Flexible Entry/Exit Add or remove liquidity anytime

✓ LP Tokens Tradeable proof of liquidity position

---

Deployed Contracts

Base Sepolia Testnet

Contract	Address	Purpose
OwnaFactory	0x1dC1CE24d956951a078aE0Dd61379A86c901E773	Create & manage pools
OwnaRouter	0x7C35348f8f249739e1ea5A1Ec7B6Ea2e15CBccD6	User interactions
Fee Recipient	0x77c4a1cD22005b67Eb9CcEaE7E9577188d7Bca82	Receives 0.3% fees

Deployment Details:

• Version: v1.0 (First Release - Development Phase)

• Deployed: October 2025

• Test Coverage: 58/58 tests passing

View on BaseScan →

---

Integration

Frontend Quick Start

import { useWriteContract, useReadContract } from 'wagmi'
import RouterABI from './abis/OwnaRouter.json'

// Read: Get expected output
const { data: amountsOut } = useReadContract({
  address: '0x7C35348f8f249739e1ea5A1Ec7B6Ea2e15CBccD6', // Router
  abi: RouterABI,
  functionName: 'getAmountsOut',
  args: [parseUnits('100', 18), [usdcAddress, yrtAddress]]
})

// Write: Execute swap
const { writeContract } = useWriteContract()
await writeContract({
  address: '0x7C35348f8f249739e1ea5A1Ec7B6Ea2e15CBccD6', // Router
  abi: RouterABI,
  functionName: 'swapExactTokensForTokens',
  args: [
    parseUnits('100', 18),  // amountIn
    minAmountOut,           // amountOutMin
    [usdcAddress, yrtAddress], // path
    userAddress,
    deadline
  ]
})

→ Full API Reference

---

---

AMM vs Secondary Market

Owna Finance offers dual trading venues to maximize flexibility:

🏦 Owna-DEX (This Page)

Best for instant execution at market price

Feature	Details
Execution	Instant (no counterparty needed)
Liquidity	Always available (trade against pool)
Pricing	Dynamic market price (AMM formula)
Fees	0.3% protocol fee
Slippage	Price impact on large orders
Best for	Small-medium trades, urgent execution

🤝 Secondary Market (Order Book)

Best for negotiated trades at custom prices

Feature	Details
Execution	Requires counterparty match
Liquidity	Depends on order book depth
Pricing	Custom fixed price (maker sets)
Fees	0% protocol fee
Slippage	Zero (exact price execution)
Best for	Large trades, limit orders, OTC deals

→ See Secondary Market Documentation

When to Use Each

Choose DEX (AMM):
✓ Need immediate execution
✓ Trade size < $10,000
✓ Accept current market price
✓ High-frequency trading

Choose Secondary Market:
✓ Large block trades (> $50,000)
✓ Want custom pricing
✓ Can wait for counterparty
✓ Minimize fees (0% vs 0.3%)

Smart traders use both venues to optimize execution across different trade sizes and urgency levels.

---

Built with Foundry ⚡ Deployed on Base 🔵