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fix(stablecoin): align redemption controller feedback

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This commit is contained in:
Ricardo Guilherme Schmidt 2026-06-15 11:08:09 -03:00
parent f3a94e6bff
commit 65de004238
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GPG Key ID: 1396EA17DE132FFE
5 changed files with 101 additions and 53 deletions
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8
artifacts/stablecoin-idl.json
View File

@ -137,7 +137,7 @@
],
"args": [
{
"name": "reference_asset_id",
"name": "collateral_definition_id",
"type": "account_id"
},
{
@ -229,17 +229,13 @@
"type": "account_id"
},
{
"name": "reference_asset_id",
"name": "collateral_definition_id",
"type": "account_id"
},
{
"name": "price_feed_id",
"type": "account_id"
},
{
"name": "oracle_program_id",
"type": "program_id"
},
{
"name": "redemption_price",
"type": "u128"

11
programs/integration_tests/tests/stablecoin.rs
View File

@ -54,10 +54,6 @@ impl Ids {
AccountId::new([6; 32])
}
fn reference_asset() -> AccountId {
AccountId::new([7; 32])
}
fn price_feed() -> AccountId {
AccountId::new([8; 32])
}
@ -190,7 +186,7 @@ impl Accounts {
balance: 0_u128,
data: Data::from(&OraclePriceAccount {
base_asset: Ids::stablecoin_definition(),
quote_asset: Ids::reference_asset(),
quote_asset: Ids::collateral_definition(),
price,
timestamp,
source_id: String::from("twap"),
@ -470,7 +466,7 @@ fn stablecoin_redemption_controller_initializes_and_updates_from_price_feed() {
);
let initialize = stablecoin_core::Instruction::InitializeRedemptionController {
reference_asset_id: Ids::reference_asset(),
collateral_definition_id: Ids::collateral_definition(),
initial_redemption_price: Balances::redemption_price(),
proportional_gain: CONTROLLER_GAIN_SCALE,
integral_gain: 0,
@ -501,7 +497,6 @@ fn stablecoin_redemption_controller_initializes_and_updates_from_price_feed() {
.expect("valid RedemptionController");
assert_eq!(controller.redemption_price, Balances::redemption_price());
assert_eq!(controller.redemption_rate, 0);
assert_eq!(controller.oracle_program_id, Ids::oracle_program());
let update = stablecoin_core::Instruction::UpdateRedemptionController { current_timestamp };
let message = public_transaction::Message::try_new(
@ -521,7 +516,7 @@ fn stablecoin_redemption_controller_initializes_and_updates_from_price_feed() {
RedemptionController::try_from(&state.get_account_by_id(Ids::redemption_controller()).data)
.expect("valid RedemptionController");
assert_eq!(controller.redemption_price, Balances::redemption_price());
assert_eq!(controller.redemption_rate, 100);
assert_eq!(controller.redemption_rate, -100);
assert_eq!(controller.accumulated_error, 0);
assert_eq!(controller.last_update_timestamp, current_timestamp);
}

17
programs/stablecoin/core/src/lib.rs
View File

@ -92,14 +92,15 @@ pub enum Instruction {
/// - Redemption controller account (uninitialized, address must match
/// `compute_redemption_controller_pda(self_program_id, stablecoin_definition, price_feed)`)
/// - Stablecoin token definition account (initialized fungible token)
/// - Oracle price feed account (initialized; its `program_owner` becomes the configured oracle
/// program)
/// - Oracle price feed account (initialized; must decode as the configured
/// stablecoin/collateral market price)
///
/// `proportional_gain` and `integral_gain` use [`CONTROLLER_GAIN_SCALE`] fixed-point
/// precision. For example, `CONTROLLER_GAIN_SCALE / 10` represents `0.1`.
InitializeRedemptionController {
/// Asset that denominates both the oracle market price and redemption price.
reference_asset_id: AccountId,
/// Collateral token definition that denominates the oracle market price and redemption
/// price.
collateral_definition_id: AccountId,
/// Initial redemption price, in the same units and precision as the oracle price.
initial_redemption_price: u128,
/// Proportional controller gain, scaled by [`CONTROLLER_GAIN_SCALE`].
@ -146,7 +147,7 @@ pub struct Position {
pub debt_amount: u128,
}
/// Global redemption feedback controller state for a stablecoin/feed pair.
/// Redemption feedback controller state for a stablecoin/feed pair.
///
/// `redemption_rate` is signed price drift per timestamp unit. Positive rates raise the
/// redemption price; negative rates lower it. `accumulated_error` stores the integral term
@ -156,12 +157,10 @@ pub struct Position {
pub struct RedemptionController {
/// Stablecoin token definition priced by the oracle feed.
pub stablecoin_definition_id: AccountId,
/// Asset that denominates both oracle prices and redemption price.
pub reference_asset_id: AccountId,
/// Collateral token definition that denominates oracle prices and redemption price.
pub collateral_definition_id: AccountId,
/// Configured oracle price feed account.
pub price_feed_id: AccountId,
/// Program expected to own `price_feed_id`.
pub oracle_program_id: ProgramId,
/// Current redemption price in oracle price units.
pub redemption_price: u128,
/// Current redemption rate in price units per timestamp unit.

4
programs/stablecoin/methods/guest/src/bin/stablecoin.rs
View File

@ -131,7 +131,7 @@ mod stablecoin {
controller: AccountWithMetadata,
stablecoin_definition: AccountWithMetadata,
price_feed: AccountWithMetadata,
reference_asset_id: AccountId,
collateral_definition_id: AccountId,
initial_redemption_price: u128,
proportional_gain: u128,
integral_gain: u128,
@ -146,7 +146,7 @@ mod stablecoin {
stablecoin_definition,
price_feed,
ctx.self_program_id,
reference_asset_id,
collateral_definition_id,
initial_redemption_price,
proportional_gain,
integral_gain,

114
programs/stablecoin/src/redemption_controller.rs
View File

@ -14,7 +14,7 @@ const CONTROLLER_GAIN_SCALE_I128: i128 = 1_000_000_000;
/// - `controller` is already initialized.
/// - `controller.account_id` does not match the stablecoin/feed PDA.
/// - `stablecoin_definition` is uninitialized or not a fungible token definition.
/// - `price_feed` is uninitialized.
/// - `price_feed` is uninitialized, malformed, stale, or not the stablecoin/collateral feed.
/// - Initial price, gains, or clamp limits do not fit controller math bounds.
#[expect(
clippy::too_many_arguments,
@ -25,7 +25,7 @@ pub fn initialize_redemption_controller(
stablecoin_definition: AccountWithMetadata,
price_feed: AccountWithMetadata,
stablecoin_program_id: ProgramId,
reference_asset_id: AccountId,
collateral_definition_id: AccountId,
initial_redemption_price: u128,
proportional_gain: u128,
integral_gain: u128,
@ -69,6 +69,13 @@ pub fn initialize_redemption_controller(
matches!(token_definition, TokenDefinition::Fungible { .. }),
"Stablecoin definition must be fungible"
);
assert_live_price_feed(
&price_feed,
stablecoin_definition.account_id,
collateral_definition_id,
current_timestamp,
max_price_feed_age,
);
let controller_seed = verify_redemption_controller_and_get_seed(
&controller,
@ -78,9 +85,8 @@ pub fn initialize_redemption_controller(
);
let controller_state = RedemptionController {
stablecoin_definition_id: stablecoin_definition.account_id,
reference_asset_id,
collateral_definition_id,
price_feed_id: price_feed.account_id,
oracle_program_id: price_feed.account.program_owner,
redemption_price: initial_redemption_price,
redemption_rate: 0,
accumulated_error: 0,
@ -165,16 +171,14 @@ fn live_market_price(
price_feed: &AccountWithMetadata,
current_timestamp: u64,
) -> Option<u128> {
if price_feed.account_id != controller.price_feed_id
|| price_feed.account == Account::default()
|| price_feed.account.program_owner != controller.oracle_program_id
if price_feed.account_id != controller.price_feed_id || price_feed.account == Account::default()
{
return None;
}
let price_account = OraclePriceAccount::try_from(&price_feed.account.data).ok()?;
if price_account.base_asset != controller.stablecoin_definition_id
|| price_account.quote_asset != controller.reference_asset_id
|| price_account.quote_asset != controller.collateral_definition_id
|| price_account.price == 0
|| price_account.price > i128_max_as_u128()
|| price_account.timestamp > current_timestamp
@ -190,6 +194,38 @@ fn live_market_price(
Some(price_account.price)
}
fn assert_live_price_feed(
price_feed: &AccountWithMetadata,
stablecoin_definition_id: AccountId,
collateral_definition_id: AccountId,
current_timestamp: u64,
max_price_feed_age: u64,
) {
let price_account = OraclePriceAccount::try_from(&price_feed.account.data)
.expect("Price feed account must hold a valid OraclePriceAccount");
assert_eq!(
price_account.base_asset, stablecoin_definition_id,
"Price feed base asset must be the stablecoin definition"
);
assert_eq!(
price_account.quote_asset, collateral_definition_id,
"Price feed quote asset must be the collateral definition"
);
assert_ne!(price_account.price, 0, "Price feed price must be nonzero");
assert_price_value_fits_i128(price_account.price, "Price feed price");
assert!(
price_account.timestamp <= current_timestamp,
"Price feed timestamp cannot be in the future"
);
let age = current_timestamp
.checked_sub(price_account.timestamp)
.expect("Price feed timestamp was checked to be current or older");
assert!(
age <= max_price_feed_age,
"Price feed age exceeds maximum allowed age"
);
}
fn compute_next_controller_state(
controller: &RedemptionController,
market_price: u128,
@ -212,16 +248,15 @@ fn compute_next_controller_state(
);
let proportional_term = scaled_term(error, controller.proportional_gain);
let integral_term = scaled_term(accumulated_error, controller.integral_gain);
let redemption_rate = clamp_signed(
proportional_term.saturating_add(integral_term),
controller.max_redemption_rate,
);
let rate_adjustment = proportional_term
.saturating_add(integral_term)
.saturating_neg();
let redemption_rate = clamp_signed(rate_adjustment, controller.max_redemption_rate);
RedemptionController {
stablecoin_definition_id: controller.stablecoin_definition_id,
reference_asset_id: controller.reference_asset_id,
collateral_definition_id: controller.collateral_definition_id,
price_feed_id: controller.price_feed_id,
oracle_program_id: controller.oracle_program_id,
redemption_price,
redemption_rate,
accumulated_error,
@ -302,7 +337,7 @@ mod tests {
AccountId::new([1; 32])
}
fn reference_asset_id() -> AccountId {
fn collateral_definition_id() -> AccountId {
AccountId::new([2; 32])
}
@ -341,13 +376,21 @@ mod tests {
}
fn price_feed_account(price: u128, timestamp: u64) -> AccountWithMetadata {
price_feed_account_with_owner(price, timestamp, ORACLE_PROGRAM_ID)
}
fn price_feed_account_with_owner(
price: u128,
timestamp: u64,
program_owner: ProgramId,
) -> AccountWithMetadata {
AccountWithMetadata {
account: Account {
program_owner: ORACLE_PROGRAM_ID,
program_owner,
balance: 0,
data: Data::from(&OraclePriceAccount {
base_asset: stablecoin_definition_id(),
quote_asset: reference_asset_id(),
quote_asset: collateral_definition_id(),
price,
timestamp,
source_id: "twap".to_owned(),
@ -384,9 +427,8 @@ mod tests {
fn controller_state() -> RedemptionController {
RedemptionController {
stablecoin_definition_id: stablecoin_definition_id(),
reference_asset_id: reference_asset_id(),
collateral_definition_id: collateral_definition_id(),
price_feed_id: price_feed_id(),
oracle_program_id: ORACLE_PROGRAM_ID,
redemption_price: 1_000,
redemption_rate: 0,
accumulated_error: 0,
@ -406,7 +448,7 @@ mod tests {
stablecoin_definition_account(),
price_feed_account(1_000, 100),
STABLECOIN_PROGRAM_ID,
reference_asset_id(),
collateral_definition_id(),
1_000,
CONTROLLER_GAIN_SCALE,
0,
@ -427,9 +469,11 @@ mod tests {
controller.stablecoin_definition_id,
stablecoin_definition_id()
);
assert_eq!(controller.reference_asset_id, reference_asset_id());
assert_eq!(
controller.collateral_definition_id,
collateral_definition_id()
);
assert_eq!(controller.price_feed_id, price_feed_id());
assert_eq!(controller.oracle_program_id, ORACLE_PROGRAM_ID);
assert_eq!(controller.redemption_price, 1_000);
assert_eq!(controller.redemption_rate, 0);
assert_eq!(controller.last_update_timestamp, 100);
@ -447,10 +491,24 @@ mod tests {
assert_eq!(post_states.len(), 2);
let controller =
RedemptionController::try_from(&post_states[0].account().data).expect("valid state");
assert_eq!(controller.redemption_rate, 100);
assert_eq!(controller.redemption_rate, -100);
assert_eq!(controller.last_update_timestamp, 100);
}
#[test]
fn update_redemption_controller_accepts_matching_feed_from_any_program_owner() {
let post_states = update_redemption_controller(
controller_account(&controller_state()),
price_feed_account_with_owner(900, 100, [7u32; 8]),
STABLECOIN_PROGRAM_ID,
100,
);
let controller =
RedemptionController::try_from(&post_states[0].account().data).expect("valid state");
assert_eq!(controller.redemption_rate, -100);
}
#[test]
fn update_redemption_controller_pauses_when_price_feed_is_stale() {
let controller = controller_state();
@ -487,19 +545,19 @@ mod tests {
}
#[test]
fn controller_sets_positive_rate_when_market_price_is_below_redemption_price() {
fn controller_sets_negative_rate_when_market_price_is_below_redemption_price() {
let updated = compute_next_controller_state(&controller_state(), 900, 100);
assert_eq!(updated.redemption_rate, 100);
assert_eq!(updated.redemption_rate, -100);
assert_eq!(updated.accumulated_error, 0);
assert_eq!(updated.redemption_price, 1_000);
}
#[test]
fn controller_sets_negative_rate_when_market_price_is_above_redemption_price() {
fn controller_sets_positive_rate_when_market_price_is_above_redemption_price() {
let updated = compute_next_controller_state(&controller_state(), 1_100, 100);
assert_eq!(updated.redemption_rate, -100);
assert_eq!(updated.redemption_rate, 100);
}
#[test]
@ -527,6 +585,6 @@ mod tests {
let updated = compute_next_controller_state(&controller, 900, 101);
assert_eq!(updated.accumulated_error, 100);
assert_eq!(updated.redemption_rate, 80);
assert_eq!(updated.redemption_rate, -80);
}
}