feat(holdout): add passive-confidence/no-dilution scenario
Verifies that passive holders are not diluted when new buyers enter. - Two wallets (Anvil accounts 4 & 5) buy KRK sequentially - First buyer's balance must remain unchanged after second buy - Second buyer receives fewer tokens per ETH due to AMM price impact - Tests core protocol invariant: holding KRK does not dilute position
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/**
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* Holdout scenario: passive-confidence / no-dilution
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*
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* Verifies that a passive holder's balance is not diluted when a new buyer enters.
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* Two wallets buy KRK sequentially. The first buyer's balance must remain exactly
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* the same after the second buyer purchases. The second buyer should receive fewer
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* tokens per ETH due to price impact from the AMM curve.
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*
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* Uses Anvil accounts 4 and 5 (distinct from e2e tests which use account 0).
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*/
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import { expect, test } from '@playwright/test';
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import { Wallet } from 'ethers';
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import { createWalletContext } from '../../../../tests/setup/wallet-provider';
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import { getStackConfig } from '../../../../tests/setup/stack';
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import { connectWallet, getKrkBalance } from '../../helpers/wallet';
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import { buyKrk } from '../../helpers/swap';
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// Anvil account 4
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const PK_A = '0x47e179ec197488593b187f80a00eb0da91f1b9d0b13f8733639f19c30a34926a';
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const ADDRESS_A = new Wallet(PK_A).address; // 0x15d34AAf54267DB7D7c367839AAf71A00a2C6A65
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// Anvil account 5
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const PK_B = '0x8b3a350cf5c34c9194ca85829a2df0ec3153be0318b5e2d3348e872092edffba';
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const ADDRESS_B = new Wallet(PK_B).address; // 0x9965507D1a55bcC2695C58ba16FB37d819B0A4dc
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test('passive holders are not diluted', async ({ browser }) => {
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const config = getStackConfig();
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// ── 0. Verify both accounts start with 0 KRK ──────────────────────────
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const krkInitialA = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_A);
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const krkInitialB = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_B);
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console.log(`[TEST] Wallet A initial KRK: ${krkInitialA}`);
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console.log(`[TEST] Wallet B initial KRK: ${krkInitialB}`);
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expect(krkInitialA).toBe(0n);
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expect(krkInitialB).toBe(0n);
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console.log('[TEST] ✅ Both wallets start with 0 KRK');
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// ── 1. Wallet A buys 1 ETH worth of KRK ────────────────────────────────
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console.log('[TEST] Creating wallet context for Wallet A...');
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const ctxA = await createWalletContext(browser, {
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privateKey: PK_A,
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rpcUrl: config.rpcUrl,
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});
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const pageA = await ctxA.newPage();
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pageA.on('console', msg => console.log(`[BROWSER A] ${msg.type()}: ${msg.text()}`));
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pageA.on('pageerror', err => console.log(`[BROWSER ERROR A] ${err.message}`));
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try {
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console.log('[TEST] Loading web app for Wallet A...');
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await pageA.goto(`${config.webAppUrl}/app/`, { waitUntil: 'domcontentloaded' });
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await expect(pageA.locator('.navbar-title').first()).toBeVisible({ timeout: 30_000 });
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console.log('[TEST] Connecting Wallet A...');
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await connectWallet(pageA);
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console.log('[TEST] Wallet A buying 1 ETH of KRK...');
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await buyKrk(pageA, '1');
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const krkBalanceA = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_A);
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console.log(`[TEST] Wallet A KRK balance after buy: ${krkBalanceA}`);
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expect(krkBalanceA).toBeGreaterThan(0n);
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console.log('[TEST] ✅ Wallet A received KRK');
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// ── 2. Record A's balance and close context ───────────────────────────
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const krkAfterFirstBuy = krkBalanceA;
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console.log(`[TEST] Recorded Wallet A balance: ${krkAfterFirstBuy}`);
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} finally {
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await ctxA.close();
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console.log('[TEST] Closed Wallet A context');
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}
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// Re-query A's balance after closing context to ensure we have the final value
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const krkAfterFirstBuy = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_A);
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console.log(`[TEST] Wallet A final balance after first buy: ${krkAfterFirstBuy}`);
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// ── 3. Wallet B buys 5 ETH worth of KRK ────────────────────────────────
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console.log('[TEST] Creating wallet context for Wallet B...');
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const ctxB = await createWalletContext(browser, {
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privateKey: PK_B,
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rpcUrl: config.rpcUrl,
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});
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const pageB = await ctxB.newPage();
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pageB.on('console', msg => console.log(`[BROWSER B] ${msg.type()}: ${msg.text()}`));
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pageB.on('pageerror', err => console.log(`[BROWSER ERROR B] ${err.message}`));
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try {
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console.log('[TEST] Loading web app for Wallet B...');
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await pageB.goto(`${config.webAppUrl}/app/`, { waitUntil: 'domcontentloaded' });
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await expect(pageB.locator('.navbar-title').first()).toBeVisible({ timeout: 30_000 });
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console.log('[TEST] Connecting Wallet B...');
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await connectWallet(pageB);
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console.log('[TEST] Wallet B buying 5 ETH of KRK...');
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await buyKrk(pageB, '5');
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const krkBalanceB = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_B);
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console.log(`[TEST] Wallet B KRK balance after buy: ${krkBalanceB}`);
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expect(krkBalanceB).toBeGreaterThan(0n);
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console.log('[TEST] ✅ Wallet B received KRK');
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} finally {
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await ctxB.close();
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console.log('[TEST] Closed Wallet B context');
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}
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// ── 4. Verify A's balance unchanged (no dilution) ──────────────────────
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const krkBalanceAFinal = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_A);
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console.log(`[TEST] Wallet A balance after Wallet B buy: ${krkBalanceAFinal}`);
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console.log(`[TEST] Expected: ${krkAfterFirstBuy}`);
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expect(krkBalanceAFinal).toBe(krkAfterFirstBuy);
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console.log('[TEST] ✅ Wallet A balance unchanged — no dilution');
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// ── 5. Verify B got fewer tokens per ETH due to price impact ───────────
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const krkBalanceBFinal = await getKrkBalance(config.rpcUrl, config.contracts.Kraiken, ADDRESS_B);
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const tokensPerEthA = krkAfterFirstBuy / 1n; // Bought with 1 ETH
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const tokensPerEthB = krkBalanceBFinal / 5n; // Bought with 5 ETH
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console.log(`[TEST] Wallet A tokens per ETH: ${tokensPerEthA}`);
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console.log(`[TEST] Wallet B tokens per ETH: ${tokensPerEthB}`);
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expect(tokensPerEthB).toBeLessThan(tokensPerEthA);
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console.log('[TEST] ✅ Wallet B got fewer tokens per ETH (price impact verified)');
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// ── Summary ─────────────────────────────────────────────────────────────
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console.log('');
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console.log('═══════════════════════════════════════════════════════════');
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console.log(' PASSIVE CONFIDENCE: NO DILUTION TEST RESULTS');
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console.log('═══════════════════════════════════════════════════════════');
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console.log(` Wallet A (1 ETH): ${krkAfterFirstBuy} KRK (${tokensPerEthA} per ETH)`);
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console.log(` Wallet B (5 ETH): ${krkBalanceBFinal} KRK (${tokensPerEthB} per ETH)`);
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console.log(` A's balance after: ${krkBalanceAFinal} KRK (unchanged ✓)`);
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console.log(` Price impact: ${((1n - tokensPerEthB * 10000n / tokensPerEthA) / 100n)}% worse for B`);
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console.log('═══════════════════════════════════════════════════════════');
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});
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