Fluidity Solana IDO Pool

This repo contains contracts that implement an on-chain KPI auction, in which users purchase options that are then redeemable for tokens at a rate determined by how well KPI targets are being met.

The auction comprises of three main phases. In the first phase, users are able to buy or sell options 1-1 with USDc. In the second phase, users can exchange options back for USDc, but are unable to purchase any more. In the third, which is the main phase of the auction, users can exchange their options for governance tokens, at a variable rate determined by how well the program KPIs are being met.

Most of this code is forked from the Blockworks Foundation ido-pool implementation.

Program commands

Note that this program is implemented using the Anchor framework, and uses its calling convention. Anchor IDL files can be generated using Anchor's build commands.

initialize_pool(name, bumps, num_ido_tokens, times)

Creates and initializes a new IDO with a given name, num_ido_tokens governance tokens available for auction, and the durations of each phase as described in the times struct.

Accounts

Name	Mutable	Signer	Description
ido_authority	yes	yes	Account that manages the IDO.
ido_authority_watermelon	yes	owned by ido_authority	SPL token account that holds governance tokens, to be moved into the IDO's escrow account.
ido_account	init	pda	PDA to hold the IDO data.
usdc_mint	no	no	SPL mint account of the USDc token.
redeemable_mint	init	pda	SPL mint account of the option token, initialized by this instruction.
watermelon_mint	no	owned by ido_authority	SPL mint account of the governance tokens.
pool_watermelon	init	pda	Escrow account to hold governance tokens.
pool_usdc	init	pda	Escrow account to hold USDc.
system_program	no	no	Solana system program sysvar.
token_program	no	no	Solana token program sysvar.
rent	no	no	Solana rent sysvar.

init_user_redeemable()

Initializes an account to hold a user's options.

Accounts

Name	Mutable	Signer	Description
user_authority	yes	yes	Owner of the options account.
user_redeemable	init	owned by user_authority	Address of the SPL account to create.
ido_account	no	pda	PDA to hold the IDO data.
redeemable_mint	no	pda	SPL mint account of the option tokens.
system_program	no	no	Solana system program sysvar.
token_program	no	no	Solana token program sysvar.
rent	no	no	Solana rent sysvar.

exchange_usdc_for_redeemable(amount)

Purchases options with USDc.

Accounts

Name	Mutable	Signer	Description
user_authority	yes	yes	Account purchasing the options.
user_usdc	mut	owned by user_authority	SPL token account for the user's USDc.
user_redeemable	mut	owned by user_authority	SPL token account for the user's options.
ido_account	no	pda	PDA to hold the IDO data.
usdc_mint	no	pda	SPL mint account of the option tokens.
redeemable_mint	no	pda	SPL mint account of the option tokens.
pool_usdc	yes	pda	Escrow account for the contract to hold USDc.
token_program	no	no	Solana token program sysvar.

init_escrow_usdc()

Initializes an escrow account to hold a user's USDc after they sell options.

Accounts

Name	Mutable	Signer	Description
user_authority	yes	yes	Account purchasing the options.
escrow_usdc	init	pda	Address of the user's SPL token escrow account to create.
ido_account	no	pda	PDA to hold the IDO data.
usdc_mint	no	pda	SPL mint account of the option tokens.
redeemable_mint	no	pda	SPL mint account of the option tokens.
system_program	no	no	Solana system program sysvar.
token_program	no	no	Solana token program sysvar.
rent	no	no	Solana rent sysvar.

exchange_redeemable_for_usdc(amount)

Sells options back to USDc, placing the USDc in the user's escrow account.

Accounts

Name	Mutable	Signer	Description
user_authority	yes	yes	Account purchasing the options.
escrow_usdc	mut	pda	Escrow SPL token account to hold the user's USDc.
user_redeemable	mut	owned by user_authority	SPL token account for the user's options.
ido_account	no	pda	PDA to hold the IDO data.
usdc_mint	no	pda	SPL mint account of the option tokens.
redeemable_mint	no	pda	SPL mint account of the option tokens.
pool_usdc	yes	pda	Escrow account for the contract to hold USDc.
token_program	no	no	Solana token program sysvar.

exchange_redeemable_for_watermelon(amount)

Exchanges options for governance tokens at the current exchange rate.

Accounts

Name	Mutable	Signer	Description
user_authority	yes	yes	Account exchanging the options.
user_watermelon	yes	owned by user_authority	SPL token account for the user's governance tokens.
user_redeemable	mut	owned by user_authority	SPL token account for the user's options.
ido_account	no	pda	PDA to hold the IDO data.
watermelon_mint	no	pda	SPL mint account of the governance tokens.
redeemable_mint	no	pda	SPL mint account of the option tokens.
pool_watermelon	yes	pda	Escrow account for the contract to hold governance tokens.
token_program	no	no	Solana token program sysvar.

withdraw_pool_usdc()

(admin) Withdraws USDc used to purchase options from the contract.

Accounts

Name	Mutable	Signer	Description
ido_authority	yes	yes	IDO admin account.
ido_authority_usdc	mut	owned by ido_authority	SPL token account to hold the owner's USDc.
ido_account	no	pda	PDA to hold the IDO data.
usdc_mint	no	pda	SPL mint account of the option tokens.
pool_usdc	yes	pda	Escrow account for the contract to hold USDc.
token_program	no	no	Solana token program sysvar.

withdraw_from_escrow(amount)

Withdraws USDc from a user's escrow account into their normal USDc wallet.

Accounts

Name	Mutable	Signer	Description
payer	no	yes	Payer for the transaction.
user_authority	no	yes	Owner of the escrow account.
user_usdc	mut	owned by user_authority	SPL token account to withdraw USDc into.
escrow_usdc	mut	pda	USDc escrow account of the user.
ido_account	no	pda	PDA to hold the IDO data.
usdc_mint	no	pda	SPL mint account of the option tokens.
token_program	no	no	Solana token program sysvar.

update_exchange_rate(num, denom)

(admin) Sets the current KPI-based exchange rate to the given rational number.

Accounts

Name	Mutable	Signer	Description
ido_authority	yes	yes	IDO admin account.
ido_account	no	pda	PDA to hold the IDO data.

Environment Variables (Solana)

For the deployment scripts:

Name	Description
ANCHOR_WALLET	Path to the id.json for the ido_authority account.
FLU_IDO_USDC_MINT	Public key of the USDc mint account.
FLU_IDO_WATERMELON_MINT	Public key of the governance token mint account.
FLU_IDO_WATERMELON_SOURCE	Public key of the account to take governance tokens from, must be owned by your wallet.
FLU_IDO_WATERMELON_AMOUNT	Number of governance tokens to take, in raw decimals.
FLU_IDO_NAME	Name of the IDO.
FLU_IDO_START	Unix timestamp of when to start the IDO.
FLU_IDO_END_DEPOSITS	Unix timestamp of when to end deposits.
FLU_IDO_END_IDO	Unix timestamp of when to end USDc withdrawls and allow exchange for governance tokens.
FLU_IDO_END_ESCROW	Unix timestam of when to allow users to withdraw their USDc from escrow.
FLU_IDO_RPC_ADDR	Address of the Solana RPC node to connect to.

For the docker environment:

Name	Description
FLU_IDO_START_TIME	Number of seconds to wait before starting the IDO.
FLU_IDO_DEPOSIT_TIME	Number of seconds to wait before entering the withdrawl only phase (from zero, not from the start of the IDO).
FLU_IDO_IDO_TIME	Number of seconds to wait before entering the governance token exchange phase.
FLU_IDO_ESCROW_TIME	Number of seconds to wait before allowing users to withdraw tokens from escrow.

Prerequisites

• anchor

Building

• anchor build

Building (Docker)

• docker build .

Running

• anchor deploy
• npx scripts/deploy.ts

Running (Docker)

• docker-compose up