Implement Bitcoin-Pegged Stablecoin Smart Contract #1
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…contract - Added `CONTRACT-OWNER` constant to represent the contract owner. - Added `PRECISION` constant to define 6 decimal places of precision. - Defined error constants for various error scenarios: - `ERR-UNAUTHORIZED` for unauthorized actions. - `ERR-INSUFFICIENT-RESERVES` for insufficient reserves. - `ERR-INVALID-AMOUNT` for invalid amounts. - `ERR-PRICE-DEVIATION` for price deviation errors. - `ERR-MINT-FAILED` for minting failures. - `ERR-BURN-FAILED` for burning failures.
- Implemented `get-btc-price` read-only function to return a simulated BTC price of $50,000.
- Added `btc-stable-coin` fungible token definition. - Initialized `total-reserves` data variable to track reserves. - Set `collateralization-ratio` data variable to 100% for over-collateralization.
- Added `mint-stablecoin` public function to mint new stablecoins. - Validates mint parameters and updates reserves. - Mints tokens based on the current BTC price and specified amount.
- Added `redeem-stablecoin` public function to redeem stablecoins for BTC. - Validates redemption parameters and updates reserves. - Burns tokens based on the current BTC price and specified amount.
- Implemented `can-mint` private function to check if minting is possible based on reserves and collateralization ratio. - Calculates the maximum mintable amount and validates against the current total supply.
- Added `liquidate` public function to handle liquidation of underwater positions. - Validates liquidation conditions and burns the specified amount of tokens.
- Implemented `update-collateralization-ratio` public function. - Allows the contract owner to update the collateralization ratio within a specified range (100% to 200%). - Validates the new ratio and updates the `collateralization-ratio` variable.
- Implemented `get-total-reserves` read-only function to retrieve the total reserves. - Implemented `get-stablecoin-supply` read-only function to retrieve the total supply of the stablecoin.
…in supply retrieval
…ation for liquidation
… from main branch - Overview of the smart contract functionality and features. - Detailed technical specifications including constants and error codes. - Documentation of core functions: minting, redemption, and liquidation. - Administrative functions for updating collateralization ratio. - View functions for retrieving total reserves and stablecoin supply. - Security considerations and usage examples. - Development and testing guidelines. - Limitations and future improvements. - Contribution guidelines.
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Overview
This PR implements a complete Bitcoin-pegged stablecoin system in Clarity, featuring minting, redemption, and liquidation mechanisms with proper over-collateralization controls.
Changes
Implementation Details
Core Components
System Constants and Error Handling
CONTRACT-OWNERfor administrative controlPRECISIONconstant for 6-decimal place accuracyPrice Oracle Integration
get-btc-pricefunction simulating a $50,000 BTC priceToken and Reserve Management
btc-stable-coinfungible tokentotal-reservesCore Functions
mint-stablecoinwith collateralization checksredeem-stablecoinwith proper reserve managementcan-mintvalidation functionAdministrative Controls
Test Results
clarinet console output: Contract identifier: ST1PQHQKV0RJXZFY1DGX8MNSNYVE3VGZJSRTPGZGM.bitcoin-pegged Public functions verified: - get-btc-price - get-stablecoin-supply - get-total-reserves - liquidate - mint-stablecoin - redeem-stablecoin - update-collateralization-ratioTesting
Security Considerations
Documentation
Backwards Compatibility
Deployment Plan
TODO Before Merge
Checklist
Additional Notes
The current implementation uses a simulated BTC price feed. For production deployment, this should be replaced with a proper oracle integration.
Reviewers