Veerbal CPMM - Constant Product Market Maker on Solana

A production-grade Constant Product Market Maker (CPMM) implementation on Solana, following Raydium's architecture. Built with Anchor framework.

🚀 Live on Devnet

Detail	Value
Program ID	C6TCz92bpYjWgty9mwrAoNh7u6RSdmyBRB4dMoBGgMrA
Network	Solana Devnet
Status	✅ Deployed & Tested

View on Solscan

✨ Features

• Constant Product AMM - x * y = k invariant
• Multi-tier Fee System - Trade, protocol, fund, and creator fees
• Dual Swap Modes - Base input (exact input) and base output (exact output)
• Full Liquidity Management - Deposit, withdraw with slippage protection
• Fee Collection - Separate collection for protocol, fund, and creator fees
• Production Security - PDA validation, checked arithmetic, owner checks

🏗️ Architecture

┌─────────────────────────────────────────────────────────────────┐
│                         AMM Config                               │
│  (Fee rates, protocol/fund owners, pool creation settings)      │
└─────────────────────────────────────────────────────────────────┘
                                 │
                                 ▼
┌─────────────────────────────────────────────────────────────────┐
│                          Pool State                              │
│  ┌─────────────┐  ┌─────────────┐  ┌─────────────┐             │
│  │ Token 0     │  │ Token 1     │  │ LP Mint     │             │
│  │ Vault       │  │ Vault       │  │             │             │
│  └─────────────┘  └─────────────┘  └─────────────┘             │
│                                                                  │
│  Fee Accumulators: protocol_fee, fund_fee, creator_fee          │
└─────────────────────────────────────────────────────────────────┘

📦 Instructions

Instruction	Description
create_config	Create AMM configuration with fee rates
create_pool	Initialize a new liquidity pool
deposit	Add liquidity, receive LP tokens
withdraw	Remove liquidity, burn LP tokens
swap	Swap with exact input amount
swap_base_output	Swap for exact output amount
collect_protocol_fee	Collect accumulated protocol fees
collect_fund_fee	Collect accumulated fund fees
collect_creator_fee	Collect accumulated creator fees

🔐 Security Features

• ✅ PDA Validation - All derived accounts verified with seeds
• ✅ Checked Arithmetic - No overflow/underflow possible
• ✅ Owner Checks - Admin, protocol, fund, creator permissions
• ✅ Slippage Protection - Min/max amount enforcement
• ✅ K Invariant - Constant product verified on every swap
• ✅ Open Time Gating - Pools can have delayed activation

🧪 Testing

# Run all tests on localnet
anchor test

# Run tests on devnet (after deployment)
anchor test --skip-local-validator --skip-deploy

Test Coverage

Test Suite	Tests	Status
create-config	1	✅
create-pool	1	✅
deposit	1	✅
withdraw	1	✅
swap (base input)	1	✅
swap (base output)	1	✅
collect-fees	3	✅
Total	9	✅ All Passing

🛠️ Development Setup

Prerequisites

• Rust 1.70+
• Solana CLI 1.17+
• Anchor 0.30+
• Node.js 18+

Build

anchor build

Deploy to Devnet

# Configure for devnet
solana config set --url devnet

# Get devnet SOL
solana airdrop 2

# Deploy
anchor deploy

📁 Project Structure

programs/veerbal_cpmm/src/
├── lib.rs                 # Program entrypoint
├── constants.rs           # PDA seeds
├── error.rs              # Custom errors
├── states/
│   ├── config.rs         # AmmConfig account
│   └── pool.rs           # PoolState account
├── curve/
│   ├── constant_product.rs  # x*y=k math
│   └── fees.rs           # Fee calculations
└── instructions/
    ├── create_config.rs
    ├── initialize.rs     # create_pool
    ├── deposit.rs
    ├── withdraw.rs
    ├── swap_base_input.rs
    ├── swap_base_output.rs
    ├── collect_creator_fee.rs
    ├── collect_protocol_fee.rs
    └── collect_fund_fee.rs

📊 Fee Structure

Fees are calculated as parts per million (1,000,000 = 100%):

Fee Type	Description
trade_fee_rate	Total fee taken from swaps
protocol_fee_rate	Portion of trade fee to protocol
fund_fee_rate	Portion of trade fee to fund
creator_fee_rate	Portion of trade fee to pool creator

🙏 Acknowledgments

This implementation follows Raydium's CPMM architecture as a learning exercise.

📄 License

MIT