> ## Documentation Index > Fetch the complete documentation index at: https://continuum-ec12e897.mintlify.site/llms.txt > Use this file to discover all available pages before exploring further. # Mint and redeem (full example) > Copy-pasteable TypeScript script that drips cUSDC, mints a paired QQQ position, then redeems it. End-to-end Bun + TypeScript example. \~60 lines including imports. Hits devnet, requires only a funded wallet. ## Prereqs * A devnet wallet at `~/.config/solana/id.json` with ≥ 0.5 SOL. * IDLs for `mint_redeem` and `faucet` in `./idl/`. * `bun add @coral-xyz/anchor@0.32 @solana/web3.js @solana/spl-token` ```bash theme={null} solana airdrop 1 ``` ## The script ```typescript theme={null} // mint-and-redeem.ts import { Connection, Keypair, PublicKey, Transaction, } from "@solana/web3.js"; import { AnchorProvider, Program, Wallet, BN } from "@coral-xyz/anchor"; import { TOKEN_PROGRAM_ID, ASSOCIATED_TOKEN_PROGRAM_ID, getAssociatedTokenAddressSync, createAssociatedTokenAccountIdempotentInstruction, } from "@solana/spl-token"; import fs from "fs"; import path from "path"; import mintRedeemIdl from "./idl/mint_redeem.json"; import faucetIdl from "./idl/faucet.json"; // ───────────────────────────────────────────────────────────────── const RPC_URL = "https://api.devnet.solana.com"; const SYMBOL = "QQQ"; const CUSDC_MINT = new PublicKey("B1c5xBYkp7AAemYhcu4VuH4CU4sPJDDuG2iuv6ts38uE"); const MINT_AMT = new BN(100_000_000); // 100 cUSDC (6 decimals) // ───────────────────────────────────────────────────────────────── async function main() { const conn = new Connection(RPC_URL, "confirmed"); const kp = Keypair.fromSecretKey(new Uint8Array(JSON.parse( fs.readFileSync(path.join(process.env.HOME!, ".config/solana/id.json"), "utf8"), ))); const wallet = new Wallet(kp); const provider = new AnchorProvider(conn, wallet, { commitment: "confirmed" }); const mr = new Program(mintRedeemIdl as any, provider); const faucet = new Program(faucetIdl as any, provider); // 1. Derive market and load it const [marketPDA] = PublicKey.findProgramAddressSync( [Buffer.from("market"), Buffer.from(SYMBOL)], mr.programId, ); const market = await mr.account.market.fetch(marketPDA); console.log(`✓ Market loaded: ${SYMBOL} risk=${Object.keys(market.riskState)[0]}`); // 2. ATAs const userCusdc = getAssociatedTokenAddressSync(CUSDC_MINT, kp.publicKey); const userLong = getAssociatedTokenAddressSync(market.longMint, kp.publicKey); const userShort = getAssociatedTokenAddressSync(market.shortMint, kp.publicKey); const devCusdc = getAssociatedTokenAddressSync(CUSDC_MINT, market.feeRecipient); // 3. Drip cUSDC if balance < 100 const balance = await conn.getTokenAccountBalance(userCusdc).catch(() => null); const lamports = balance ? Number(balance.value.amount) : 0; if (lamports < 100_000_000) { console.log("⌛ Dripping cUSDC from faucet…"); const [faucetState] = PublicKey.findProgramAddressSync( [Buffer.from("faucet"), CUSDC_MINT.toBuffer()], faucet.programId, ); const [dripRecord] = PublicKey.findProgramAddressSync( [Buffer.from("drip"), CUSDC_MINT.toBuffer(), kp.publicKey.toBuffer()], faucet.programId, ); const dripIx = await faucet.methods .drip() .accounts({ faucetState, dripRecord, mint: CUSDC_MINT, recipient: kp.publicKey, recipientAta: userCusdc, tokenProgram: TOKEN_PROGRAM_ID, associatedTokenProgram: ASSOCIATED_TOKEN_PROGRAM_ID, }) .instruction(); const tx = new Transaction().add( createAssociatedTokenAccountIdempotentInstruction( kp.publicKey, userCusdc, kp.publicKey, CUSDC_MINT, ), dripIx, ); const sig = await provider.sendAndConfirm(tx); console.log(` drip tx: ${sig}`); } // 4. Pre-create L and S ATAs idempotently const preIxs = [ createAssociatedTokenAccountIdempotentInstruction(kp.publicKey, userLong, kp.publicKey, market.longMint), createAssociatedTokenAccountIdempotentInstruction(kp.publicKey, userShort, kp.publicKey, market.shortMint), createAssociatedTokenAccountIdempotentInstruction(kp.publicKey, devCusdc, market.feeRecipient, CUSDC_MINT), ]; // 5. Mint paired const mintIx = await mr.methods .mintPaired(MINT_AMT) .accounts({ market: marketPDA, user: kp.publicKey, userCollateral: userCusdc, userLong, userShort, longMint: market.longMint, shortMint: market.shortMint, collateralVault: market.collateralVault, devTokenAccount: devCusdc, oracleAddress: market.oracleAddress, tokenProgram: TOKEN_PROGRAM_ID, }) .instruction(); const sig1 = await provider.sendAndConfirm(new Transaction().add(...preIxs, mintIx)); console.log(`✓ mint_paired: ${sig1}`); const longBal = await conn.getTokenAccountBalance(userLong); const shortBal = await conn.getTokenAccountBalance(userShort); console.log(` +${longBal.value.uiAmountString} ${SYMBOL}L`); console.log(` +${shortBal.value.uiAmountString} ${SYMBOL}S`); // 6. Wait one block, then redeem the full position await new Promise(r => setTimeout(r, 2000)); const lToBurn = new BN(longBal.value.amount); const sToBurn = new BN(shortBal.value.amount); const redeemIx = await mr.methods .redeemPaired(lToBurn, sToBurn) .accounts({ market: marketPDA, user: kp.publicKey, userCollateral: userCusdc, userLong, userShort, longMint: market.longMint, shortMint: market.shortMint, collateralVault: market.collateralVault, devTokenAccount: devCusdc, oracleAddress: market.oracleAddress, tokenProgram: TOKEN_PROGRAM_ID, }) .instruction(); const sig2 = await provider.sendAndConfirm(new Transaction().add(redeemIx)); console.log(`✓ redeem_paired: ${sig2}`); const finalCusdc = await conn.getTokenAccountBalance(userCusdc); console.log(` cUSDC balance: ${finalCusdc.value.uiAmountString}`); } main().catch(e => { console.error(e); process.exit(1); }); ``` Run: ```bash theme={null} bun mint-and-redeem.ts ``` Expected output (approximate): ``` ✓ Market loaded: QQQ risk=normal ⌛ Dripping cUSDC from faucet… drip tx: 4uzC...8ahP ✓ mint_paired: 9zKw...ePmQ +0.10406 QQQL +49.95 QQQS ✓ redeem_paired: 7vBN...kLh3 cUSDC balance: 999.78 ``` The 0.22 cUSDC delta is the round-trip fees: 0.10 cUSDC mint fee + 0.10 cUSDC redeem fee, plus tiny rounding losses. Net: \~22 bps for a full mint+redeem cycle. ## What just happened * Step 3 dripped 1000 cUSDC if needed. Subsequent runs skip this. * Step 5 deposited 100 cUSDC, received \~0.104 QQQL + \~49.95 QQQS, paid 0.10 cUSDC fee. * Step 6 burned the entire position, received \~99.78 cUSDC, paid 0.10 cUSDC fee. If `redeem_paired` ever returned an unexpected number, double-check `L_NAV` and `S_NAV` against the on-chain market state - see [Reading state](/flows/read-state). ## Asymmetric redeem Modify step 6 to redeem only one side: ```typescript theme={null} // Redeem only L (express bearish exit) const redeemIx = await mr.methods .redeemPaired(lToBurn, new BN(0)) .accounts({ ... }) .rpc(); ``` You'll receive `lToBurn × L_NAV - fee` cUSDC and still hold `sToBurn` worth of S. Sell it on the book when convenient, or hold for short exposure. ## Common errors | Error | Fix | | ------------------------------------ | -------------------------------------------------------------------------------- | | `MintNotAllowedInStress` | Wait for the keeper to push fresh observations and the risk state to recover. | | `OICapExceeded` | Pick a smaller `MINT_AMT`. | | `InsufficientCollateral` (mint side) | Your wallet's cUSDC balance is below `MINT_AMT`. Run faucet step. | | `BelowMinimum` | `MINT_AMT < 10_000_000`. Mint at least 10 cUSDC. | | `OraclePriceUnavailable` | Oracle is paused or `force_price` was used recently. Try another market or wait. | → [Full error catalog](/reference/errors) ## Extending the example * **Mint multiple markets in one tx**: build separate mint instructions for QQQ, SPY, etc., bundle in one Transaction. * **Reactive UI**: subscribe to `marketPDA` via `connection.onAccountChange` to refresh NAV automatically. * **Trade post-mint**: after step 5, immediately sell the short leg (book or committed order) to express a directional view - see [Trade flow](/flows/trade). ## See also Read NAV from on-chain TWAP, Hermes, and pool active bin. Use cases: arb bot, structured products, integrations.