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Overview

Work in progress

This documentation is a work in progress and subject to change.

Warren overview

Liquidity that shapes itself.

Warren brings programmable liquidity and an incentive marketplace to Uniswap V4. Instead of one curve for every token, pools carry a shape built for what they hold. This gives protocols control over the liquidity they incentivize while keeping the LP experience simple.

Features​

Program — liquidity that fits the asset​

  1. Liquidity Density Functions (LDFs): Highly expressive curves that concentrate depth differently for stables, yield assets and volatile pairs — with constant gas costs for distribution, modification, and swaps.
  2. Shapeshifting: Adapt to changing market conditions without withdrawing, rebuilding, or managing positions from scratch.
  3. Autonomous Rebalancing: Eliminate the need for external keepers to maintain optimal token ratios, so LPs stay optimally positioned.

Protect — MEV-aware architecture​

  1. Surge Fee: Preserve LP value when positions are undergoing autonomous liquidity updates.
  2. Dynamic Fees: Traders get more efficient pricing in calm markets, while LPs receive better compensation during periods of higher risk.
  3. am-AMM: MEV captured by auction and rebated back to LPs. Searchers pay rent, not toxic flow.

Earn — capital efficient across the stack​

  1. Rehypothecation: Deposit idle assets in external yield protocols. Earn additional return on top of swap fees, improving capital efficiency.
  2. Auto-compounding: LPs grow their positions passively, without manually claiming and redeploying fees.
  3. veToken Incentive System: Protocols and communities coordinate liquidity growth by deploying incentives to the pools where they want depth.

Rewards depend on pool mode: LPs receive their share of swap fees where fees accrue to them. Gauged pools reward LPs through directed WRN emissions and distribute swap fees to bWRN voters who support their gauges.

Built on Bunni V2

Warren's AMM execution layer reuses Bunni V2 — LDFs, am-AMM, shapeshifting, rebalancing, surge fees, rehypothecation, and hooklets. Warren adds an incentives layer (WRN, bWRN, gauges, vote incentives) on top. Full credits on the Acknowledgements page.

Why Warren?​

Liquidity incentives are blind. Protocols direct hundreds of millions yearly to selected pools, but have limited control over the liquidity those incentives purchase:

  • Blind to the asset. The same shape for every asset.
  • Blind to the market. Liquidity doesn't react to prices.
  • Blind to utilization. Most capital sits idle outside the active range.

Warren addresses each of these, along with several shortcomings of previous AMM designs, particularly Uniswap V3:

  • Complex liquidity shapes can now be created and managed with a single position, rather than multiple positions.
  • Liquidity can now be efficiently moved or reshaped without removing and recreating positions.
  • Swap gas costs are now constant, regardless of the number of ticks crossed.
  • Swap fees are now auto-compounded back into liquidity, rather than requiring users to manually claim & compound.