SolvBTC Program

The SolvBTC Program is a Solana-based implementation that combines vault management, minter management, and oracle functionality into a single program. It enables users to deposit tokens, mint yield-bearing derivatives, and withdraw funds with cryptographic verification.

Program Architecture

The program consists of three main components:

1. Vault Management

Handles liquidity deposits, withdrawals, and token minting/burning with NAV-based pricing.

2. Minter Manager

Controls mint authority and whitelist management for authorized minters.

3. Oracle Integration

Provides NAV (Net Asset Value) updates with signature verification for accurate pricing.

Instructions

Vault Instructions

vault_initialize

Initialize a new vault with admin, fee settings, and oracle configuration.

• Parameters: admin, fee_receiver, treasurer, verifier (64-byte ECDSA public key), oracle_manager, nav, fee (basis points)

vault_deposit

Deposit tokens to mint target tokens based on current NAV.

• Parameters: amount, min_amount_out (slippage protection)

vault_withdraw_request

Create a withdrawal request that burns target tokens and records withdrawal intent.

• Parameters: request_hash (32-byte unique identifier), amount (shares to burn)

vault_withdraw

Process a withdrawal request with cryptographic signature verification.

• Parameters: hash (request hash), signature (64-byte ECDSA signature)

Administrative Instructions

vault_transfer_admin

Transfer vault admin privileges to a new address.

vault_add_currency / vault_remove_currency

Manage supported deposit currencies for the vault.

vault_set_withdraw_fee

Set withdrawal fee in basis points (e.g., 50 = 0.5%).

vault_set_fee_receiver

Update the address that receives withdrawal fees.

vault_set_treasurer

Update the treasurer address for deposits.

vault_set_verifier

Update the ECDSA public key used for withdrawal signature verification.

Oracle Instructions

vault_set_nav

Update the NAV (Net Asset Value) of the vault. Must be >= 1 Bitcoin (100,000,000 base units).

vault_set_nav_manager

Transfer oracle management privileges to a new address.

Minter Manager Instructions

minter_manager_initialize

Initialize a minter manager for a specific vault.

minter_manager_add_minter_by_admin / minter_manager_remove_minter_by_admin

Add or remove addresses from the authorized minters list (max 10 minters).

minter_manager_mint_to

Mint tokens to a specified address (requires minter authorization).

minter_manager_transfer_admin

Transfer minter manager admin privileges.

Key Features

ECDSA Signature Verification

Withdrawals require cryptographic signatures from authorized verifiers, ensuring secure fund management.

NAV-Based Pricing

All deposits and withdrawals are calculated based on the current Net Asset Value, providing fair pricing.

Multi-Currency Support

Vaults can accept deposits in multiple supported currencies.

Slippage Protection

Deposits include minimum output amount protection against price movements.

Fee Management

Configurable withdrawal fees with dedicated fee receiver addresses.

Account Rent Optimization

Withdrawal request accounts are resized and rent-refunded upon completion.

Security Considerations

• All admin functions require proper authorization
• Withdrawal signatures are cryptographically verified
• NAV updates have minimum value validation (>= 1 Bitcoin)
• Account seeds prevent unauthorized access to user funds
• Slippage protection prevents sandwich attacks on deposits

Testing

The test suite covers:

• Complete vault lifecycle (initialize → deposit → withdraw request → withdraw)
• Admin function authorization and transfers
• Error conditions and edge cases
• Multi-vault scenarios
• Fee calculations and transfers
• Oracle NAV management

Run tests with: anchor test