Baseline: Liquidity Source Integration Proposal

Technical
1

Liquidity Source Integration Proposal

Title

Baseline Integration

Author

Simple Summary

Baseline Mercury is an on-chain power-law AMM. Each market is a single-sided bonding-curve pool that prices one token (the bToken) against a configured reserve asset (e.g. WETH, USDC, or native ETH via a wrapped reserve).

The protocol is fully on-chain and accessed through a single router contract.

Motivation

  • Capturable existing flow. CoW Swap already settles a meaningful stream of REPPO trades today — but routes them to less efficient venues (Aerodrome, Uniswap) that don’t reflect Baseline’s curve. Those same orders would execute at better
    prices against the Baseline REPPO pool.
  • Supported pairs/assets. Each pool is bToken / reserve; the reserve is configured per pool. Baseline has many live markets. The highest-priority one for this integration is REPPO / VIRTUAL on Base.
  • Existing integrations. Baseline liquidity is already integrated with major aggregators including 0x and KyberSwap.
  • Liquidity depth. Depth is the pool’s reserve balance, readable live on-chain as totalReserves(bToken). For the REPPO pool this is ~514,800 VIRTUAL (~$317k).

Examples

Below are a few examples of CoW Swap transactions that solvers could have routed to Baseline for better execution.

  • Buy — Base tx 0x90870a0bf5fc0c698851b20505a0468f32d359be4ed663b53f8fdacc46f7be96:
    0.2 WETH → REPPO, split across two external pools.
    The same order routed WETH→VIRTUAL→Baseline yields about +40 bps.
  • Sell — Base tx 0xfd357d037b29803804c0098f5e241500023f12ba7f8925993aa331966b8e8475:
    2,916 REPPO → USDC, routed REPPO→WETH across three external pools.
    Routed REPPO→VIRTUAL→Baseline instead, the proceeds are about +31 bps higher.

Technical Specification

Architecture

All calls, quotes, and swaps go to a single Relay router address (a delegatecall proxy that dispatches by function selector).

  • A market is identified by its bToken address (an ERC-20). Every function takes the bToken as its first argument.
  • The reserve asset for a pool is discoverable via reserve(bToken) → ERC20.
  • All amounts are in each token’s native decimals.
  • bTokens and reserves are standard ERC-20s. If the reserve is wrapped-native (e.g. WETH), the payable buy path also accepts native ETH (msg.value), refunding any overpayment.

Deployment. The Relay is deployed at the same address on every chain:

0xc81Fd894C0acE037d133aF4886550aC8133568E8

Supported chains: Eth mainnet, Base

Contract interfaces & ABIs. All functions below are reached on the Relay address. ABIs and reference docs: baseline.markets/docs/contracts

Price Discovery

Function Returns
quoteBuyExactIn(BToken bToken, uint256 reservesIn) (uint256 tokensOut, uint256 fee, uint256 slippage)
quoteSellExactIn(BToken bToken, uint256 tokensIn) (uint256 reservesOut, uint256 fee, uint256 slippage)
quoteBuyExactOut(BToken bToken, uint256 tokensOut) (uint256 reservesIn, uint256 fee, uint256 slippage)
quoteSellExactOut(BToken bToken, uint256 reservesOut) (uint256 tokensIn, uint256 fee, uint256 slippage)
  • fee is the swap fee in reserve units; slippage is price impact in WAD (1e18 = 100%), measured against the block snapshot.

Optional — local quoting. A getQuoteState view returns a full pool snapshot that lets a solver reproduce quotes off-chain and price unlimited candidate sizes locally, without an eth_call per quote. It’s an advanced path with extra
integration work, so we’ve left the details out here — solvers interested in using it should reach out and we’re happy to walk through it.

Recommended (lowest gas):

Function Semantics limitAmount Gas (typical / range)
buyTokensExactOut(BToken bToken, uint256 tokensOut, uint256 limitAmount) pay reserve for exactly tokensOut bTokens max reserves to spend ~172k / 170k–310k
sellTokensExactIn(BToken bToken, uint256 tokensIn, uint256 limitAmount) sell exactly tokensIn bTokens for reserve min reserves to receive ~176k / 175k–290k

buyTokensExactOut is payable (accepts native ETH when the reserve is wrapped-native).

Supported but more expensive. These run an on-chain binary-search solver and cost ~2–2.4× more gas; use only when the counter-side amount must be exact:

Function Semantics limitAmount Gas (typical / range)
buyTokensExactIn(BToken bToken, uint256 reservesIn, uint256 limitAmount) spend exactly reservesIn reserve for bTokens min tokens to receive ~418k / 390k–550k
sellTokensExactOut(BToken bToken, uint256 reservesOut, uint256 limitAmount) sell bTokens for exactly reservesOut reserve max tokens to spend ~376k / 375k–450k

buyTokensExactIn accepts ERC-20 reserve only (no payable path).

Example: buy

// 1. Size the fill (view).
(uint256 reservesIn,,) = relay.quoteBuyExactOut(bToken, tokensWanted);

// 2. Approve the Relay to pull reserve (or send native ETH as msg.value).
reserveToken.approve(address(relay), reservesIn);

// 3. Swap
relay.buyTokensExactOut(bToken, tokensWanted, reservesIn);

Example: sell

// 1. Size the fill (view).
(uint256 reservesOut,,) = relay.quoteSellExactIn(bToken, tokensToSell);

// 2. Approve the Relay to pull the bTokens.
bToken.approve(address(relay), tokensToSell);

// 3. Swap (reservesOut is the minimum reserve to receive).
relay.sellTokensExactIn(bToken, tokensToSell, reservesOut);

Integration Incentives

Not at this time.

Additional Information

Security audits

Baseline has completed multiple independent review and remediation rounds. Audit reports and security documentation: baseline.markets/docs/contracts/security

Contact Information

  • discord: 0xzx
  • telegram: @zaqk1
  • email: zeezdev0@gmail.com
  • Response time expectations: 1-2 hours