Vault Registry

Overview

The vault registry is the central place to manage vaults. Vaults can register themselves here, update their collateral, or can be liquidated. Similarly, the issue, redeem, refund, and replace protocols call this module to assign vaults during issue, redeem, refund, and replace procedures. Moreover, vaults use the registry to register public key for the On-Chain Key Derivation Scheme and register addresses for the OP_RETURN scheme.

Data Model

Constants

Scalars

MinimumCollateralVault

The minimum collateral a vault needs to provide to participate in the issue process.

Note

This is a protection against spamming the protocol with very small collateral amounts. Vaults are still able to withdraw the collateral after registration, but at least it requires an additional transaction fee, and it provides protection against accidental registration with very low amounts of collateral.

PunishmentDelay

Time period in which a Vault cannot participate in issue, redeem or replace requests.

  • Measured in Parachain blocks

  • Initial value: 1 day (Parachain constant)

SecureCollateralThreshold

Determines the over-collateralization rate for collateral locked by Vaults, necessary for issuing tokens.

The Vault can take on issue requests depending on the collateral it provides and under consideration of the SecureCollateralThreshold. The maximum amount of interBTC a vault is able to support during the issue process is based on the following equation:

\(\text{max(interBTC)} = \text{collateral} * \text{ExchangeRate} / \text{SecureCollateralThreshold}\).

  • The Secure Collateral Threshold MUST be greater than the Liquidation Threshold.

  • The Secure Collateral Threshold MUST be greater than the Premium Redeem Threshold.

Note

As an example, assume we use DOT as collateral, we issue interBTC and lock BTC on the Bitcoin side. Let’s assume the BTC/DOT exchange rate is 80, i.e., one has to pay 80 DOT to receive 1 BTC. Further, the SecureCollateralThreshold is 200%, i.e., a vault has to provide two-times the amount of collateral to back an issue request. Now let’s say the vault deposits 400 DOT as collateral. Then this vault can back at most 2.5 interBTC as: \(400 * (1/80) / 2 = 2.5\).

PremiumRedeemThreshold

Determines the rate for the collateral rate of Vaults, at which users receive a premium, allocated from the Vault’s collateral, when performing a Redeem with this Vault.

  • The Premium Redeem Threshold MUST be greater than the Liquidation Threshold.

LiquidationThreshold

Determines the lower bound for the collateral rate in issued tokens. If a Vault’s collateral rate drops below this, automatic liquidation is triggered.

  • The Liquidation Threshold MUST be greater than 100% for any collateral asset.

LiquidationVault

Account identifier of an artificial vault maintained by the VaultRegistry to handle interBTC balances and DOT collateral of liquidated Vaults. That is, when a vault is liquidated, its balances are transferred to LiquidationVault and claims are later handled via the LiquidationVault.

Note

A Vault’s token balances and DOT collateral are transferred to the LiquidationVault as a result of automated liquidations and reportVaultTheft.

Maps

Vaults

Mapping from accounts of Vaults to their struct. <Account, Vault>.

Structs

Vault

Stores the information of a Vault.

Parameter

Type

Description

wallet

Wallet<BtcAddress>

A set of Bitcoin address(es) of this vault, used for theft detection. Additionally, it contains the btcPublicKey used for generating deposit addresses in the issue process.

status

VaultStatus

Current status of the vault (Active, Liquidated, CommittedTheft)

bannedUntil

BlockNumber

Block height until which this vault is banned from being used for Issue, Redeem (except during automatic liquidation) and Replace .

toBeIssuedTokens

interBTC

Number of interBTC tokens currently requested as part of an uncompleted issue request.

issuedTokens

interBTC

Number of interBTC tokens actively issued by this Vault.

toBeRedeemedTokens

interBTC

Number of interBTC tokens reserved by pending redeem and replace requests.

toBeReplacedTokens

interBTC

Number of interBTC tokens requested for replacement.

replaceCollateral

DOT

Griefing collateral to be used for accepted replace requests.

liquidatedCollateral

DOT

Any collateral that is locked for remaining to_be_redeemed on liquidation.

Note

This specification currently assumes for simplicity that a vault will reuse the same BTC address, even after multiple redeem requests. [Future Extension]: For better security, Vaults may desire to generate new BTC addresses each time they execute a redeem request. This can be handled by pre-generating multiple BTC addresses and storing these in a list for each Vault. Caution is necessary for users which execute issue requests with “old” vault addresses - these BTC must be moved to the latest address by Vaults.

External Functions

registerVault

Registers a new Vault. The vault locks up some amount of collateral, and provides a public key which is used for the On-Chain Key Derivation Scheme.

Specification

Function Signature

registerVault(vault, collateral, btcPublicKey)

Parameters

  • vault: The account of the vault to be registered.

  • collateral: to-be-locked collateral.

  • btcPublicKey: public key used to derive deposit keys with the On-Chain Key Derivation Scheme.

Events

Preconditions

  • The function call MUST be signed by vaultId.

  • The BTC Parachain status in the Security component MUST NOT be SHUTDOWN:2.

  • The vault MUST NOT be registered yet

  • The vault MUST have sufficient funds to lock the collateral

  • collateral > MinimumCollateralVault, i.e., the vault MUST provide sufficient collateral (above the spam protection threshold).

Postconditions

  • The vault’s free balance MUST decrease by collateral.

  • The vault’s reserved balance MUST increase by collateral.

  • The new vault MUST be created as follows:

    • vault.wallet: MUST be empty.

    • vault.status: MUST be set to active=true.

    • vault.bannedUntil: MUST be empty.

    • vault.toBeIssuedTokens: MUST be zero.

    • vault.issuedTokens: MUST be zero.

    • vault.toBeRedeemedTokens: MUST be zero.

    • vault.toBeReplacedTokens: MUST be zero.

    • vault.replaceCollateral: MUST be zero.

    • vault.liquidatedCollateral: MUST be zero.

  • The new vault MUST be inserted into Vaults using their account identifier as key.

registerAddress

Add a new BTC address to the vault’s wallet. Typically this function is called by the vault client to register a return-to-self address, prior to making redeem/replace payments. If a vault makes a payment to an address that is not registered, nor is a valid redeem/replace payment, it will be marked as theft.

Specification

Function Signature

registerAddress(vaultId, address)

Parameters

  • vaultId: the account of the vault.

  • address: a valid BTC address.

Events

Precondition

  • The function call MUST be signed by vaultId.

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST NOT be registered.

Postconditions

  • address MUST be added to the vault’s wallet.

updatePublicKey

Changes a vault’s public key that is used for the On-Chain Key Derivation Scheme.

Specification

Function Signature

updatePublicKey(vaultId, publicKey)

Parameters

  • vaultId: the account of the vault.

  • publicKey: the new BTC public key of the vault.

Events

Preconditions

  • The function call MUST be signed by vaultId.

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

Postconditions

  • The vault’s public key MUST be set to publicKey.

depositCollateral

The vault locks additional collateral as a security against stealing the Bitcoin locked with it.

Specification

Function Signature

lockCollateral(vaultId, collateral)

Parameters

  • vaultId: The account of the vault locking collateral.

  • collateral: to-be-locked collateral.

Events

Precondition

  • The function call MUST be signed by vaultId.

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

  • The vault MUST have sufficient unlocked collateral to lock.

Postconditions

  • Function depositStake MUST complete successfully - parameterized by vaultId and collateral.

withdrawCollateral

A vault can withdraw its free collateral at any time, as long as the collateralization ratio remains above the SecureCollateralThreshold. Collateral that is currently being used to back issued interBTC remains locked until the vault is used for a redeem request (full release can take multiple redeem requests).

Specification

Function Signature

withdrawCollateral(vaultId, withdrawAmount)

Parameters

  • vaultId: The account of the vault withdrawing collateral.

  • withdrawAmount: To-be-withdrawn collateral.

Events

Preconditions

  • The function call MUST be signed by vaultId.

  • The BTC Parachain status in the Security component MUST be set to RUNNING:0.

  • A vault with id vaultId MUST be registered.

  • The collatalization rate of the vault MUST remain above SecureCollateralThreshold after the withdrawal of withdrawAmount.

  • After the withdrawal, the vault’s ratio of nominated collateral to own collateral must remain above the value returned by getMaxNominationRatio.

Postconditions

  • Function withdrawStake MUST complete successfully - parameterized by vaultId and withdrawAmount.

  • The vault’s free balance MUST increase by withdrawAmount.

Internal Functions

tryIncreaseToBeIssuedTokens

During an issue request function (requestIssue), a user must be able to assign a vault to the issue request. As a vault can be assigned to multiple issue requests, race conditions may occur. To prevent race conditions, a Vault’s collateral is reserved when an IssueRequest is created - toBeIssuedTokens specifies how much interBTC is to be issued (and the reserved collateral is then calculated based on getExchangeRate).

Specification

Function Signature

tryIncreaseToBeIssuedTokens(vaultId, tokens)

Parameters

  • vaultId: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC to be locked.

Events

Preconditions

  • The BTC Parachain status in the Security component MUST be set to RUNNING:0.

  • A vault with id vaultId MUST be registered.

  • The vault MUST have sufficient collateral to remain above the SecureCollateralThreshold after issuing tokens.

  • The vault status MUST be Active(true)

  • The vault MUST NOT be banned

Postconditions

  • The vault’s toBeIssuedTokens MUST be increased by an amount of tokens.

decreaseToBeIssuedTokens

A Vault’s committed tokens are unreserved when an issue request (cancelIssue) is cancelled due to a timeout (failure!). If the vault has been liquidated, the tokens are instead unreserved on the liquidation vault.

Specification

Function Signature

decreaseToBeIssuedTokens(vaultId, tokens)

Parameters

  • vaultId: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC to be unreserved.

Events

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

  • If the vault is not liquidated, it MUST have at least tokens toBeIssuedTokens.

  • If the vault is liquidated, it MUST have at least tokens toBeIssuedTokens.

Postconditions

  • If the vault is not liquidated, its toBeIssuedTokens MUST be decreased by an amount of tokens.

  • If the vault is liquidated, the liquidation vault’s toBeIssuedTokens MUST be decreased by an amount of tokens.

issueTokens

The issue process completes when a user calls the executeIssue function and provides a valid proof for sending BTC to the vault. At this point, the toBeIssuedTokens assigned to a vault are decreased and the issuedTokens balance is increased by the amount of issued tokens.

Specification

Function Signature

issueTokens(vaultId, amount)

Parameters

  • vaultId: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC that were just issued.

Events

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

  • If the vault is not liquidated, its toBeIssuedTokens MUST be greater than or equal to tokens.

  • If the vault is liquidated, the toBeIssuedTokens of the liquidation vault MUST be greater than or equal to tokens.

Postconditions

  • If the vault is not liquidated, its toBeIssuedTokens MUST be decreased by tokens, while its issuedTokens MUST be increased by tokens.

  • If the vault is not liquidated, function depositStake MUST complete successfully - parameterized by vaultId and tokens.

  • If the vault is liquidated, the toBeIssuedTokens of the liquidation vault MUST be decreased by tokens, while its issuedTokens MUST be increased by tokens.

tryIncreaseToBeRedeemedTokens

Add an amount of tokens to the toBeRedeemedTokens balance of a vault. This function serves as a prevention against race conditions in the redeem and replace procedures. If, for example, a vault would receive two redeem requests at the same time that have a higher amount of tokens to be issued than his issuedTokens balance, one of the two redeem requests should be rejected.

Specification

Function Signature

tryIncreaseToBeRedeemedTokens(vaultId, tokens)

Parameters

  • vaultId: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC to be redeemed.

Events

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

  • The vault MUST NOT be liquidated.

  • The vault MUST have sufficient tokens to reserve, i.e. tokens must be less than or equal to issuedTokens - toBeRedeemedTokens.

Postconditions

  • The vault’s toBeRedeemedTokens MUST be increased by tokens.

decreaseToBeRedeemedTokens

Subtract an amount tokens from the toBeRedeemedTokens balance of a vault. This function is called from cancelRedeem.

Specification

Function Signature

decreaseToBeRedeemedTokens(vaultId, tokens)

Parameters

  • vaultId: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC not to be redeemed.

Events

Preconditions

  • The BTC Parachain status in the Security component must not be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

  • If the vault is not liquidated, its toBeRedeemedTokens MUST be greater than or equal to tokens.

  • If the vault is liquidated, the toBeRedeemedTokens of the liquidation vault MUST be greater than or equal to tokens.

Postconditions

  • If the vault is not liquidated, its toBeRedeemedTokens MUST be decreased by tokens.

  • If the vault is liquidated, the toBeRedeemedTokens of the liquidation vault MUST be decreased by tokens.

decreaseTokens

Decreases both the toBeRedeemed and issued tokens, effectively burning the tokens. This is called from cancelRedeem.

Specification

Function Signature

decreaseTokens(vaultId, user, tokens)

Parameters

  • vaultId: The BTC Parachain address of the Vault.

  • userId: The BTC Parachain address of the user that made the redeem request.

  • tokens: The amount of interBTC that were not redeemed.

Events

Preconditions

  • The BTC Parachain status in the Security component must not be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

  • If the vault is not liquidated, its toBeRedeemedTokens and issuedTokens MUST be greater than or equal to tokens.

  • If the vault is liquidated, the toBeRedeemedTokens and issuedTokens of the liquidation vault MUST be greater than or equal to tokens.

Postconditions

  • If the vault is not liquidated, its toBeRedeemedTokens and issuedTokens MUST be decreased by tokens.

  • If the vault is liquidated, the toBeRedeemedTokens and issuedTokens of the liquidation vault MUST be decreased by tokens.

redeemTokens

Reduces the to-be-redeemed tokens when a redeem request completes

Specification

Function Signature

redeemTokens(vaultId, tokens, premium, redeemerId)

Parameters

  • vaultId: the id of the vault from which to redeem tokens

  • tokens: the amount of tokens to be decreased

  • premium: amount of collateral to be rewarded to the redeemer if the vault is not liquidated yet

  • redeemerId: the id of the redeemer

Events

One of:

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

  • If the vault is not liquidated:

    • The vault’s toBeRedeemedTokens must be greater than or equal to tokens.

    • If premium > 0, then the vault’s backingCollateral (as calculated via computeStakeAtIndex) must be greater than or equal to premium.

  • If the vault is liquidated, then the liquidation vault’s toBeRedeemedTokens must be greater than or equal to tokens

Postconditions

  • If the vault is not liquidated:

    • The vault’s toBeRedeemedTokens MUST be decreased by tokens, and its issuedTokens MUST increase by the same amount.

    • If premium = 0, then the RedeemTokens event is emitted

    • If premium > 0, then premium is transferred from the vault’s collateral to the redeemer. The RedeemTokensPremium event is emitted.

    • Function withdrawStake MUST complete successfully - parameterized by vaultId and tokens.

  • If the vault is liquidated, then the liquidation vault’s toBeRedeemedTokens MUST be decreased by tokens, and its issuedTokens MUST increase by the same amount. The RedeemTokensLiquidatedVault event is emitted.

redeemTokensLiquidation

Handles redeem requests which are executed against the LiquidationVault. Reduces the issued token of the LiquidationVault and slashes the corresponding amount of collateral.

Specification

Function Signature

redeemTokensLiquidation(redeemerId, tokens)

Parameters

  • redeemerId : The account of the user redeeming interBTC.

  • tokens: The amount of interBTC to be burned, in exchange for collateral.

Events

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • The liquidation vault MUST have sufficient tokens, i.e. tokens MUST be less than or equal to its issuedTokens - toBeRedeemedTokens.

Postconditions

  • The liquidation vault’s issuedTokens MUST decrease by tokens.

  • The redeemer MUST have received an amount of collateral equal to (tokens / liquidationVault.issuedTokens) * liquidationVault.backingCollateral.

increaseToBeReplacedTokens

Increases the toBeReplaced tokens of a vault, which indicates how many tokens other vaults can replace in total.

Specification

Function Signature

increaseToBeReplacedTokens(oldVault, tokens, collateral)

Parameters

  • vaultId: Account identifier of the vault to be replaced.

  • tokens: The amount of interBTC replaced.

  • collateral: The extra collateral provided by the new vault as griefing collateral for potential accepted replaces.

Returns

  • A tuple of the new total toBeReplacedTokens and replaceCollateral.

Events

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

  • The vault MUST NOT be liquidated.

  • The vault’s increased toBeReplaceedTokens MUST NOT exceed issuedTokens - toBeRedeemedTokens.

Postconditions

  • The vault’s toBeReplaceTokens MUST be increased by tokens.

  • The vault’s replaceCollateral MUST be increased by collateral.

decreaseToBeReplacedTokens

Decreases the toBeReplaced tokens of a vault, which indicates how many tokens other vaults can replace in total.

Specification

Function Signature

decreaseToBeReplacedTokens(oldVault, tokens)

Parameters

  • vaultId: Account identifier of the vault to be replaced.

  • tokens: The amount of interBTC replaced.

Returns

  • A tuple of the new total toBeReplacedTokens and replaceCollateral.

Events

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id vaultId MUST be registered.

Postconditions

  • The vault’s replaceCollateral MUST be decreased by (min(tokens, toBeReplacedTokens) / toBeReplacedTokens) * replaceCollateral.

  • The vault’s toBeReplaceTokens MUST be decreased by min(tokens, toBeReplacedTokens).

Note

the replaceCollateral is not actually unlocked - this is the responsibility of the caller. It is implemented this way, because in requestRedeem it needs to be unlocked, whereas in requestReplace it must remain locked.

replaceTokens

When a replace request successfully completes, the toBeRedeemedTokens and the issuedToken balance must be reduced to reflect that removal of interBTC from the oldVault.Consequently, the issuedTokens of the newVault need to be increased by the same amount.

Specification

Function Signature

replaceTokens(oldVault, newVault, tokens, collateral)

Parameters

  • oldVault: Account identifier of the vault to be replaced.

  • newVault: Account identifier of the vault accepting the replace request.

  • tokens: The amount of interBTC replaced.

  • collateral: The collateral provided by the new vault.

Events

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id oldVault MUST be registered.

  • A vault with id newVault MUST be registered.

  • If oldVault is not liquidated, its toBeRedeemedTokens and issuedTokens MUST be greater than or equal to tokens.

  • If oldVault is liquidated, the liquidation vault’s toBeRedeemedTokens and issuedTokens MUST be greater than or equal to tokens.

  • If newVault is not liquidated, its toBeIssuedTokens MUST be greater than or equal to tokens.

  • If newVault is liquidated, the liquidation vault’s toBeIssuedTokens MUST be greater than or equal to tokens.

Postconditions

  • If oldVault is not liquidated:

    • The oldVault’s toBeRedeemedTokens and issuedTokens MUST be decreased by the amount tokens.

    • The oldVault’s collateral free balance MUST be increased by tokens / toBeRedeemed.

  • If oldVault is liquidated, the liquidation vault’s toBeRedeemedTokens and issuedTokens are decrease by the amount tokens.

  • If newVault is not liquidated, its toBeIssuedTokens is decreased by tokens, while its issuedTokens is increased by the same amount.

  • If newVault is liquidated, the liquidation vault’s toBeIssuedTokens is decreased by tokens, while its issuedTokens is increased by the same amount.

cancelReplaceTokens

Cancels a replace: decrease the old-vault’s to-be-redeemed tokens, and the new-vault’s to-be-issued tokens. If one or both of the vaults has been liquidated, the change is forwarded to the liquidation vault.

Specification

Function Signature

cancelReplaceTokens(oldVault, newVault, tokens)

Parameters

  • oldVault: Account identifier of the vault to be replaced.

  • newVault: Account identifier of the vault accepting the replace request.

  • tokens: The amount of interBTC replaced.

Preconditions

  • The BTC Parachain status in the Security component MUST NOT be set to SHUTDOWN: 2.

  • A vault with id oldVault MUST be registered.

  • A vault with id newVault MUST be registered.

  • If oldVault is not liquidated, its toBeRedeemedTokens MUST be greater than or equal to tokens.

  • If oldVault is liquidated, the liquidation vault’s toBeRedeemedTokens MUST be greater than or equal to tokens.

  • If newVault is not liquidated, its toBeIssuedTokens MUST be greater than or equal to tokens.

  • If newVault is liquidated, the liquidation vault’s toBeIssuedTokens MUST be greater than or equal to tokens.

Postconditions

  • If oldVault is not liquidated, its toBeRedeemedTokens MUST be decreased by tokens.

  • If oldVault is liquidated, the liquidation vault’s toBeRedeemedTokens MUST be decreased by tokens.

  • If newVault is not liquidated, its toBeIssuedTokens MUST be decreased by tokens.

  • If newVault is liquidated, the liquidation vault’s toBeIssuedTokens MUST be decreased by tokens.

liquidateVault

Liquidates a vault, transferring token balances to the LiquidationVault, as well as collateral.

Specification

Function Signature

liquidateVault(vault)

Parameters

  • vault: Account identifier of the vault to be liquidated.

Events

Preconditions

Postconditions

  • Function withdrawStake MUST complete successfully - parameterized by vault and vault.issuedTokens.

  • The liquidation vault’s issuedTokens, toBeIssuedTokens and toBeRedeemedTokens MUST be increased by the respective amounts in the vault.

  • The vault’s issuedTokens and toBeIssuedTokens MUST be set to 0.

  • Collateral MUST be moved from the vault to the liquidation vault: an amount of confiscatedCollateral - confiscatedCollateral * (toBeRedeemedTokens / (toBeIssuedTokens + issuedTokens)) is moved, where confiscatedCollateral is the minimum of the vault’s backingCollateral (as calculated via computeStakeAtIndex) and SecureCollateralThreshold times the equivalent worth of the amount of tokens it is backing.

Note

If a vault successfully executes a replace after having been liquidated, it receives some of its confiscated collateral back.

getMaxNominationRatio

Returns the nomination ratio, denoting the maximum amount of collateral that can be nominated to a particular Vault.

  • MaxNominationRatio = (SecureCollateralThreshold / PremiumRedeemThreshold) - 1)

Example

  • SecureCollateralThreshold = 1.5 (150%)

  • PremiumRedeemThreshold = 1.2 (120%)

  • MaxNominationRatio = (1.5 / 1.2) - 1 = 0.25 (25%)

In this example, a Vault with 10 DOT locked as collateral can only receive 2.5 DOT through nomination.

Events

RegisterVault

Emit an event stating that a new vault (vault) was registered and provide information on the Vault’s collateral (collateral).

Event Signature

RegisterVault(vault, collateral)

Parameters

  • vault: The account of the vault to be registered.

  • collateral: to-be-locked collateral in DOT.

Functions

DepositCollateral

Emit an event stating how much new (newCollateral), total collateral (totalCollateral) and freely available collateral (freeCollateral) the vault calling this function has locked.

Event Signature

DepositCollateral(vault, newCollateral, totalCollateral, freeCollateral)

Parameters

  • vault: The account of the vault locking collateral.

  • newCollateral: to-be-locked collateral in DOT.

  • totalCollateral: total collateral in DOT.

  • freeCollateral: collateral not “occupied” with interBTC in DOT.

Functions

WithdrawCollateral

Emit emit an event stating how much collateral was withdrawn by the vault and total collateral a vault has left.

Event Signature

WithdrawCollateral(vault, withdrawAmount, totalCollateral)

Parameters

  • vault: The account of the vault locking collateral.

  • withdrawAmount: To-be-withdrawn collateral in DOT.

  • totalCollateral: total collateral in DOT.

Functions

RegisterAddress

Emit an event stating that a vault (vault) registered a new address (address).

Event Signature

RegisterAddress(vault, address)

Parameters

  • vault: The account of the vault to be registered.

  • address: The added address

Functions

UpdatePublicKey

Emit an event stating that a vault (vault) registered a new address (address).

Event Signature

UpdatePublicKey(vault, publicKey)

Parameters

  • vault: the account of the vault.

  • publicKey: the new BTC public key of the vault.

Functions

IncreaseToBeIssuedTokens

Emit

Event Signature

IncreaseToBeIssuedTokens(vaultId, tokens)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC to be locked.

Functions

DecreaseToBeIssuedTokens

Emit

Event Signature

DecreaseToBeIssuedTokens(vaultId, tokens)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC to be unreserved.

Functions

IssueTokens

Emit an event when an issue request is executed.

Event Signature

IssueTokens(vault, tokens)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC that were just issued.

Functions

IncreaseToBeRedeemedTokens

Emit an event when a redeem request is requested.

Event Signature

IncreaseToBeRedeemedTokens(vault, tokens)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC to be redeemed.

Functions

DecreaseToBeRedeemedTokens

Emit an event when a replace request cannot be completed because the vault has too little tokens committed.

Event Signature

DecreaseToBeRedeemedTokens(vault, tokens)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC not to be redeemed.

Functions

IncreaseToBeReplacedTokens

Emit an event when the toBeReplacedTokens is increased.

Event Signature

IncreaseToBeReplacedTokens(vault, tokens)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC to be replaced.

Functions

DecreaseToBeReplacedTokens

Emit an event when the toBeReplacedTokens is decreased.

Event Signature

DecreaseToBeReplacedTokens(vault, tokens)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC not to be replaced.

Functions

DecreaseTokens

Emit an event if a redeem request cannot be fulfilled.

Event Signature

DecreaseTokens(vault, user, tokens, collateral)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • user: The BTC Parachain address of the user that made the redeem request.

  • tokens: The amount of interBTC that were not redeemed.

  • collateral: The amount of collateral assigned to this request.

Functions

RedeemTokens

Emit an event when a redeem request successfully completes.

Event Signature

RedeemTokens(vault, tokens)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC redeemed.

Functions

RedeemTokensPremium

Emit an event when a user is executing a redeem request that includes a premium.

Event Signature

RedeemTokensPremium(vault, tokens, premiumDOT, redeemer)

Parameters

  • vault: The BTC Parachain address of the Vault.

  • tokens: The amount of interBTC redeemed.

  • premiumDOT: The amount of DOT to be paid to the user as a premium using the Vault’s released collateral.

  • redeemer: The user that redeems at a premium.

Functions

RedeemTokensLiquidation

Emit an event when a redeem is executed under the LIQUIDATION status.

Event Signature

RedeemTokensLiquidation(redeemer, redeemDOTinBTC)

Parameters

  • redeemer : The account of the user redeeming interBTC.

  • redeemDOTinBTC: The amount of interBTC to be redeemed in DOT with the LiquidationVault, denominated in BTC.

Functions

RedeemTokensLiquidatedVault

Emit an event when a redeem is executed on a liquidated vault.

Event Signature

RedeemTokensLiquidation(redeemer, tokens, unlockedCollateral)

Parameters

  • redeemer : The account of the user redeeming interBTC.

  • tokens: The amount of interBTC that have been refeemed.

  • unlockedCollateral: The amount of collateral that has been unlocked for the vault for this redeem.

Functions

ReplaceTokens

Emit an event when a replace requests is successfully executed.

Event Signature

ReplaceTokens(oldVault, newVault, tokens, collateral)

Parameters

  • oldVault: Account identifier of the vault to be replaced.

  • newVault: Account identifier of the vault accepting the replace request.

  • tokens: The amount of interBTC replaced.

  • collateral: The collateral provided by the new vault.

Functions

LiquidateVault

Emit an event indicating that the vault with vault account identifier has been liquidated.

Event Signature

LiquidateVault(vault)

Parameters

  • vault: Account identifier of the vault to be liquidated.

Functions

Error Codes

InsufficientVaultCollateralAmount

  • Message: “The provided collateral was insufficient - it must be above MinimumCollateralVault.”

  • Cause: The vault provided too little collateral, i.e. below the MinimumCollateralVault limit.

VaultNotFound

  • Message: “The specified vault does not exist.”

  • Cause: vault could not be found in Vaults mapping.

ERR_INSUFFICIENT_FREE_COLLATERAL

  • Message: “Not enough free collateral available.”

  • Cause: The vault is trying to withdraw more collateral than is currently free.

ERR_EXCEEDING_VAULT_LIMIT

  • Message: “Issue request exceeds vault collateral limit.”

  • Cause: The collateral provided by the vault combined with the exchange rate forms an upper limit on how much interBTC can be issued. The requested amount exceeds this limit.

ERR_INSUFFICIENT_TOKENS_COMMITTED

  • Message: “The requested amount of tokens exceeds the amount available to vault.”

  • Cause: A user requests a redeem with an amount exceeding the vault’s tokens, or the vault is requesting replacement for more tokens than it has available.

ERR_VAULT_BANNED

  • Message: “Action not allowed on banned vault.”

  • Cause: An illegal operation is attempted on a banned vault, e.g. an issue or redeem request.

ERR_ALREADY_REGISTERED

  • Message: “A vault with the given accountId is already registered.”

  • Cause: A vault tries to register a vault that is already registered.

ERR_RESERVED_DEPOSIT_ADDRESS

  • Message: “Deposit address is already registered.”

  • Cause: A vault tries to register a deposit address that is already in the system.

ERR_VAULT_NOT_BELOW_LIQUIDATION_THRESHOLD

  • Message: “Attempted to liquidate a vault that is not undercollateralized.”

  • Cause: A vault has been reported for being undercollateralized, but at the moment of execution, it is no longer undercollateralized.

ERR_INVALID_PUBLIC_KEY

  • Message: “Deposit address could not be generated with the given public key.”

  • Cause: An error occurred while attempting to generate a new deposit address for an issue request.

Note

These are the errors defined in this pallet. It is possible that functions in this pallet return errors defined in other pallets.