Merge pull request #202 from blockworks-foundation/pan/add-fee-tier

Add second fee tier

program/src/instruction.rs

@@ -1172,6 +1172,20 @@ pub enum MangoInstruction {
     /// 3. `[]` mango_cache_ai
     /// 4. `[writable]` perp_market_ai
     ForceSettlePerpPosition,
+
+    /// Set the `ref_surcharge_centibps`, `ref_share_centibps` for both tiers and `ref_mngo_required` on `MangoGroup`
+    ///
+    /// Accounts expected by this instruction (2):
+    /// 0. `[writable]` mango_group_ai - MangoGroup that this mango account is for
+    /// 1. `[signer]` admin_ai - mango_group.admin
+    ChangeReferralFeeParams2 {
+        ref_surcharge_centibps_tier_1: u32,
+        ref_share_centibps_tier_1: u32,
+        ref_surcharge_centibps_tier_2: u16,
+        ref_share_centibps_tier_2: u16,
+        ref_mngo_required: u64,
+        ref_mngo_tier_2_factor: u8,
+    },
 }
 
 impl MangoInstruction {
@@ -1700,6 +1714,29 @@ impl MangoInstruction {
                 }
             }
             73 => MangoInstruction::ForceSettlePerpPosition,
+            74 => {
+                let data = array_ref![data, 0, 21];
+                let (
+                    ref_surcharge_centibps_tier_1,
+                    ref_share_centibps_tier_1,
+                    ref_surcharge_centibps_tier_2,
+                    ref_share_centibps_tier_2,
+                    ref_mngo_required,
+                    ref_mngo_tier_2_factor,
+                ) = array_refs![data, 4, 4, 2, 2, 8, 1];
+                MangoInstruction::ChangeReferralFeeParams2 {
+                    ref_surcharge_centibps_tier_1: u32::from_le_bytes(
+                        *ref_surcharge_centibps_tier_1,
+                    ),
+                    ref_share_centibps_tier_1: u32::from_le_bytes(*ref_share_centibps_tier_1),
+                    ref_surcharge_centibps_tier_2: u16::from_le_bytes(
+                        *ref_surcharge_centibps_tier_2,
+                    ),
+                    ref_share_centibps_tier_2: u16::from_le_bytes(*ref_share_centibps_tier_2),
+                    ref_mngo_required: u64::from_le_bytes(*ref_mngo_required),
+                    ref_mngo_tier_2_factor: u8::from_le_bytes(*ref_mngo_tier_2_factor),
+                }
+            }
             _ => {
                 return None;
             }

program/src/matching.rs

@@ -2069,13 +2069,24 @@ fn determine_ref_vars<'a>(
     };
 
     let mngo_cache = &mango_cache.root_bank_cache[mngo_index];
+    let tier_2_enabled = mango_group.ref_surcharge_centibps_tier_2 != 0
+        && mango_group.ref_share_centibps_tier_2 != 0;
 
     // If the user's MNGO deposit is non-zero then the rootbank cache will be checked already in `place_perp_order`.
     // If it's zero then cache may be out of date, but it doesn't matter because 0 * index = 0
     let mngo_deposits = mango_account.get_native_deposit(mngo_cache, mngo_index)?;
     let ref_mngo_req = I80F48::from_num(mango_group.ref_mngo_required);
-    if mngo_deposits >= ref_mngo_req {
+    let ref_mngo_tier_2_factor = I80F48::from_num(mango_group.ref_mngo_tier_2_factor);
+
+    if tier_2_enabled && mngo_deposits >= ref_mngo_req * ref_mngo_tier_2_factor
+        || !tier_2_enabled && mngo_deposits >= ref_mngo_req
+    {
         return Ok((ZERO_I80F48, None));
+    } else if tier_2_enabled && mngo_deposits >= ref_mngo_req {
+        return Ok((
+            I80F48::from_num(mango_group.ref_surcharge_centibps_tier_1) / CENTIBPS_PER_UNIT,
+            None,
+        ));
     } else if let Some(referrer_mango_account_ai) = referrer_mango_account_ai {
         // If referrer_mango_account is invalid, just treat it as if it doesn't exist
         if let Ok(referrer_mango_account) =
@@ -2086,18 +2097,31 @@ fn determine_ref_vars<'a>(
             let ref_mngo_deposits =
                 referrer_mango_account.get_native_deposit(mngo_cache, mngo_index)?;
 
+            let share =
+                if tier_2_enabled && ref_mngo_deposits >= ref_mngo_req * ref_mngo_tier_2_factor {
+                    mango_group.ref_share_centibps_tier_2.into()
+                } else {
+                    mango_group.ref_share_centibps_tier_1
+                };
+
             if !referrer_mango_account.is_bankrupt
                 && !referrer_mango_account.being_liquidated
                 && ref_mngo_deposits >= ref_mngo_req
             {
                 return Ok((
-                    I80F48::from_num(mango_group.ref_share_centibps) / CENTIBPS_PER_UNIT,
+                    I80F48::from_num(share) / CENTIBPS_PER_UNIT,
                     Some(referrer_mango_account),
                 ));
             }
         }
     }
-    Ok((I80F48::from_num(mango_group.ref_surcharge_centibps) / CENTIBPS_PER_UNIT, None))
+    let surcharge = if tier_2_enabled {
+        mango_group.ref_surcharge_centibps_tier_2.into()
+    } else {
+        mango_group.ref_surcharge_centibps_tier_1
+    };
+
+    Ok((I80F48::from_num(surcharge) / CENTIBPS_PER_UNIT, None))
 }
 
 /// Apply taker fees to the taker account and update the markets' fees_accrued for

program/src/processor.rs

@@ -6146,18 +6146,86 @@ impl Processor {
         let mut mango_group = MangoGroup::load_mut_checked(mango_group_ai, program_id)?;
         check_eq!(admin_ai.key, &mango_group.admin, MangoErrorCode::InvalidAdminKey)?;
         check!(admin_ai.is_signer, MangoErrorCode::SignerNecessary)?;
-        msg!("old referral fee params: ref_surcharge_centibps: {} ref_share_centibps: {} ref_mngo_required: {}", mango_group.ref_surcharge_centibps, mango_group.ref_share_centibps, mango_group.ref_mngo_required);
+        msg!("old referral fee params: ref_surcharge_centibps: {} ref_share_centibps: {} ref_mngo_required: {}", mango_group.ref_surcharge_centibps_tier_1, mango_group.ref_share_centibps_tier_1, mango_group.ref_mngo_required);
 
         // TODO - when this goes out, if there are any events on the EventQueue fee logging will be messed up
 
-        mango_group.ref_surcharge_centibps = ref_surcharge_centibps;
-        mango_group.ref_share_centibps = ref_share_centibps;
+        mango_group.ref_surcharge_centibps_tier_1 = ref_surcharge_centibps;
+        mango_group.ref_share_centibps_tier_1 = ref_share_centibps;
         mango_group.ref_mngo_required = ref_mngo_required;
 
         msg!("new referral fee params: ref_surcharge_centibps: {} ref_share_centibps: {} ref_mngo_required: {}", ref_surcharge_centibps, ref_share_centibps, ref_mngo_required);
         Ok(())
     }
 
+    /// Set the `ref_surcharge_centibps`, `ref_share_centibps` for both tiers and `ref_mngo_required` on `MangoGroup`
+    #[inline(never)]
+    fn change_referral_fee_params2(
+        program_id: &Pubkey,
+        accounts: &[AccountInfo],
+        ref_surcharge_centibps_tier_1: u32,
+        ref_share_centibps_tier_1: u32,
+        ref_surcharge_centibps_tier_2: u16,
+        ref_share_centibps_tier_2: u16,
+        ref_mngo_required: u64,
+        ref_mngo_tier_2_factor: u8,
+    ) -> MangoResult {
+        let tier_2_enabled = ref_surcharge_centibps_tier_2 != 0 && ref_share_centibps_tier_2 != 0;
+        if tier_2_enabled {
+            // tier 1 surcharge must be <= tier 2 surcharge so tier 1 holders don't pay more than base fee
+            check!(
+                ref_surcharge_centibps_tier_1 <= u32::from(ref_surcharge_centibps_tier_2),
+                MangoErrorCode::InvalidParam
+            )?;
+            // tier 1 share must be >= tier 1 surcharge so tier 1 referees don't pay less than their referrer
+            check!(
+                ref_share_centibps_tier_1 >= ref_surcharge_centibps_tier_1,
+                MangoErrorCode::InvalidParam
+            )?;
+            // tier 1 share must be <= tier 2 share so tier 2 referrers don't earn less fees than tier 1 referrers
+            check!(
+                ref_share_centibps_tier_1 <= u32::from(ref_share_centibps_tier_2),
+                MangoErrorCode::InvalidParam
+            )?;
+            // tier 2 share must be <= tier 2 surcharge so tier 2 referees don't pay more than base fee
+            check!(
+                ref_share_centibps_tier_2 <= ref_surcharge_centibps_tier_2,
+                MangoErrorCode::InvalidParam
+            )?;
+            check!(ref_mngo_tier_2_factor >= 1, MangoErrorCode::InvalidParam)?;
+        } else {
+            check!(
+                ref_surcharge_centibps_tier_1 >= ref_share_centibps_tier_1,
+                MangoErrorCode::InvalidParam
+            )?;
+        }
+
+        const NUM_FIXED: usize = 2;
+        let accounts = array_ref![accounts, 0, NUM_FIXED];
+
+        let [
+            mango_group_ai, // write
+            admin_ai        // read, signer
+        ] = accounts;
+
+        let mut mango_group = MangoGroup::load_mut_checked(mango_group_ai, program_id)?;
+        check_eq!(admin_ai.key, &mango_group.admin, MangoErrorCode::InvalidAdminKey)?;
+        check!(admin_ai.is_signer, MangoErrorCode::SignerNecessary)?;
+        msg!("old referral fee params: ref_surcharge_centibps_tier_1: {} ref_share_centibps_tier_1: {} ref_surcharge_centibps_tier_2: {} ref_share_centibps_tier_2: {} ref_mngo_required: {} ref_mngo_tier_2_factor {}", mango_group.ref_surcharge_centibps_tier_1, mango_group.ref_share_centibps_tier_1, mango_group.ref_surcharge_centibps_tier_2, mango_group.ref_share_centibps_tier_2, mango_group.ref_mngo_required, mango_group.ref_mngo_tier_2_factor);
+
+        // TODO - when this goes out, if there are any events on the EventQueue fee logging will be messed up
+
+        mango_group.ref_surcharge_centibps_tier_1 = ref_surcharge_centibps_tier_1;
+        mango_group.ref_share_centibps_tier_1 = ref_share_centibps_tier_1;
+        mango_group.ref_surcharge_centibps_tier_2 = ref_surcharge_centibps_tier_2;
+        mango_group.ref_share_centibps_tier_2 = ref_share_centibps_tier_2;
+        mango_group.ref_mngo_required = ref_mngo_required;
+        mango_group.ref_mngo_tier_2_factor = ref_mngo_tier_2_factor;
+
+        msg!("new referral fee params: ref_surcharge_centibps_tier_1: {} ref_share_centibps_tier_1: {} ref_surcharge_centibps_tier_2: {} ref_share_centibps_tier_2: {} ref_mngo_required: {} ref_mngo_tier_2_factor {}", ref_surcharge_centibps_tier_1, ref_share_centibps_tier_1, ref_surcharge_centibps_tier_2, ref_share_centibps_tier_2, ref_mngo_required, ref_mngo_tier_2_factor);
+        Ok(())
+    }
+
     #[inline(never)]
     /// Store the referrer's MangoAccount pubkey on the Referrer account
     /// It will create the Referrer account as a PDA of user's MangoAccount if it doesn't exist
@@ -7866,6 +7934,26 @@ impl Processor {
                 msg!("Mango: ForceSettlePerpPosition");
                 Self::force_settle_perp_position(program_id, accounts)
             }
+            MangoInstruction::ChangeReferralFeeParams2 {
+                ref_surcharge_centibps_tier_1,
+                ref_share_centibps_tier_1,
+                ref_surcharge_centibps_tier_2,
+                ref_share_centibps_tier_2,
+                ref_mngo_required,
+                ref_mngo_tier_2_factor,
+            } => {
+                msg!("Mango: ChangeReferralFeeParams2");
+                Self::change_referral_fee_params2(
+                    program_id,
+                    accounts,
+                    ref_surcharge_centibps_tier_1,
+                    ref_share_centibps_tier_1,
+                    ref_surcharge_centibps_tier_2,
+                    ref_share_centibps_tier_2,
+                    ref_mngo_required,
+                    ref_mngo_tier_2_factor,
+                )
+            }
         }
     }
 }

program/src/state.rs

@@ -259,11 +259,14 @@ pub struct MangoGroup {
     pub max_mango_accounts: u32, // limits maximum number of MangoAccounts.v1 (closeable) accounts
     pub num_mango_accounts: u32, // number of MangoAccounts.v1
 
-    pub ref_surcharge_centibps: u32, // 100
-    pub ref_share_centibps: u32,     // 80 (must be less than surcharge)
+    pub ref_surcharge_centibps_tier_1: u32, // 100
+    pub ref_share_centibps_tier_1: u32,     // 80 (must be less than surcharge)
     pub ref_mngo_required: u64,
+    pub ref_surcharge_centibps_tier_2: u16,
+    pub ref_share_centibps_tier_2: u16,
+    pub ref_mngo_tier_2_factor: u8,
 
-    pub padding: [u8; 8], // padding used for future expansions
+    pub padding: [u8; 3],
 }
 
 impl MangoGroup {
@@ -1198,10 +1201,19 @@ impl HealthCache {
                 let mngo_cache = &mango_cache.root_bank_cache[mngo_index];
                 let mngo_deposits = mango_account.get_native_deposit(mngo_cache, mngo_index)?;
                 let ref_mngo_req = I80F48::from_num(mango_group.ref_mngo_required);
-                if mngo_deposits < ref_mngo_req {
-                    market_fees += (I80F48::from_num(mango_group.ref_surcharge_centibps)
-                        / CENTIBPS_PER_UNIT)
-                        * taker_quote_native;
+                let ref_mngo_tier_2_factor = I80F48::from_num(mango_group.ref_mngo_tier_2_factor);
+                let tier_2_enabled = mango_group.ref_surcharge_centibps_tier_2 != 0
+                    && mango_group.ref_share_centibps_tier_2 != 0;
+
+                if mngo_deposits < ref_mngo_req * ref_mngo_tier_2_factor {
+                    let surcharge = if tier_2_enabled && mngo_deposits < ref_mngo_req {
+                        mango_group.ref_surcharge_centibps_tier_2.into()
+                    } else {
+                        mango_group.ref_surcharge_centibps_tier_1
+                    };
+
+                    market_fees +=
+                        (I80F48::from_num(surcharge) / CENTIBPS_PER_UNIT) * taker_quote_native;
                 }
             }
             market_fees