bundled positions

[yugure-orca]

Motivations

Some of the accounts created when a Whirlpool position is opened are not deleted when the position is closed. Therefore, the rent of accounts that are not deleted is an unrefundable cost.

In addition, the range (tick_lower_index and tick_upper_index) of a Whirlpool position cannot be changed after it has been opened, so a position must be closed and a new position opened if the range is to be changed. In other words, in order to change the range of a position, there is an overhead in the form of rent.

Some liquidity providers have a need to change the range of their positions frequently, and the rent overhead associated with changing the range of a position is not negligible and is a barrier to changing the range of a position.

Even if changes of range are infrequent, there is negative incentive to limit the creation of positions because of the unrefundable cost of each position. If the overhead of creating positions is eliminated, more positions can be used.

on-chain program updates

• Move NFT name, symbol, metadata URI and UpdateAuthority definitions to constants (at util/token.rs before move)

• Add account

  • PositionBundle
    • It can bundle 256 positions
    • an extra 64 bytes are reserved for future use
    • bundle_index is u16, so it can handle more positions

• Add instruction

  • initialize_position_bundle_with_metadata
    • Initialize PositionBundle account and mint an NFT.
    • Initialize Metadata only.
  • initialize_position_bundle
    • Initialize PositionBundle account and mint an NFT.
    • This instruction does NOT depend Metaplex TokenMetadata program.
  • delete_position_bundle
    • close PositionBundle account if it is empty (no opened Bundled Positions)
    • open_bundled_position instruction and close_bundled_position instruction allow delegation to authority.
      delete_position_bundle must be executed by the owner.
      The rented lamports can be refunded to receiver.
  • open_bundled_position
    • open Position and update the bitmap of PositionBundle account
  • close_bundled_position
    • close Position and update the bitmap of PositionBundle account

• instruction update

  • close_position
    Add PDA seeds constraint to not close Bundled Position

• new Position Bundle NFT is introduced

  • name: Orca Position Bundle xxxx...yyyy (xxxx and yyyy are the first and last 4 chars of mint address)
  • symbol: OPB
  • update authority: same to Position NFT

SDK updates

• Update IDL (auto-generated)
• Additions for PositionBundle account
  • add ParsablePositionBundle class
  • add methods to AccountFetcher
    • getPositionBundle
    • listPositionBundles
  • add methods to PDAUtil
    • getBundledPosition
    • getPositionBundle
    • getPositionBundleMetadata
• add PositionBundleUtil class
• add methods to WhirlpoolIx
  • initializePositionBundleIx
  • initializePositionBundleWithMetadataIx
  • deletePositionBundleIx
  • openBundledPositionIx
  • closeBundledPositionIx

Tests passed

integration

• Check functionality of added instructions
• Check error cases
  • Invalid account input
  • Invalid parameter input
  • Double open/close
• Reject to close a non-empty Bundled Position
• Reject to delete a non-empty PositionBundle
• Unable to mint additional NFT
• Confirmation that delegation works (open_bundled_position, close_bundled_position)
• close_position cannot close a Bundled Position
• close_bundled_position cannot close a (non-bundled) Position
• close_position_bundle close PositionBundle and ATA accounts. (Mint and Metadata accounts are NOT closable)

Integration/multi-ix

• increase/decreaseLiquidity, updateFeesAndRewards, collectFees, and collectReward work for Bundled Position
• all 256 BundledPositions can be opened
• open + close + open + close for the same bundled_index (separate transaction)
• open/close within a single Tx
• open/increase/swap/decrease/collectFee/close within a single Tx
• Cannot open/close + re-open in a single Tx

sdk

• Check each function of PositionBundleUtil

[rawfalafel]

LGTM!