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Locking Mechanism

Overview

The token locking mechanism allows users to lock a portion of their tokens based on the current market cap. Each user can lock up to 30% of their total tokens, but they are restricted to locking their tokens once per "quantum cap slab." A quantum cap slab is defined as a specific market cap threshold that must be crossed before additional locking is permitted.

Key Points:

  • Maximum Locking Percentage: Users can lock up to 30% of their total tokens.

  • Locking Restriction: Users can only lock their tokens once between each quantum cap slab. Once the market cap passes the next threshold, users can lock more tokens.

  • Quantum Cap Slab: Represents a market cap milestone that allows users to lock tokens. Users can lock more tokens only after the market cap surpasses the next slab.

Token Locking and Burning Simulation

Initialization Setup

1. Initialization

initialize(initialMarketCap, quantum)
initialMarketCap: 10,000,000 units (starting market cap)
quantum: 1,000,000 units (increment for next burn cap)

2. Global State After Initialization

current_cap: 10,000,000 units
next_burn_cap: 11,000,000 units (current_cap + quantum)
quantum: 1,000,000 units

Token Minting and Transfer

3. Token Minting

Admin mints 1,000 tokens to their own token account.
Admin mints another 1,000 tokens to the user's token account.

4. Initial Token Balances

adminTokenAccount: 1,000 tokens
userTokenAccount: 1,000 tokens

5. Token Transfer

  • Admin transfers 500 tokens from their account to the user's token account.

6. Token Balances After Transfer

adminTokenAccount: 500 tokens
userTokenAccount: 1,500 tokens

Token Locking

7. Calculate Lockable Amount

  • User can lock up to 30% of their token balance.
  • Maximum Lockable Amount: 30% of 1,500 tokens = 450 tokens.

8. Lock Tokens

  • User locks 450 tokens, transferring them from userTokenAccount to - vaultTokenAccount.

9. Token Balances After Locking

adminTokenAccount: 500 tokens
userTokenAccount: 1,050 tokens (1,500 - 450)
vaultTokenAccount: 450 tokens (locked)

Market Cap Update

10. Market Cap Update

  • Simulate token value growth by updating the market cap.
  • New Market Cap: current_cap + quantum = 10,000,000 + 1,000,000 = 11,000,000 units.

11. Global State After Market Cap Update

current_cap: 11,000,000 units
next_burn_cap: 12,000,000 units (incremented by quantum)

Authority Change and Burning

12. Change Authority

  • PDA (vaultAuthorityPda) is set as the authority for the vaultTokenAccount.
  • This enables PDA to later burn the tokens in the vault.

13. Authority Set

vaultTokenAccount authority: vaultAuthorityPda

14. Burn Tokens (After 2 Minutes)

  • After a 2-minute delay, the 450 tokens in the vaultTokenAccount are burned.

15. Final Token Balances After Burning

adminTokenAccount: 500 tokens
userTokenAccount: 1,050 tokens
vaultTokenAccount: 0 tokens (450 tokens were burned)

Summary of the Simulation

  • Initialization:
current_cap: 10,000,000 units
next_burn_cap: 11,000,000 units
quantum: 1,000,000 units

  • Minting:

    • Admin and User each receive 1,000 tokens.

  • Transfer:

    • Admin transfers 500 tokens to User.
adminTokenAccount: 500 tokens
userTokenAccount: 1,500 tokens
  • Locking:
    • User locks 450 tokens in the vault.
adminTokenAccount: 500 tokens
userTokenAccount: 1,050 tokens
vaultTokenAccount: 450 tokens
  • Market Cap Update:
    • New current_cap: 11,000,000 units.
    • New next_burn_cap: 12,000,000 units.
  • Burning (After 2 Minutes):
    • The 450 tokens in the vault are burned.
adminTokenAccount: 500 tokens
userTokenAccount: 1,050 tokens
vaultTokenAccount: 0 tokens