Tadle
Tadle
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Submission Details
Severity: low
Valid

Inadequate Validation of `collateralRate` in `PerMarkets::createOffer` function

pro_king

Description

The PerMarkets::createOffer function currently includes a validation check to ensure that the collateralRate parameter is at least 100% by comparing it against a constant (Constants.COLLATERAL_RATE_DECIMAL_SCALER). However, the documentation specifies that the collateralRate must be greater than 100% * @dev collateralRate must be more than 100%, decimal scaler is 10000. The current implementation only enforces that the collateralRate is not less than 100%, which means a collateralRate equal to 100% would be incorrectly accepted.

function createOffer(CreateOfferParams calldata params) external payable {
/**
* @dev points and amount must be greater than 0
* @dev eachTradeTax must be less than 100%, decimal scaler is 10000
* @dev collateralRate must be more than 100%, decimal scaler is 10000
*/
​
if (params.points == 0x0 || params.amount == 0x0) {
revert Errors.AmountIsZero();
}
​
if (params.eachTradeTax > Constants.EACH_TRADE_TAX_DECIMAL_SCALER) {
revert InvalidEachTradeTaxRate();
}
@>>>> if (params.collateralRate < Constants.COLLATERAL_RATE_DECIMAL_SCALER) {
revert InvalidCollateralRate();
}
​
/// @dev market place must be online
contract through tadleFactory.
ISystemConfig systemConfig = tadleFactory.getSystemConfig(); // checking this function
MarketPlaceInfo memory marketPlaceInfo = systemConfig.getMarketPlaceInfo(params.marketPlace);
marketPlaceInfo.checkMarketPlaceStatus(block.timestamp, MarketPlaceStatus.Online);
/// @dev generate address for maker, offer, stock.
address makerAddr = GenerateAddress.generateMakerAddress(offerId);
address offerAddr = GenerateAddress.generateOfferAddress(offerId);
address stockAddr = GenerateAddress.generateStockAddress(offerId);
​
if (makerInfoMap[makerAddr].authority != address(0x0)) {
revert MakerAlreadyExist();
}
​
if (offerInfoMap[offerAddr].authority != address(0x0)) {
revert OfferAlreadyExist();
}
​
if (stockInfoMap[stockAddr].authority != address(0x0)) {
revert StockAlreadyExist();
}
offerId = offerId + 1;
​
{
/// @dev transfer collateral from _msgSender() to capital pool
uint256 transferAmount = OfferLibraries.getDepositAmount(
params.offerType,
params.collateralRate,
params.amount,
true,
Math.Rounding.Ceil // how about this in other palce floor used
);
​
ITokenManager tokenManager = tadleFactory.getTokenManager();
tokenManager.tillIn{value: msg.value}(_msgSender(), params.tokenAddress, transferAmount, false);
}
​
/// @dev update maker info
makerInfoMap[makerAddr] = MakerInfo({
offerSettleType: params.offerSettleType,
authority: _msgSender(),
marketPlace: params.marketPlace,
tokenAddress: params.tokenAddress,
originOffer: offerAddr,
platformFee: 0,
eachTradeTax: params.eachTradeTax
});
/// @dev update offer info
offerInfoMap[offerAddr] = OfferInfo({
id: offerId,
authority: _msgSender(),
maker: makerAddr,
offerStatus: OfferStatus.Virgin,
offerType: params.offerType,
points: params.points,
amount: params.amount,
collateralRate: params.collateralRate,
abortOfferStatus: AbortOfferStatus.Initialized,
usedPoints: 0,
tradeTax: 0,
settledPoints: 0,
settledPointTokenAmount: 0,
settledCollateralAmount: 0
});
​
/// @dev update stock info
stockInfoMap[stockAddr] = StockInfo({
id: offerId,
stockStatus: StockStatus.Initialized,
stockType: params.offerType == OfferType.Ask ? StockType.Bid : StockType.Ask,
authority: _msgSender(),
maker: makerAddr,
preOffer: address(0x0),
offer: offerAddr,
points: params.points,
amount: params.amount
});
​
emit CreateOffer(
offerAddr, makerAddr, stockAddr, params.marketPlace, _msgSender(), params.points, params.amount
);
​
}
​

Impact

Allowing a collateralRate of exactly 100% when the system requires it to be strictly greater than 100% could lead to inadequate collateralization, potentially exposing the platform to financial risk. Specifically, this could result in situations where the collateral is insufficient to cover the associated risks, undermining the security and stability of the marketplace.

Tools Used

Manual Review

Recommendations

Update the validation logic to enforce that the collateralRate must be strictly greater than 100%. The condition should be modified as follows:

- if (params.collateralRate < Constants.COLLATERAL_RATE_DECIMAL_SCALER) {
+ if (params.collateralRate <= Constants.COLLATERAL_RATE_DECIMAL_SCALER) {
revert InvalidCollateralRate();
}
Updates

Lead Judging Commences

0xnevi Lead Judge 11 months ago
Submission Judgement Published
Validated
Assigned finding tags:

finding-PreMarkets-off-by-one-Collateral-Rate-100%

I believe this is borderline informational/low. Despite this off-by-one error of the intended check, the difference between 100% and 101% is minimal, so I believe whether or not 100% is allowed has minimal impact. Ultimately, it still comes down to the risk level that users are willing to take

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