User Operation

Overview

The program provides three primary user operations:

• User Account Creation: Initialize a user account linked to a specific bank

• Minting Operations: Deposit yielding assets to mint USD* stablecoin tokens

• Burning Operations: Burn USD* tokens to withdraw yielding assets

All user operations require interaction with multiple state accounts and include comprehensive validation, slippage protection, and accounting updates.

User Account Creation create_gen_user_account

Before users can mint or burn tokens, they must create a user account associated with a specific bank. The create_gen_user_account instruction initializes a UserGenState account.

User Account Creation Flow

The instruction performs these key steps: validating the bank is active, initializing the user account, setting bank and authority references, and zeroing all balances.

The CreateGenUA account context requires:

• user: The signing user who will own the account

• bank_state: Reference to the target bank

• user_account: The PDA-derived user account being created

Minting Operations mint_w_yielding_gen

The core minting operation allows users to deposit yielding tokens (like stSOL, mSOL) and receive USD* tokens in return. This operation involves complex pricing calculations and multiple token transfers.

The minting process involves several critical phases:

• Pre-Validation Phase

• Price Calculation Phase

• Price Calculation Components

• Token Transfer Phase

• Slippage Protection

• Accounting Updates

The MintWYieldingGen struct defines all required accounts:

Account	Purpose
bank_state	Global bank state
vault_state	Vault-specific state
oracle_state	Price feed data
user_account	User accounting
team_state	Team fee accounting

Burning Operations burn_for_yielding_gen

The burning operation allows users to redeem USD* tokens for the underlying yielding assets. This is essentially the reverse of the minting operation.

• Burning Process Flow

• Pre-Validation Phase

• Price Calculation Phase

• Token Operations

• Slippage Protection

• Accounting Updates

User State Management

UserGenState Account Structure

The user account maintains:

• Bank reference: Links user to specific bank instance

• Authority: The user's public key for authorization

• USD minted*: Net amount of USD* tokens minted (can be negative)

• TVL deposited: Net TVL value deposited in yielding assets (can be negative)

PDA Derivation

User accounts use Program Derived Addresses (PDAs) with the seed structure: [BANK_USER_ACCOUNT_SEED, bank_pubkey, user_pubkey]

This ensures:

• One user account per bank per user

• Deterministic address generation

• Prevention of account conflicts