Marinade LP: Extract yield

lib/marinade-common/Cargo.toml

@@ -7,4 +7,5 @@ edition = "2021"
 
 [dependencies]
 anchor-lang = '0.29.0'
-marinade-cpi = { git = "https://github.com/sunrise-stake/anchor-gen", branch = "update/anchor-v0.29" }
+marinade-cpi = { git = "https://github.com/sunrise-stake/anchor-gen", branch = "update/anchor-v0.29" }
+num-traits = "0.2.17"

lib/marinade-common/src/lib.rs

@@ -1,46 +1,68 @@
 pub mod vault_authority_seed;
 
-use anchor_lang::prelude::*;
 use marinade_cpi::state::State as MarinadeState;
-use std::num::TryFromIntError;
+use num_traits::{NumCast, PrimInt};
+use std::fmt::Debug;
+use std::ops::{Div, Mul};
 
 /// calculate amount*numerator/denominator
 /// as value  = shares * share_price where share_price=total_value/total_shares
 /// or shares = amount_value / share_price where share_price=total_value/total_shares
 ///     => shares = amount_value * 1/share_price where 1/share_price=total_shares/total_value
-pub fn proportional(
-    amount: u64,
-    numerator: u64,
-    denominator: u64,
-) -> std::result::Result<u64, TryFromIntError> {
-    if denominator == 0 {
-        return Ok(amount);
+pub fn proportional<T>(amount: T, numerator: T, denominator: T) -> T
+where
+    T: PrimInt + Mul<Output = T> + Div<Output = T> + TryInto<i128>,
+    <T as TryInto<i128>>::Error: Debug,
+{
+    proportional_with_rounding(amount, numerator, denominator, RoundingMode::Down)
+}
+
+pub enum RoundingMode {
+    Up,
+    Down,
+}
+
+pub fn proportional_with_rounding<T>(
+    amount: T,
+    numerator: T,
+    denominator: T,
+    rounding_mode: RoundingMode,
+) -> T
+where
+    T: PrimInt + Mul<Output = T> + Div<Output = T> + TryInto<i128>,
+    <T as TryInto<i128>>::Error: Debug,
+{
+    if denominator == T::zero() {
+        return amount;
+    }
+
+    let amount_i128: i128 = amount.try_into().unwrap();
+    let numerator_i128: i128 = numerator.try_into().unwrap();
+    let denominator_i128: i128 = denominator.try_into().unwrap();
+
+    match rounding_mode {
+        RoundingMode::Up => {
+            // Round up by adding (denominator - 1) before dividing
+            let result = (amount_i128 * numerator_i128 + (denominator_i128 - 1)) / denominator_i128;
+            <T as NumCast>::from(result).unwrap()
+        }
+        RoundingMode::Down => {
+            // Default behavior (round down)
+            let result = amount_i128 * numerator_i128 / denominator_i128;
+            <T as NumCast>::from(result).unwrap()
+        }
     }
-    u64::try_from((amount as u128) * (numerator as u128) / (denominator as u128))
 }
 
 // All lifted from https://github.com/marinade-finance/liquid-staking-program/blob/447f9607a8c755cac7ad63223febf047142c6c8f/programs/marinade-finance/src/state.rs#L227
-pub fn calc_msol_from_lamports(
-    marinade_state: &MarinadeState,
-    stake_lamports: u64,
-) -> std::result::Result<u64, TryFromIntError> {
-    msg!("calc_msol_from_lamports");
-    msg!("stake_lamports: {}", stake_lamports);
-    msg!("marinade_state.msol_supply: {}", marinade_state.msol_supply);
-    msg!(
-        "total_virtual_staked_lamports: {}",
-        total_virtual_staked_lamports(marinade_state)
-    );
+pub fn calc_msol_from_lamports(marinade_state: &MarinadeState, stake_lamports: u64) -> u64 {
     proportional(
         stake_lamports,
         marinade_state.msol_supply,
         total_virtual_staked_lamports(marinade_state),
     )
 }
-pub fn calc_lamports_from_msol_amount(
-    marinade_state: &MarinadeState,
-    msol_amount: u64,
-) -> std::result::Result<u64, TryFromIntError> {
+pub fn calc_lamports_from_msol_amount(marinade_state: &MarinadeState, msol_amount: u64) -> u64 {
     proportional(
         msol_amount,
         total_virtual_staked_lamports(marinade_state),

packages/sdks/common/src/types/marinade_beam.ts

@@ -884,26 +884,21 @@ export type MarinadeBeam = {
     },
     {
       "code": 6001,
-      "name": "CalculationFailure",
-      "msg": "An error occurred during calculation"
-    },
-    {
-      "code": 6002,
       "name": "InvalidEpochReportAccount",
       "msg": "The epoch report account has not been updated to the current epoch yet"
     },
     {
-      "code": 6003,
+      "code": 6002,
       "name": "RemainingUnclaimableTicketAmount",
       "msg": "The total ordered ticket amount exceeds the amount in all found tickets"
     },
     {
-      "code": 6004,
+      "code": 6003,
       "name": "DelayedUnstakeTicketsNotYetClaimable",
       "msg": "Delayed unstake tickets for the current epoch can not yet be claimed"
     },
     {
-      "code": 6005,
+      "code": 6004,
       "name": "TooManyTicketsClaimed",
       "msg": "The amount of delayed unstake tickets requested to be recovered exceeds the amount in the report"
     }
@@ -1796,26 +1791,21 @@ export const IDL: MarinadeBeam = {
     },
     {
       "code": 6001,
-      "name": "CalculationFailure",
-      "msg": "An error occurred during calculation"
-    },
-    {
-      "code": 6002,
       "name": "InvalidEpochReportAccount",
       "msg": "The epoch report account has not been updated to the current epoch yet"
     },
     {
-      "code": 6003,
+      "code": 6002,
       "name": "RemainingUnclaimableTicketAmount",
       "msg": "The total ordered ticket amount exceeds the amount in all found tickets"
     },
     {
-      "code": 6004,
+      "code": 6003,
       "name": "DelayedUnstakeTicketsNotYetClaimable",
       "msg": "Delayed unstake tickets for the current epoch can not yet be claimed"
     },
     {
-      "code": 6005,
+      "code": 6004,
       "name": "TooManyTicketsClaimed",
       "msg": "The amount of delayed unstake tickets requested to be recovered exceeds the amount in the report"
     }

packages/sdks/common/src/types/marinade_lp_beam.ts

@@ -638,6 +638,11 @@ export type MarinadeLpBeam = {
       "code": 6001,
       "name": "Unimplemented",
       "msg": "This feature is unimplemented for this beam"
+    },
+    {
+      "code": 6002,
+      "name": "InsufficientYieldBalance",
+      "msg": "The yield balance is insufficient to extract yield"
     }
   ]
 };
@@ -1282,6 +1287,11 @@ export const IDL: MarinadeLpBeam = {
       "code": 6001,
       "name": "Unimplemented",
       "msg": "This feature is unimplemented for this beam"
+    },
+    {
+      "code": 6002,
+      "name": "InsufficientYieldBalance",
+      "msg": "The yield balance is insufficient to extract yield"
     }
   ]
 };

packages/sdks/marinade-lp/src/index.ts

@@ -3,7 +3,6 @@ import {
   Keypair,
   PublicKey,
   SystemProgram,
-  SYSVAR_CLOCK_PUBKEY,
   SYSVAR_INSTRUCTIONS_PUBKEY,
   Transaction,
   type TransactionInstruction,
@@ -18,6 +17,7 @@ import {
   BeamInterface,
   deriveAuthorityAddress,
   MarinadeLpBeam,
+  requestIncreasedCUsIx,
   sendAndConfirmChecked,
 } from "@sunrisestake/beams-common";
 import { StateAccount } from "./state.js";
@@ -264,7 +264,7 @@ export class MarinadeLpClient extends BeamInterface<
       })
       .instruction();
 
-    return new Transaction().add(instruction);
+    return new Transaction().add(requestIncreasedCUsIx(400_000), instruction);
   }
 
   /**
@@ -350,15 +350,16 @@ export class MarinadeLpClient extends BeamInterface<
       state: this.stateAddress,
       marinadeState: this.state.proxyState,
       sunriseState: this.state.sunriseState,
-      msolMint: this.marinadeLp.marinade.mSolMint.address,
-      msolVault: this.state.msolTokenAccount,
+      yieldAccount: this.sunrise.state.yieldAccount,
+      liqPoolMint: this.marinadeLp.marinade.lpMint.address,
+      liqPoolTokenVault: this.marinadeLp.beamVault,
       vaultAuthority: this.vaultAuthority[0],
+      transferMsolTo: this.state.msolTokenAccount,
       liqPoolSolLegPda: await this.marinadeLp.marinade.solLeg(),
       liqPoolMsolLeg: this.marinadeLp.marinade.mSolLeg,
-      treasuryMsolAccount: this.marinadeLp.marinade.treasuryMsolAccount,
-      yieldAccount: this.sunrise.state.yieldAccount,
+      liqPoolMsolLegAuthority:
+        await this.marinadeLp.marinade.mSolLegAuthority(),
       sysvarInstructions: SYSVAR_INSTRUCTIONS_PUBKEY,
-      sysvarClock: SYSVAR_CLOCK_PUBKEY,
       sunriseProgram: this.sunrise.program.programId,
       marinadeProgram: MARINADE_FINANCE_PROGRAM_ID,
       systemProgram: SystemProgram.programId,
@@ -464,16 +465,6 @@ export class MarinadeLpClient extends BeamInterface<
     const solValue = solBalance * proportionOfPool;
     const msolValue = msolLegBalance.toNumber() * proportionOfPool;
 
-    console.log("calculateBalanceFromLpTokens", {
-      lpTokens: lpTokens.toNumber(),
-      totalSupply: totalSupply.toNumber(),
-      proportionOfPool,
-      solBalance,
-      msolLegBalance: msolLegBalance.toNumber(),
-      solValue,
-      msolValue,
-    });
-
     return {
       lamports: new BN(solValue),
       msolLamports: new BN(msolValue),

packages/tests/src/functional/beams/marinade-lp.test.ts

@@ -8,6 +8,7 @@ import { Keypair, LAMPORTS_PER_SOL, PublicKey } from "@solana/web3.js";
 import BN from "bn.js";
 import { provider, staker, stakerIdentity } from "../setup.js";
 import {
+  expectAmount,
   expectSolBalance,
   expectTokenBalance,
   fund,
@@ -18,6 +19,7 @@ import {
 } from "../../utils.js";
 import { expect } from "chai";
 import { MarinadeClient } from "@sunrisestake/beams-marinade-sp";
+import { MARINADE_LP_WITHDRAWAL_FEE_PERCENTAGE, ZERO } from "../consts.js";
 
 describe("Marinade liquidity pool beam", () => {
   let coreClient: SunriseClient;
@@ -68,6 +70,11 @@ describe("Marinade liquidity pool beam", () => {
       provider.publicKey,
       sunriseStateAddress,
     );
+    coreClient = await coreClient.refresh();
+    await sendAndConfirmTransaction(
+      provider,
+      await coreClient.registerBeam(marinadeSpBeamClient.stateAddress),
+    );
 
     await SunriseClient.get(provider, sunriseStateAddress);
 
@@ -76,7 +83,7 @@ describe("Marinade liquidity pool beam", () => {
       provider.publicKey,
       sunriseStateAddress,
       marinadeSpBeamClient.stateAddress,
-      marinadeSpBeamClient.marinade.beamMsolVault,
+      marinadeSpBeamClient.marinade.beamMsolVault, // this will be the target of any extracted msol
     );
 
     const info = beamClient.state.pretty();
@@ -193,9 +200,10 @@ describe("Marinade liquidity pool beam", () => {
 
     // check that the epoch report has been updated
     beamClient = await beamClient.refresh();
-    expect(
-      beamClient.sunrise.state.epochReport.beamEpochDetails[0].extractableYield.toNumber(),
-    ).to.equal(0);
+    // the lp beam is the second one (sp being the first)
+    const beamEpochDetail =
+      beamClient.sunrise.state.epochReport.beamEpochDetails[1];
+    expectAmount(beamEpochDetail.extractableYield, ZERO);
   });
 
   it("can't deposit due to exceeding allocation", async () => {
@@ -232,7 +240,8 @@ describe("Marinade liquidity pool beam", () => {
       await beamClient.proportionOfPool(withdrawalAmountBN);
     const lpSupply = await beamClient.poolTokenSupply();
     const withdrawnLpTokens = new BN(
-      "" + Math.floor(lpSupply.toNumber() * proportionOfPool),
+      // round up to ensure we withdraw sufficient LP tokens to cover the required SOL amount
+      "" + Math.ceil(lpSupply.toNumber() * proportionOfPool),
     );
     const expectedLPTokens = vaultBalance.sub(withdrawnLpTokens);
 
@@ -256,9 +265,10 @@ describe("Marinade liquidity pool beam", () => {
 
     // check that the epoch report has been updated
     beamClient = await beamClient.refresh();
-    expect(
-      beamClient.sunrise.state.epochReport.beamEpochDetails[0].extractableYield.toNumber(),
-    ).to.equal(0);
+    // the lp beam is the second one (sp being the first)
+    const beamEpochDetail =
+      beamClient.sunrise.state.epochReport.beamEpochDetails[1];
+    expectAmount(beamEpochDetail.extractableYield, ZERO);
   });
 
   it("can burn gsol", async () => {
@@ -287,23 +297,15 @@ describe("Marinade liquidity pool beam", () => {
     // This results in less extractable yield for this beam, and more for the Marinade-SP beam.
     // (However, in reality, this beam should rarely be extracted from, as it is
     // included as a buffer to allow for fee-less gSOL withdrawals)
-    const expectedFee = burnAmount.toNumber() * 0.003;
+    const expectedFee =
+      burnAmount.toNumber() * MARINADE_LP_WITHDRAWAL_FEE_PERCENTAGE;
     const effectiveBurnedAmount = burnAmount.subn(expectedFee);
     const lpTokenValue =
       effectiveBurnedAmount.toNumber() / (await beamClient.poolTokenPrice());
     const lpBalance = await beamClient.calculateBalanceFromLpTokens(
       new BN(lpTokenValue),
     );
     netExtractableYield = lpBalance.lamports;
-    console.log("burnAmount", burnAmount.toNumber());
-    console.log("expectedFee", expectedFee);
-    console.log("effectiveBurnedAmount", effectiveBurnedAmount.toNumber());
-    console.log("poolTokenPrice", await beamClient.poolTokenPrice());
-    console.log("lpTokenValue", lpTokenValue);
-    console.log("lpBalance", {
-      lamports: lpBalance.lamports.toNumber(),
-      msolLamports: lpBalance.msolLamports.toNumber(),
-    });
 
     await sendAndConfirmTransaction(
       // anyone can update the epoch report, but let's use the staker provider (rather than the admin provider) for this test
@@ -314,9 +316,14 @@ describe("Marinade liquidity pool beam", () => {
 
     // check that the epoch report has been updated
     beamClient = await beamClient.refresh();
-    expect(
-      beamClient.sunrise.state.epochReport.beamEpochDetails[0].extractableYield.toNumber(),
-    ).to.equal(netExtractableYield.toNumber());
+    // the lp beam is the second one (sp being the first)
+    const beamEpochDetail =
+      beamClient.sunrise.state.epochReport.beamEpochDetails[1];
+    expectAmount(
+      netExtractableYield.toNumber(),
+      beamEpochDetail.extractableYield.toNumber(),
+      2,
+    );
   });
 
   it("can extract yield into a stake account", async () => {

packages/tests/src/functional/beams/marinade-sp.test.ts

@@ -25,8 +25,6 @@ import {
 } from "../../utils.js";
 import { provider, staker, stakerIdentity } from "../setup.js";
 import { expect } from "chai";
-import { MSOL_MINT } from "../consts.js";
-
 describe("Marinade stake pool beam", () => {
   let coreClient: SunriseClient;
   let beamClient: MarinadeClient;

packages/tests/src/functional/consts.ts

@@ -1,6 +1,11 @@
-// see anchor.toml
 import { PublicKey } from "@solana/web3.js";
+import BN from "bn.js";
+
+export const ZERO = new BN(0);
 
+export const MARINADE_LP_WITHDRAWAL_FEE_PERCENTAGE = 0;
+
+// see anchor.toml
 export const SUNRISE_CORE_STATE = new PublicKey(
   "89wj5p56PTFiKQcHLTkx78jM3Cv4jVRCXgMKJvoFvvp",
 );