Chō Markets

Program Technical Reference

Quick Stats

7,220

Lines of Code

Source Files

Instructions

Account Types

Error Codes

Events

IRM Types

Oracle Adapters

LOC excludes empty lines and comments.

Program ID

5LYM6PdjBQ9Fr6Y3PV5aFBfxVCncup41ZGEQ2q73tm4F

View on Explorer (Devnet)

Account Sizes

Account	Size (bytes)	Rent (SOL)	Zero-Copy
Market	584	~0.0047	Yes
Position	161	~0.0019	No
ProtocolConfig	480	~0.0040	No
IrmRegistry	2,136	~0.0158	No
IrmConfig	272	~0.0027	No
MarketOracleConfig	100	(embedded)	Yes

PDA Seeds

Account	Seeds
Market	["market", loan_token, collateral_token, collateral_adapter, loan_adapter, irm_id, lltv, nonce]
Position	["position", market, user]
ProtocolConfig	["protocol_config"]
IrmRegistry	["irm_registry"]
IrmConfig	["irm_config", index_le_bytes]
Builtin IRM ID	["irm_builtin", irm_type]

All Instructions (30)

User Operations (10)

Instruction	Args
supply	assets: u64
withdraw	shares: u128
deposit_collateral	amount: u64
withdraw_collateral	amount: u64
borrow	assets: u64
repay	params: RepayParams
repay_assets	assets: u64
liquidate	params: LiquidateParams
accrue_interest	(none)
create_market	params: CreateMarketParams

Governance (20)

Instruction	Args
initialize_protocol_config	params
submit_enable_lltv	lltv: u64
accept_enable_lltv	(none)
revoke_enable_lltv	(none)
submit_enable_irm	irm_type: u8
accept_enable_irm	(none)
revoke_enable_irm	(none)
initialize_irm_registry	params
create_irm_config	index, params
submit_enable_irm_id	irm_id: Pubkey
accept_enable_irm_id	(none)
revoke_enable_irm_id	(none)
update_market_fee	new_fee: u64
set_default_market_fee	new_fee_bps: u64
claim_fees	(none)
set_fee_recipient	new: Pubkey
set_fee_authority	new: Pubkey
submit_transfer_authority	new: Pubkey
accept_transfer_authority	(none)
revoke_transfer_authority	(none)

Error Codes (51)

Math Errors

MathOverflow
Underflow
DivisionByZero
ConversionError

Validation Errors

InvalidLltv - LLTV > 98%
InvalidFee - Fee > 25%
InvalidIrmType
InvalidCollateral
InvalidCloseFactor
ZeroAmount
InvalidInstructionData

Account Errors

MarketExists
MarketNotFound
PositionNotFound
InsufficientBalance
Unauthorized

Position Errors

HealthCheckFailed
PositionNotLiquidatable
MaxRepayExceeded
NoBorrowToRepay
NoCollateralToWithdraw
LiquidationCapExceeded
PositionHasCollateral

Oracle Errors (10)

InvalidOracle
StalePriceData
OraclePriceInvalid
OracleConfidenceTooWide
InvalidOracleAdapter
NoOracleReturnData
OracleParseError
OraclePriceTooLow
OraclePriceTooHigh
MissingOracleAccounts

Governance Errors (8)

MaxAllowlistReached
AlreadyEnabled
LltvNotEnabled
IrmNotEnabled
TimelockNotExpired
NoPendingValue
ProtocolConfigNotInitialized
NoFeesToClaim

Events (15)

Event	Key Fields
MarketCreated	market, loan_token, collateral_token, irm_type, lltv, fee
SupplyEvent	market, user, assets, shares, totals
WithdrawEvent	market, user, assets, shares, totals
DepositCollateralEvent	market, user, amount, total_collateral
WithdrawCollateralEvent	market, user, amount, total_collateral
BorrowEvent	market, user, assets, shares, totals
RepayEvent	market, user, assets, shares, totals
LiquidateEvent	market, borrower, liquidator, repaid, seized, hf_before
AccrueInterestEvent	market, interest, fee_shares, borrow_rate, new_rate_at_target
BadDebtSocialized	market, borrower, bad_debt_amount, total_bad_debt
FeesClaimed	market, fee_recipient, shares_claimed
FeeRecipientUpdated	old_recipient, new_recipient
AuthorityTransferSubmitted	current_authority, pending_authority, valid_at
AuthorityTransferred	old_authority, new_authority
AuthorityTransferRevoked	pending_authority

Note: FeeRecipientUpdated and authority events missing from table above but total is 16 including MarketFeeUpdated and OracleRiskParamsUpdated.

Math Precision

Constant	Value	Usage
WAD	10^18	Fixed-point math (1.0 = 1e18)
VIRTUAL_SHARES	10^6	Prevents first-depositor attack
VIRTUAL_ASSETS	1	Shares math offset
BPS	10,000	Basis points (100 bps = 1%)

Protocol Limits

Limit	Value	Notes
Max LLTV	9,800 bps (98%)	Leaves 2% safety margin
Max Fee	2,500 bps (25%)	Protocol fee on interest
Max Liquidation Incentive	1.15 (15%)	LLTV-dependent, capped
Max Enabled LLTVs	32	Protocol config allowlist
Max Enabled IRMs	8	Protocol config allowlist
Default Timelock	3 days	259,200 seconds
Min Rate (AdaptiveCurve)	0.1% APR	Rate floor
Max Rate (AdaptiveCurve)	200% APR	Rate ceiling

File Structure

programs/cho-markets/src/
├── lib.rs                    # Entrypoint, declare_id, #[program]
├── errors.rs                 # 51 error codes
├── events.rs                 # 15 event definitions
├── state/
│   ├── mod.rs
│   ├── market.rs             # Market account (584 bytes)
│   ├── position.rs           # Position account (161 bytes)
│   ├── protocol_config.rs    # ProtocolConfig (480 bytes)
│   ├── irm_registry.rs       # IrmRegistry (2,136 bytes)
│   ├── irm_config.rs         # IrmConfig (272 bytes)
│   └── oracle_config.rs      # MarketOracleConfig (100 bytes)
├── instructions/
│   ├── mod.rs
│   ├── create_market.rs
│   ├── supply.rs
│   ├── withdraw.rs
│   ├── deposit_collateral.rs
│   ├── withdraw_collateral.rs
│   ├── borrow.rs
│   ├── repay.rs
│   ├── liquidate.rs
│   ├── accrue_interest.rs
│   ├── initialize_protocol_config.rs
│   ├── enable_lltv.rs        # submit/accept/revoke
│   ├── enable_irm.rs         # submit/accept/revoke (legacy)
│   ├── initialize_irm_registry.rs  # V2 IRM management
│   ├── create_irm_config.rs  # V2 IRM management
│   ├── enable_irm_id.rs      # submit/accept/revoke (V2)
│   ├── update_market_fee.rs
│   ├── set_default_market_fee.rs
│   ├── claim_fees.rs
│   ├── set_fee_recipient.rs
│   ├── set_fee_authority.rs
│   └── transfer_authority.rs # submit/accept/revoke
├── math/
│   ├── mod.rs
│   ├── wad.rs                # WAD arithmetic
│   ├── shares.rs             # Shares <-> assets conversion
│   ├── interest.rs           # IRM calculations
│   ├── irm.rs                # IrmConfig rate calculation
│   └── liquidation.rs        # Liquidation math
└── oracle/
    ├── mod.rs
    ├── router.rs             # Oracle adapter CPI
    └── types.rs              # Oracle return types

Dependencies

Crate	Version	Purpose
anchor-lang	0.31+	Framework
anchor-spl	0.31+	Token program integration
bytemuck	1.x	Zero-copy Pod/Zeroable

External Programs

Program	Usage
System Program	Account creation, rent
Token Program	SPL token transfers
Associated Token Program	ATA creation
Oracle Adapters (CPI)	Price feeds via adapter pattern

IDL

The Anchor IDL is generated during build and available at:

target/idl/cho_markets.json

Client code can be generated using anchor client or Codama.