Combined protocol "program" fees (#244)

* Adds protocol fees and pool creation fees.

* Adds two new accounts to the add_pool and add_pool_with_seed ixes

* The FeeState account (unique per program) now administers "program fees", which go directly to the FeeState.global_fee_wallet's canonical ATA for any given bank's mint. For example, if a third party opens a new group and a new bank, the program fee will always go to get_associated_token_address(FeeState.global_fee_wallet, bank.mint).

* Groups will cache the program fees and the fee state's global fee wallet, which the global fee admin can change at any time. When fees update, they will propagate to groups using the permissionless propagate_fee ix.

* The global fee state admin can enable/disable program fees for any group without the group admin's permission.

* Note that fees which go to the group are still called "protocol" or "group" fees for legacy purposes. The new fees are always referred to as "program" fees.

Author: jgur-psyops

clients/rust/marginfi-cli/Cargo.toml

@@ -10,8 +10,10 @@ path = "src/bin/main.rs"
 [features]
 devnet = ["marginfi/devnet"]
 mainnet-beta = ["marginfi/mainnet-beta"]
+default = ["mainnet-beta", "admin", "dev", "lip"]
+admin = []
+dev = []
 staging = ["marginfi/staging"]
-default = ["mainnet-beta"]
 lip = []
 
 [dependencies]

clients/rust/marginfi-cli/src/entrypoint.rs

@@ -86,6 +86,7 @@ pub enum Command {
     },
 }
 
+#[allow(clippy::large_enum_variant)]
 #[derive(Debug, Parser)]
 pub enum GroupCommand {
     Get {
@@ -133,9 +134,9 @@ pub enum GroupCommand {
         #[clap(long)]
         insurance_ir_fee: f64,
         #[clap(long)]
-        protocol_fixed_fee_apr: f64,
+        group_fixed_fee_apr: f64,
         #[clap(long)]
-        protocol_ir_fee: f64,
+        group_ir_fee: f64,
         #[clap(long, arg_enum)]
         risk_tier: RiskTierArg,
         #[clap(long, arg_enum)]
@@ -146,6 +147,8 @@ pub enum GroupCommand {
             default_value = "60"
         )]
         oracle_max_age: u16,
+        #[clap(long)]
+        global_fee_wallet: Pubkey,
     },
     HandleBankruptcy {
         accounts: Vec<Pubkey>,
@@ -576,13 +579,14 @@ fn group(subcmd: GroupCommand, global_options: &GlobalOptions) -> Result<()> {
             max_interest_rate,
             insurance_fee_fixed_apr,
             insurance_ir_fee,
-            protocol_fixed_fee_apr,
-            protocol_ir_fee,
+            group_fixed_fee_apr,
+            group_ir_fee,
             deposit_limit_ui,
             borrow_limit_ui,
             risk_tier,
             oracle_type,
             oracle_max_age,
+            global_fee_wallet,
         } => processor::group_add_bank(
             config,
             profile,
@@ -602,11 +606,12 @@ fn group(subcmd: GroupCommand, global_options: &GlobalOptions) -> Result<()> {
             max_interest_rate,
             insurance_fee_fixed_apr,
             insurance_ir_fee,
-            protocol_fixed_fee_apr,
-            protocol_ir_fee,
+            group_fixed_fee_apr,
+            group_ir_fee,
             risk_tier,
             oracle_max_age,
             global_options.compute_unit_price,
+            global_fee_wallet,
         ),
 
         GroupCommand::HandleBankruptcy { accounts } => {

clients/rust/marginfi-cli/src/processor/admin.rs

@@ -1,6 +1,6 @@
 use crate::{
     config::Config,
-    utils::{process_transaction, ui_to_native},
+    utils::{find_fee_state_pda, process_transaction, ui_to_native},
 };
 use anchor_client::anchor_lang::{prelude::*, InstructionData};
 use anchor_spl::associated_token;
@@ -32,6 +32,8 @@ pub fn process_collect_fees(config: Config, bank_pk: Pubkey) -> Result<()> {
             liquidity_vault_authority,
             liquidity_vault: bank.liquidity_vault,
             insurance_vault: bank.insurance_vault,
+            fee_state: find_fee_state_pda(&marginfi::id()).0,
+            fee_ata: find_fee_state_pda(&marginfi::id()).0, // TODO
         }
         .to_account_metas(Some(true)),
         data: marginfi::instruction::LendingPoolCollectBankFees {}.data(),

clients/rust/marginfi-cli/src/processor/mod.rs

@@ -10,8 +10,8 @@ use {
         utils::{
             bank_to_oracle_key, calc_emissions_rate, create_oracle_key_array,
             find_bank_emssions_auth_pda, find_bank_emssions_token_account_pda,
-            find_bank_vault_authority_pda, find_bank_vault_pda, load_observation_account_metas,
-            process_transaction, EXP_10_I80F48,
+            find_bank_vault_authority_pda, find_bank_vault_pda, find_fee_state_pda,
+            load_observation_account_metas, process_transaction, EXP_10_I80F48,
         },
     },
     anchor_client::{
@@ -180,10 +180,10 @@ Last Update: {:?}h ago ({})
         bank.config.interest_rate_config.optimal_utilization_rate,
         bank.config.interest_rate_config.plateau_interest_rate,
         bank.config.interest_rate_config.max_interest_rate,
-        bank.config.interest_rate_config.insurance_ir_fee,
         bank.config.interest_rate_config.insurance_fee_fixed_apr,
-        bank.config.interest_rate_config.protocol_ir_fee,
+        bank.config.interest_rate_config.insurance_ir_fee,
         bank.config.interest_rate_config.protocol_fixed_fee_apr,
+        bank.config.interest_rate_config.protocol_ir_fee,
         bank.config.oracle_setup,
         bank.config.oracle_keys,
         bank.config.get_oracle_max_age(),
@@ -231,6 +231,7 @@ pub fn group_create(
         .accounts(marginfi::accounts::MarginfiGroupInitialize {
             marginfi_group: marginfi_group_keypair.pubkey(),
             admin,
+            fee_state: find_fee_state_pda(&marginfi::id()).0,
             system_program: system_program::id(),
         })
         .args(marginfi::instruction::MarginfiGroupInitialize {})
@@ -312,11 +313,12 @@ pub fn group_add_bank(
     max_interest_rate: f64,
     insurance_fee_fixed_apr: f64,
     insurance_ir_fee: f64,
-    protocol_fixed_fee_apr: f64,
-    protocol_ir_fee: f64,
+    group_fixed_fee_apr: f64,
+    group_ir_fee: f64,
     risk_tier: crate::RiskTierArg,
     oracle_max_age: u16,
     compute_unit_price: Option<u64>,
+    global_fee_wallet: Pubkey,
 ) -> Result<()> {
     let rpc_client = config.mfi_program.rpc();
 
@@ -334,8 +336,9 @@ pub fn group_add_bank(
     let max_interest_rate: WrappedI80F48 = I80F48::from_num(max_interest_rate).into();
     let insurance_fee_fixed_apr: WrappedI80F48 = I80F48::from_num(insurance_fee_fixed_apr).into();
     let insurance_ir_fee: WrappedI80F48 = I80F48::from_num(insurance_ir_fee).into();
-    let protocol_fixed_fee_apr: WrappedI80F48 = I80F48::from_num(protocol_fixed_fee_apr).into();
-    let protocol_ir_fee: WrappedI80F48 = I80F48::from_num(protocol_ir_fee).into();
+    let group_fixed_fee_apr: WrappedI80F48 = I80F48::from_num(group_fixed_fee_apr).into();
+    let group_ir_fee: WrappedI80F48 = I80F48::from_num(group_ir_fee).into();
+
     let mint_account = rpc_client.get_account(&bank_mint)?;
     let token_program = mint_account.owner;
     let mint = spl_token_2022::state::Mint::unpack(
@@ -350,8 +353,8 @@ pub fn group_add_bank(
         max_interest_rate,
         insurance_fee_fixed_apr,
         insurance_ir_fee,
-        protocol_fixed_fee_apr,
-        protocol_ir_fee,
+        protocol_fixed_fee_apr: group_fixed_fee_apr,
+        protocol_ir_fee: group_ir_fee,
         ..InterestRateConfig::default()
     };
 
@@ -384,6 +387,7 @@ pub fn group_add_bank(
             oracle_setup,
             risk_tier,
             oracle_max_age,
+            global_fee_wallet,
         )?
     } else {
         create_bank_ix(
@@ -404,6 +408,7 @@ pub fn group_add_bank(
             oracle_setup,
             risk_tier,
             oracle_max_age,
+            global_fee_wallet,
         )?
     };
 
@@ -445,6 +450,7 @@ fn create_bank_ix_with_seed(
     oracle_setup: crate::OracleTypeArg,
     risk_tier: crate::RiskTierArg,
     oracle_max_age: u16,
+    global_fee_wallet: Pubkey,
 ) -> Result<Vec<Instruction>> {
     use solana_sdk::commitment_config::CommitmentConfig;
 
@@ -514,6 +520,8 @@ fn create_bank_ix_with_seed(
             token_program,
             system_program: system_program::id(),
             fee_payer: config.authority(),
+            fee_state: find_fee_state_pda(&config.program_id).0,
+            global_fee_wallet,
         })
         .accounts(AccountMeta::new_readonly(oracle_key, false))
         .args(marginfi::instruction::LendingPoolAddBankWithSeed {
@@ -562,6 +570,7 @@ fn create_bank_ix(
     oracle_setup: crate::OracleTypeArg,
     risk_tier: crate::RiskTierArg,
     oracle_max_age: u16,
+    global_fee_wallet: Pubkey,
 ) -> Result<Vec<Instruction>> {
     let add_bank_ixs_builder = config.mfi_program.request();
     let add_bank_ixs = add_bank_ixs_builder
@@ -610,6 +619,8 @@ fn create_bank_ix(
             token_program,
             system_program: system_program::id(),
             fee_payer: config.explicit_fee_payer(),
+            fee_state: find_fee_state_pda(&config.program_id).0,
+            global_fee_wallet,
         })
         .accounts(AccountMeta::new_readonly(oracle_key, false))
         .args(marginfi::instruction::LendingPoolAddBank {
@@ -988,7 +999,11 @@ pub fn bank_get(config: Config, bank_pk: Option<Pubkey>) -> Result<()> {
     let rpc_client = config.mfi_program.rpc();
 
     if let Some(address) = bank_pk {
-        let bank: Bank = config.mfi_program.account(address)?;
+        let mut bank: Bank = config.mfi_program.account(address)?;
+        let group: MarginfiGroup = config.mfi_program.account(bank.group)?;
+
+        bank.accrue_interest(Clock::get()?.unix_timestamp, &group)?;
+
         print_bank(&address, &bank);
 
         let liquidity_vault_balance =
@@ -1046,14 +1061,7 @@ fn load_all_banks(config: &Config, marginfi_group: Option<Pubkey>) -> Result<Vec
         None => vec![],
     };
 
-    let mut clock = config.mfi_program.rpc().get_account(&sysvar::clock::ID)?;
-    let clock = Clock::from_account_info(&(&sysvar::clock::ID, &mut clock).into_account_info())?;
-
-    let mut banks_with_addresses = config.mfi_program.accounts::<Bank>(filters)?;
-
-    banks_with_addresses.iter_mut().for_each(|(_, bank)| {
-        bank.accrue_interest(clock.unix_timestamp).unwrap();
-    });
+    let banks_with_addresses = config.mfi_program.accounts::<Bank>(filters)?;
 
     Ok(banks_with_addresses)
 }
@@ -2323,6 +2331,8 @@ pub fn marginfi_account_create(profile: &Profile, config: &Config) -> Result<()>
 
 #[cfg(feature = "lip")]
 pub fn process_list_lip_campaigns(config: &Config) {
+    use liquidity_incentive_program::state::Campaign;
+
     let campaings = config.lip_program.accounts::<Campaign>(vec![]).unwrap();
 
     print!("Found {} campaigns", campaings.len());
@@ -2356,6 +2366,7 @@ Max Rewards: {}
 
 #[cfg(feature = "lip")]
 pub fn process_list_deposits(config: &Config) {
+    use liquidity_incentive_program::state::{Campaign, Deposit};
     use solana_sdk::clock::SECONDS_PER_DAY;
 
     let mut deposits = config.lip_program.accounts::<Deposit>(vec![]).unwrap();
@@ -2409,8 +2420,10 @@ Deposit start {}, end {} ({})
 
 #[cfg(feature = "lip")]
 fn timestamp_to_string(timestamp: i64) -> String {
+    use chrono::{DateTime, Utc};
+
     DateTime::<Utc>::from_naive_utc_and_offset(
-        NaiveDateTime::from_timestamp_opt(timestamp, 0).unwrap(),
+        DateTime::from_timestamp(timestamp, 0).unwrap().naive_utc(),
         Utc,
     )
     .format("%Y-%m-%d %H:%M:%S")

clients/rust/marginfi-cli/src/utils.rs

@@ -7,7 +7,7 @@ use {
     marginfi::{
         bank_authority_seed, bank_seed,
         constants::{
-            EMISSIONS_AUTH_SEED, EMISSIONS_TOKEN_ACCOUNT_SEED, MAX_ORACLE_KEYS,
+            EMISSIONS_AUTH_SEED, EMISSIONS_TOKEN_ACCOUNT_SEED, FEE_STATE_SEED, MAX_ORACLE_KEYS,
             PYTH_PUSH_PYTH_SPONSORED_SHARD_ID,
         },
         state::{
@@ -126,6 +126,10 @@ pub fn find_bank_emssions_token_account_pda(
     )
 }
 
+pub fn find_fee_state_pda(program_id: &Pubkey) -> (Pubkey, u8) {
+    Pubkey::find_program_address(&[FEE_STATE_SEED.as_bytes()], program_id)
+}
+
 pub fn create_oracle_key_array(oracle_key: Pubkey) -> [Pubkey; MAX_ORACLE_KEYS] {
     let mut oracle_keys = [Pubkey::default(); MAX_ORACLE_KEYS];
     oracle_keys[0] = oracle_key;

observability/etl/dataflow-etls/dataflow_etls/orm/accounts.py

@@ -130,8 +130,8 @@ class LendingPoolBankUpdateRecord(AccountUpdateRecordBase):
             "config_interest_rate_config_max_interest_rate:BIGNUMERIC",
             "config_interest_rate_config_insurance_fee_fixed_apr:BIGNUMERIC",
             "config_interest_rate_config_insurance_ir_fee:BIGNUMERIC",
-            "config_interest_rate_config_protocol_fixed_fee_apr:BIGNUMERIC",
-            "config_interest_rate_config_protocol_ir_fee:BIGNUMERIC",
+            "config_interest_rate_config_group_fixed_fee_apr:BIGNUMERIC",
+            "config_interest_rate_config_group_ir_fee:BIGNUMERIC",
             "config_operational_state:STRING",
             "config_oracle_setup:STRING",
             "config_oracle_keys:STRING",
@@ -169,8 +169,8 @@ class LendingPoolBankUpdateRecord(AccountUpdateRecordBase):
     config_interest_rate_config_max_interest_rate: float
     config_interest_rate_config_insurance_fee_fixed_apr: float
     config_interest_rate_config_insurance_ir_fee: float
-    config_interest_rate_config_protocol_fixed_fee_apr: float
-    config_interest_rate_config_protocol_ir_fee: float
+    config_interest_rate_config_group_fixed_fee_apr: float
+    config_interest_rate_config_group_ir_fee: float
     config_operational_state: str
     config_oracle_setup: str
     config_oracle_keys: str
@@ -222,10 +222,10 @@ def __init__(self, parsed_data: NamedAccountData, account_update: "AccountUpdate
             parsed_data.data.config.interest_rate_config.insurance_fee_fixed_apr)
         self.config_interest_rate_config_insurance_ir_fee = wrapped_i80f48_to_float(
             parsed_data.data.config.interest_rate_config.insurance_ir_fee)
-        self.config_interest_rate_config_protocol_fixed_fee_apr = wrapped_i80f48_to_float(
-            parsed_data.data.config.interest_rate_config.protocol_fixed_fee_apr)
-        self.config_interest_rate_config_protocol_ir_fee = wrapped_i80f48_to_float(
-            parsed_data.data.config.interest_rate_config.protocol_ir_fee)
+        self.config_interest_rate_config_group_fixed_fee_apr = wrapped_i80f48_to_float(
+            parsed_data.data.config.interest_rate_config.group_fixed_fee_apr)
+        self.config_interest_rate_config_group_ir_fee = wrapped_i80f48_to_float(
+            parsed_data.data.config.interest_rate_config.group_ir_fee)
 
 
 AccountUpdateRecordTypes = [MarginfiGroupUpdateRecord,

observability/etl/dataflow-etls/dataflow_etls/orm/events.py

@@ -177,8 +177,8 @@ class LendingPoolBankConfigureRecord(GroupRecordBase):
             "max_interest_rate:NUMERIC",
             "insurance_fee_fixed_apr:NUMERIC",
             "insurance_ir_fee:NUMERIC",
-            "protocol_fixed_fee_apr:NUMERIC",
-            "protocol_ir_fee:NUMERIC",
+            "group_fixed_fee_apr:NUMERIC",
+            "group_ir_fee:NUMERIC",
         ]
     )
 
@@ -204,8 +204,8 @@ class LendingPoolBankConfigureRecord(GroupRecordBase):
 
     insurance_fee_fixed_apr: Optional[float]
     insurance_ir_fee: Optional[float]
-    protocol_fixed_fee_apr: Optional[float]
-    protocol_ir_fee: Optional[float]
+    group_fixed_fee_apr: Optional[float]
+    group_ir_fee: Optional[float]
 
     def __init__(self, event: Event, instruction: "InstructionWithLogs", instruction_args: NamedInstruction):
         super().__init__(event, instruction, instruction_args)
@@ -238,10 +238,10 @@ def __init__(self, event: Event, instruction: "InstructionWithLogs", instruction
             event.data.config.interest_rate_config.insurance_fee_fixed_apr, wrapped_i80f48_to_float)
         self.insurance_ir_fee = map_optional(
             event.data.config.interest_rate_config.insurance_ir_fee, wrapped_i80f48_to_float)
-        self.protocol_fixed_fee_apr = map_optional(
-            event.data.config.interest_rate_config.protocol_fixed_fee_apr, wrapped_i80f48_to_float)
-        self.protocol_ir_fee = map_optional(
-            event.data.config.interest_rate_config.protocol_ir_fee, wrapped_i80f48_to_float)
+        self.group_fixed_fee_apr = map_optional(
+            event.data.config.interest_rate_config.group_fixed_fee_apr, wrapped_i80f48_to_float)
+        self.group_ir_fee = map_optional(
+            event.data.config.interest_rate_config.group_ir_fee, wrapped_i80f48_to_float)
 
 
 @dataclass