Add Kamino/Solend-style lending program example

finance/lending/anchor/Anchor.toml

@@ -0,0 +1,19 @@
+[toolchain]
+# Pinned to match the rest of solana-program-examples (see tokens/token-swap).
+# Unpin when the repo-wide Solana version is bumped.
+solana_version = "3.1.8"
+
+[features]
+resolution = true
+skip-lint = false
+
+[programs.localnet]
+lending = "4bvT6A8S7ZVL6bSvK2KoL2nQ4F5H6AF9133kCYbMJj1t"
+
+[provider]
+cluster = "localnet"
+wallet = "~/.config/solana/id.json"
+
+[scripts]
+# Anchor 1.0+ runs Rust + LiteSVM tests via cargo test.
+test = "cargo test"

finance/lending/anchor/CHANGELOG.md

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+# Changelog
+
+## 0.1.0
+
+Initial lending program: a Kamino/Solend-style borrow/lend market.
+
+- Lending market, per-asset reserves with a program-owned liquidity vault and a
+  share-token mint, and per-borrower obligations.
+- Share-token deposit accounting with an exchange rate driven by accrued interest.
+- Utilization-based kinked interest-rate curve compounded through a cumulative
+  borrow-rate index; per-obligation scaled debt.
+- Oracle-priced obligation health with loan-to-value and liquidation-threshold
+  limits, and close-factor-capped liquidation with a seize bonus.
+- Switchboard-On-Demand-shaped price feed with a `set_price` test writer.
+- Rust + LiteSVM integration tests covering supply/redeem, borrow/repay,
+  withdraw, interest accrual, liquidation, the share-inflation guard, and
+  rounding/stale-input edge cases.

finance/lending/anchor/Cargo.toml

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+[workspace]
+members = [
+    "programs/*"
+]
+resolver = "2"
+
+[profile.release]
+# overflow-checks is belt-and-braces: every arithmetic path in the program already
+# uses checked_* math, but enabling it means any missed raw op traps instead of wrapping.
+overflow-checks = true
+lto = "fat"
+codegen-units = 1
+
+[profile.release.build-override]
+opt-level = 3
+incremental = false
+codegen-units = 1

finance/lending/anchor/README.md

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+# Lending
+
+A Kamino/Solend-style borrow/lend program: suppliers earn interest on deposits,
+borrowers post collateral and draw other assets against it, and liquidators keep
+the market solvent. It demonstrates the techniques the most-used Solana lending
+protocols share — share-token deposit accounting, a utilization-based interest
+index, oracle-priced obligation health, and close-factor-capped liquidation.
+
+## Purpose
+
+Lending markets let one set of users supply liquidity to earn yield while another
+set borrows it against collateral. This program implements that end to end:
+
+- **Suppliers** deposit a token and receive **share tokens** representing their
+  slice of the pool. The share-to-liquidity exchange rate rises as borrowers pay
+  interest, so redeeming later returns more than was deposited.
+- **Borrowers** post their share tokens as collateral in an obligation and borrow
+  a different token, up to a loan-to-value limit.
+- **Liquidators** repay part of an unhealthy obligation's debt and seize its
+  collateral at a discount, pulling the position back to solvency.
+
+Concrete directional example (a short): supply USDC and post the USDC share
+tokens as collateral, borrow NVDAx, and sell it. You are **long your collateral
+(USDC) and short the borrowed asset (NVDAx)**. While the loan is open you pay a
+variable borrow rate that tracks pool utilization. Buy NVDAx back later, call
+`repay_obligation_liquidity`, then `withdraw_obligation_collateral` and
+`redeem_reserve_collateral` to exit. If NVDAx instead rises far enough, your debt
+crosses the liquidation threshold and a liquidator can close part of the position.
+
+## Major Concepts
+
+### Accounts
+
+- **`LendingMarket`** — top-level config (owner, quote-currency mint). PDA seeds
+  `["lending_market", owner]`.
+- **`Reserve`** — one per asset. Owns a program-controlled liquidity vault and a
+  share-token mint, and stores the interest-rate config, the cumulative borrow-
+  rate index, available liquidity, and scaled total debt. PDA seeds
+  `["reserve", market, liquidity_mint]`.
+- **`Obligation`** — one per borrower per market: the share-token collateral
+  posted and the liquidity borrowed, with cached quote-currency valuations. PDA
+  seeds `["obligation", market, owner]`.
+- **`PriceFeed`** — a price for one token (see Oracle below).
+
+### Share tokens (the deposit claim)
+
+Supplying liquidity mints share tokens; redeeming burns them. The exchange rate
+is `total_liquidity / share_supply`, where `total_liquidity = available_liquidity
++ current_debt`. `available_liquidity` (not the vault's raw token balance) is the
+source of truth, so a token donated directly to the vault cannot inflate the rate
+— closing the classic empty-pool inflation attack. The first deposit mints 1:1.
+
+### Interest: a kinked curve and a cumulative index
+
+Each `refresh_reserve` advances `cumulative_borrow_rate_index` by
+`(1 + rate_per_slot * elapsed_slots)`. `rate_per_slot` comes from a kinked
+utilization curve — linear from `min_borrow_rate_bps` to `optimal_borrow_rate_bps`
+up to `optimal_utilization_bps`, then steeper to `max_borrow_rate_bps` at full
+utilization. Each borrow stores its principal as **scaled debt** (principal ÷
+index at borrow time), so every obligation's debt grows automatically as the
+index advances — no per-obligation accrual loop.
+
+### Obligation health
+
+`refresh_obligation` recomputes, from the refreshed reserves and their prices:
+`borrowed_value`, `allowed_borrow_value` (Σ collateral value × `loan_to_value_bps`)
+and `unhealthy_borrow_value` (Σ collateral value × `liquidation_threshold_bps`).
+Borrowing and withdrawing are gated by `allowed_borrow_value`; an obligation is
+liquidatable once `borrowed_value > unhealthy_borrow_value`. Collateral is valued
+rounding down and debt rounding up, so health is always judged conservatively.
+
+### Fixed-point math
+
+All money math is integer-only `u128` — no floats, no fixed-point crates. Ratios
+(rates, the index, the exchange rate, obligation values) are scaled by
+`FIXED_POINT_SCALE` (10^18). Every conversion rounds in the protocol's favour
+(user output floored, debt ceiled), so dust cannot be extracted by repeated
+round-trips.
+
+### Oracle
+
+`PriceFeed` mirrors a Switchboard On-Demand pull feed: a signed mantissa, an
+exponent (`price = mantissa * 10^exponent`), and the slot the price was written.
+Freshness is checked in **slots** (`MAX_PRICE_STALENESS_SLOTS`), not wall-clock
+time. The `set_price` handler writes the feed directly so the LiteSVM tests are
+deterministic; in production a reserve points at the real Switchboard feed and the
+program decodes `PullFeedAccountData` (`price_mantissa = current_result.value`,
+`exponent = -18`, `last_updated_slot = current_result.slot`) instead. Switchboard
+is used rather than Pyth here for its lower compute cost.
+
+### Custody
+
+Supplied liquidity sits in program-owned vault PDAs, and posted collateral sits in
+per-obligation vault PDAs whose authority is the obligation PDA. The market owner
+can update reserve risk parameters (`update_reserve_config`) but has no path to
+move user funds — there is no admin withdrawal or escape hatch.
+
+### Instruction handlers
+
+Admin: `init_lending_market`, `init_reserve`, `update_reserve_config`, `set_price`.
+Supply side: `refresh_reserve`, `deposit_reserve_liquidity`,
+`redeem_reserve_collateral`. Borrow side: `init_obligation`, `refresh_obligation`,
+`deposit_obligation_collateral`, `withdraw_obligation_collateral`,
+`borrow_obligation_liquidity`, `repay_obligation_liquidity`, `liquidate_obligation`.
+
+Value-dependent handlers require the reserves and the obligation to have been
+refreshed in the same transaction, so a typical action transaction is
+`[refresh_reserve …, refresh_obligation, <action>]`.
+
+## Setup
+
+- Rust and the Solana toolchain (`cargo-build-sbf`), Anchor 1.0.x, Solana 3.1.8.
+- This program has no client/JavaScript code; tests are Rust + LiteSVM.
+
+## Testing
+
+```sh
+anchor build   # or: cargo build-sbf — produces target/deploy/lending.so
+anchor test    # or: cargo test     — runs the LiteSVM integration tests
+```
+
+`anchor build` (or `cargo build-sbf`) must run first: the tests load the compiled
+`target/deploy/lending.so` via `include_bytes!`. The suite covers the
+non-happy-path branches — interest accrual, borrowing at the LTV limit, stale
+reserve/price rejection, liquidation of an unhealthy obligation after a price
+move, the share-inflation guard, and rounding edges.

finance/lending/anchor/programs/lending/Cargo.toml

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+[package]
+name = "lending"
+version = "0.1.0"
+description = "Kamino/Solend-style borrow/lend program"
+edition = "2021"
+
+[lib]
+crate-type = ["cdylib", "lib"]
+name = "lending"
+
+[features]
+default = []
+cpi = ["no-entrypoint"]
+no-entrypoint = []
+no-idl = []
+no-log-ix-name = []
+idl-build = ["anchor-lang/idl-build", "anchor-spl/idl-build"]
+anchor-debug = []
+custom-heap = []
+custom-panic = []
+
+[dependencies]
+# init-if-needed: the obligation share vault and the test price feed are created lazily.
+anchor-lang = { version = "1.0.0", features = ["init-if-needed"] }
+anchor-spl = "1.0.0"
+
+[dev-dependencies]
+litesvm = "0.11.0"
+solana-signer = "3.0.0"
+solana-keypair = "3.0.1"
+solana-kite = "0.3.0"
+borsh = "1.6.1"
+
+[lints.rust]
+unexpected_cfgs = { level = "warn", check-cfg = ['cfg(target_os, values("solana"))'] }

finance/lending/anchor/programs/lending/Xargo.toml

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+[target.bpfel-unknown-unknown.dependencies.std]
+features = []

finance/lending/anchor/programs/lending/src/constants.rs

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+// These are plain `pub const`s rather than Anchor `#[constant]`s: `#[constant]`
+// only re-exports a value into the IDL, and anchor's idl-build mis-evaluates a
+// u128 literal this large as i32 ("literal out of range for i32"). None of these
+// need to appear in the IDL, so plain consts both compile and keep the IDL clean.
+
+/// Fixed-point scale for every ratio in the program: interest rates, the
+/// cumulative borrow-rate index, the share-token exchange rate, and obligation
+/// values. A ratio `r` is stored as the integer `r * FIXED_POINT_SCALE`.
+///
+/// All money math is integer-only (no floats, no fixed-point crates). 10^18
+/// keeps a single slot's interest — which can be a tiny fraction of the index —
+/// from truncating to zero, while u128's ~3.4e38 ceiling leaves headroom for the
+/// index to grow and for intermediate products before the final narrowing cast.
+pub const FIXED_POINT_SCALE: u128 = 1_000_000_000_000_000_000;
+
+/// log10(FIXED_POINT_SCALE). Used to fold the price exponent and the fixed-point
+/// scale into one power of ten so price conversions never form a needless 10^18
+/// intermediate that would overflow for high-priced assets.
+pub const FIXED_POINT_SCALE_DECIMALS: i32 = 18;
+
+/// Denominator for every basis-point config value. 100% == 10_000 bps.
+pub const BPS_DENOMINATOR: u128 = 10_000;
+
+/// Slots per year, for turning an APR (in bps) into a per-slot rate.
+/// Solana targets ~2.5 slots/second: 2.5 * 60 * 60 * 24 * 365 = 78_840_000.
+pub const SLOTS_PER_YEAR: u128 = 78_840_000;
+
+/// Maximum distinct reserves an obligation may use as collateral, and
+/// separately as borrows. Bounds the account size and the compute cost of
+/// refresh_obligation (which iterates every entry).
+pub const MAX_OBLIGATION_RESERVES: usize = 4;
+
+/// A price feed older than this many slots is rejected as stale (~10s at 2.5
+/// slots/second). Freshness is measured in slots, not unix time, because the
+/// runtime guarantees slot progression while the timestamp is validator-influenced.
+pub const MAX_PRICE_STALENESS_SLOTS: u64 = 25;
+
+// PDA seeds.
+pub const LENDING_MARKET_SEED: &[u8] = b"lending_market";
+pub const RESERVE_SEED: &[u8] = b"reserve";
+pub const LIQUIDITY_VAULT_SEED: &[u8] = b"liquidity_vault";
+pub const SHARE_MINT_SEED: &[u8] = b"share_mint";
+pub const OBLIGATION_SEED: &[u8] = b"obligation";
+pub const OBLIGATION_SHARE_VAULT_SEED: &[u8] = b"obligation_share_vault";
+pub const PRICE_FEED_SEED: &[u8] = b"price_feed";

finance/lending/anchor/programs/lending/src/errors.rs

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+use anchor_lang::prelude::*;
+
+#[error_code]
+pub enum LendingError {
+    #[msg("Arithmetic operation overflowed")]
+    MathOverflow,
+    #[msg("Reserve config has an invalid value")]
+    InvalidConfig,
+    #[msg("Amount must be greater than zero")]
+    ZeroAmount,
+    #[msg("Deposit is too small to mint any share tokens")]
+    DepositTooSmall,
+    #[msg("Reserve does not have enough available liquidity")]
+    InsufficientReserveLiquidity,
+    #[msg("Reserve must be refreshed in this same transaction before use")]
+    ReserveStale,
+    #[msg("Obligation must be refreshed in this same transaction before use")]
+    ObligationStale,
+    #[msg("Price feed has not been updated recently enough")]
+    StalePriceFeed,
+    #[msg("Price feed reported a non-positive price")]
+    InvalidOraclePrice,
+    #[msg("Borrow would exceed the obligation's allowed borrow value")]
+    BorrowTooLarge,
+    #[msg("Withdraw would leave the obligation undercollateralized")]
+    WithdrawTooLarge,
+    #[msg("Obligation is healthy and cannot be liquidated")]
+    ObligationHealthy,
+    #[msg("Obligation already uses the maximum number of reserves")]
+    TooManyReserves,
+    #[msg("Reserve is not part of this obligation")]
+    ReserveNotFound,
+    #[msg("A refresh account did not match the obligation's stored reserves")]
+    InvalidObligationAccount,
+    #[msg("Signer is not authorized for this price feed")]
+    UnauthorizedPriceFeed,
+}

finance/lending/anchor/programs/lending/src/instructions/admin/init_lending_market.rs

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+use anchor_lang::prelude::*;
+use anchor_spl::token_interface::Mint;
+
+use crate::constants::LENDING_MARKET_SEED;
+use crate::state::LendingMarket;
+
+pub fn handle_init_lending_market(context: Context<InitLendingMarket>) -> Result<()> {
+    let market = &mut context.accounts.lending_market;
+    market.owner = context.accounts.owner.key();
+    market.quote_currency_mint = context.accounts.quote_currency_mint.key();
+    market.bump = context.bumps.lending_market;
+    Ok(())
+}
+
+#[derive(Accounts)]
+pub struct InitLendingMarket<'info> {
+    #[account(
+        init,
+        payer = owner,
+        space = LendingMarket::DISCRIMINATOR.len() + LendingMarket::INIT_SPACE,
+        seeds = [LENDING_MARKET_SEED, owner.key().as_ref()],
+        bump,
+    )]
+    pub lending_market: Account<'info, LendingMarket>,
+
+    #[account(mut)]
+    pub owner: Signer<'info>,
+
+    pub quote_currency_mint: InterfaceAccount<'info, Mint>,
+
+    pub system_program: Program<'info, System>,
+}