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fix: don't mint kbtc in cancel_redeem for liquidated vault #1204

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merged 1 commit into from
Oct 18, 2023
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fix: don't mint kbtc in cancel_redeem for liquidated vault #1204

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11 changes: 9 additions & 2 deletions crates/redeem/src/lib.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -679,7 +679,7 @@ impl<T: Config> Pallet<T> {
amount_to_slash
};

// first update the issued tokens; this logic is the same regardless of whether or not the vault is liquidated
// first update the issued tokens
let new_status = if reimburse {
// Transfer the transaction fee to the pool. Even though the redeem was not
// successful, the user receives a premium in collateral, so it's OK to take the fee.
Expand All @@ -688,7 +688,14 @@ impl<T: Config> Pallet<T> {
fee.transfer(&redeem.redeemer, &ext::fee::fee_pool_account_id::<T>())?;
ext::fee::distribute_rewards::<T>(&fee)?;

if ext::vault_registry::is_vault_below_secure_threshold::<T>(&redeem.vault)? {
if vault.is_liquidated() {
// In this situation, tokens are burned and the collateral gets transferred
// to the user. This is similar to what happens in a liquidation_redeem.
vault_to_be_burned_tokens.burn_from(&redeemer)?;
ext::vault_registry::decrease_tokens::<T>(&redeem.vault, &redeem.redeemer, &vault_to_be_burned_tokens)?;
// set to Reimbursed(true) such that the vault can't mint the ibtc/kbtc later on
Self::set_redeem_status(redeem_id, RedeemRequestStatus::Reimbursed(true))
} else if ext::vault_registry::is_vault_below_secure_threshold::<T>(&redeem.vault)? {
// vault can not afford to back the tokens that it would receive, so we burn it
vault_to_be_burned_tokens.burn_from(&redeemer)?;
ext::vault_registry::decrease_tokens::<T>(&redeem.vault, &redeem.redeemer, &vault_to_be_burned_tokens)?;
Expand Down
12 changes: 6 additions & 6 deletions parachain/runtime/runtime-tests/src/parachain/redeem.rs
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Original file line number Diff line number Diff line change
Expand Up @@ -963,17 +963,15 @@ mod spec_based_tests {
// to-be-redeemed decreased, forwarding to liquidation vault
vault.to_be_redeemed -= redeem.amount_btc() + redeem.transfer_fee_btc();
liquidation_vault.to_be_redeemed -= redeem.amount_btc() + redeem.transfer_fee_btc();
liquidation_vault.issued -= redeem.amount_btc() + redeem.transfer_fee_btc();

*fee_pool.rewards_for(&vault_id) += redeem.fee();

// the collateral that remained with the vault to back this redeem is now transferred to the
// liquidation vault
// user
let collateral_for_this_redeem = collateral_vault / 4;
vault.liquidated_collateral -= collateral_for_this_redeem;

*vault.free_balance.get_mut(&vault_id.wrapped_currency()).unwrap() +=
redeem.amount_btc() + redeem.transfer_fee_btc();

// user's tokens get unlocked
(*user.balances.get_mut(&vault_id.wrapped_currency()).unwrap()).locked -=
redeem.amount_btc() + redeem.fee() + redeem.transfer_fee_btc();
Expand Down Expand Up @@ -1780,10 +1778,12 @@ fn integration_test_redeem_wrapped_cancel_liquidated_reimburse() {
// to-be-redeemed decreased, forwarding to liquidation vault
vault.to_be_redeemed -= redeem.amount_btc() + redeem.transfer_fee_btc();
liquidation_vault.to_be_redeemed -= redeem.amount_btc() + redeem.transfer_fee_btc();
// decrease issued tokens on the liquidation vault by the same amount, s.t. the
// effective exchange rate (i.e. the one accounting for to_be_redeemed tokens)
// of the liquidation vault does not change.
liquidation_vault.issued -= redeem.amount_btc() + redeem.transfer_fee_btc();

// tokens are given to the vault, minus a fee that is given to the fee pool
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*vault.free_balance.get_mut(&vault_id.wrapped_currency()).unwrap() +=
redeem.amount_btc() + redeem.transfer_fee_btc();
*fee_pool.rewards_for(&vault_id) += redeem.fee();

// the collateral that remained with the vault to back this redeem is transferred to the user
Expand Down