Price wrap and unwrap at the escrow / wrapped supply rate

[staccDOTsol]

Summary

Prices Wrap and Unwrap at the escrow / wrapped supply rate instead of a fixed 1:1.

This does not change any wrapped token whatsoever, unless wrapped tokens have been burned (or the wrapped supply has otherwise been reduced), or unwrapped tokens have been donated to the escrow. While escrow balance equals wrapped supply, which is the case for every wrapped mint that has only ever been wrapped and unwrapped, the result is exactly the existing 1:1 behavior.

Why

Today, unwrapped tokens sent directly to an escrow, and the backing of wrapped tokens that were burned directly, are stranded: nobody can ever redeem them. With this change they accrue pro rata to the remaining wrapped token holders.

What changes

• Wrap mints amount * wrapped_supply / escrow, rounded down. An empty wrapped mint still mints 1:1.
• Unwrap pays amount * escrow / wrapped_supply, rounded down.
• Rounding is always in favor of remaining holders, so escrow per wrapped token never falls.
• An amount that rounds down to zero is rejected.

What does not change

• Instruction names, account lists and instruction data.
• The CLI, JS client and IDL.
• CreateMint, CloseStuckEscrow, metadata sync and the canonical pointer.

Tests

• Existing suite passes. The wrap and unwrap fixtures previously paired a 500M wrapped supply with a 0 or 100k escrow, a state that cannot occur; they now start with matching escrow and supply.
• Added one test each for wrap and unwrap at a non-1:1 rate, including round-down.

🤖 Generated with Claude Code

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