Borrowing Contract Update

Why?

During a full liquidation, a minor case of double-counting leads to more of the liquidated collateral being sent to the burner address than should be. In the short term, dealing with this involves sending the excess back to the relevant collateral vault.

Why Pause?

While the contracts of Kanpeki are, at this time swappable (rather than updatable), for security reasons and to ensure the “non-custodial” label does have weight, the system has been designed such that it is impossible to correctly change core contracts capable of transferring user-deposited assets. Simply, it is impossible to swap in the updated contract handling borrowing until every existing debt has been repaid (or liquidated as the case may be), hence ensuring the various collateral vaults are free of users’ assets.

Wen Unpause?

As indicated above, every current debt needs to be repaid for the update to happen. Every debt has a 9 day cooldown period and contract swaps have a 24 hr cooldown meaning the pause can be lifted no sooner than 10 days from now. This is, of course, predicated on all borrowers choosing to repay their currently active debts as soon as they can should they find a shorter pause time valuable.

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Kanpeki

Kanpeki

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Kanpeki is a fixed-rate, incentivized borrowing, and lending dapp on the Fantom network