Note
Terra Classic retains the market module, but on-chain swaps (MsgSwapCopy MsgSwap, MsgSwapSendCopy MsgSwapSend) were disabled after May 2022. Users must rely on DEX liquidity pools; the module now maintains only virtual pools and spread state to keep downstream logic stable.
Classic behaviour
- Swaps rejected. Transaction handlers remain wired, yet governance decisions prevent reopening algorithmic swaps to avoid uncontrolled mint/burn of LUNC.
- Virtual pools maintained. EndBlocker()Copy EndBlocker() still invokes ReplenishPoolsCopy ReplenishPools to decay TerraPoolDeltaCopy TerraPoolDelta back to equilibrium, preserving deterministic spread calculations.
- Oracle reward flow. Oracle ballot rewards historically depended on swap spreads. Keeping the module intact ensures queries and simulations that expect spread values continue to work, even if no swap executes.
Parameters (subspaceCopy subspace: marketCopy market)
| Name | Description | Default |
|---|---|---|
| BasePoolCopy BasePool | Virtual Terra/Luna pool size (µSDR). | 1000000000000Copy 1000000000000 (1,000,000 SDR) |
| PoolRecoveryPeriodCopy PoolRecoveryPeriod | Blocks needed for pools to recover toward equilibrium. | 14400Copy 14400 (≈1 day) |
| MinStabilitySpreadCopy MinStabilitySpread | Minimum spread imposed on swaps. | 0.02Copy 0.02 (2%) |
The legacy TobinTaxCopy TobinTax parameter used for Terra stablecoin swaps is set to 0Copy 0 on Classic; tax logic has been moved to x/taxCopy x/tax.
Queries and CLI
- Parameters: terrad q market paramsCopy terrad q market params
- Terra pool delta: terrad q market terra-pool-deltaCopy terrad q market terra-pool-delta
These calls are useful for analytics and backwards compatibility tooling.
Operational notes
- Attempting terrad tx market swapCopy terrad tx market swap on mainnet will fail because the keeper rejects swaps before coins move. This is due to the internal spread and tobin tax set to 100%.
- Any future plan to re-enable algorithmic swaps would require a dedicated governance proposal, code updates, and careful parameter tuning.