Token Fundraiser

This example demonstrates how to create a fundraising for SPL Tokens.

In this example, a user will be able to create a fundraiser account, where he will be specify the mint he wants to collect and the fundraising target.

Let's walk through the architecture:

A fundraising account consists of:

#[account]
#[derive(InitSpace)]
pub struct Fundraiser {
    pub maker: Pubkey,
    pub mint_to_raise: Pubkey,
    pub amount_to_raise: u64,
    pub current_amount: u64,
    pub time_started: i64,
    pub duration: u8,
    pub bump: u8,
}

In this state account, we will store:

maker: the person who is starting the fundraising
mint_to_raise: the mint that the maker wants to receive
amount_to_raise: the target amount that the maker is trying to raise
current_amount: the total amount currently donated
time_started: the time when the account was created
duration: the timeframe to collect all the contributions (in days)
bump: since our Fundraiser account will be a PDA (Program Derived Address), we will store the bump of the account

We use InitSpace derive macro to implement the space triat that will calculate the amount of space that our account will use on-chain (without taking the anchor discriminator into consideration)

The user will be able to create new Fundraiser accounts. For that, we create the following context:

#[derive(Accounts)]
pub struct Initialize<'info> {
    #[account(mut)]
    pub maker: Signer<'info>,
    pub mint_to_raise: Account<'info, Mint>,
    #[account(
        init,
        payer = maker,
        seeds = [b"fundraiser", maker.key().as_ref()],
        bump,
        space = ANCHOR_DISCRIMINATOR + Fundraiser::INIT_SPACE,
    )]
    pub fundraiser: Account<'info, Fundraiser>,
    #[account(
        init,
        payer = maker,
        associated_token::mint = mint_to_raise,
        associated_token::authority = fundraiser,
    )]
    pub vault: Account<'info, TokenAccount>,
    pub system_program: Program<'info, System>,
    pub token_program: Program<'info, Token>,
    pub associated_token_program: Program<'info, AssociatedToken>,
}

Let´s have a closer look at the accounts that we are passing in this context:

maker: will be the person starting the fundraising. He will be a signer of the transaction, and we mark his account as mutable as we will be deducting lamports from this account
mint_to_raise: The mint that the user wants to receive. This will be a Mint Account, that we will use to store the mint address
fundraiser: will be the state account that we will initialize and the maker will be paying for the initialization of the account. We derive the Fundraiser PDA from the byte representation of the word "fundraiser" and the reference of the maker publick key. Anchor will calculate the canonical bump (the first bump that throes that address out of the ed25519 eliptic curve) and save it for us in a struct
vault: We will initialize a vault (ATA) to receive the contributions. This account will be derived from the mint that the user wants to receive, and the fundraiser account that we are just creating
system_program: Program resposible for the initialization of any new account
token_program and associated_token_program: We are creating new ATAs

We then implement some functionality for our Initialize context:

impl<'info> Initialize<'info> {
    pub fn initialize(&mut self, amount: u64, duration: u8, bumps: &InitializeBumps) -> Result<()> {

        // Check if the amount to raise meets the minimum amount required
        require!(
            amount > MIN_AMOUNT_TO_RAISE.pow(self.mint_to_raise.decimals as u32),
            FundraiserError::InvalidAmount
        );

        // Initialize the fundraiser account
        self.fundraiser.set_inner(Fundraiser {
            maker: self.maker.key(),
            mint_to_raise: self.mint_to_raise.key(),
            amount_to_raise: amount,
            current_amount: 0,
            time_started: Clock::get()?.unix_timestamp,
            duration,
            bump: bumps.fundraiser
        });
        
        Ok(())
    }
}

In here, we basically just set the data of our Fundraiser account if the amount to raise is bigger than 3 (minimum amount)

Users will be able to contribute to a fundraising

A contribution account consists of:

#[account]
#[derive(InitSpace)]
pub struct Contributor {
    pub amount: u64,
}
```rust

In this account we will only store the total amount contributed by a specific contributor

#[derive(Accounts)]
pub struct Contribute<'info> {
    #[account(mut)]
    pub contributor: Signer<'info>,
    pub mint_to_raise: Account<'info, Mint>,
    #[account(
        mut,
        has_one = mint_to_raise,
        seeds = [b"fundraiser".as_ref(), fundraiser.maker.as_ref()],
        bump = fundraiser.bump,
    )]
    pub fundraiser: Account<'info, Fundraiser>,
    #[account(
        init_if_needed,
        payer = contributor,
        seeds = [b"contributor", fundraiser.key().as_ref(), contributor.key().as_ref()],
        bump,
        space = ANCHOR_DISCRIMINATOR + Contributor::INIT_SPACE,
    )]
    pub contributor_account: Account<'info, Contributor>,
    #[account(
        mut,
        associated_token::mint = mint_to_raise,
        associated_token::authority = contributor
    )]
    pub contributor_ata: Account<'info, TokenAccount>,
    #[account(
        mut,
        associated_token::mint = fundraiser.mint_to_raise,
        associated_token::authority = fundraiser
    )]
    pub vault: Account<'info, TokenAccount>,
    pub token_program: Program<'info, Token>,
    pub system_program: Program<'info, System>,
}

In this context, we are passing all the accounts needed to contribute to a fundraising campaign:

contributor: The address of the person that is contributing
mint_to_raise: the mint that the maker is expecting to receive as contributions
fundraiser: An initialized Fundraiser account where appropriate checks will be performed, such as the appropriate mint, the seeds and the bump of the Fundraiser PDA
contributor account: We initialize (if needed) a contributor account that will store the total amount that a specific contributor has contributed with so far
contributor_ata: The ata where we will be transfering tokens from. We make sure that the authority and mint of the ATA are correct (mint_to_raise and contributor address), and we mark it as mutable since we will be deducting tokens from that account
vault: The ata where we will be depositing tokens to. We make sure that the authority and mint of the ATA are correct (mint_to_raise and Fundraiser account), and we mark it as mutable since we will be depositing tokens in that account
token_program: We will performing CPIs (Cross Program Invocations) to the token program to transfer tokens

We then implement some functionality for our Contribute context:

impl<'info> Contribute<'info> {
    pub fn contribute(&mut self, amount: u64) -> Result<()> {

        // Check if the amount to contribute meets the minimum amount required
        require!(
            amount > 1_u8.pow(self.mint_to_raise.decimals as u32) as u64, 
            FundraiserError::ContributionTooSmall
        );

        // Check if the amount to contribute is less than the maximum allowed contribution
        require!(
            amount <= (self.fundraiser.amount_to_raise * MAX_CONTRIBUTION_PERCENTAGE) / PERCENTAGE_SCALER, 
            FundraiserError::ContributionTooBig
        );

        // Check if the maximum contributions per contributor have been reached
        require!(
            (self.contributor_account.amount <= (self.fundraiser.amount_to_raise * MAX_CONTRIBUTION_PERCENTAGE) / PERCENTAGE_SCALER)
                && (self.contributor_account.amount + amount <= (self.fundraiser.amount_to_raise * MAX_CONTRIBUTION_PERCENTAGE) / PERCENTAGE_SCALER),
            FundraiserError::MaximumContributionsReached
        );

        // Check if the fundraising duration has been reached
        let current_time = Clock::get()?.unix_timestamp;
        require!(
            self.fundraiser.duration <= ((current_time - self.fundraiser.time_started) / SECONDS_TO_DAYS) as u8,
            crate::FundraiserError::FundraisingEnded
        );

        // Transfer the funds to the vault
        // CPI to the token program to transfer the funds
        let cpi_program = self.token_program.to_account_info();

        // Transfer the funds from the contributor to the vault
        let cpi_accounts = Transfer {
            from: self.contributor_ata.to_account_info(),
            to: self.vault.to_account_info(),
            authority: self.contributor.to_account_info(),
        };

        // Crete a CPI context
        let cpi_ctx = CpiContext::new(cpi_program, cpi_accounts);

        // Transfer the funds from the contributor to the vault
        transfer(cpi_ctx, amount)?;

        // Update the fundraiser and contributor accounts with the new amounts
        self.fundraiser.current_amount += amount;

        self.contributor_account.amount += amount;

        Ok(())
    }
}

In here, we make some checks:

We check that the user is depositing at least one token
We Check that the user is not contributiong with more than 10% of the target amount
We check that the total contributions of the user do not exceed a total of 10% of the target amount
We check that the fundraising duration has not elapsed

After, we create a CPI to the token program, to transfer a certain amount of SPL tokens from the Contributor ATA to the vault. We pass the authority of the account where the tokens are being deducted from (In this case is the contributor, as he is the authority of the contributor ata).

Lastly, we update our state acounts with the right amounts

User will be able to claim the tokens once the fundraiding target has been reached

#[derive(Accounts)]
pub struct CheckContributions<'info> {
    #[account(mut)]
    pub maker: Signer<'info>,
    pub mint_to_raise: Account<'info, Mint>,
    #[account(
        mut,
        seeds = [b"fundraiser".as_ref(), maker.key().as_ref()],
        bump = fundraiser.bump,
        close = maker,
    )]
    pub fundraiser: Account<'info, Fundraiser>,
    #[account(
        mut,
        associated_token::mint = mint_to_raise,
        associated_token::authority = fundraiser,
    )]
    pub vault: Account<'info, TokenAccount>,
    #[account(
        init_if_needed,
        payer = maker,
        associated_token::mint = mint_to_raise,
        associated_token::authority = maker,
    )]
    pub maker_ata: Account<'info, TokenAccount>,
    pub token_program: Program<'info, Token>,
    pub system_program: Program<'info, System>,
    pub associated_token_program: Program<'info, AssociatedToken>,
}

In this context, we are passing all the accounts needed for a user to claim the raised tokens:

maker: The address of the person raising the the funds. We mark it as mutable since the maker will be paying for initialization fees and will receive lamports from rent back
mint_to_raise: the mint that the maker is expecting to receive as contributions
fundraiser: An initialized Fundraiser account where appropriate checks will be performed, such as the appropriate mint, the seeds and the bump of the Fundraiser PDA
vault: The ata where we will be transfering tokens from. We make sure that the authority and mint of the ATA are correct (mint_to_raise and fundraiser account), and we mark it as mutable since we will be deducting tokens from that account
maker_ata: The ata where we will be depositing tokens to. We make sure that the authority and mint of the ATA are correct (mint_to_raise and maker account), and we mark it as mutable since we will be depositing tokens in that account. In case we need to initialize this ATA, the maker will be paying for the initialization fees
system_program and associated_token_program: Since we are initializing new ATAs
token_program: We will performing CPIs (Cross Program Invocations) to the token program to transfer tokens

We then implement some functionality for our Contribute context:

impl<'info> CheckContributions<'info> {
    pub fn check_contributions(&self) -> Result<()> {
        
        // Check if the target amount has been met
        require!(
            self.vault.amount >= self.fundraiser.amount_to_raise,
            FundraiserError::TargetNotMet
        );

        // Transfer the funds to the maker
        // CPI to the token program to transfer the funds
        let cpi_program = self.token_program.to_account_info();

        // Transfer the funds from the vault to the maker
        let cpi_accounts = Transfer {
            from: self.vault.to_account_info(),
            to: self.maker_ata.to_account_info(),
            authority: self.fundraiser.to_account_info(),
        };

        // Signer seeds to sign the CPI on behalf of the fundraiser account
        let signer_seeds: [&[&[u8]]; 1] = [&[
            b"fundraiser".as_ref(),
            self.maker.to_account_info().key.as_ref(),
            &[self.fundraiser.bump],
        ]];

        // CPI context with signer since the fundraiser account is a PDA
        let cpi_ctx = CpiContext::new_with_signer(cpi_program, cpi_accounts, &signer_seeds);

        // Transfer the funds from the vault to the maker
        transfer(cpi_ctx, self.vault.amount)?;

        Ok(())
    }
}

In this implementation, we check if the amount of tokens in the vault is equal or bigger then the fundraising campaign target. If it is, then we perform a CPI to the token program to transfer the funds from the vault to the maker ATA. Since the vault is an ATA, we need to create our CPI contexr with a signer and use the seeds and bump from the PDA (We are signing with our program on behalf of that PDA).

Finally, we close our Fundraiser account and send the lamports from the rent back to the maker (done with the "close" constraint int the Fundraiser account).

Users will be able to refund their contributions, if the duration of the fundraising has elapsed and the target has not reached

#[derive(Accounts)] pub struct Refund<'info> { #[account(mut)] pub contributor: Signer<'info>, pub maker: SystemAccount<'info>, pub mint_to_raise: Account<'info, Mint>, #[account( mut, has_one = mint_to_raise, seeds = [b"fundraiser", maker.key().as_ref()], bump = fundraiser.bump, )] pub fundraiser: Account<'info, Fundraiser>, #[account( mut, seeds = [b"contributor", fundraiser.key().as_ref(), contributor.key().as_ref()], bump, close = contributor, )] pub contributor_account: Account<'info, Contributor>, #[account( mut, associated_token::mint = mint_to_raise, associated_token::authority = contributor )] pub contributor_ata: Account<'info, TokenAccount>, #[account( mut, associated_token::mint = mint_to_raise, associated_token::authority = fundraiser )] pub vault: Account<'info, TokenAccount>, pub token_program: Program<'info, Token>, pub system_program: Program<'info, System>, }

In this context, we are passing all the accounts needed for a contributor to refund their tokens:

contributor: The address of the person that is contributing
maker: The address of the person raising the the funds.
mint_to_raise: the mint that the maker is expecting to receive as contributions
fundraiser: An initialized Fundraiser account where appropriate checks will be performed, such as the appropriate mint, the seeds and the bump of the Fundraiser PDA
contributor account: An initialized Contributor account that will store the total amount that a specific contributor has contributed with so far
contributor_ata: The ata where we will be transfering tokens to. We make sure that the authority and mint of the ATA are correct (mint_to_raise and contributor address), and we mark it as mutable since we will be depositing tokens to that account
vault: The ata where we will be withdrawing tokens from. We make sure that the authority and mint of the ATA are correct (mint_to_raise and Fundraiser account), and we mark it as mutable since we will be withdrawing tokens from that account
token_program: We will performing CPIs (Cross Program Invocations) to the token program to transfer tokens

We then implement some functionality for our Refund context:

impl<'info> Refund<'info> {
    pub fn refund(&mut self) -> Result<()> {

        // Check if the fundraising duration has been reached
        let current_time = Clock::get()?.unix_timestamp;
 
        require!(
            self.fundraiser.duration <= ((current_time - self.fundraiser.time_started) / SECONDS_TO_DAYS) as u8,
            crate::FundraiserError::FundraiserNotEnded
        );

        require!(
            self.vault.amount < self.fundraiser.amount_to_raise,
            crate::FundraiserError::TargetMet
        );

        // Transfer the funds back to the contributor
        // CPI to the token program to transfer the funds
        let cpi_program = self.token_program.to_account_info();

        // Transfer the funds from the vault to the contributor
        let cpi_accounts = Transfer {
            from: self.vault.to_account_info(),
            to: self.contributor_ata.to_account_info(),
            authority: self.fundraiser.to_account_info(),
        };

        // Signer seeds to sign the CPI on behalf of the fundraiser account
        let signer_seeds: [&[&[u8]]; 1] = [&[
            b"fundraiser".as_ref(),
            self.maker.to_account_info().key.as_ref(),
            &[self.fundraiser.bump],
        ]];

        // CPI context with signer since the fundraiser account is a PDA
        let cpi_ctx = CpiContext::new_with_signer(cpi_program, cpi_accounts, &signer_seeds);

        // Transfer the funds from the vault to the contributor
        transfer(cpi_ctx, self.contributor_account.amount)?;

        // Update the fundraiser state by reducing the amount contributed
        self.fundraiser.current_amount -= self.contributor_account.amount;

        Ok(())
    }
}

In here, we will check if the fundrasing has already met the target and if ir passed the duration time. After doing the proper checks, we transfer the donated funds from the vault back to the contributor

GrafMine / anchor-fundraiser

Token Fundraiser

Let's walk through the architecture:

In this state account, we will store:

The user will be able to create new Fundraiser accounts. For that, we create the following context:

We then implement some functionality for our Initialize context:

Users will be able to contribute to a fundraising

We then implement some functionality for our Contribute context:

User will be able to claim the tokens once the fundraiding target has been reached

We then implement some functionality for our Contribute context:

Users will be able to refund their contributions, if the duration of the fundraising has elapsed and the target has not reached

We then implement some functionality for our Refund context:

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