[DEPRECATED] Credix Minting/Redeeming/CollectProfit #203

crypto-vincent · 2022-10-26T03:08:25Z

PR Combo:

uxd-client: [DEPRECATED] Credix Minting/Redeeming uxd-client#31
uxd-program: [DEPRECATED] Credix Minting/Redeeming/CollectProfit #203

…credix

Orelsanpls

Hello, looks good! Few things to discuss :)

Orelsanpls · 2022-11-23T06:29:21Z

programs/uxd/src/events.rs

+    pub minting_fee_paid: u64,
+}
+
+/// Event called in [instructions::mint_with_credix_lp_depository::handler].


nit:

Suggested change

/// Event called in [instructions::mint_with_credix_lp_depository::handler].

/// Event called in [instructions::redeem_from_credix_lp_depository::handler].

Orelsanpls · 2022-11-23T06:30:34Z

programs/uxd/src/events.rs

+    pub redeeming_fee_paid: u64,
+}
+
+/// Event called in [instructions::mint_with_credix_lp_depository::handler].


nit:

Suggested change

/// Event called in [instructions::mint_with_credix_lp_depository::handler].

/// Event called in [instructions::collect_profit_of_credix_lp_depository::handler].

Orelsanpls · 2022-11-23T06:33:22Z

programs/uxd/src/events.rs

+    /// The collateral amount in native units. (output)
+    pub collateral_amount_before_fees: u64,
+    /// The collateral amount in native units. (output)
+    pub collateral_amount_after_fees: u64,
+    /// The redeemable issued in native units. (input)
+    pub redeemable_amount: u64,
+    /// The fees paid in native units. (output)
+    pub redeeming_fee_paid: u64,


nit:

collateral_amount_before_fees and redeeming_fee_paid shouldn't be labelled as output?

programs/uxd/src/instructions/credix_lp/register_credix_lp_depository.rs

Orelsanpls · 2022-11-23T06:54:59Z

programs/uxd/src/instructions/credix_lp/collect_profit_of_credix_lp_depository.rs

+    // Read useful values
+    let credix_global_market_state = ctx.accounts.depository.load()?.credix_global_market_state;
+    let collateral_mint = ctx.accounts.depository.load()?.collateral_mint;
+
+    // Make depository signer
+    let depository_pda_signer: &[&[&[u8]]] = &[&[
+        CREDIX_LP_DEPOSITORY_NAMESPACE,
+        credix_global_market_state.as_ref(),
+        collateral_mint.as_ref(),
+        &[ctx.accounts.depository.load()?.bump],
+    ]];


nit, theses values are used solely for generating depository pda signer

Suggested change

// Read useful values

let credix_global_market_state = ctx.accounts.depository.load()?.credix_global_market_state;

let collateral_mint = ctx.accounts.depository.load()?.collateral_mint;

// Make depository signer

let depository_pda_signer: &[&[&[u8]]] = &[&[

CREDIX_LP_DEPOSITORY_NAMESPACE,

credix_global_market_state.as_ref(),

collateral_mint.as_ref(),

&[ctx.accounts.depository.load()?.bump],

]];

// Make depository signer

let credix_global_market_state = ctx.accounts.depository.load()?.credix_global_market_state;

let collateral_mint = ctx.accounts.depository.load()?.collateral_mint;

let depository_pda_signer: &[&[&[u8]]] = &[&[

CREDIX_LP_DEPOSITORY_NAMESPACE,

credix_global_market_state.as_ref(),

collateral_mint.as_ref(),

&[ctx.accounts.depository.load()?.bump],

]];

nice catch!

Orelsanpls · 2022-11-23T08:04:48Z

programs/uxd/src/state/controller.rs

+            current_size < MAX_REGISTERED_CREDIX_LP_DEPOSITORIES,
+            UxdError::MaxNumberOfCredixLpDepositoriesRegisteredReached
+        );
+        // Increment registered Mango Depositories count


nit:

Suggested change

// Increment registered Mango Depositories count

// Increment registered Credix LP Depositories count

Orelsanpls · 2022-11-23T08:05:02Z

programs/uxd/src/state/controller.rs

+            .registered_credix_lp_depositories_count
+            .checked_add(1)
+            .ok_or_else(|| error!(UxdError::MathError))?;
+        // Add the new Mango Depository ID to the array of registered Depositories


nit:

Suggested change

// Add the new Mango Depository ID to the array of registered Depositories

// Add the new Credix LP Depository ID to the array of registered Depositories

programs/uxd/src/utils/math/compute_delta.rs

Orelsanpls · 2022-11-23T08:26:18Z

tests/utils.ts

+export async function createCredixLpDepositoryDevnetUSDC() {
+  return await CredixLpDepository.initialize({
+    connection: getConnection(),
+    uxdProgramId: uxdProgramId,
+    collateralMint: new PublicKey("Gh9ZwEmdLJ8DscKNTkTqPbNwLNNBjuSzaG9Vp2KGtKJr"),
+    collateralSymbol: "USDC(CredixDevnet)",
+    credixProgramId: new PublicKey("CRdXwuY984Au227VnMJ2qvT7gPd83HwARYXcbHfseFKC"),
+    credixMultisig: new PublicKey("4u825MpPxsRSxnvAJ8jJRsvAtbXByLhZZTWjEg1Kcjkd"),
+    credixTreasuryCollateral: new PublicKey("BDWiqHSTpZAWcERiQuZFQJxich22J5uy9ALXLQ3eryWG"),
+    credixMarketName: "credix-marketplace",
+    profitTreasury: new PublicKey("aca3VWxwBeu8FTZowJ9hfSKGzntjX68EXh1N9xpE1PC"),
+  });
+}


nit:

Suggested change

export async function createCredixLpDepositoryDevnetUSDC() {

return await CredixLpDepository.initialize({

connection: getConnection(),

uxdProgramId: uxdProgramId,

collateralMint: new PublicKey("Gh9ZwEmdLJ8DscKNTkTqPbNwLNNBjuSzaG9Vp2KGtKJr"),

collateralSymbol: "USDC(CredixDevnet)",

credixProgramId: new PublicKey("CRdXwuY984Au227VnMJ2qvT7gPd83HwARYXcbHfseFKC"),

credixMultisig: new PublicKey("4u825MpPxsRSxnvAJ8jJRsvAtbXByLhZZTWjEg1Kcjkd"),

credixTreasuryCollateral: new PublicKey("BDWiqHSTpZAWcERiQuZFQJxich22J5uy9ALXLQ3eryWG"),

credixMarketName: "credix-marketplace",

profitTreasury: new PublicKey("aca3VWxwBeu8FTZowJ9hfSKGzntjX68EXh1N9xpE1PC"),

});

}

export async function createCredixLpDepositoryDevnetUSDC(): Promise<CredixLpDepository> {

return CredixLpDepository.initialize({

connection: getConnection(),

uxdProgramId,

collateralMint: new PublicKey("Gh9ZwEmdLJ8DscKNTkTqPbNwLNNBjuSzaG9Vp2KGtKJr"),

collateralSymbol: "USDC(CredixDevnet)",

credixProgramId: new PublicKey("CRdXwuY984Au227VnMJ2qvT7gPd83HwARYXcbHfseFKC"),

credixMultisig: new PublicKey("4u825MpPxsRSxnvAJ8jJRsvAtbXByLhZZTWjEg1Kcjkd"),

credixTreasuryCollateral: new PublicKey("BDWiqHSTpZAWcERiQuZFQJxich22J5uy9ALXLQ3eryWG"),

credixMarketName: "credix-marketplace",

profitTreasury: new PublicKey("aca3VWxwBeu8FTZowJ9hfSKGzntjX68EXh1N9xpE1PC"),

});

}

Orelsanpls · 2022-11-23T08:43:46Z

programs/uxd/src/instructions/credix_lp/collect_profit_of_credix_lp_depository.rs

+    );
+
+    // Assumes and enforce a collateral/redeemable 1:1 relationship on purpose
+    let collateral_amount_before_precision_loss: u64 = u64::try_from(profits_redeemable_amount)


Is profits_redeemable_amount the profits that may effectively be withdrawn?

Imagine a user deposits 10 USDC worthing 4 LP Token.
5 days later, 4 LP Token worth 11 USDC.

You call collect profit, profits_redeemable_amount should be 0 because the LP tokens are still locked, correct?

Imagine another scenario:

If someone redeem from the pool, it could potentially redeem for any unlocked LP token, so potentially from rewards. Leeding to rewards not being collectible.

imagine 5000 UXD being minted for 50 Lp tokens, with 10 Lp tokens unlocked (90d+ in the pool). An user could redeem for 1200 UXD and uses all unlock Lp tokens.

If we want to collect profits, we couldn't, because no Lp token is available to swap.

To fix that, in redeem function, we could calculate the profit amount and prevent users to redeem for it.

Good question!! might thought on this are:

this will become irrelevant after 30 days as there are no staggered locking

I think we could abstain from collecting profit until we think enough if unlocked

I dont know if we need to provide any extra guarantee past the: if you wait 30 days you can redeem your money anyway

We can chat by voice about this

this will become irrelevant after 30 days as there are no staggered locking

You mean if I put 10 USDC in credix, after 30 days, if I put an other 20 USDC, 1 day later I could withdraw the 30 USDC? New deposits doesn't induce new lock?

I think we could abstain from collecting profit until we think enough if unlocked

Ideally I think we should tend to an "automatic" profit collection every X days from every depositories, using something like snowflakes. Would prefer to not have to think about when to unlock.

cnek · 2022-11-24T05:49:19Z

Anchor.toml


 [registry]
 url = "https://anchor.projectserum.com"

 [scripts]
 # The quick version for development - Keep this version as the CI swap this line for its needs
-test = "npx ts-mocha -p ./tsconfig.json -t 500000 tests/test_development.ts --reporter mochawesome --require mochawesome/register --reporter-options quiet=true,reportTitle=uxdprogram-test_integration --trace-warnings"
+test = "npx ts-mocha -p ./tsconfig.json -t 500000 tests/test_ci_credix_lp.ts --reporter mochawesome --require mochawesome/register --reporter-options quiet=true,reportTitle=uxdprogram-test_integration --trace-warnings"


pls revert this to test_development, ci search for this file name and replace with different ci test files for the anchor test job

Agreed king, I also need to revert the local keys, this branch is an all-inclusive branch, ill make a polished-ready-to-audit PR with minimal changes

crypto-vincent · 2022-11-28T10:49:09Z

deprecated by:
#213

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[DEPRECATED] Credix Minting/Redeeming UXDProtocol/uxd-client#31

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crypto-vincent changed the title ~~[InProgress] Credix Minting~~ [InProgress] Credix Integration Nov 17, 2022

crypto-vincent changed the title ~~[InProgress] Credix Integration~~ [InProgress] Credix Mint/Redeem Nov 17, 2022

crypto-vincent changed the title ~~[InProgress] Credix Mint/Redeem~~ [InProgress] Credix Minting/Redeeming Nov 17, 2022

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crypto-vincent changed the title ~~[InProgress] Credix Minting/Redeeming~~ [InProgress] Credix Minting/Redeeming/CollectProfit Nov 23, 2022

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crypto-vincent changed the title ~~[InProgress] Credix Minting/Redeeming/CollectProfit~~ [DEPRECATED] Credix Minting/Redeeming/CollectProfit Nov 28, 2022

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[DEPRECATED] Credix Minting/Redeeming/CollectProfit #203

[DEPRECATED] Credix Minting/Redeeming/CollectProfit #203

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crypto-vincent commented Nov 28, 2022

	/// Event called in [instructions::mint_with_credix_lp_depository::handler].
	/// Event called in [instructions::redeem_from_credix_lp_depository::handler].

	/// Event called in [instructions::mint_with_credix_lp_depository::handler].
	/// Event called in [instructions::collect_profit_of_credix_lp_depository::handler].

	// Increment registered Mango Depositories count
	// Increment registered Credix LP Depositories count

	// Add the new Mango Depository ID to the array of registered Depositories
	// Add the new Credix LP Depository ID to the array of registered Depositories

[DEPRECATED] Credix Minting/Redeeming/CollectProfit #203

[DEPRECATED] Credix Minting/Redeeming/CollectProfit #203

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