Solana에서의 인도 대 결제(DvP)

┌─────────────────────────────────────────────────────┐
│              ONE ATOMIC TRANSACTION                 │
├─────────────────────────────────────────────────────┤
│                                                     │
│   Investor ──── $95,000 USDC ────→ Issuer           │
│                                                     │
│   Issuer ─────── 100 Bonds ──────→ Investor         │
│                                                     │
│   ✅ Both happen together, or neither happens       │
│                                                     │
└─────────────────────────────────────────────────────┘

┌─────────────────────────────────────────────────────┐
│                   DvP Settlement Flow               │
├─────────────────────────────────────────────────────┤
│                                                     │
│  1. Bond Creation (Token-2022 + Extensions)         │
│     └─> Default State: FROZEN                       │
│     └─> Freeze Authority: Settlement Agent/Issuer   │
│     └─> Token metadata: Bond information            │
│                                                     │
│  2. Whitelist Participants                          │
│     └─> Whitelist issuer, mint bonds                │
│     └─> Whitelist investor for trading              │
│                                                     │
│  3. Delegate Authority to settlement agent          │
│     ├─> Issuer delegates bonds                      │
│     └─> Investor delegates USDC                     │
│                                                     │
│  4. Atomic Settlement                               │
│     ├─> Transfer bonds: Issuer → Investor           │
│     └─> Transfer USDC: Investor → Issuer            │
│         (Both or neither - atomic)                  │
│                                                     │
└─────────────────────────────────────────────────────┘

┌─────────┐     delegates      ┌──────────────────┐     delegates     ┌──────────┐
│ Issuer  │ ─────────────────→ │ Settlement Agent │ ←──────────────── │ Investor │
└─────────┘    (bonds)         │    (trusted)     │      (USDC)       └──────────┘
                               │                  │
                               │  executes atomic │
                               │   transaction    │
                               └──────────────────┘

import {
  Connection,
  Keypair,
  PublicKey,
  Transaction,
  SystemProgram,
  sendAndConfirmTransaction,
  LAMPORTS_PER_SOL
} from "@solana/web3.js";
import {
  approve,
  thawAccount,
  freezeAccount,
  getAccount,
  getAssociatedTokenAddress,
  getOrCreateAssociatedTokenAccount,
  createTransferCheckedInstruction,
  TOKEN_2022_PROGRAM_ID,
  TOKEN_PROGRAM_ID,
  ExtensionType,
  getMintLen,
  createInitializeMintInstruction,
  createInitializeDefaultAccountStateInstruction,
  createInitializeMetadataPointerInstruction,
  AccountState,
  LENGTH_SIZE,
  TYPE_SIZE
} from "@solana/spl-token";
import {
  pack,
  createInitializeInstruction,
  createUpdateFieldInstruction,
  type TokenMetadata
} from "@solana/spl-token-metadata";

interface BondTokenConfig {
  name: string;
  symbol: string;
  decimals: number;
  maturityDate: Date;
  couponRate: number;
  isin?: string;
  description?: string;
}

interface DvPParams {
  bondMint: PublicKey;
  usdcMint: PublicKey;
  bondAmount: number;
  usdcAmount: number;
  issuer: PublicKey;
  investor: PublicKey;
}

interface DvPResult {
  signature: string;
  bondAmount: number;
  usdcAmount: number;
  timestamp: Date;
  bondsSent: boolean;
  usdcReceived: boolean;
}

/**
 * DvP Engine - Reference Implementation
 *
 * This implementation demonstrates Delivery vs Payment (DvP) on Solana using:
 * - SPL Token 2022 with Default Account State extension for bonds
 * - Standard USDC for settlement
 * - Atomic transactions for settlement
 * - Delegated authority pattern for settlement agent
 *
 * ⚠️ IMPORTANT: This is a reference implementation for educational purposes.
 * Do NOT use in production without proper audits and security reviews.
 */
export class DvPEngine {
  private connection: Connection;
  private settlementAgent: Keypair;

  constructor(connection: Connection, settlementAgent: Keypair) {
    this.connection = connection;
    this.settlementAgent = settlementAgent;
  }

  /**
   * Creates a bond token using Token-2022 with Default Account State and Metadata extensions
   * Bonds are frozen by default and require whitelisting
   * Metadata is stored onchain using the TokenMetadata extension
   */
  async createBondToken(
    issuer: Keypair,
    config: BondTokenConfig
  ): Promise<PublicKey> {
    console.log("\n🏗️  Creating bond token with Token-2022 + Metadata...");
    console.log(`   Name: ${config.name}`);
    console.log(`   Symbol: ${config.symbol}`);
    console.log(`   Coupon Rate: ${config.couponRate}%`);
    console.log(
      `   Maturity: ${config.maturityDate.toISOString().split("T")[0]}`
    );

    // Generate new keypair for the mint
    const mintKeypair = Keypair.generate();

    // Create the metadata object to get EXACT size
    const metadata: TokenMetadata = {
      mint: mintKeypair.publicKey,
      name: config.name,
      symbol: config.symbol,
      uri: config.description || "",
      additionalMetadata: [
        ["couponRate", config.couponRate.toString()],
        ["maturityDate", config.maturityDate.toISOString()],
        ["isin", config.isin || ""]
      ]
    };

    // Size of metadata using pack() - this gives us the EXACT size
    const metadataLen = pack(metadata).length;

    // Size of MetadataExtension: 2 bytes for type, 2 bytes for length
    const metadataExtension = TYPE_SIZE + LENGTH_SIZE;

    // Calculate space for mint with extensions (without metadata)
    const extensions = [
      ExtensionType.DefaultAccountState,
      ExtensionType.MetadataPointer
    ];
    const spaceWithoutMetadataExtension = getMintLen(extensions);

    // Calculate rent for FULL space (mint + metadata + TLV overhead)
    const lamports = await this.connection.getMinimumBalanceForRentExemption(
      spaceWithoutMetadataExtension + metadataLen + metadataExtension
    );

    // Build transaction following the official docs pattern
    const transaction = new Transaction().add(
      // 1. Create account with just base space, but rent for full space
      SystemProgram.createAccount({
        fromPubkey: issuer.publicKey,
        newAccountPubkey: mintKeypair.publicKey,
        space: spaceWithoutMetadataExtension, // Just base space
        lamports, // But rent for full space (includes metadata + TLV)
        programId: TOKEN_2022_PROGRAM_ID
      }),
      // 2. Initialize metadata pointer (before mint!)
      createInitializeMetadataPointerInstruction(
        mintKeypair.publicKey,
        issuer.publicKey, // authority
        mintKeypair.publicKey, // metadata address (self)
        TOKEN_2022_PROGRAM_ID
      ),
      // 3. Initialize default account state (frozen)
      createInitializeDefaultAccountStateInstruction(
        mintKeypair.publicKey,
        AccountState.Frozen,
        TOKEN_2022_PROGRAM_ID
      ),
      // 4. Initialize mint
      createInitializeMintInstruction(
        mintKeypair.publicKey,
        config.decimals,
        issuer.publicKey, // mint authority
        this.settlementAgent.publicKey, // freeze authority
        TOKEN_2022_PROGRAM_ID
      ),
      // 5. Initialize metadata
      createInitializeInstruction({
        programId: TOKEN_2022_PROGRAM_ID,
        mint: mintKeypair.publicKey,
        metadata: mintKeypair.publicKey,
        name: config.name,
        symbol: config.symbol,
        uri: config.description || "",
        mintAuthority: issuer.publicKey,
        updateAuthority: this.settlementAgent.publicKey
      })
    );

    // 6. Add custom metadata fields
    for (const [field, value] of metadata.additionalMetadata) {
      if (value) {
        transaction.add(
          createUpdateFieldInstruction({
            programId: TOKEN_2022_PROGRAM_ID,
            metadata: mintKeypair.publicKey,
            updateAuthority: this.settlementAgent.publicKey,
            field: field,
            value: value
          })
        );
      }
    }

    // Send transaction
    await sendAndConfirmTransaction(
      this.connection,
      transaction,
      [issuer, mintKeypair, this.settlementAgent],
      { commitment: "confirmed" }
    );

    console.log(`✅ Bond token created: ${mintKeypair.publicKey.toBase58()}`);
    console.log(`   Mint Authority: ${issuer.publicKey.toBase58()}`);
    console.log(
      `   Freeze Authority: ${this.settlementAgent.publicKey.toBase58()}`
    );
    console.log(
      `   Update Authority: ${this.settlementAgent.publicKey.toBase58()}`
    );
    console.log(`   Default State: FROZEN (requires whitelisting)`);
    console.log(`   ✨ Metadata: ON-CHAIN`);

    return mintKeypair.publicKey;
  }

  /**
   * Whitelists a participant by creating their bond account and thawing it
   */
  async whitelist(
    bondMint: PublicKey,
    participant: PublicKey,
    payer: Keypair
  ): Promise<PublicKey> {
    console.log(`\n🔓 Whitelisting participant: ${participant.toBase58()}`);

    // Get or create token account (will be frozen by default if new)
    const bondAccount = await getOrCreateAssociatedTokenAccount(
      this.connection,
      payer,
      bondMint,
      participant,
      false,
      "confirmed",
      { commitment: "confirmed" },
      TOKEN_2022_PROGRAM_ID
    );

    console.log(`   Account: ${bondAccount.address.toBase58()}`);

    // Only thaw if the account is frozen
    if (bondAccount.isFrozen) {
      await thawAccount(
        this.connection,
        this.settlementAgent,
        bondAccount.address,
        bondMint,
        this.settlementAgent,
        [],
        { commitment: "confirmed" },
        TOKEN_2022_PROGRAM_ID
      );
      console.log(`✅ Participant whitelisted and account thawed`);
    } else {
      console.log(
        `✅ Participant already whitelisted (account was not frozen)`
      );
    }

    return bondAccount.address;
  }

  /**
   * Removes an investor from whitelist by freezing their account
   */
  async removeFromWhitelist(
    bondMint: PublicKey,
    investorBondAccount: PublicKey
  ): Promise<void> {
    console.log(
      `\n🔒 Removing from whitelist: ${investorBondAccount.toBase58()}`
    );

    await freezeAccount(
      this.connection,
      this.settlementAgent,
      investorBondAccount,
      bondMint,
      this.settlementAgent,
      [],
      { commitment: "confirmed" },
      TOKEN_2022_PROGRAM_ID
    );

    console.log(`✅ Account frozen and removed from whitelist`);
  }

  /**
   * Delegates authority to settlement agent for a token account
   */
  async delegateAuthority(
    owner: Keypair,
    tokenAccount: PublicKey,
    amount: number,
    decimals: number,
    programId: PublicKey
  ): Promise<void> {
    const amountWithDecimals = amount * Math.pow(10, decimals);

    console.log(`\n🤝 Delegating authority...`);
    console.log(`   Account: ${tokenAccount.toBase58()}`);
    console.log(`   Amount: ${amount}`);
    console.log(`   Delegate: ${this.settlementAgent.publicKey.toBase58()}`);

    await approve(
      this.connection,
      owner,
      tokenAccount,
      this.settlementAgent.publicKey,
      owner.publicKey,
      amountWithDecimals,
      [],
      { commitment: "confirmed" },
      programId
    );

    console.log(`✅ Authority delegated`);
  }

  /**
   * Executes atomic DvP settlement
   * Both bond and USDC transfers happen in a single transaction
   */
  async executeDvP(params: DvPParams): Promise<DvPResult> {
    console.log(`\n⚡ Executing atomic DvP settlement...`);
    console.log(`   Bonds: ${params.bondAmount}`);
    console.log(`   USDC: ${params.usdcAmount}`);
    console.log(`   Issuer: ${params.issuer.toBase58()}`);
    console.log(`   Investor: ${params.investor.toBase58()}`);

    // Get all associated token account addresses (deterministically)
    const issuerBondAccount = await getAssociatedTokenAddress(
      params.bondMint,
      params.issuer,
      false, // allowOwnerOffCurve
      TOKEN_2022_PROGRAM_ID
    );

    const investorBondAccount = await getAssociatedTokenAddress(
      params.bondMint,
      params.investor,
      false,
      TOKEN_2022_PROGRAM_ID
    );

    const investorUSDCAccount = await getAssociatedTokenAddress(
      params.usdcMint,
      params.investor,
      false,
      TOKEN_PROGRAM_ID
    );

    const issuerUSDCAccount = await getAssociatedTokenAddress(
      params.usdcMint,
      params.issuer,
      false,
      TOKEN_PROGRAM_ID
    );

    // Build atomic transaction
    const transaction = new Transaction();

    // Add bond transfer instruction (Issuer → Investor)
    transaction.add(
      this.createTransferCheckedIx(
        issuerBondAccount,
        params.bondMint,
        investorBondAccount,
        params.bondAmount,
        0, // bonds have 0 decimals
        TOKEN_2022_PROGRAM_ID
      )
    );

    // Add USDC transfer instruction (Investor → Issuer)
    transaction.add(
      this.createTransferCheckedIx(
        investorUSDCAccount,
        params.usdcMint,
        issuerUSDCAccount,
        params.usdcAmount * 1e6, // USDC has 6 decimals
        6,
        TOKEN_PROGRAM_ID
      )
    );

    // Send atomic transaction
    console.log(`\n📡 Sending atomic transaction...`);
    const signature = await sendAndConfirmTransaction(
      this.connection,
      transaction,
      [this.settlementAgent],
      { commitment: "confirmed" }
    );

    console.log(`✅ DvP SETTLED ATOMICALLY`);
    console.log(`   Signature: ${signature}`);
    console.log(`   Bonds transferred: ${params.bondAmount}`);
    console.log(`   USDC transferred: ${params.usdcAmount}`);

    return {
      signature,
      bondAmount: params.bondAmount,
      usdcAmount: params.usdcAmount,
      timestamp: new Date(),
      bondsSent: true,
      usdcReceived: true
    };
  }

  /**
   * Helper to create a transferChecked instruction using delegated authority
   */
  private createTransferCheckedIx(
    source: PublicKey,
    mint: PublicKey,
    destination: PublicKey,
    amount: number,
    decimals: number,
    programId: PublicKey
  ) {
    return createTransferCheckedInstruction(
      source,
      mint,
      destination,
      this.settlementAgent.publicKey, // Settlement agent acts via delegation
      amount,
      decimals,
      [],
      programId
    );
  }

  /**
   * Gets account information for inspection
   */
  async getAccountInfo(tokenAccount: PublicKey, programId: PublicKey) {
    const account = await getAccount(
      this.connection,
      tokenAccount,
      "confirmed",
      programId
    );

    return {
      address: tokenAccount,
      mint: account.mint,
      owner: account.owner,
      amount: account.amount,
      isFrozen: account.isFrozen
    };
  }

  /**
   * Airdrops SOL for testing (devnet/testnet only)
   */
  async airdropSol(publicKey: PublicKey, amount: number): Promise<void> {
    console.log(`\n💰 Airdropping ${amount} SOL to ${publicKey.toBase58()}`);
    const signature = await this.connection.requestAirdrop(
      publicKey,
      amount * LAMPORTS_PER_SOL
    );
    await this.connection.confirmTransaction(signature, "confirmed");
    console.log(`✅ Airdrop complete`);
  }
}

import { Connection, Keypair, clusterApiUrl, PublicKey } from "@solana/web3.js";
import {
  getOrCreateAssociatedTokenAccount,
  mintTo,
  TOKEN_2022_PROGRAM_ID,
  TOKEN_PROGRAM_ID
} from "@solana/spl-token";

// Standard USDC mint address on mainnet
const USDC_MINT = new PublicKey("EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v");

async function runDvPExample() {
  // 1. Initialize connection and keypairs
  const connection = new Connection(clusterApiUrl("devnet"));

  const settlementAgent = Keypair.generate();
  const issuer = Keypair.generate();
  const investor = Keypair.generate();

  console.log("🚀 Starting DvP Workflow\n");

  // 2. Initialize DvP engine
  const dvp = new DvPEngine(connection, settlementAgent);

  // 3. Airdrop SOL for transaction fees (devnet only)
  await dvp.airdropSol(settlementAgent.publicKey, 2);
  await dvp.airdropSol(issuer.publicKey, 2);
  await dvp.airdropSol(investor.publicKey, 2);

  // 4. Create commercial paper (bond) token with metadata
  const bondMint = await dvp.createBondToken(issuer, {
    name: "ACME Commercial Paper Series A",
    symbol: "ACME-CP-A",
    decimals: 0, // Bonds are whole units
    maturityDate: new Date("2026-12-31"),
    couponRate: 4.5, // 4.5% annual coupon
    isin: "US0000000001",
    description: "https://acme.com/bonds/series-a"
  });

  // 5. Whitelist issuer and mint bonds
  console.log("\n🏦 Whitelisting issuer for bond holding...");
  const issuerBondAccount = await dvp.whitelist(
    bondMint,
    issuer.publicKey,
    settlementAgent
  );

  console.log("\n💰 Minting 100 bonds to issuer...");
  await mintTo(
    connection,
    issuer,
    bondMint,
    issuerBondAccount,
    issuer,
    100, // 100 bonds
    [],
    { commitment: "confirmed" },
    TOKEN_2022_PROGRAM_ID
  );

  // 6. Whitelist investor (KYC/AML approved)
  await dvp.whitelist(bondMint, investor.publicKey, settlementAgent);

  // 7. Setup USDC for investor
  console.log("\n💵 Setting up USDC for investor...");
  const investorUSDCAccount = await getOrCreateAssociatedTokenAccount(
    connection,
    investor,
    USDC_MINT,
    investor.publicKey,
    false,
    "confirmed",
    { commitment: "confirmed" },
    TOKEN_PROGRAM_ID
  );

  // In production, investor would acquire USDC from exchange/market
  // For this example, assume they have 95,000 USDC

  // 8. Delegate authority to settlement agent
  console.log("\n🔐 Delegating authority to settlement agent...");

  // Issuer delegates bonds
  await dvp.delegateAuthority(
    issuer,
    issuerBondAccount,
    100, // 100 bonds
    0, // 0 decimals
    TOKEN_2022_PROGRAM_ID
  );

  // Investor delegates USDC
  await dvp.delegateAuthority(
    investor,
    investorUSDCAccount.address,
    95000, // $95,000
    6, // USDC decimals
    TOKEN_PROGRAM_ID
  );

  // 9. Execute atomic DvP settlement
  console.log("\n⚡ Executing atomic DvP settlement...");
  console.log("   Terms: 100 bonds @ $950 each = $95,000\n");

  const result = await dvp.executeDvP({
    bondMint,
    usdcMint: USDC_MINT,
    bondAmount: 100,
    usdcAmount: 95000,
    issuer: issuer.publicKey,
    investor: investor.publicKey
  });

  console.log("\n✨ Settlement complete!");
  console.log(`   Transaction: ${result.signature}`);
  console.log(`   Timestamp: ${result.timestamp.toISOString()}`);
  console.log(
    `   View on explorer: https://explorer.solana.com/tx/${result.signature}?cluster=devnet`
  );

  // 10. Verify balances
  console.log("\n🔍 Verifying final balances...");

  const issuerBondInfo = await dvp.getAccountInfo(
    issuerBondAccount,
    TOKEN_2022_PROGRAM_ID
  );
  console.log(`   Issuer bonds: ${issuerBondInfo.amount}`);

  const investorBondInfo = await dvp.getAccountInfo(
    await getAssociatedTokenAddress(
      bondMint,
      investor.publicKey,
      false,
      TOKEN_2022_PROGRAM_ID
    ),
    TOKEN_2022_PROGRAM_ID
  );
  console.log(`   Investor bonds: ${investorBondInfo.amount}`);
  console.log(`   Investor frozen: ${investorBondInfo.isFrozen}`);
}

// Run the example
runDvPExample().catch(console.error);

await dvp.removeFromWhitelist(bondMint, investorBondAccount);