refund safety - waifu.fun

three triggers send a vault to REFUND. one function, refund(), retrieves your BNB. once a vault hits REFUND, it cannot leave. there is no path back to OPEN, CLOSED, or LAUNCHED. this is the strongest safety property the platform has. you should understand how it works before you deposit serious money.

the three refund triggers

1. under-subscribed

if the close window expires (block.timestamp >= closeTimestamp) and the vault total is below the tier’s presaleCap, anyone can call:

vault.enableRefundUnderSubscribed()

this is permissionless. literally anyone with gas can flip the vault to REFUND once it qualifies. you do not have to wait for the platform.

2. bundle failed

if the bundle bot tries executeBundle() three times and each attempt reverts (e.g. PCS revert, FLAP revert, network issue), the bot calls:

vault.enableRefundBundleFailed()

this can only be called by the bot’s address (set at construction). it requires state == CLOSED. once in REFUND, the bot can never go back.

3. admin emergency stop

the platform owner (an EOA controlled by waifu.fun) can call:

vault.adminEnableRefund("reason string")

this requires state != LAUNCHED. the owner cannot interrupt an already- launched token. this kill switch exists for unforeseen issues during the OPEN or CLOSED window. what the owner cannot do:

they cannot drain BNB
they cannot mint tokens
they cannot change tier math
they cannot interfere with claim or refund once enabled

the kill switch sends to REFUND only. it never sends to LAUNCHED.

the refund function

once any of the above triggers fires, the vault is in REFUND. every depositor calls refund() independently:

function refund() third-party nonReentrant {
    Depositor storage d = depositors[msg.sender];
    if (d.deposited == 0) revert NoDeposit();
    uint256 principal = d.deposited;
    uint256 bonus = (principal == totalDeposited)
        ? bonusPool
        : (bonusPool * principal) / totalDeposited;
    uint256 total = principal + bonus;
    // clear state first (CEI)
    d.deposited = 0;
    totalDeposited -= principal;
    (bool ok, ) = msg.sender.call{value: total}("");
    require(ok, "refund-transfer-failed");
    emit Refunded(msg.sender, principal, bonus, total);
}

key properties:

idempotent. calling refund() twice from the same address reverts with NoDeposit on the second call. clean exit.
CEI. state is cleared before the BNB transfer, so reentrancy from a malicious receive function cannot drain the contract.
nonReentrant. belt and suspenders. the modifier blocks reentry even if CEI ordering somehow fails.
pro-rata bonus. the bonus pool (if any) is split proportional to your share of the principal.

what refund returns

your full principal, exactly what you deposited
your share of the bonus pool, if there is one (most launches have no bonus pool)

no fees are charged on refund. you get the gas cost of the refund transaction (small, BSC is cheap) and nothing else is deducted.

what about the platform’s creation fee

the creation fee is paid by the creator at createLaunch() time, out of their own wallet. it never enters the vault. refunds are unaffected.

comparing to “rug refund”

on most launchpads, “refund” depends on the team’s promise to send BNB back manually. on waifu.fun, refund is enforced by the contract. the platform cannot prevent it. the creator cannot prevent it. the vault is the source of truth and it is permissionless. the one weakness: the admin emergency-stop is centralized. the platform owner can flip ANY non-LAUNCHED vault to REFUND. they cannot drain BNB, but they can force an exit. the assumption is the platform uses this only in genuine emergencies.

quick sanity checks

before you deposit:

verify the contract address on bscscan. compare to what the UI says.
check the close timestamp. it should be a reasonable time in the future, not a year from now.
check the tier. the cap and graduation parameters should match what the project announced.
read the source. the contracts are open. you can read LaunchVault.sol yourself.

​the three refund triggers

​1. under-subscribed

​2. bundle failed

​3. admin emergency stop

​the refund function

​what refund returns

​what about the platform’s creation fee

​comparing to “rug refund”

​quick sanity checks