PumpSwap (AMM)

PumpSwap program is a constant-product AMM deployed at address pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA on both Mainnet and Devnet.

State

GlobalConfig

The global configuration of the program is stored in the only GlobalConfig account, whose address is ADyA8hdefvWN2dbGGWFotbzWxrAvLW83WG6QCVXvJKqw (PDA-derived from ["global_config"] seeds). The content of this account can be examined on Mainnet Solscan:

{
  "admin": {
    "type": "pubkey",
    "data": "FFWtrEQ4B4PKQoVuHYzZq8FabGkVatYzDpEVHsK5rrhF"
  },
  "lp_fee_basis_points": {
    "type": "u64",
    "data": "20"
  },
  "protocol_fee_basis_points": {
    "type": "u64",
    "data": "5"
  },
  "disable_flags": {
    "type": "u8",
    "data": 0
  },
  "protocol_fee_recipients": {
    "type": {
      "array": [
        "pubkey",
        8
      ]
    },
    "data": [
      "62qc2CNXwrYqQScmEdiZFFAnJR262PxWEuNQtxfafNgV",
      "7VtfL8fvgNfhz17qKRMjzQEXgbdpnHHHQRh54R9jP2RJ",
      "7hTckgnGnLQR6sdH7YkqFTAA7VwTfYFaZ6EhEsU3saCX",
      "9rPYyANsfQZw3DnDmKE3YCQF5E8oD89UXoHn9JFEhJUz",
      "AVmoTthdrX6tKt4nDjco2D775W2YK3sDhxPcMmzUAmTY",
      "FWsW1xNtWscwNmKv6wVsU1iTzRN6wmmk3MjxRP5tT7hz",
      "G5UZAVbAf46s7cKWoyKu8kYTip9DGTpbLZ2qa9Aq69dP",
      "JCRGumoE9Qi5BBgULTgdgTLjSgkCMSbF62ZZfGs84JeU"
    ]
  }
}

• The admin pubkey is the pubkey authorized to update the GlobalConfig account.
• The lp_fee_basis_points == 20 bps and protocol_fee_basis_points == 5 bps are the fees charged by the AMM for each buy / sell instruction. No fees are charged on deposit / withdraw instruction.
• The disable_flags is a bitmask that can be used to disable certain instructions. Currently, it is not used.
• The protocol_fee_recipients is an array of 8 pubkeys which receive the protocol fees on each buy / sell instruction. Any of the 8 pubkeys can be used in a buy / sell instruction and it is recommended to randomly choose a different one for each buy / sell instruction to improve program tx throughput.

Pool

Each pool is represented by a Pool account, which is PDA-derived from the ["pool", index, creator, baseMint, quoteMint] seeds. An example Pool account data can be found at https://solscan.io/account/GseMAnNDvntR5uFePZ51yZBXzNSn7GdFPkfHwfr6d77J#accountData:

{
  "pool_bump": {
    "type": "u8",
    "data": 254
  },
  "index": {
    "type": "u16",
    "data": "0"
  },
  "creator": {
    "type": "pubkey",
    "data": "9XDYTfQKwW8sHPqnFdUreMmtmffmkHVPGTNV2e3LKxNW"
  },
  "base_mint": {
    "type": "pubkey",
    "data": "7LSsEoJGhLeZzGvDofTdNg7M3JttxQqGWNLo6vWMpump"
  },
  "quote_mint": {
    "type": "pubkey",
    "data": "So11111111111111111111111111111111111111112"
  },
  "lp_mint": {
    "type": "pubkey",
    "data": "6dpnPD6UWDw5hbJEuPQwnCCMba1JYwHANKuL6GQ6otAH"
  },
  "pool_base_token_account": {
    "type": "pubkey",
    "data": "5jMpkf4JF4noHftLgNKyPNh6roVfPSGSjuEk3U4eLKRa"
  },
  "pool_quote_token_account": {
    "type": "pubkey",
    "data": "43DVcZR4kQFjh4Xm2i3DcneRxNjZp7HMud8yDrJWrDr8"
  },
  "lp_supply": {
    "type": "u64",
    "data": "4194352106721"
  },
  "coin_creator": {
    "type": "pubkey",
    "data": "5L5k7gtNLbeXdzpvNrFshg1E1id1ceUDfc6vPUTxp98q"
  },
  "is_mayhem_mode": {
    "type": "bool",
    "data": false
  },
  "is_cashback_coin": {
    "type": "bool",
    "data": false
  },
  "virtual_quote_reserves": {
    "type": "i128",
    "data": "0"
  }
}

• The pool_bump is the bump seed used to derive the pool PDA.
• The index is the index of the pool, which is used to derive the pool PDA. PumpSwap pools created using Pump program migrate instruction use a CANONONICAL_POOL_INDEX == 0.
• The creator is the pubkey of the pool creator, which is also used to derive the pool PDA.
• The base_mint and quote_mint are the mint addresses of the base and quote tokens of the pool.
• The lp_mint is the mint address of the LP token, which is used to represent the liquidity of the pool. The LP mint address can also be PDA-derived from the ["pool_lp_mint", pool_key] seeds, but it is stored in Pool account for simpler pubkey equality checks on PumpSwap program instructions.
• The pool_base_token_account and pool_quote_token_account are the ATAs (associated token accounts) of the base and quote mints of the pool account, respectively. They again could be PDA-derived from the pool, base_mint and quote_mint pubkeys, but they are stored in the Pool account for easier pubkey equality checks on PumpSwap program instructions.
• The lp_supply is the total supply of the lp_mint without burns and lock-ups. This means that if someone deposits into the pool, then they burn their lp_mint tokens, the Pool::lp_supply will still reflect the original supply of the lp_mint. This way, the pool differentiates between lp_mint tokens burnt by users directly and those burnt by the withdraw instruction.
• The coin_creator is the pubkey that accrues the coin-creator fees for this pool (see PUMP_SWAP_CREATOR_FEE_README). On pools that predate coin-creator fees it is Pubkey::default() (11111111111111111111111111111111).
• The is_mayhem_mode flag indicates whether the pool operates in mayhem mode.
• The is_cashback_coin flag indicates whether the coin's creator fee is routed as cashback (see PUMP_CASHBACK_README).
• The virtual_quote_reserves (i128) is an additional (appended) quote-reserve amount that a pool may carry. Quotes must be computed against the pool's effective quote reserves, not the raw quote-vault token balance, see Quoting: effective quote reserves. It is 0 on all pools today, so effective quote reserves currently equal the raw vault balance; some pools may carry a non-zero value in the future.

Quoting: effective quote reserves

Buys and sells are priced on the pool's effective quote reserves, which are the raw quote-vault token balance plus Pool::virtual_quote_reserves:

effective_quote_reserves = pool_quote_token_account.amount + Pool::virtual_quote_reserves

• Use effective_quote_reserves (not the raw pool_quote_token_account.amount) wherever you quote, price, or index a pool, for both buy and sell.
• virtual_quote_reserves is 0 on all pools today, so effective quote reserves equal the raw vault balance and quotes are unchanged. Integrating against effective quote reserves now is safe and keeps your quotes correct if a pool later carries a non-zero virtual_quote_reserves.
• The base side is unchanged: base reserves are still the raw pool_base_token_account.amount.

Indexers: the BuyEvent and SellEvent logs include virtual_quote_reserves (appended field), so effective quote reserves can be reconstructed directly from the event stream.

Instructions

It supports the following Anchor program instructions:

• create_pool(index, creator, baseMint, quoteMint, baseIn, quoteIn).

  • This allows creating a new AMM pool for the(baseMint, quoteMint) pair.
  • The poolId is PDA-derived from the tuple (index, creator, baseMint, quoteMint). The index allows the same creator to create multiple pools for the same (baseMint, quoteMint) pair.
  • The creator is the pubkey of the pool creator and also the payer for pool creation costs.
  • baseIn and quoteIn are the initial amounts of baseMint and quoteMint tokens to be deposited into the pool, and they determine the initial pool price.
  • The creator also receives some lpMint tokens, which represent the initial liquidity of the pool. These lpMint tokens can be later used to withdraw liquidity from the pool.

• Liquidity instructions:

  • deposit(pool, user, lpTokenOut, maxBaseIn, maxQuoteIn) allows a user to deposit at most maxBaseIn and maxQuoteIn tokens into the pool in order to get exactly lpTokenOut tokens in return.
  • withdraw(pool, user, lpTokenIn, minBaseOut, minQuoteOut) allows a user to withdraw at least minBaseOut and minQuoteOut tokens from the pool by burning exactly lpTokenIn tokens in return.

• Swap instructions:

  • buy(pool, user, baseOut, maxQuoteIn) allows a user to buy exactly baseOut tokens from the pool by paying at most maxQuoteIn tokens.
  • sell(pool, user, baseIn, minQuoteOut) allows a user to sell exactly baseIn tokens to the pool to receive at least minQuoteOut tokens.

• Utility instructions:

  • extend_account(user, account) allows any user to extend the data array of a program-owned account ( GlobalConfig or Pool account) to allow for future fields to be added to those account types.

• Admin instructions (can be executed only to GlobalConfig::admin pubkey):

  • create_config(hardcoded_admin, global_config) allows creating the sole GlobalConfig account on initial PumpSwap program deployment. The hardcoded_admin is a hardcoded pubkey into PumpSwap program itself, which is allowed to create the GlobalConfig account and will initialize GlobalConfig::admin to the hardcoded_admin pubkey. This instruction can be run only once, because it will fail the second time, since GlobalConfig already exists.
  • disable(admin, disable_create_pool, disable_deposit, disable_withdraw, disable_buy, disable_sell) allows the admin to globally disable any Pump Swap operation.
  • update_admin(admin, new_admin, global_config) allows the admin to update the GlobalConfig::admin pubkey to a new one.
  • update_fee_config(admin, lp_fee_basis_points, protocol_fee_basis_points, protocol_fee_recipients) allows the admin to update the GlobalConfig::lp_fee_basis_points, GlobalConfig::protocol_fee_basis_points and GlobalConfig::protocol_fee_recipients.

Mapping PumpSwap SDK methods to Anchor instructions

• PumpAmmAdminSdk.createPoolInstructions(index, creator, baseMint, quoteMint, baseIn, quoteIn) returns a create_pool(index, creator, baseMint, quoteMint, baseIn, quoteIn) instruction.

• PumpAmmAdminSdk.depositInstructions(pool, user, lpTokenOut, slippage) returns a deposit(pool, user, lpTokenOut, maxBaseIn, maxQuoteIn) instruction, where maxBaseIn and maxQuoteIn are computed using lpTokenOut, slippage and the current pool balances.

• PumpAmmAdminSdk.withdrawInstructions(pool, user, lpTokenIn, slippage) returns a withdraw(pool, user, lpTokenIn, minBaseOut, minQuoteOut) instruction, where minBaseOut and minQuoteOut are computed using lpTokenIn, slippage and the current pool balances.

• PumpAmmInternalSdk.buyBaseInput(pool, user, baseOut, slippage) returns a buy(pool, user, baseOut, maxQuoteIn) instruction, where maxQouteIn is computed using baseOut, slippage and the current pool balances.

• PumpAmmInternalSdk.buyQuoteInput(pool, user, quote, slippage) returns a buy(pool, user, baseOut, maxQuoteIn) instruction, where baseOut is computed using quote, slippage and the current pool balances and maxQuoteIn is quote scaled with slippage.

• PumpAmmInternalSdk.sellBaseInput(pool, user, baseIn, slippage) returns a sell(pool, user, baseIn, minQuoteOut) instruction, where minQuoteOut is computed using baseIn, slippage and the current pool balances.

• PumpAmmInternalSdk.sellQuoteInput(pool, user, quote, slippage) returns a sell(pool, user, baseIn, minQuoteOut) instruction, where baseIn is computed using quote, slippage and the current pool balances and minQuoteOut is quote scaled with slippage.

• PumpAmmSdk.swapBaseInstructions(pool, user, base, slippage, direction) calls either PumpAmmInternalSdk.buyBaseInput(pool, user, base, slippage) (if (direction == "quoteToBase")) or PumpAmmInternalSdk.sellBaseInput(pool, user, base, slippage) (if (direction == "baseToQuote")).

• PumpAmmSdk.swapQuoteInstructions(pool, user, quote, slippage, direction) calls either PumpAmmInternalSdk.buyQuoteInput(pool, user, quote, slippage) (if (direction == "quoteToBase")) or PumpAmmInternalSdk.sellQuoteInput(pool, user, quote, slippage) (if (direction == "baseToQuote")).

PumpSwap SDK autocomplete UI helpers

Each Anchor instruction has a set of corresponding autocomplete methods that can be used to autocomplete the UI inputs:

• PumpAmmSdk.createAutocompleteInitialPoolPrice(initialBase, initialQuote) is used to display the initial pool price based on the initial base and quote inputs on pool creation.

• PumpAmmSdk.depositAutocompleteQuoteAndLpTokenFromBase(pool, base, slippage) is used to autocomplete the corresponding quote and lpToken values in the UI when the base input changes on deposit UI.

• PumpAmmSdk.depositAutocompleteBaseAndLpTokenFromQuote(pool, quote, slippage) is used to autocomplete the corresponding base and lpToken values in the UI when the quote input changes on deposit UI.

• PumpAmmSdk.swapAutocompleteBaseFromQuote(pool, quote, slippage, swapDirection) is used to autocomplete the corresponding base value in the UI when the quote input changes on swap UI.

• PumpAmmSdk.swapAutocompleteQuoteFromBase(pool, base, slippage, swapDirection) is used to autocomplete the corresponding quote value in the UI when the base input changes on swap UI.

• PumpAmmSdk.swapAutocompleteBaseFromQuote(pool, quote, slippage, swapDirection) calls either PumpAmmInternalSdk.buyAutocompleteBaseFromQuote(pool, quote, slippage) (if (swapDirection == "quoteToBase")) or PumpAmmInternalSdk.sellAutocompleteBaseFromQuote(pool, quote, slippage) (if (swapDirection == "baseToQuote")).

• PumpAmmSdk.swapAutocompleteQuoteFromBase(pool, base, slippage, swapDirection) calls either PumpAmmInternalSdk.buyAutocompleteQuoteFromBase(pool, base, slippage) (if (swapDirection == "quoteToBase")) or PumpAmmInternalSdk.sellAutocompleteQuoteFromBase(pool, base, slippage) (if (swapDirection == "baseToQuote")).

• PumpAmmSdk.withdrawAutoCompleteBaseAndQuoteFromLpToken(pool, lpToken, slippage) is used to autocomplete the corresponding base and quote values in the UI when the lpToken input changes on withdraw UI.