Serum Governance Token Program 💧

This program allows locking and vesting of SRM/MSRM tokens to receive gSRM tokens, which can then be used to take part in the Serum DAO Governance.

How it works?

Prerequisites

Users will need to initialize a User account for themselves using the init_user instruction before they can execute further instructions from the program.

Locking SRM/MSRM 🔒

Users can then lock their SRM and MSRM tokens using the deposit_locked_srm and deposit_locked_msrm instructions respectively, which would then,

1. Create a LockedAccount for the deposited tokens.
2. Issue a ClaimTicket, which can be used to claim the gSRM tokens, after CLAIM_DELAY seconds have passed since creation, using the claim instruction.

The claimed gSRM can also be used to redeem the SRM/MSRM tokens that were locked. This is done by the burn_locked_gsrm instruction, which also takes in the LockedAccount to make sure misuse of the claimed gSRM and allows redeeming of tokens in batches if required. The burn_locked_gsrm instruction would then,

1. Update LockedAccount according to the amount of gSRM burned.
2. Issue a RedeemTicket, which can be used to receive the SRM/MSRM tokens back, after REDEEM_DELAY seconds have passed since creation, using the redeem_srm and redeem_msrm instructions.

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Vesting SRM 📈

Users can vest SRM for another user using the deposit_vest_srm instruction, which would then,

1. Create a VestAccount for the deposited tokens. This also stores information such as CLIFF_PERIOD and LINEAR_VESTING_PERIOD which are configurable constants in the program.
2. Issue a ClaimTicket, which can be used to claim the gSRM tokens, after CLAIM_DELAY seconds have passed since creation, using the claim instruction.

The owner of the VestAccount can then redeem SRM tokens using the claimed gSRM tokens, following a linear vesting schedule. This is done using the burn_vest_gsrm instruction, which takes in the VestAccount to calculate the amount of SRM that has vested. The burn_vest_gsrm instruction would then,

1. Update VestAccount according to the amount of gSRM burned.
2. Issue a RedeemTicket, which can be used to receive the SRM tokens, after REDEEM_DELAY seconds have passed since creation, using the redeem_srm instruction. The amount of SRM tokens that can be redeemed is calculated using the CLIFF_PERIOD, LINEAR_VEST_PERIOD, clock.unix_timestamp and VestAccount.gsrm_burned.

Addresses:

Main serum_gov Instance

• Program ID: FBcTbv5rLy7MQkkAU2uDzAEjjZDeu2BVLVRJGxyz6hnV
• Init Signature: 21K6657LRHDnuwDnP53ncM1UKBVhViVvmtyxUxNwGyomph4hUA6piumgrroUmoBUGeDnR9nhP83QV6CiT5prVp8C
• gSRM Mint: G6DyPo5NjpW5kAvZwvM7hx1KeTUgGmuykPMdKuwWRvER

Test serum_gov Instance

These should be used for testing on mainnet-beta and devnet.

• Program ID: EDV6BNBY6pLb4aCJCc5LnELdA9xTywnDZ2m3cWfCbpwZ
• SRM: 2xKASju8WCUK6zC54TP4h6WhHdqdcWMNoFpqAdvXvHV6
• MSRM: BoFBTKtdMXC4YALXtNV5tmw1xNWtjxTrR17PvZGmKhmP

Realms

SPL Governance: G41fmJzd29v7Qmdi8ZyTBBYa98ghh3cwHBTexqCG1PQJ

• Mainnet Realm: G3FBDbsRiJjcjYuazrH6mRShFMjr9RQn4SxVVxocJavA
• Council Token: GwNuCfsN5bEdtQyghvyqEU8BMornrpnGiGv8tBjTPj3Q

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• Devnet Realm: 439YMWzq623G6EMowVjTFcHnn4y13tBa876NKdzvjcEr
• Mainnet TEST Realm: 3pFLtCJzoewv9aB4JZDhGdRb4xQeJRtVpd66QgpNTDwP