mint-redeem

User-facing mint and redeem at NAV. Keeper-only single-sided instructions. Market lifecycle.

The user-facing entry to Continuum. Holds the Market PDA, mints L+S SPL tokens, and exposes the privileged keeper-only single-sided ixns used inside arb cycles.

Devnet ID: 5MBjhNUUguLTPNR5WG6YBUUw7vUcxQ14ARw3NsS3rKu4

Accounts

Market PDA

seeds = [b"market", asset_symbol_bytes]

The central account for one synthetic asset.

Field	Type	Purpose
authority	Pubkey	Admin signer for update_market
fee_recipient	Pubkey	Receives mint/redeem fees (cUSDC ATA)
asset_symbol	string	Market ticker (e.g., "QQQ")
oracle_address	Pubkey	Pointer to OracleConfig PDA
oracle_type	enum	Pyth / Hermes / Switchboard / Manual
long_mint	Pubkey	L SPL mint
short_mint	Pubkey	S SPL mint
collateral_mint	Pubkey	cUSDC mint
collateral_vault	Pubkey	Token account holding all backing cUSDC
multi_collateral_enabled	bool	If true, multiple collateral types accepted
mint_fee_bps / redeem_fee_bps	u16	Fees in basis points (10 = 0.10%)
total_l_supply / total_s_supply	u64	Outstanding supply (6 decimals)
total_collateral	u64	Vault balance (6 decimals)
is_active	bool	If false, all mint/redeem reject
risk_state	enum	Normal / ProxyMode / Stress / Recovery
risk_state_updated_at	i64	Last mirror update unix-ts
user_twap_price	u64	Source of L_NAV (6 decimals)
twap_updated_at	i64	Last TWAP write unix-ts
oracle_confidence	u64	Last published confidence (6 decimals)
keeper_authority	Pubkey	Privileged signer for fee-free single-sided ops
dev_tax_pct	u8	Slice of fee routed to fee_recipient
yield_ceiling_bps / deployed_to_yield / yield_enabled / total_yield_harvested	various	Yield-deployment scaffolding (off by default)

UserCollateralPosition PDA

seeds = [b"user_collateral", owner, market]

Lazy account for users who opt into multi-collateral mode (where the market accepts more than one collateral type, weighted). Most markets don’t use this.

Field	Type	Purpose
owner	Pubkey	Position owner
market	Pubkey	Bound market
long_amount / short_amount	u64	Outstanding L+S held by this position
collateral_type	enum	Which collateral was used
collateral_mint	Pubkey	Which mint
collateral_amount	u64	Total cUSDC-equivalent deposited

FeeWaiver PDA

seeds = [b"fee_waiver", donor, market]

A grant created by donate_to_vault that lets the donor mint/redeem fee-free for some duration.

Field	Type	Purpose
donor	Pubkey	Waiver owner
market	Pubkey	Bound market
waiver_end_at	i64	Expiry unix-ts
total_donated	u64	Cumulative donation
total_gap_closed_bps	u64	Cumulative fee-equivalent saved

Instructions

User-facing (anyone can call)

mint_paired(collateral_amount: u64)

Deposits collateral_amount cUSDC, mints matched L and S to the user’s ATAs. Fee collateral_amount × mint_fee_bps / 10_000 goes to dev_token_account.

→ Full mint flow

redeem_paired(l_amount: u64, s_amount: u64)

Burns L and S in independent quantities, returns l_amount × L_NAV + s_amount × S_NAV - fee cUSDC.

→ Full redeem flow

mint_paired_with_waiver(collateral_amount: u64) / redeem_paired_with_waiver(l_amount: u64, s_amount: u64)

Same as the above but consume an active FeeWaiver to skip the fee. Requires the market vault to be over-collateralized (≥102%) for the waiver to apply.

donate_to_vault(amount: u64)

Donate cUSDC into the market’s collateral vault. Creates or extends a FeeWaiver for the donor. Used by power users to earn fee-free mint/redeem in exchange for boosting vault collateralization.

permissionless_burn

Burns excess L or S in the donor wallet without redemption. Used when token supply needs to drop without affecting the vault - niche flow, used rarely.

Keeper-privileged (signer = market.keeper_authority)

keeper_mint_single(is_long: bool, collateral_amount: u64)

Fee-free, single-sided mint at NAV. Deposits collateral_amount cUSDC, mints only the chosen side’s tokens at NAV. Used inside arb cycles.

Argument	Effect
is_long = true	Receive collateral_amount / L_NAV long tokens
is_long = false	Receive collateral_amount / S_NAV short tokens

No mint fee, no worst-case quoting markup, no q-imbalance check. Solvency is preserved across the arb cycle, not within this single instruction - see Solvency invariants.

keeper_redeem_single(is_long: bool, token_amount: u64)

Fee-free, single-sided redeem at NAV. Burns token_amount of the chosen side, returns token_amount × NAV cUSDC.

keeper_burn_single

Burn only - no cUSDC transfer. Used for residue cleanup in edge cases.

update_risk_state(new_state: RiskState)

Mirrors oracle health into the market’s risk_state field. Called by the keeper every cycle when the derived state differs.

withdraw_excess_to_clp

Sweeps excess vault balance (above 1.02 × NAV-weighted supply) to the CLP. Used during over-donation cleanup.

Admin (signer = market.authority)

initialize_market(asset_symbol, oracle_type, initial_l_price, initial_s_price, mint_fee_bps, redeem_fee_bps, keeper_authority)

Create a new market. Allocates Market PDA, creates L and S SPL mints (mint authority = market PDA), creates the collateral vault.

Argument	Type	Notes
asset_symbol	String	≤ 16 chars
oracle_type	enum	Pyth / Hermes / Switchboard / Manual
initial_l_price / initial_s_price	u64	6-decimal cUSDC. Constant-product anchor
mint_fee_bps / redeem_fee_bps	u16	Max 1000 (10%)
keeper_authority	Pubkey	Initial keeper signer pubkey

update_market(...) / update_keeper_authority(new_keeper) / update_market_oracle

Admin updates to fee, oracle pointer, keeper authority. Bound to market.authority.

configure_worst_case_quoting(enabled, normal_mult, proxy_mult, stress_mult)

Configure per-state confidence multipliers used in mint pricing markup.

configure_risk_fees

Per-state fee adjustments (rare; defaults are usually fine).

enable_multi_collateral, add_collateral_vault, update_collateral_vault

Multi-collateral mode (accept multiple stablecoin/equity tokens as collateral with weights). Off for most markets; enabled per-market by admin if needed.

Errors

Code	Name	Cause
6000	MarketNotActive	is_active = false
6001	InvalidAmount	Zero or negative
6002	InsufficientCollateral	Vault can’t cover redeem
6003	InvalidOracle	Oracle account mismatch
6004	UnsupportedOracleType	Bad oracle_type value
6005	OraclePriceUnavailable	Oracle paused or missing
6006	MathOverflow	Should be unreachable
6007	SymbolTooLong	Symbol > 16 chars
6008	FeeTooHigh	Fee bps > 1000 (10%)
6009	MintNotAllowedInStress	Risk state is Stress
6010	RedeemNotAllowedInStress	Reserved (redeem in Stress is currently allowed)
6011	ExceedsStressMintCap	Risk state is ProxyMode/Recovery and amount > throttled cap
6012	TwapNotAvailable	TWAP buffer not yet populated
6013	AlreadyEnabled	Multi-collateral already on
6014	MultiCollateralNotEnabled	Tried to add collateral type without enabling
6015	MaxCollateralTypesExceeded	More than 5 collateral types
6016	InvalidWeight	Multi-collateral weight not in [1, 10000] bps
6017	CollateralAlreadyExists	Duplicate collateral mint
6018	CollateralNotFound	Unknown collateral type
6019	BelowMinimum	Mint < 10 cUSDC
6020	UnauthorizedKeeper	Signer ≠ market.keeper_authority
6021	Unauthorized	Signer ≠ market.authority
6022	InsufficientLiquidCollateral	Yield deployed; recall first
6023	ExceedsYieldCeiling	Deployment > yield_ceiling_bps
6024	YieldManagementDisabled	yield_enabled = false
6025	RecallExceedsDeployed	Recall > deployed balance

→ Full error catalog

TypeScript

import { Program, BN } from "@coral-xyz/anchor";
import { PublicKey } from "@solana/web3.js";
import idl from "./mint_redeem.json";

const program = new Program(idl, provider);
const [marketPDA] = PublicKey.findProgramAddressSync(
  [Buffer.from("market"), Buffer.from("QQQ")],
  program.programId,
);

const market = await program.account.market.fetch(marketPDA);
console.log("L mint:", market.longMint.toBase58());
console.log("Risk:", Object.keys(market.riskState)[0]);

→ Full mint+redeem example

See also

Mint flow

Step-by-step mint_paired walkthrough.

Redeem flow

Step-by-step redeem_paired walkthrough.