Feature Request: Treasury controller program

[dankelleher]

At the moment, the yield earned by sunrise is being sent to a DAO treasury, to be used to manually purchase carbon tokens or be routed to climate projects. Spending from this treasury account, therefore, needs to happen via a DAO proposal.

The plan is for spending to be automatic and permissionless, i.e. a "crank" operation that buys and burns carbon tokens from a market every x days, or when the balance reaches a certain amount.

For this task:

• create a program called YieldController.
• this program has an "Initialize" instruction which sets up the following config:
  • market (a CLOB or AMM market used to purchase carbon tokens e.g. NCT)
  • purchase threshold (when the treasury reaches this value, make a purchase)
  • purchase proportion (amount of the treasury to spend on buying tokens. the rest is held back and sent to the DAO)
  • treasury address (the address controlled by the DAO to send the rest of the funds to)
• and a "crank" instruction, which does the following
  • if the treasury balance is below the purchase threshold * purchase proportion, do nothing
  • if the treasury balance exceeds the threshold proportion, make a CPI into the AMM/CLOB to purchase NCT for the value balance proportion
  • (in the case of a CLOB) withdraw any NCT previously purchased
  • burn the NCT
  • send the rest (balance * (1 - proportion)) to the treasury address

Note, if the market is denominated in USDC, the program will need to swap SOL for USDC before purchasing NCT.

Intermediary step: Initially, rather than adding the complexity around markets, we manually purchase NCT, and store them in a Token Account. A PDA owned by the program would be a delegate on this account, and each crank, the program would just burn balance * proportion of them.

[Rhovian]

For the intermediary step above, is the token account which stores the NCT for burning owned by the treasury, or would we still want to transfer the leftover tokens to a different address?