Positional Protocol

Create NFT bids and listings that update dynamically, relative to the floor price

Description

Positional is a protocol for creating advanced NFT limit orders, where the price dynamically updates based on the collection floor. So for example, if you own a mid-tier rarity NFT, you could list it for 150% of the floor price, so that it automatically adjusts as the market moves up and down. Or if you wanted to buy into a collection, you could place a collection-wide bid at a 10% discount on the floor, that any owner could accept.

Positional Protocol showcase

How it's made

For floor prices, we use Reservoir (https://reservoirprotocol.github.io/), an NFT aggregator. For relaying data on-chain, we use the TrustUs oracle framework (https://github.com/ZeframLou/trustus). We then wrote a custom NFT exchange contract that allows users to create orders with relative prices (e.g. floor*150%), and then uses the oracle to calculate a final price when filling. The flow goes like this: - Alice creates an order, with a price in basis points, relative to the floor - She signs it an submits it to the order book - The UI displays the current price of the bid or listing, based on the floor price - When Bob wants to fill, he requests a signed message from the oracle - The message contains the current floor price, and a deadline when it expires - Bob passes a) the order b) the oracle message and c) the fill asset to the exchange contract - The contract verifies everything and executes the swap at the dynamic price