sol-cca

Continuous Clearing Auction (CCA) implementation on Solana using Anchor.

This repo contains:

• An on-chain program in programs/sol-cca
• TypeScript tests in tests

Overview

The auction sells a fixed token supply over a time window. Bids contribute a constant flow rate (currency per second) until the auction ends or until the bid is outbid (via tick crossing).

Key ideas:

• Clearing price is derived from the current global flow vs. supply rate.
• Accumulator (acc_tokens_per_share) tracks the time integral used to settle token allocations.
• Ticks represent price levels; if the clearing price crosses above a tick, all flow at that tick is removed.

Build

Prerequisites:

• Rust toolchain
• Solana CLI
• Anchor CLI
• Node.js + Yarn

Commands:

• anchor build
• cargo test

Program ID

The program ID is configured in Anchor.toml and must match declare_id! in the program.

Instructions

initialize

Initializes an AuctionState account.

Args:

• total_supply: u64
• token_decimals: u8
• start_time: i64
• end_time: i64
• floor_price: u64
• min_bid_amount: u64
• required_currency_raised: u64

submit_bid

Places a bid and registers its flow into the tick of max_price.

Args:

• bid_nonce: u64 (user-provided; enables concurrent multi-bids without reading chain state)
• amount: u64
• max_price: u128

Notes:

• A user can place multiple bids as long as bid_nonce is unique per user+auction.
• Tick crossing requires passing relevant tick accounts via remaining_accounts (sorted by price ascending).

claim

Settles a bid after the auction ends (or after it was outbid, once the auction is graduated/ended).

Args:

• bid_nonce: u64

PDA Derivations

Bid PDA

Bid accounts are uniquely derived per user and per bid_nonce:

Seeds:

• "bid"
• auction_pubkey
• user_pubkey
• bid_nonce as little-endian u64 (8 bytes)

Tick PDA

Tick accounts are derived by price (stored as u128):

Seeds:

• "tick"
• auction_pubkey
• max_price as little-endian u128 (16 bytes)

Listing a User's Bids for an Auction (RPC filters)

BidState stores both:

• auction: Pubkey
• owner: Pubkey

This allows efficient RPC filtering (memcmp) by auction+owner.

In tests, see:

• tests/helpers.ts: fetchUserBidsForAuction(program, auction, owner)

Tests

Install deps:

• yarn install

Format check:

• yarn run lint

Run TS tests:

• anchor test

If you want to run ts-mocha directly, you need to set the Anchor env vars (e.g. ANCHOR_PROVIDER_URL, ANCHOR_WALLET).