Marinade Liquid Staking Referral Program

Wrapper functions over Marinade's liquid-staking-program main stake/unstake functions. Allows referrals from partners providing Marinade liquid-staking as a service to their users, getting a share of rewards.

Documentation: https://docs.marinade.finance/partnerships/referral-program

Example application that uses the referral program instructions can be checked at https://github.com/marinade-finance/liquid-staking-referral-example-app

Extension: stake-as-collateral Marinade program

This referral program also works as data register for the stake-as-collateral Marinade program. By staking a stake-account using a referral code configured for the stake-as-collateral Marinade program, a partner automatically register the deposited stake-account amount as part of the program, and the partner account as the monitored account.

By setting the field "validator_vote_key" the referral code restricts operations to only deposits of stake-accounts already delegated to that specific validator.

To develop

To build the program anchor build
To run the tests ./scripts/test.sh

For deploying used check scripts or run anchor deploy for local development on top of solana-test-validator.

This program interacts with Marinade via CPI calls

This program is also a good example on how to integrate Marinade from another on-chain program, to read Marinade data and use Marinade instructions.

Get true mSOL/SOL price

First you need to read Marinade state, example here: https://github.com/marinade-finance/liquid-staking-referral-program/blob/main/programs/marinade-referral/src/instructions/liquid_unstake.rs#L42

After reading Marinade state, you'll have marinade_state.msol_price: u64, and that's mSOL price in SOL multiplied by 0x1_0000_0000 (shifted), so to obtain mSOL/SOL as f64 you should do: let msol_price_f64: f64 = marinade_state.msol_price as f64 / 0x1_0000_0000 as f64, and then you get the true mSOL/SOL price.

How much SOL an amount of mSOL represents

You start with the previous example and some amount of mSOL-lamports, then:

let SOL_lamports = (mSOL_lamports as u128 * marinade_state.msol_price as u128 / 0x1_0000_0000 as u128) as u64

Note: mSOL uses 9 decimals, as SOL.

How much mSOL an amount of SOL represents

let mSOL_lamports = (mSOL_lamports as u128 * 0x1_0000_0000 as u128 / marinade_state.msol_price as u128) as u64

Derive mSOL/USDC price

If you have access to SOL/USDC price from an oracle, the best way to avoid losses due to price inaccuracies is to derive mSOL/USDC from SOL/USDC and Marinade true price

let mSOL_usdc = (SOL_usdc as u128 * marinade_state.msol_price as u128 / 0x1_0000_0000 as u128) as u64

Notes

msol_price is computed here https://github.com/marinade-finance/liquid-staking-program/blob/main/programs/marinade-finance/src/state/update.rs#L247 after each epoch ends, when SOL staking rewards are added to the pool. You can also use the fns marinade_state.calc_lamports_from_msol_amount() and marinade_state.calc_msol_from_lamports() for better precision computing mSOL from SOL and vice versa.

Scan vulnerabilities

# install Soteria
cd ~
sh -c "$(curl -k https://supercompiler.xyz/install)"
export PATH=$HOME/soteria-linux-develop/bin/:$PATH
cd -

# check vulnerabilities
cd programs/marinade-referral
# check vulnerabilities in selected library codes
soteria .
# check vulnerabilities in all library codes
soteria -analyzeAll .

marinade-finance/liquid-staking-referral-program