Merge pull request #69 from metaDAOproject/auto_checks

Autocrat Changes

Author: Henry-E

Cargo.lock

@@ -29,15 +29,20 @@ declare_id!("metaRK9dUBnrAdZN6uUDKvxBVKW5pyCbPVmLtUZwtBp");
 pub const SLOTS_PER_10_SECS: u64 = 25;
 pub const THREE_DAYS_IN_SLOTS: u64 = 3 * 24 * 60 * 6 * SLOTS_PER_10_SECS;
 
-// by default, the pass price needs to be 5% higher than the fail price
-pub const DEFAULT_PASS_THRESHOLD_BPS: u16 = 500;
+pub const TEN_DAYS_IN_SECONDS: i64 = 10 * 24 * 60 * 60;
+
+// by default, the pass price needs to be 3% higher than the fail price
+pub const DEFAULT_PASS_THRESHOLD_BPS: u16 = 300;
 
 // start at 10 SOL ($600 at current prices), decay by ~5 SOL per day
 pub const DEFAULT_BASE_BURN_LAMPORTS: u64 = 10 * solana_program::native_token::LAMPORTS_PER_SOL;
 pub const DEFAULT_BURN_DECAY_PER_SLOT_LAMPORTS: u64 = 23_150;
 
 pub const MAX_BPS: u16 = 10_000;
 
+// TWAP can only move by $5 per slot
+pub const DEFAULT_MAX_OBSERVATION_CHANGE_PER_UPDATE_LOTS: u64 = 5_000;
+
 #[account]
 pub struct DAO {
     // treasury needed even though DAO is PDA for this reason: https://solana.stackexchange.com/questions/7667/a-peculiar-problem-with-cpis
@@ -59,6 +64,7 @@ pub struct DAO {
     pub slots_per_proposal: u64,
     pub market_taker_fee: i64,
     pub twap_expected_value: u64,
+    pub max_observation_change_per_update_lots: u64,
 }
 
 #[derive(Clone, Copy, AnchorSerialize, AnchorDeserialize, PartialEq, Eq)]
@@ -115,7 +121,9 @@ pub mod autocrat_v0 {
         dao.burn_decay_per_slot_lamports = DEFAULT_BURN_DECAY_PER_SLOT_LAMPORTS;
         dao.slots_per_proposal = THREE_DAYS_IN_SLOTS;
         dao.market_taker_fee = 0;
-        dao.twap_expected_value = 10_000; // 1 USDC per META
+        // 100_000 price lots * quote lot size of 100 = 10_000_000 or $10 per quote lot size of meta, which is 0.1 meta
+        dao.twap_expected_value = 100_000; // $100 USDC per 1 META
+        dao.max_observation_change_per_update_lots = DEFAULT_MAX_OBSERVATION_CHANGE_PER_UPDATE_LOTS;
 
         let (treasury_pubkey, treasury_bump) =
             Pubkey::find_program_address(&[dao.key().as_ref()], ctx.program_id);
@@ -145,10 +153,13 @@ pub mod autocrat_v0 {
             AutocratError::InvalidMarket
         );
 
-        // this should also be checked by `openbook_twap`, but why not take the
-        // precaution?
+        let current_time = Clock::get().unwrap().unix_timestamp as i64;
+
+        // The market expires a minimum of 7 days after the end of a 3 day proposal.
+        // Make sure to do final TWAP crank after the proposal period has ended
+        // and before the market expires, or else! Allows for rent retrieval from openbook
         require!(
-            openbook_pass_market.time_expiry == 0,
+            openbook_pass_market.time_expiry > current_time + TEN_DAYS_IN_SECONDS,
             AutocratError::InvalidMarket
         );
         require!(
@@ -164,7 +175,7 @@ pub mod autocrat_v0 {
             AutocratError::InvalidMarket
         );
         require!(
-            openbook_pass_market.base_lot_size == 1_000_000_000, // minimum tradeable = 1 META
+            openbook_pass_market.base_lot_size == 100_000_000, // minimum tradeable = 0.1 META
             AutocratError::InvalidMarket
         );
         require!(
@@ -187,7 +198,7 @@ pub mod autocrat_v0 {
             AutocratError::InvalidMarket
         );
         require!(
-            openbook_fail_market.time_expiry == 0,
+            openbook_fail_market.time_expiry > current_time + TEN_DAYS_IN_SECONDS,
             AutocratError::InvalidMarket
         );
         require!(
@@ -203,11 +214,11 @@ pub mod autocrat_v0 {
             AutocratError::InvalidMarket
         );
         require!(
-            openbook_fail_market.base_lot_size == 1_000_000_000,
+            openbook_fail_market.base_lot_size == 100_000_000, // minimum tradeable = 0.1 META
             AutocratError::InvalidMarket
         );
         require!(
-            openbook_pass_market.quote_lot_size == 100,
+            openbook_fail_market.quote_lot_size == 100,
             AutocratError::InvalidMarket
         );
         require!(
@@ -227,6 +238,20 @@ pub mod autocrat_v0 {
             openbook_twap_fail_market.twap_oracle.initial_slot + 50 >= clock.slot,
             AutocratError::TWAPMarketTooOld
         );
+        require_eq!(
+            openbook_twap_pass_market
+                .twap_oracle
+                .max_observation_change_per_update_lots,
+            dao.max_observation_change_per_update_lots,
+            AutocratError::TWAPOracleWrongChangeLots
+        );
+        require_eq!(
+            openbook_twap_fail_market
+                .twap_oracle
+                .max_observation_change_per_update_lots,
+            dao.max_observation_change_per_update_lots,
+            AutocratError::TWAPOracleWrongChangeLots
+        );
         require!(
             openbook_twap_pass_market.twap_oracle.expected_value == dao.twap_expected_value,
             AutocratError::TWAPMarketInvalidExpectedValue
@@ -390,10 +415,7 @@ pub mod autocrat_v0 {
         Ok(())
     }
 
-    pub fn update_dao(
-        ctx: Context<UpdateDao>,
-        dao_params: UpdateDaoParams,
-    ) -> Result<()> {
+    pub fn update_dao(ctx: Context<UpdateDao>, dao_params: UpdateDaoParams) -> Result<()> {
         let dao = &mut ctx.accounts.dao;
 
         if let Some(pass_threshold_bps) = dao_params.pass_threshold_bps {
@@ -420,6 +442,12 @@ pub mod autocrat_v0 {
             dao.twap_expected_value = twap_expected_value;
         }
 
+        if let Some(max_observation_change_per_update_lots) =
+            dao_params.max_observation_change_per_update_lots
+        {
+            dao.max_observation_change_per_update_lots = max_observation_change_per_update_lots;
+        }
+
         Ok(())
     }
 }
@@ -514,6 +542,7 @@ pub struct UpdateDaoParams {
     pub slots_per_proposal: Option<u64>,
     pub market_taker_fee: Option<i64>,
     pub twap_expected_value: Option<u64>,
+    pub max_observation_change_per_update_lots: Option<u64>,
 }
 
 #[derive(Accounts)]
@@ -556,6 +585,8 @@ pub enum AutocratError {
     InvalidMarket,
     #[msg("`TWAPMarket` must have an `initial_slot` within 50 slots of the proposal's `slot_enqueued`")]
     TWAPMarketTooOld,
+    #[msg("`TWAPOracle` has an incorrect max_observation_change_per_update_lots value")]
+    TWAPOracleWrongChangeLots,
     #[msg("`TWAPMarket` has the wrong `expected_value`")]
     TWAPMarketInvalidExpectedValue,
     #[msg("One of the vaults has an invalid `settlement_authority`")]

programs/autocrat_v0/src/lib.rs

@@ -44,7 +44,7 @@ const CONDITIONAL_VAULT_PROGRAM_ID = new PublicKey(
   "vAuLTQjV5AZx5f3UgE75wcnkxnQowWxThn1hGjfCVwP"
 );
 const OPENBOOK_TWAP_PROGRAM_ID = new PublicKey(
-  "TWAPrdhADy2aTKN5iFZtNnkQYXERD9NvKjPFVPMSCNN"
+  "twAP5sArq2vDS1mZCT7f4qRLwzTfHvf5Ay5R5Q5df1m"
 );
 export const OPENBOOK_PROGRAM_ID = new PublicKey(
   "opnb2LAfJYbRMAHHvqjCwQxanZn7ReEHp1k81EohpZb"
@@ -390,17 +390,24 @@ export async function initializeProposal(
     openbookTwap.programId
   );
 
+  const currentTimeInSeconds = Math.floor(Date.now() / 1000);
+  const elevenDaysInSeconds = 11 * 24 * 60 * 60;
+  const expiryTime = new BN(currentTimeInSeconds + elevenDaysInSeconds);
+  const quoteLotSize = new BN(100);
+  const baseLotSize = new BN(1e8);
+  const maxObservationChangePerUpdateLots = new BN(5_000);
+
   let [passMarketInstructions, passMarketSigners] =
     await openbook.createMarketIx(
       payer.publicKey,
       `${baseNonce}pMETA/pUSDC`,
       passQuoteMint,
       passBaseMint,
-      new BN(100),
-      new BN(1e9),
-      new BN(0),
+      quoteLotSize,
+      baseLotSize,
       new BN(0),
       new BN(0),
+      expiryTime,
       null,
       null,
       openbookTwapPassMarket,
@@ -446,11 +453,11 @@ export async function initializeProposal(
     `${baseNonce}fMETA/fUSDC`,
     failQuoteMint,
     failBaseMint,
-    new BN(100),
-    new BN(1e9),
-    new BN(0),
+    quoteLotSize,
+    baseLotSize,
     new BN(0),
     new BN(0),
+    expiryTime,
     null,
     null,
     openbookTwapFailMarket,
@@ -480,14 +487,14 @@ export async function initializeProposal(
         1000
       ),
       await openbookTwap.methods
-        .createTwapMarket(new BN(10_000))
+        .createTwapMarket(new BN(10_000), maxObservationChangePerUpdateLots)
         .accounts({
           market: openbookPassMarketKP.publicKey,
           twapMarket: openbookTwapPassMarket,
         })
         .instruction(),
       await openbookTwap.methods
-        .createTwapMarket(new BN(10_000))
+        .createTwapMarket(new BN(10_000), maxObservationChangePerUpdateLots)
         .accounts({
           market: openbookFailMarketKP.publicKey,
           twapMarket: openbookTwapFailMarket,