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Could someone explain the difference and if there are there any additional benefits to using CpiContext::new_with_signer vs invoke_signed when making a CPI in an Anchor program?

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invoke_signed is not part of Anchor, but rather part of Solana SDK itself. It is used to make CPI calls.

new_with_signer() creates and returns an Anchor CPI context. This context gathers all the necessary info to make a CPI call but it does not actually make the call itself.

That part is done by the CPI methods that Anchor generates, e.g. my_program::cpi::my_instruction(). This method receives the context and will actually call invoked_signed.

You can see this in the macro's implementation.

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    This is correct. It might be worth noting that the anchor expand command helps visualize this concept by showing that invoke_signed is indeed called eventually
    – zfedoran
    Commented Aug 5, 2022 at 0:04

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