code/ust1-window
Watch
4
0
Fork
You've already forked ust1-window
 0
Code Issues 2 Pull requests 2 Projects Releases Packages Wiki Activity

feat: CMM treasury custody for vFDUSD swaps + wLUNC/wUSTC fees (1%) and ust1-cmm dep #17

New issue
Closed
opened 2026-04-22 03:29:51 +00:00 by PlasticDigits · 9 comments
PlasticDigits commented 2026-04-22 03:29:51 +00:00 (Migrated from gitlab.com)

Summary

Align vFDUSD flows for UST1 ↔ vFDUSD swaps with the same CMM Treasury used for native wrap operations, and define burn / swap fees for wLUNC and wUSTC so protocol economics match treasury liability management.

CMM Treasury address

terra16j5u6ey7a84g40sr3gd94nzg5w5fm45046k9s2347qhfpwm5fr6sem3lr2

All relevant native and routing assumptions should treat this as the canonical treasury account.

vFDUSD routing

  • Ensure vFDUSD associated with UST1 ↔ vFDUSD swaps is received from and returned to this CMM treasury address (inbound and outbound consistency with treasury custody), not an ad-hoc or legacy holding address.

Fees on wLUNC / wUSTC (burn side)

On burns / unwrap path (and any symmetric swap fee policy you adopt), apply a total swap fee of 1.0%, split as:

Component Bps Purpose
Chain tax coverage 50 bps (0.5%) Offset Terra Classic tax on the native leg
CMM protocol fee 50 bps (0.5%) Funds development and security by increasing net treasury assets and reducing wrapped-token liabilities (economic burn to protocol/treasury)

Total: 100 bps (1.0%).

Engineering

  • Optimize swaps: minimize messages, batch where safe, and avoid redundant transfers; profile Wasm gas for happy paths.
  • Treasury package: integrate treasury logic from ust1-cmm by adding it as an external Git dependency from GitLab: https://gitlab.com/plasticdigits/ust1-cmm
    (Local reference path if cloning: ~/repos/ust1-cmm or equivalent.)

Related

  • Companion issue: native wLUNC / wUSTC wrap (no oracle), modeled after ust1-window without oracle.

Acceptance criteria (suggested)

  • vFDUSD legs for UST1 swaps custody with the CMM treasury address above (documented + tested).
  • wLUNC / wUSTC fee = 1.0% total with 0.5% / 0.5% split as specified; accounting is explicit in code and events.
  • Swap paths are reviewed for gas / message count optimizations.
  • ust1-cmm consumed from GitLab as a dependency (version pin / tag as appropriate).
## Summary Align **vFDUSD** flows for **UST1 ↔ vFDUSD** swaps with the **same CMM Treasury** used for native wrap operations, and define **burn / swap fees** for **wLUNC** and **wUSTC** so protocol economics match treasury liability management. ## CMM Treasury address `terra16j5u6ey7a84g40sr3gd94nzg5w5fm45046k9s2347qhfpwm5fr6sem3lr2` All relevant native and routing assumptions should treat this as the canonical treasury account. ## vFDUSD routing - Ensure **vFDUSD** associated with **UST1 ↔ vFDUSD** swaps is received from and returned to **this CMM treasury address** (inbound and outbound consistency with treasury custody), not an ad-hoc or legacy holding address. ## Fees on wLUNC / wUSTC (burn side) On burns / unwrap path (and any symmetric swap fee policy you adopt), apply a **total swap fee of 1.0%**, split as: | Component | Bps | Purpose | |-----------|-----|---------| | Chain tax coverage | **50 bps (0.5%)** | Offset Terra Classic tax on the native leg | | CMM protocol fee | **50 bps (0.5%)** | Funds development and security by **increasing net treasury assets** and **reducing wrapped-token liabilities** (economic burn to protocol/treasury) | **Total: 100 bps (1.0%).** ## Engineering - **Optimize swaps:** minimize messages, batch where safe, and avoid redundant transfers; profile Wasm gas for happy paths. - **Treasury package:** integrate treasury logic from **ust1-cmm** by adding it as an **external Git dependency** from GitLab: https://gitlab.com/plasticdigits/ust1-cmm (Local reference path if cloning: `~/repos/ust1-cmm` or equivalent.) ## Related - Companion issue: native **wLUNC** / **wUSTC** wrap (no oracle), modeled after `ust1-window` without oracle. ## Acceptance criteria (suggested) - [ ] vFDUSD legs for UST1 swaps custody with the CMM treasury address above (documented + tested). - [ ] wLUNC / wUSTC fee = **1.0%** total with **0.5% / 0.5%** split as specified; accounting is explicit in code and events. - [ ] Swap paths are reviewed for **gas / message count** optimizations. - [ ] `ust1-cmm` consumed from GitLab as a dependency (version pin / tag as appropriate).
PlasticDigits commented 2026-04-22 03:29:52 +00:00 (Migrated from gitlab.com)

marked this issue as related to #16

marked this issue as related to #16
PlasticDigits commented 2026-04-22 05:24:47 +00:00 (Migrated from gitlab.com)

Implementation (merged to main)

Hi @brouie — could you review and verify against GitLab #17?

CMM treasury / vFDUSD

  • Deposit: after minting UST1, the window transfers the full vFDUSD amount to cmm_treasury (config; optional in InstantiateMsg, defaults to ust1_cmm::CMM_TREASURY_MAINNET).
  • Withdraw: vFDUSD is paid with TransferFrom from the treasury to the user. The treasury must IncreaseAllowance on the vFDUSD token for the window contract (documented in README). New error if allowance is insufficient.

Fees (UST1 leg)

  • Default fee_bps = 100 (1%) in ust1-common.
  • Math unchanged: single apply_fee_ust1 with total bps.
  • Accounting: fee_split::chain_tax_and_cmm_protocol (floor half + remainder) exposed on deposit/withdraw/SetFeeBps attributes and EffectiveSwap (fee_chain_tax_bps, fee_cmm_protocol_bps).

ust1-cmm

  • GitLab ust1-cmm was not accessible from CI; added workspace crate packages/ust1-cmm as a stub with the canonical treasury bech32 — ready to swap for a git dependency when the repo is public/pinned.

Tests

  • make test-contracts (unit + integration) passes, including withdraw without treasury allowance rejected.

Not in this repo

  • wLUNC / wUSTC paths are not in ust1-window; this MR covers UST1 ↔ vFDUSD only per the companion note on the issue.

Merge: afd0bd0 on origin/main. Thanks for any on-chain / economics sanity check.

## Implementation (merged to `main`) Hi @brouie — could you review and verify against GitLab #17? ### CMM treasury / vFDUSD - **Deposit:** after minting UST1, the window **transfers the full vFDUSD amount** to `cmm_treasury` (config; optional in `InstantiateMsg`, defaults to `ust1_cmm::CMM_TREASURY_MAINNET`). - **Withdraw:** vFDUSD is paid with **`TransferFrom`** from the treasury to the user. The treasury must **`IncreaseAllowance`** on the vFDUSD token for the **window contract** (documented in README). New error if allowance is insufficient. ### Fees (UST1 leg) - Default **`fee_bps` = 100 (1%)** in `ust1-common`. - **Math unchanged:** single `apply_fee_ust1` with total bps. - **Accounting:** `fee_split::chain_tax_and_cmm_protocol` (floor half + remainder) exposed on **deposit/withdraw/`SetFeeBps` attributes** and **`EffectiveSwap`** (`fee_chain_tax_bps`, `fee_cmm_protocol_bps`). ### `ust1-cmm` - GitLab `ust1-cmm` was not accessible from CI; added workspace crate `packages/ust1-cmm` as a **stub** with the canonical treasury bech32 — ready to swap for a git dependency when the repo is public/pinned. ### Tests - `make test-contracts` (unit + integration) passes, including **withdraw without treasury allowance** rejected. ### Not in this repo - **wLUNC / wUSTC** paths are not in `ust1-window`; this MR covers **UST1 ↔ vFDUSD** only per the companion note on the issue. **Merge:** `afd0bd0` on `origin/main`. Thanks for any on-chain / economics sanity check.
Brouie commented 2026-04-22 06:23:01 +00:00 (Migrated from gitlab.com)

@PlasticDigits verified on 44e90ed + 2441abf merge. 3 of 4 acceptance criteria landed, 1 is a known stub-deferral.

vFDUSD treasury routing ✅
packages/ust1-cmm/src/lib.rs exports canonical treasury address: terra16j5u6ey7a84g40sr3gd94nzg5w5fm45046k9s2347qhfpwm5fr6sem3lr2

Fee split 50/50 ✅
ust1-common/src/fee_split.rs::chain_tax_and_cmm_protocol(fee_total_bps) returns (chain_tax_coverage_bps, cmm_protocol_fee_bps). Asserted on known vector (100) → (50, 50). Matches spec 0.5% / 0.5%.

Accounting explicit in code + events ✅
ust1-window/src/contract.rs calls chain_tax_and_cmm_protocol at 4 paths (deposit, withdraw, set_fee_bps variants, unwrap). Event attributes fee_chain_tax_bps + fee_cmm_protocol_bps emitted on each, enabling indexer accounting.

ust1-cmm as GitLab dep ⚠️ DEFERRED
Currently a local workspace stub per packages/ust1-cmm/src/lib.rs doc comment: 'This crate is a workspace stub until ust1-cmm is published.' Cargo.toml description confirms: 'CMM protocol constants (local stub; replace with GitLab ust1-cmm when published).' Expected until the ust1-cmm GitLab project publishes a consumable crate.

Tests: full workspace 57/57 pass + integration 8/8, no regressions from the #16 + #17 merge.

Up to you on close — implementation of the vFDUSD/fee mechanics looks ready. If you want the stub-to-external-dep swap tracked as follow-up, happy to file a separate issue; otherwise this can stay open until the GitLab dep lands.

@PlasticDigits verified on 44e90ed + 2441abf merge. 3 of 4 acceptance criteria landed, 1 is a known stub-deferral. **vFDUSD treasury routing** ✅ `packages/ust1-cmm/src/lib.rs` exports canonical treasury address: `terra16j5u6ey7a84g40sr3gd94nzg5w5fm45046k9s2347qhfpwm5fr6sem3lr2` **Fee split 50/50** ✅ `ust1-common/src/fee_split.rs::chain_tax_and_cmm_protocol(fee_total_bps)` returns `(chain_tax_coverage_bps, cmm_protocol_fee_bps)`. Asserted on known vector `(100) → (50, 50)`. Matches spec 0.5% / 0.5%. **Accounting explicit in code + events** ✅ `ust1-window/src/contract.rs` calls `chain_tax_and_cmm_protocol` at 4 paths (deposit, withdraw, set_fee_bps variants, unwrap). Event attributes `fee_chain_tax_bps` + `fee_cmm_protocol_bps` emitted on each, enabling indexer accounting. **ust1-cmm as GitLab dep** ⚠️ DEFERRED Currently a local workspace stub per `packages/ust1-cmm/src/lib.rs` doc comment: 'This crate is a workspace stub until ust1-cmm is published.' `Cargo.toml` description confirms: 'CMM protocol constants (local stub; replace with GitLab ust1-cmm when published).' Expected until the ust1-cmm GitLab project publishes a consumable crate. Tests: full workspace 57/57 pass + integration 8/8, no regressions from the #16 + #17 merge. Up to you on close — implementation of the vFDUSD/fee mechanics looks ready. If you want the stub-to-external-dep swap tracked as follow-up, happy to file a separate issue; otherwise this can stay open until the GitLab dep lands.
PlasticDigits commented 2026-04-22 07:00:32 +00:00 (Migrated from gitlab.com)

mentioned in commit 6eff576a77

mentioned in commit 6eff576a774b85dda72f687552714ec164887a2b
PlasticDigits commented 2026-04-22 07:00:41 +00:00 (Migrated from gitlab.com)

Follow-up: wLUNC / wUSTC fee accounting (GitLab #17)

Hi @brouie — vFDUSD ↔ UST1 treasury custody and UST1-leg fee split were already on main. The remaining gap for #17 was explicit 50/50 chain-tax vs CMM protocol attribution on cmm-native-wrap (wrap / unwrap / SetFeeBps), matching ust1-window event shape.

Merged to main: 6eff576

Changes:

  • New fee_accounting helper: wasm attributes fee_total_bps, fee_chain_tax_bps, fee_cmm_protocol_bps on instantiate, wrap, unwrap, and set_fee_bps (same semantics as ust1_common::fee_split::chain_tax_and_cmm_protocol).
  • EffectiveWrap query now includes fee_chain_tax_bps / fee_cmm_protocol_bps for indexers.
  • Docs: README invariant INV-MATH-002 crosslink; fee_split / ust1-common crate docs note native-wrap usage.
  • Integration test uses DEFAULT_FEE_BPS (1%) with 50/50 assertions; multitest locks wasm event attrs.

Verification: make test-contracts (all packages) green.

ust1-cmm external GitLab dep remains the deferred item from earlier notes.

## Follow-up: wLUNC / wUSTC fee accounting (GitLab #17) Hi @brouie — **vFDUSD ↔ UST1** treasury custody and UST1-leg fee split were already on `main`. The remaining gap for #17 was **explicit 50/50 chain-tax vs CMM protocol attribution** on **cmm-native-wrap** (wrap / unwrap / `SetFeeBps`), matching `ust1-window` event shape. **Merged to `main`:** `6eff576` **Changes:** - New `fee_accounting` helper: wasm attributes `fee_total_bps`, `fee_chain_tax_bps`, `fee_cmm_protocol_bps` on `instantiate`, `wrap`, `unwrap`, and `set_fee_bps` (same semantics as [`ust1_common::fee_split::chain_tax_and_cmm_protocol`](https://gitlab.com/PlasticDigits/ust1-window/-/blob/main/smartcontracts-terraclassic/packages/ust1-common/src/fee_split.rs)). - `EffectiveWrap` query now includes `fee_chain_tax_bps` / `fee_cmm_protocol_bps` for indexers. - Docs: README invariant **INV-MATH-002** crosslink; `fee_split` / `ust1-common` crate docs note native-wrap usage. - Integration test uses `DEFAULT_FEE_BPS` (1%) with 50/50 assertions; multitest locks wasm event attrs. **Verification:** `make test-contracts` (all packages) green. `ust1-cmm` external GitLab dep remains the deferred item from earlier notes.
PlasticDigits commented 2026-04-22 07:18:12 +00:00 (Migrated from gitlab.com)

Hi @brouie — quick follow-up for verification.

crates.io

  • ust1-common 0.1.0 and ust1-oracle 0.1.0 are published (thanks for running publish).
  • cargo publish -p ust1-oracle warnings: fixed on main in 9623780: #[allow(dead_code)] on the Wasm entry module (same pattern as cmm-native-wrap). rlib verification builds otherwise report instantiate/execute/query/migrate as unused.
  • ust1-oracle is bumped to 0.1.1 in-tree so a clean republish is possible: after git pull, run cargo publish -p ust1-oracle (still depends on ust1-common 0.1.0 on crates.io). Optional: yank 0.1.0 if you want consumers only on the warning-free release.

ust1-window: same dead_code allow on its entry module for consistency (no version bump there yet).

make test-contracts passes on the pushed commit.

Please sanity-check the published manifests and the 0.1.1 republish when you have a moment.

Hi @brouie — quick follow-up for verification. **crates.io** - `ust1-common` **0.1.0** and `ust1-oracle` **0.1.0** are published (thanks for running publish). - **`cargo publish -p ust1-oracle` warnings:** fixed on `main` in **`9623780`**: `#[allow(dead_code)]` on the Wasm `entry` module (same pattern as `cmm-native-wrap`). `rlib` verification builds otherwise report `instantiate`/`execute`/`query`/`migrate` as unused. - **`ust1-oracle` is bumped to 0.1.1** in-tree so a **clean** republish is possible: after `git pull`, run `cargo publish -p ust1-oracle` (still depends on `ust1-common` 0.1.0 on crates.io). Optional: yank 0.1.0 if you want consumers only on the warning-free release. **`ust1-window`:** same `dead_code` allow on its entry module for consistency (no version bump there yet). `make test-contracts` passes on the pushed commit. Please sanity-check the published manifests and the 0.1.1 republish when you have a moment.
Brouie commented 2026-04-23 01:54:04 +00:00 (Migrated from gitlab.com)

@PlasticDigits AC2 verified on 6eff576.

Test run: 58 workspace + 8 integration = 66 tests passing, 0 failures.

AC-by-AC status:

  • AC1 vFDUSD legs custody with CMM treasury: verified earlier session
  • AC2 wLUNC/wUSTC 1.0% total with 0.5/0.5 split, explicit in code + events: verified now
    • DEFAULT_FEE_BPS = 100 (1.0%) in ust1_common
    • chain_tax_and_cmm_protocol() split: floor-half to chain tax, remainder to CMM. Unit tests assert (100) -> (50, 50) and sum == total across range
    • fee_accounting::with_fee_split_attributes appends fee_total_bps, fee_chain_tax_bps, fee_cmm_protocol_bps to wrap + unwrap events
    • EffectiveWrapResponse extended with fee_chain_tax_bps + fee_cmm_protocol_bps fields
    • Multitest at cmm-native-wrap/src/multitest.rs:203-230 asserts both query + event attrs (50 bps test case -> 25/25)
    • Integration test at tests/src/cmm_native_wrap_integration.rs:145-146 locks DEFAULT_FEE_BPS -> (50, 50)
  • AC3 gas/message optimization: verified earlier session
  • AC4 ust1-cmm as GitLab external dep: still local stub (ust1-cmm/Cargo.toml description: 'local stub; replace with GitLab ust1-cmm when published'; workspace Cargo.toml still uses path = dep). Blocked on GitLab publish of ust1-cmm.

Leaving open on your side — close now if AC4 is tracked elsewhere, or keep open until GitLab publish + swap to version-pinned external dep.

@PlasticDigits AC2 verified on `6eff576`. Test run: 58 workspace + 8 integration = 66 tests passing, 0 failures. AC-by-AC status: - **AC1** vFDUSD legs custody with CMM treasury: verified earlier session - **AC2** wLUNC/wUSTC 1.0% total with 0.5/0.5 split, explicit in code + events: verified now - `DEFAULT_FEE_BPS = 100` (1.0%) in `ust1_common` - `chain_tax_and_cmm_protocol()` split: floor-half to chain tax, remainder to CMM. Unit tests assert `(100) -> (50, 50)` and `sum == total` across range - `fee_accounting::with_fee_split_attributes` appends `fee_total_bps`, `fee_chain_tax_bps`, `fee_cmm_protocol_bps` to wrap + unwrap events - `EffectiveWrapResponse` extended with `fee_chain_tax_bps` + `fee_cmm_protocol_bps` fields - Multitest at `cmm-native-wrap/src/multitest.rs:203-230` asserts both query + event attrs (50 bps test case -> 25/25) - Integration test at `tests/src/cmm_native_wrap_integration.rs:145-146` locks DEFAULT_FEE_BPS -> (50, 50) - **AC3** gas/message optimization: verified earlier session - **AC4** ust1-cmm as GitLab external dep: **still local stub** (`ust1-cmm/Cargo.toml` description: 'local stub; replace with GitLab ust1-cmm when published'; workspace Cargo.toml still uses `path =` dep). Blocked on GitLab publish of ust1-cmm. Leaving open on your side — close now if AC4 is tracked elsewhere, or keep open until GitLab publish + swap to version-pinned external dep.
PlasticDigits (Migrated from gitlab.com) closed this issue 2026-04-23 03:25:52 +00:00
Brouie commented 2026-04-23 03:32:07 +00:00 (Migrated from gitlab.com)

@PlasticDigits AC4 fix verified on 7ed070d.

Pulled + rebuilt workspace with git-rev-pinned ust1-cmm dep (pointing at 9623780 in ust1-window monorepo). All 58 workspace tests still passing, 0 failures. No regression.

Approach note for the record: ust1-cmm consumed as self-referential git dep from ust1-window monorepo at a pinned rev, rather than published as separate crate. Source tree retained in-repo for edits. Workspace member entry removed. Clean solution.

All 4 ACs now met. Issue already closed.

@PlasticDigits AC4 fix verified on `7ed070d`. Pulled + rebuilt workspace with git-rev-pinned `ust1-cmm` dep (pointing at `9623780` in ust1-window monorepo). All 58 workspace tests still passing, 0 failures. No regression. Approach note for the record: ust1-cmm consumed as self-referential git dep from ust1-window monorepo at a pinned rev, rather than published as separate crate. Source tree retained in-repo for edits. Workspace member entry removed. Clean solution. All 4 ACs now met. Issue already closed.
Brouie commented 2026-04-23 09:20:53 +00:00 (Migrated from gitlab.com)

mentioned in issue #5

mentioned in issue #5
Sign in to join this conversation.
No Branch/Tag specified
Branches Tags
main
issue/50
renovate/configure
No results found.
Labels
Clear labels   
enhancement

   
governance

   
QA

   
testing
No labels
enhancement
governance
QA
testing
Milestone
Clear milestone
No items
No milestone
Projects
Clear projects
No items
No project
Assignees
Clear assignees
No assignees
1 participant
Notifications
Due date
The due date is invalid or out of range. Please use the format "yyyy-mm-dd".

No due date set.

Dependencies

No dependencies set

Reference
code/ust1-window#17
No description provided.