Borrowing Contract Update

Kanpeki
2 min readApr 17, 2022

To enable an update to the full liquidation functionality of debts in Kanpeki, the ability to borrow is being paused temporarily. This pause will last no fewer than 10 days and will be removed after the update is live.

This update does not affect and is unrelated to deposits, repayments, topping-up of collateral, or anything else that isn’t, specifically, borrowing or extending a debt. Those continue as normal.

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.

Note: All debts and their due reward, regardless of when they were or will be repaid, will be unaffected by this update.

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Kanpeki

Kanpeki is an immutable, incentivized fixed-rate borrowing, and lending platform on the Fantom network