mango-v4/CHANGELOG.md

Mango v4 Program Change Log

Update this for each program release and mainnet deployment.

not on mainnet

v0.17.0, 2023-6-

• Configurable perp market settle token (#550)

  This changes perp market margining to no longer assume all pnl is in USD while settlement is in USDC. Instead, a configurable settle token is used for pnl and settlement, defaulting to USDC.

  There is no difference while the USDC price is forced to $1 and its init and liab weights are 1. But with this patch, it becomes possible to change that.

  For now it is not recommended to use a token other than USDC or USDT (or another USD targeting stable token) for perp settlement.

  The patch also updates all instructions dealing with the insurance vault to be aware that the insurance fund is not in USD but in USDC and apply the USDC price before payouts. To do this, the previous PerpLiqNegativePnlOrBankruptcy was replaced by a new PerpLiqNegativePnlOrBankruptcyV2 instruction.

• Whitelist PerpPlaceOrderV2 and PerpPlaceOrderPeggedV2 for HealthRegions (#597)

• Improve docs (#590, #594)

• Use workspace dependencies (#588)

mainnet

v0.16.0, 2023-5-19

Deployment: May 19, 2023 at 15:35:12 Central European Summer Time, https://explorer.solana.com/tx/22fEcghPGgAnYCZkfjTxTeKQwX5rzWSx3c5CV9TikJmaAKWCpubCZYBx5ZJJPeNG1xWUPWMw3ooDhFBRYCR3tKYU

• New event: PerpTakerTradeLog immediately logs your trade execution (#579, #584)

  Previously you had to look at the logs from FillEvent processing to determine how much was taken and what the fees were. The new PerpTakerTradeLog event is emitted during PerpPlaceOrder and simplifies that.

• Perp self-trade options (#533)

  There are new PerpPlaceOrderV2 and PerpPlaceOrderPeggedV2 instructions that take an argument that controls self-trade behavior, similar to OpenBook.

  The old instructions still exist with nearly unchanged behavior: They default to DecrementTake, which means being allowed to match against your own orders. But now you don't pay fees if you do so.

• Update anchor to v0.27.0 (#582)

  Mango used to depend on a fork of anchor. Now all patches are upstreamed and we have upgraded to the unmodified upstream version of v0.27.0.

v0.15.0, 2023-5-11

Deployment: May 11, 2023 at 09:29:12 Central European Summer Time, https://explorer.solana.com/tx/3h6KFxLEAvifNGDBNcQrWdc6cRkpHTzFzL8VradfAXBYNfScrLJzDxm52N4RNmS9dmE84zDuwbErQ75RcxDcihY3

• Change TokenRegisterTrustless instruction to disable borrows by default (#567)

  The instruction is intended to use very conservative defaults for listing tokens. It now lists new tokens with zero asset weights and without allowing borrowing, which should leave oracle staleness and potential bugs as the main risks of listing new tokens.

• OpenBook place order instruction: Respect reduce-only flags on the base and quote bank (#569)

  This way the DAO can potentially leave related OpenBook markets open when it marks a token as reduce-only.

• FlashLoan: Whitelist the ComputeBudget program when called by delegates (#572)

  For convenience. When constructing a flash loan instruction for a delegated account, users no longer need to take care to remove compute budget instructions from the flash loan scope.

• Perp Order Matching: Exit when no lots can be filled due to the quote limit (#576)

  Previously it would keep looping unnecessarily.

• Improve error message for incorrect number of accounts in FixedAccountRetriever (#566)

• Add oracle confidence and type information to perp update funding logs (#568)

v0.14.0, 2023-4-29

Deployment: Apr 29, 2023 at 11:58:43 Central European Summer Time, https://explorer.solana.com/tx/2iaLQTT6PqFjFQr94j5g2iUhDT9v6CJk5rNC9mY7cY7BfRjn6pWixnUF5Wv2qAAUq4hmEvM7WyajDxQjq6QbufSk

• Force-closing of perp positions (#525)

  When a perp markets is set to "force-close" by the DAO, anyone can close open perp orders and positions on the market. This allows the DAO to wind down perp markets if needed.

• Force-closing of OpenBook market use via Mango (#551)

  When an OpenBook market's Mango integration is set to "force-close" by the DAO, anyone can close open orders on that market that were placed via Mango. This allows the DAO to wind down interactions with an OpenBook market.

• Fix exception for the Jupiter program in flash loan (#552)

  Account delegates cannot execute generic flash loans, but were supposed to be able to use whitelisted Jupiter programs during a flash loan. The bug that prevented the exception from working was fixed.

• Allow the DAO to withdraw from the insurance fund token account (#561)

• Fix a bug with settle limit accounting when liqors take over positive pnl (#562)

• Improve logging on force-close instructions (#555)

• Fix perp order seqnum logging (#556)

• Fix build when using mango-v4 code with the "no-entrypoint" feature (#558)

v0.13.0, 2023-4-18

Deployment: Apr 18, 2023 at 17:33:15 Central European Summer Time, https://explorer.solana.com/tx/4WWVHCAheTRBhzyXUjsV1Kqfn8LdnkupiVbK4qaPNqby8P5vv7hY6HS3rHHL9bMu1RGdCZvqsd2MHjdawLYQ6Pxi

• Add explicit token account checks to FlashLoan (#542)

  It looks like the reported security issue was not exploitable, but the guards that prevented it were too incidental. This change adds explicit checks, improving safety and readability.

  It adds the FlashLoanEndV2 instruction, replacing FlashLoanEnd.

• Don't incentivize using asset tokens with high liquidation fee during liquidation (#536)

  Previously liqors received the sum of the liquidation fee of the asset and liab token, which meant liqors would preferably liquidate with high-liq-fee tokens.

  After this change only the liab token's liq fee is used. That's sensible because the fee is about giving liqors some margin to work with when settling the liability they took on.

• Force-closing of tokens (#518)

  Mango already has the concept of switching tokens into a "reduce-only" mode where deposits and borrows are only allowed to decrease.

  The new "force-close" mode is even stricter: When it's enabled, liqors can reduce an account's borrows of the force-closed token even if the account is healthy.

  The goal is to have a way of winding down the platform's and users' exposure to a token if necessary. Only a DAO vote can change a token's state to force-close.

• Improve perp trade logging (#535)

  PerpUpdateFunding now logs the oracle update slot to allow traders to better evaluate oracle peg orders.

  Perp fills now create a fill log that contains the fill event seqnum. That allows relating the transaction with the order matching to the transaction that processed the fill event for the trade.

• IxGate: Fix check for re-enabling instructions (#540)

  The security admin was not supposed to be able to enable instructions, but a bug allowed it. With this fix, only the group admin (DAO) can enable instructions.

v0.12.0, 2023-4-17

Deployment: Apr 17, 2023 at 15:49:33 Central European Summer Time, https://explorer.solana.com/tx/2PbaCRMGgpGiysxk5y8x3TdFRZbGEAKZdyAzEQhAMXfCxS4bPN96YZ4Pp6hHfp17fd7RYUd13t4vtjpaFb4ccYRm

• Emit perp fees settled on update_funding (#530)

  Required to have a full picture of total perp market fees.

• Net borrow limit: Separate out tracking from checking (#534)

  That way it's easier to be specific about where the limit should be checked.

v0.11.0, 2023-4-4

Deployment: Apr 4, 2023 at 21:43:18 Central European Summer Time, https://explorer.solana.com/tx/5Z36iV6VhAfmxwZubQduV1hNyUyyB9AyjovAwNrWLb5cdAqGm4F3NGmz6V8VpHT6yUwCEDxm2hWMrdJXNkZ8RSPR

• Limit funding and interest accrual during downtimes (#529)

  Previously, if the funding or interest updating instruction wassn't called for a long time (like for a solana downtime or the security council halting the program), the next update would apply funding or interest for the whole time interval since the last update.

  This could lead to a bad downtime situation becoming worse. Instead, limit the maximum funding and interest time interval to one hour.

• Update default interest parameters in token_register_trustless (#523)

  This brings them in line with the recent interest rate changes for >50% utilization.

• Perp: Fix logging of funding rate in update funding and deactivate pos (#528)

v0.10.0, 2023-4-3

Deployment: Apr 3, 2023 at 20:10:26 Central European Summer Time, https://explorer.solana.com/tx/3Rvv7hxqYQ7mPXE7jopzq1RAAoEwPi1pRPY7EubzEiZih8zMVhTMe1AsuYNJq3gwpM8BVVC3CXkAWcsFdd7SE6zC

• HealthRegion: Explicitly whitelist allowed instructions (#508)

  The security council had disabled the HealthRegion instructions after the audit found a vulnerability. The issue has been resolved by restricting which other instructions may be called in a health region. That way it's still usable to save compute units, but its attack surface is significantly reduced.

• Use insurance fund token oracle for bankruptcies (#503)

  This is in preparation for using an oracle for the USDC price instead of fixing its value to $1. The insurance fund is in USDC, so the oracle price needs to be taken into account once a real oracle is provided.

• Fee buyback: Use the USDC oracle (#504)

• Perp settle fees: Return early instead of error on failure (#526)

• Net borrow limits: Fixed accounting of deposits (#513)

• Better logging in IxGateSet instruction

• Sanity check token_index in TokenRegister instruction

• Allow using all available bytes for bank and market names

v0.9.0, 2023-3-16

Deployment: Mar 16, 2023 at 11:07:30 Central European Standard Time, https://explorer.solana.com/tx/2hVqFQhxC9BGzDvH7y9bWChrMRvzsBGMPcMepHLBamK4vKJMJG48Fv8ZB54b46qErH1aGRy9YVhFnVnpaKgnoP3c

• Downgrade the "fixed" dependency to v1.11.0 (#500)

  The dependency had a regression. This downgrades to the previous version that had been in use with Mango v3, while backporting the safety improvements done for release v0.8.0.

• Improvements to perp position docstrings (#497)

v0.8.0, 2023-3-11

Deployment: Mar 11, 2023 at 08:06:22 Central European Standard Time, https://explorer.solana.com/tx/61CbcyDaCV1DKHEGxkfNfx9nCUfsH3RgUU7mivTjtqbHJ3YVPX6vNAzn91CZYRsjohVc5LdcZCZtteDKrCiKjYEi

• Introduce a new "fee buyback" feature. (#464, #478, #479, #481, #485, #489)

  If enabled, users who paid perp or openbook fees can optionally perform a MNGO to USDC swap at a favorable price to pay fees in MNGO instead.

  For example, if a user had paid 100 USDC in fees, they could use the new instruction to pay $90 worth of MNGO instead and get back their 100 USDC (concrete numbers and enabling this feature are up to DAO vote).

• The security admin is now allowed to reduce the init asset weight of tokens and perp markets to zero. (#482)

  This allows the security council to disable new borrows against a token or perp market in emergency situations. The primary usecase is a scenario where an oracle no longer tracks the real value of an asset. (like when the soBTC price depegged: Mango would have used the BTC oracle for it if it had been live)

• Introduce a new Serum3SettleFundsV2 instruction (#484)

  OpenBook has a UI fee that bots don't have to pay. Previously, Mango claimed this OpenBook fee component for itself. The new instruction allows bots to skip paying the OpenBook UI fee when trading through Mango.

  The idea is to avoid penalizing market maker bots for trading on OpenBook through a Mango account.

• Make reduce-only behavior more intuitive for PerpPlaceOrder instruction (#483)

• Allow the group admin to edit the token and perp names stored on-chain (#488)

• Allow the group admin to call the TokenRegisterTrustless instruction (#477)

• Vendor fixed crate to enable general overflow checking in release mode (#476)

v0.7.0, 2023-2-22

Deployment: Feb 22, 2023 at 14:45:12 Central European Standard Time, https://explorer.solana.com/tx/2KjMd2GLggSTJGSBQ3T96KK8Pj8XEXSDad65b8AN9gtCo6XdWmaFtewUJbPFvXK8WnKgdTxUNJjftpbtRJNEVhDg

• Security admin can now set OpenBook markets to reduce-only (#472)
• PlacePerpOrder: Improved logging when reduce-only is set (#468)
• PerpSettlePnl: Grant the low-health settle fee even if the settled amount is below the flat fee threshold (#458)
• OpenBook: Take referrer rebate as Mango fee (#469)

v0.6.0, 2023-2-14

Deployment: Feb 14, 2023 at 16:06:03 Central European Standard Time, https://explorer.solana.com/tx/4vpjuiESQZn5t6XErHeSX76dCng4P4KPrr5pMGuYv9LhA3EcLgTw1bYxg8aRmBt1rfJCTqqYLws1cr4EvnrrETue

• Client: Increase search iteration limit
• Update Serum dependency to most recent openbook version (#437)
• Enable release-move overflow checks (#438)
• Remove cleanup testing instruction PerpZeroOut (#430)
• Liquidation: Fix amount limits by introducing a new "LiquidationEnd" health type (#440, #447)
• Fix amount logging in token deposit (#446)
• Restrict what the security admin can do (#452)
• Fix bug in perp cancel all so it doesn't error on filled/expired orders (#453)

v0.5.0, 2023-2-2

Deployment: Feb 2, 2023 at 10:51:02 Central European Standard Time, https://explorer.solana.com/tx/eVGLcy3y8Vi9sMDKQbKdRKZa6dpjTjdP5HyDFXXQFqAaS1CXCg2QnFC1hgE8F8unWfgpmXC8PvmuRMhmQEE1YzK

• Log old and new values in edit instructions (#418)
• PerpPlaceOrder returns order id (#417)
• Prevent setting the group admin to the default address (#423)
• Allow security admin to disable individual instructions (#419)
• Rename pnl_asset_weight to overall_asset_weight (#427)
• Significant changes to perp liquidation instructions (#424)
• Reorganize perp fill events to save bytes and have client order ids (#426)
• Add market index to serum3 events (#429)

v0.4.0, 2023-1-24

Deployment: Jan 24, 2023 at 10:21:59 Central European Standard Time, https://explorer.solana.com/tx/3C5vSUrC2xJhAeaDjRMuhE1Gnbj72gDKPRibpFk2gP2afoaFquY8GgUeBwhNoP25QtPvTJG3NZmZBoHoSgvrEWGH

• Perp instruction constraint fixes (#399)
• Documentation and cleanup from perp code audit (#400, #401, #406, #410, #412)
• Perp: Don't generate fill events with zero quantity (#404)
• Perp: add testing instruction to fix inconsistency from deleted accounts/markets (#413)
• Add program token deposit limit (#415)
• Allow security admin to set markets to reduce only or reduce init asset weight (#394)

v0.3.0, 2023-1-17

Deployment: Jan 17, 2023 at 14:57:12 Central European Standard Time, https://explorer.solana.com/tx/5uGKvLwcBjPkUAKtFGqKdwm6pHXFaMGkF44P8rhJrRbmTGwgKShkSoVvLvqDNvJYa4iMftiQgZW7gG9tQaXjmrEk

• Add perp market pnl asset weights, replacing the "trusted market" flag (#391)
• Add tracking of realized PnL over a position's lifetime to perp positions (#392)
• Fix oracle staleness detection for pyth oracles (#393)

v0.2.0, 2023-1-13

Deployment: Jan 13, 2023 at 11:31:05 Central European Standard Time, https://explorer.solana.com/tx/4yGRUk6QwntvC4umECDPDZJNcbevSJ1fdZi75Mz9rGa9SHKzUtjMF3V5FCTkzBZqAETQTccqv63BYw6yX8JNxiur

• Add an optional security authority with the ability to halt a group or temporarily freeze user accounts.
• Extend perp pnl settle limits to apply to realized pnl
• Rename perp_liq_bankruptcy to perp_liq_quote_and_bankruptcy and extend it to cover taking over the liqee's negative pnl while the settle limits and perp settle health allow it.
• Perp bankruptcy is now allowed when settling is impossible, even when there are spot assets remaining.

Jan 5, 2023 Central European Standard Time

• Change max staleness slots from -1 to 600 for trustless token registering

Jan 4, 2023 Central European Standard Time

• Reduce only mode for tokens, and perp markets
• Perp settlement applies no loan origination fee

Dec 16, 2022 at 16:40 Central European Standard Time

Oct 8, 2022 at 14:38:31 Central European Summer Time

https://explorer.solana.com/tx/3m8EDohkgwJZyiwpGXztBWARWQVxyhnSNDVuH467D7FPS2wxJerr79HhdhDEed5hpConHgGsKHvxtW1HJP6GixX9

Oct 8, 2022 at 14:38:31 Central European Summer Time

https://explorer.solana.com/tx/3m8EDohkgwJZyiwpGXztBWARWQVxyhnSNDVuH467D7FPS2wxJerr79HhdhDEed5hpConHgGsKHvxtW1HJP6GixX9

• New ix TokenDepositIntoExisting

Sep 1, 2022 at 10:24:35 Central European Summer Time

https://explorer.solana.com/tx/3NnX13A3QwsREKKKo3iYR4jqgoongpCjdhhXuJ3y5iP6FwfPcNieVop623tpgPbyreC7m7KtphwdWdoHYE5YC394

• Add HealthRegionBegin, -End instructions
• Add explicit "oracle" account argument for TokenDeposit and TokenWithdraw instructions

Aug 20, 2022 at 19:58:29 Central European Summer Time

https://explorer.solana.com/tx/3R4frko1AekQKJmmQ5T6k3mdXF9uZVHTR7oocdspTPsc82xX7qrbgnG61r28UdhCxsjMxtQHgBqMc37FSvoHQfCN

• loan fee logging for off-chain services

Aug 18, 2022 at 17:17:40 Central European Summer Time

https://explorer.solana.com/tx/4Xnyswcwx98y6khw8ptNVmdhQZwJjuNy2BvmQg2pJayoThFiw8kmS2ecRAg5cg2DncvW3NQgn2vtP8mCUtv6Q1yB

• liq_token_bankruptcy: removed liab_token_index argument

• flash_loan: both begin and end instructions now require the group to be passed as the final trailing remaining account

• flash_loan: the end instruction now requires passing a FlashLoanType, so logging can distinguish swaps from other uses

• ts client changes Class Group banksMap is now private there are now getFirstBankByMint, getMintDecimals, getFirstBankByTokenIndex

  Class MangoAccount How to navigate

  • if a function is returning a I80F48, then usually the return value is in native quote or native token, unless specified
  • if a function is returning a number, then usually the return value is in ui token, unless specified
  • functions try to be explicit by having native or ui in the name to better reflect the value
  • some values might appear unexpected large or small, usually the doc contains a "note"

  getMaxSourceForTokenSwap takes sourceMintPk and targetMintPk instead of sourceTokenName and targetTokenName simHealthRatioWithTokenPositionChanges takes mintPk instead of tokenName getEquivalentNativeUsdcPosition -> getEquivalentUsdcPosition getEquivalentNativeTokenPosition -> getEquivalentTokenPosition getNative -> getTokenBalance getNativeDeposits -> getTokenDeposits getNativeBorrows -> getTokenBorrows getUi -> getTokenBalanceUi deposits -> getTokenDepositsUi borrows -> getTokenBorrowsUi getAssetsVal -> getAssetsValue getLiabsVal-> getLiabsValue

  Class TokenPosition ui -> balanceUi uiDeposits -> depositsUi uiBorrows -> borrowsUi

  Class MangoClient Constructor doesnt take groupName anymore, it optionally takes idsSource with the correct default already set tokenDeposit now takes mintPk instead of tokenName tokenDepositNative now takes mintPk instead of tokenName tokenWithdraw -- same as above -- tokenWithdrawNative -- same as above -- marginTrade takes inputMintPk and outputMintPk instead of inputToken and outputToken marginTrade takes flashLoanType as an argument

Aug 8, 2022 at 18:56:04 Central European Summer Time

https://explorer.solana.com/tx/yjZggRTrcDNquMkftNvBKLv77Dk4xp5yQPYXgN3qvBHTBWWJVhLPGHxqpGwosmEq3j8byHZMa13oxLLerBWUdgW

• improved logging for off chain services
• AccountCreate ix takes explicit input for sizes of various features

Aug 4, 2022 at 09:30:00 Central European Summer Time

ts/client changes

• Renamed getGroupForAdmin to getGroupForCreator.
• Renamd getInNativeUsdcUnits to getEquivalentNativeUsdcPosition.
• Renamd getMangoAccountForOwner to getMangoAccountsForOwner.
• getOrCreateMangoAccount and createMangoAccount take an explicit payer, previously it was just implicitly using the client provider's wallet
• Upgraded anchor npm package to latest.
• Anchor is now a git submodule.

New features

• Many rust liquidator improvements.
• MangoAccount is now dynamically sized and is expandable, there is a new AccountExpand ix, default size of account is 8 token positions, and 2 serum3 and 2 perp positions, expanded account has 16 token positions and 8 serum3 and 8 perps for now.
• Group account - has a creator field which is set on creation and should never change, is used for pda derivation, has a new fast_listing_admin field for governance, and also has a GroupEdit ix to change both the admin keys.
• Group account - has a version field, version 0 which is used in the setup scripts for now, means serum3 and perp market registration is forbidden, and multiple banks are prevented from been added.
• Each account now has a reserved space of around 256 bytes.
• flash_loan ix 1 and 2 are removed, flash loan 3 has been renamed to just FlashLoan.
• MintInfo, Serum3Market, and PerpMarket have a field called registration_time which is seconds from epoch, e.g. use case how freshly has the market been added, if it was recently added then liquidity might need some time to improve
• Removed fields and commented out code for address lookup tables.
• New TokenRegisterTrustless ix to register tokens trustlessly.
• Insurance fund is now disabled for trustless tokens.
• TokenRegistration and TokenRegisterTrustless ixs dont take a bank_num anymore, hardcoded to 0.
• Enforced a minimum maximum rate of 50% so that rates don't fall so low that they cannot recover.

Jul 14, 2022 at 09:33:52 Central European Summer Time

https://explorer.solana.com/tx/vZ5hP1vGp37fgzBfG9nb4nfA5ZdmYgk8meq53YPR4ReFxrcTwBUxTYBQUgnfAnq9u5fH36S3QTfb9mVkBXt5A6C

• Account data was rearranged to put fields that are often used with gPA first

• The CreateGroup instruction now requires an insurance_mint account, which is used as the mint for the insurance_vault token account it creates. Pass the USDC mint address.

• The token with token_index zero is now required to be the insurance_mint. Trying to register a different token for index zero will now fail.

• New instruction: LiqTokenBankruptcy to resolve insurance fund payouts and socialized loss for bankrupt accounts.

• The PerpCreateMarket instruction no longer requires a quote_token_index argument. The USDC/insurance mint is always used as quote currency for perps.

• The UpdateIndex instruction now requires the oracle account to be passed for logging purposes.

• New instructions: AccountEdit, TokenEdit, PerpEditMarket for reconfiguring.

• The delegate field on MangoAccount is now used and many instructions can be called by the account delegate.

• TokenUpdateIndexAndRate now maintains dynamic optimal and max rates for token interest rates.

• Renamed instructions:

  • create/close_group -> group_create/close
  • create/edit/close_account -> account_create/edit/close
  • update_index -> token_update_index
  • create/set_stub_oracle -> stub_oracle_create/set