Liquidation program

.github/workflows/deploy-programs.yaml

@@ -15,6 +15,7 @@ on:
           - price_based_performance_package_v6
           - launchpad_v7
           - bid_wall
+          - liquidation
       priority-fee:
         description: "Priority fee in microlamports"
         required: true
@@ -41,6 +42,25 @@ jobs:
       MAINNET_MULTISIG: ${{ secrets.MAINNET_MULTISIG }}
       MAINNET_MULTISIG_VAULT: ${{ secrets.MAINNET_MULTISIG_VAULT }}
 
+  liquidation:
+    if: inputs.program == 'liquidation' || inputs.program == 'all'
+    uses: ./.github/workflows/reusable-build.yaml
+    with:
+      program: "liquidation"
+      override-program-id: "LiQnowFbFQdYyZhF4pUbpsrZCjxRTQ1upKJxZ2VXjde"
+      network: "mainnet"
+      deploy: true
+      upload_idl: true
+      verify: true
+      use-squads: true
+      features: "production"
+      priority-fee: ${{ inputs.priority-fee }}
+    secrets:
+      MAINNET_SOLANA_DEPLOY_URL: ${{ secrets.MAINNET_SOLANA_DEPLOY_URL }}
+      MAINNET_DEPLOYER_KEYPAIR: ${{ secrets.MAINNET_DEPLOYER_KEYPAIR }}
+      MAINNET_MULTISIG: ${{ secrets.MAINNET_MULTISIG }}
+      MAINNET_MULTISIG_VAULT: ${{ secrets.MAINNET_MULTISIG_VAULT }}
+
   futarchy-v6:
     if: inputs.program == 'futarchy_v6' || inputs.program == 'all'
     uses: ./.github/workflows/reusable-build.yaml

.github/workflows/generate-verifiable-builds.yaml

@@ -111,4 +111,21 @@ jobs:
         uses: EndBug/add-and-commit@v9.1.4
         with:
           default_author: github_actions
-          message: 'Update bid_wall verifiable build'
+          message: 'Update bid_wall verifiable build'
+  generate-verifiable-liquidation:
+    runs-on: ubuntu-22.04
+    steps:
+      - uses: actions/checkout@v4
+      - uses: metadaoproject/anchor-verifiable-build@v0.4
+        with:
+          program: liquidation
+          anchor-version: '0.29.0'
+          solana-cli-version: '1.17.31'
+          features: 'production'
+      - run: 'git pull --rebase'
+      - run: cp target/deploy/liquidation.so ./verifiable-builds
+      - name: Commit verifiable build back to mainline
+        uses: EndBug/add-and-commit@v9.1.4
+        with:
+          default_author: github_actions
+          message: 'Update liquidation verifiable build'

Anchor.toml

@@ -11,6 +11,7 @@ conditional_vault = "VLTX1ishMBbcX3rdBWGssxawAo1Q2X2qxYFYqiGodVg"
 futarchy = "FUTARELBfJfQ8RDGhg1wdhddq1odMAJUePHFuBYfUxKq"
 launchpad = "MooNyh4CBUYEKyXVnjGYQ8mEiJDpGvJMdvrZx1iGeHV"
 launchpad_v7 = "moontUzsdepotRGe5xsfip7vLPTJnVuafqdUWexVnPM"
+liquidation = "LiQnowFbFQdYyZhF4pUbpsrZCjxRTQ1upKJxZ2VXjde"
 mint_governor = "gvnr27cVeyW3AVf3acL7VCJ5WjGAphytnsgcK1feHyH"
 performance_package_v2 = "pPV2pfrxnmstSb9j7kEeCLny5BGj6SNwCWGd6xbGGzz"
 price_based_performance_package = "pbPPQH7jyKoSLu8QYs3rSY3YkDRXEBojKbTgnUg7NDS"

CLAUDE.md

@@ -148,6 +148,9 @@ pub recipient_ata: Account<'info, TokenAccount>,
 pub funder_token_account: Account<'info, TokenAccount>,
 ```
 
+### Events
+Always use CPI events (`#[event_cpi]` on accounts structs, `emit_cpi!` for emission) rather than regular `emit!`.
+
 ### Require Macros
 When writing validation checks, prefer specific require macros over generic `require!`:
 1. `require_keys_eq!` - when comparing two `Pubkey` values
@@ -289,3 +292,4 @@ External programs required for tests. These are pre-compiled `.so` files in `tes
 | conditional_vault | v0.4 | `VLTX1ishMBbcX3rdBWGssxawAo1Q2X2qxYFYqiGodVg` |
 | price_based_performance_package | v0.6.0 | `pbPPQH7jyKoSLu8QYs3rSY3YkDRXEBojKbTgnUg7NDS` |
 | mint_governor | v0.7.0 | `gvnr27cVeyW3AVf3acL7VCJ5WjGAphytnsgcK1feHyH` |
+| liquidation | v0.1.0 | `LiQnowFbFQdYyZhF4pUbpsrZCjxRTQ1upKJxZ2VXjde` |

README.md

@@ -10,6 +10,7 @@ Programs for unruggable capital formation and market-driven governance.
 | ----------------- | ---- | -------------------------------------------- |
 | launchpad         | v0.7.0 | moontUzsdepotRGe5xsfip7vLPTJnVuafqdUWexVnPM |
 | bid_wall          | v0.7.0 | WALL8ucBuUyL46QYxwYJjidaFYhdvxUFrgvBxPshERx |
+| liquidation       | v0.1.0 | LiQnowFbFQdYyZhF4pUbpsrZCjxRTQ1upKJxZ2VXjde |
 | futarchy          | v0.6.0 | FUTARELBfJfQ8RDGhg1wdhddq1odMAJUePHFuBYfUxKq |
 | launchpad         | v0.6.0 | MooNyh4CBUYEKyXVnjGYQ8mEiJDpGvJMdvrZx1iGeHV |
 | price_based_performance_package | v0.6.0 | pbPPQH7jyKoSLu8QYs3rSY3YkDRXEBojKbTgnUg7NDS |

programs/liquidation/Cargo.toml

@@ -0,0 +1,22 @@
+[package]
+name = "liquidation"
+version = "0.1.0"
+description = "Manages the orderly liquidation of a project's treasury back to token holders."
+edition = "2021"
+
+[lib]
+crate-type = ["cdylib", "lib"]
+name = "liquidation"
+
+[features]
+no-entrypoint = []
+no-idl = []
+no-log-ix-name = []
+cpi = ["no-entrypoint"]
+default = []
+production = []
+
+[dependencies]
+anchor-lang = { version = "0.29.0", features = ["event-cpi", "init-if-needed"] }
+anchor-spl = "0.29.0"
+solana-security-txt = "1.1.1"

programs/liquidation/Xargo.toml

@@ -0,0 +1,2 @@
+[target.bpfel-unknown-unknown.dependencies.std]
+features = []

programs/liquidation/src/error.rs

@@ -0,0 +1,27 @@
+use super::*;
+
+#[error_code]
+pub enum LiquidationError {
+    #[msg("Refunding is not enabled")]
+    RefundingNotEnabled,
+    #[msg("Liquidation is already activated")]
+    AlreadyActivated,
+    #[msg("No quote tokens to fund")]
+    NothingToFund,
+    #[msg("No base tokens assigned")]
+    NoBaseAssigned,
+    #[msg("Refund window has expired")]
+    RefundWindowExpired,
+    #[msg("Refund window has not expired")]
+    RefundWindowNotExpired,
+    #[msg("Duration must be greater than zero")]
+    InvalidDuration,
+    #[msg("Nothing to refund")]
+    NothingToRefund,
+    #[msg("Invalid allocation")]
+    InvalidAllocation,
+    #[msg("Invalid authority")]
+    InvalidAuthority,
+    #[msg("Invalid mint")]
+    InvalidMint,
+}

programs/liquidation/src/events.rs

@@ -0,0 +1,74 @@
+use anchor_lang::prelude::*;
+
+#[derive(AnchorSerialize, AnchorDeserialize)]
+pub struct CommonFields {
+    pub slot: u64,
+    pub unix_timestamp: i64,
+    pub liquidation_seq_num: u64,
+}
+
+impl CommonFields {
+    pub fn new(clock: &Clock, liquidation_seq_num: u64) -> Self {
+        Self {
+            slot: clock.slot,
+            unix_timestamp: clock.unix_timestamp,
+            liquidation_seq_num,
+        }
+    }
+}
+
+#[event]
+pub struct LiquidationCreatedEvent {
+    pub common: CommonFields,
+    pub liquidation: Pubkey,
+    pub create_key: Pubkey,
+    pub record_authority: Pubkey,
+    pub liquidation_authority: Pubkey,
+    pub base_mint: Pubkey,
+    pub quote_mint: Pubkey,
+    pub duration_seconds: u32,
+    pub pda_bump: u8,
+}
+
+#[event]
+pub struct LiquidationActivatedEvent {
+    pub common: CommonFields,
+    pub liquidation: Pubkey,
+    pub total_quote_funded: u64,
+    pub started_at: i64,
+}
+
+#[event]
+pub struct RefundRecordSetEvent {
+    pub common: CommonFields,
+    pub liquidation: Pubkey,
+    pub refund_record: Pubkey,
+    pub recipient: Pubkey,
+    pub base_assigned: u64,
+    pub quote_refundable: u64,
+    pub liquidation_total_base_assigned: u64,
+    pub liquidation_total_quote_refundable: u64,
+    pub pda_bump: u8,
+}
+
+#[event]
+pub struct RefundEvent {
+    pub common: CommonFields,
+    pub liquidation: Pubkey,
+    pub refund_record: Pubkey,
+    pub recipient: Pubkey,
+    pub base_burned: u64,
+    pub quote_refunded: u64,
+    pub post_record_base_burned: u64,
+    pub post_record_quote_refunded: u64,
+    pub post_liquidation_total_base_burned: u64,
+    pub post_liquidation_total_quote_refunded: u64,
+}
+
+#[event]
+pub struct WithdrawRemainingQuoteEvent {
+    pub common: CommonFields,
+    pub liquidation: Pubkey,
+    pub liquidation_authority: Pubkey,
+    pub amount: u64,
+}

programs/liquidation/src/instructions/activate_liquidation.rs

@@ -0,0 +1,99 @@
+use anchor_lang::prelude::*;
+use anchor_spl::token::{self, Mint, Token, TokenAccount, Transfer};
+
+use crate::{
+    error::LiquidationError,
+    events::{CommonFields, LiquidationActivatedEvent},
+    state::Liquidation,
+};
+
+#[event_cpi]
+#[derive(Accounts)]
+pub struct ActivateLiquidation<'info> {
+    pub liquidation_authority: Signer<'info>,
+
+    #[account(
+        mut,
+        has_one = liquidation_authority @ LiquidationError::InvalidAuthority,
+        has_one = quote_mint @ LiquidationError::InvalidMint,
+    )]
+    pub liquidation: Account<'info, Liquidation>,
+
+    #[account(
+        mut,
+        token::mint = quote_mint,
+        token::authority = liquidation_authority,
+    )]
+    pub liquidation_authority_quote_account: Account<'info, TokenAccount>,
+
+    #[account(
+        mut,
+        associated_token::mint = quote_mint,
+        associated_token::authority = liquidation,
+    )]
+    pub liquidation_quote_vault: Account<'info, TokenAccount>,
+
+    pub quote_mint: Account<'info, Mint>,
+
+    pub token_program: Program<'info, Token>,
+}
+
+impl ActivateLiquidation<'_> {
+    pub fn validate(&self) -> Result<()> {
+        require!(
+            !self.liquidation.is_refunding,
+            LiquidationError::AlreadyActivated
+        );
+
+        require_gt!(
+            self.liquidation.total_base_assigned,
+            0,
+            LiquidationError::NoBaseAssigned
+        );
+
+        require_gt!(
+            self.liquidation.total_quote_refundable,
+            0,
+            LiquidationError::NothingToFund
+        );
+
+        Ok(())
+    }
+
+    pub fn handle(ctx: Context<Self>) -> Result<()> {
+        let clock = Clock::get()?;
+        let liquidation = &mut ctx.accounts.liquidation;
+
+        // Transfer total_quote_refundable from authority to vault
+        token::transfer(
+            CpiContext::new(
+                ctx.accounts.token_program.to_account_info(),
+                Transfer {
+                    from: ctx
+                        .accounts
+                        .liquidation_authority_quote_account
+                        .to_account_info(),
+                    to: ctx.accounts.liquidation_quote_vault.to_account_info(),
+                    authority: ctx.accounts.liquidation_authority.to_account_info(),
+                },
+            ),
+            liquidation.total_quote_refundable,
+        )?;
+
+        // Permanently enable refunding
+        liquidation.started_at = clock.unix_timestamp;
+        liquidation.is_refunding = true;
+
+        // Emit event
+        liquidation.seq_num += 1;
+
+        emit_cpi!(LiquidationActivatedEvent {
+            common: CommonFields::new(&clock, liquidation.seq_num),
+            liquidation: liquidation.key(),
+            total_quote_funded: liquidation.total_quote_refundable,
+            started_at: liquidation.started_at,
+        });
+
+        Ok(())
+    }
+}