Update max LP fee to 20% (#89)

me-foundation · Mar 28, 2024 · 69e7209 · 69e7209
1 parent 5fd1531
commit 69e7209
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Showing 6 changed files with 57 additions and 6 deletions.
diff --git a/programs/mmm/src/constants.rs b/programs/mmm/src/constants.rs
@@ -7,7 +7,7 @@ pub const SELL_STATE_PREFIX: &str = "mmm_sell_state";
 pub const MAX_TOTAL_PRICE: u64 = 8_000_000 * 1_000_000_000; // 8_000_000 SOL
 pub const MAX_METADATA_CREATOR_ROYALTY_BP: u16 = 3000;
 pub const MAX_REFERRAL_FEE_BP: i16 = 500;
-pub const MAX_LP_FEE_BP: u16 = 1000;
+pub const MAX_LP_FEE_BP: u16 = 2_000;
 pub const ALLOWLIST_MAX_LEN: usize = 6;
 pub const MIN_SOL_ESCROW_BALANCE_BP: u16 = 100;
 

diff --git a/programs/mmm/src/errors.rs b/programs/mmm/src/errors.rs
@@ -2,7 +2,7 @@ use anchor_lang::prelude::*;
 
 #[error_code]
 pub enum MMMErrorCode {
-    #[msg("lp fee bp must be between 0 and 10000")]
+    #[msg("lp fee bp must be between 0 and 2000")]
     InvalidLPFee, // 0x1770
     #[msg("invalid allowlists")]
     InvalidAllowLists, // 0x1771

diff --git a/programs/mmm/src/instructions/admin/create_pool.rs b/programs/mmm/src/instructions/admin/create_pool.rs
@@ -33,7 +33,7 @@ pub struct CreatePool<'info> {
         seeds = [POOL_PREFIX.as_bytes(), owner.key().as_ref(), args.uuid.as_ref()],
         bump,
         space = Pool::LEN,
-        constraint = args.lp_fee_bp <= MAX_LP_FEE_BP @ MMMErrorCode::InvalidBP,
+        constraint = args.lp_fee_bp <= MAX_LP_FEE_BP @ MMMErrorCode::InvalidLPFee,
         constraint = args.buyside_creator_royalty_bp <= 10000 @ MMMErrorCode::InvalidBP,
         constraint = args.spot_price > 0 @ MMMErrorCode::InvalidSpotPrice,
         constraint = pool.payment_mint.eq(&Pubkey::default()) @ MMMErrorCode::InvalidPaymentMint, // remove this when we have spl token support

diff --git a/programs/mmm/src/instructions/admin/update_pool.rs b/programs/mmm/src/instructions/admin/update_pool.rs
@@ -27,7 +27,7 @@ pub struct UpdatePool<'info> {
         bump,
         has_one = owner @ MMMErrorCode::InvalidOwner,
         has_one = cosigner @ MMMErrorCode::InvalidCosigner,
-        constraint = args.lp_fee_bp <= MAX_LP_FEE_BP @ MMMErrorCode::InvalidBP,
+        constraint = args.lp_fee_bp <= MAX_LP_FEE_BP @ MMMErrorCode::InvalidLPFee,
         constraint = args.buyside_creator_royalty_bp <= 10000 @ MMMErrorCode::InvalidBP,
         constraint = args.spot_price > 0 @ MMMErrorCode::InvalidSpotPrice,
         constraint = args.referral.ne(owner.key) @ MMMErrorCode::InvalidReferral,

diff --git a/sdk/src/idl/mmm.ts b/sdk/src/idl/mmm.ts
@@ -2411,7 +2411,7 @@ export type Mmm = {
     {
       "code": 6000,
       "name": "InvalidLPFee",
-      "msg": "lp fee bp must be between 0 and 10000"
+      "msg": "lp fee bp must be between 0 and 2000"
     },
     {
       "code": 6001,
@@ -4984,7 +4984,7 @@ export const IDL: Mmm = {
     {
       "code": 6000,
       "name": "InvalidLPFee",
-      "msg": "lp fee bp must be between 0 and 10000"
+      "msg": "lp fee bp must be between 0 and 2000"
     },
     {
       "code": 6001,

diff --git a/tests/mmm-admin.spec.ts b/tests/mmm-admin.spec.ts
@@ -101,6 +101,57 @@ describe('mmm-admin', () => {
       assert.deepEqual(poolAccountInfo.paymentMint, PublicKey.default);
       assert.deepEqual(poolAccountInfo.allowlists, allowlists);
     });
+
+    it('lp fee cannot be too large', async () => {
+      const referral = Keypair.generate();
+      const uuid = Keypair.generate();
+      const { key: poolKey } = getMMMPoolPDA(
+        program.programId,
+        wallet.publicKey,
+        uuid.publicKey,
+      );
+      const allowlists = [
+        { kind: AllowlistKind.fvca, value: referral.publicKey },
+        { kind: AllowlistKind.mint, value: cosigner.publicKey },
+        { kind: AllowlistKind.mcc, value: wallet.publicKey },
+        ...getEmptyAllowLists(3),
+      ];
+
+      try {
+        await program.methods
+          .createPool({
+            spotPrice: new anchor.BN(1 * LAMPORTS_PER_SOL),
+            curveType: CurveKind.linear,
+            curveDelta: new anchor.BN(0),
+            reinvestFulfillBuy: true,
+            reinvestFulfillSell: true,
+            expiry: new anchor.BN(42),
+            lpFeeBp: 2_001,
+            referral: referral.publicKey,
+            cosignerAnnotation: new Array(32).fill(0),
+            buysideCreatorRoyaltyBp: 0,
+
+            uuid: uuid.publicKey,
+            paymentMint: PublicKey.default,
+            allowlists,
+          })
+          .accountsStrict({
+            owner: wallet.publicKey,
+            cosigner: cosigner.publicKey,
+            pool: poolKey,
+            systemProgram: SystemProgram.programId,
+          })
+          .signers([cosigner])
+          .rpc();
+
+        assert.ok(false, 'Should have thrown error');
+      } catch (e) {
+        // Should be an AnchorError and force convert the type.
+        expect(e).to.be.instanceOf(AnchorError);
+        const err = e as AnchorError;
+        assert.strictEqual(err.error.errorCode.number, 6000);
+      }
+    });
   });
 
   describe('Can update sol mmm', () => {