Bitcoin-Backed Stablecoin Smart Contract Implementation #1
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- Imported SIP-010 token trait for token standard compliance. - Defined error code constants for various error scenarios: - ERR-NOT-AUTHORIZED - ERR-INSUFFICIENT-BALANCE - ERR-INVALID-COLLATERAL - ERR-UNDERCOLLATERALIZED - ERR-ORACLE-PRICE-UNAVAILABLE - ERR-LIQUIDATION-FAILED - ERR-MINT-LIMIT-EXCEEDED - ERR-INVALID-PARAMETERS
- Defined CONTRACT-OWNER constant. - Added stablecoin configuration variables: - stablecoin-name - stablecoin-symbol - total-supply - collateralization-ratio - liquidation-threshold
- Defined governance parameters: - mint-fee-bps (0.5% minting fee) - redemption-fee-bps (0.5% redemption fee) - max-mint-limit (limit to prevent excessive minting)
- Defined btc-price-oracles map to store authorized price oracles. - Defined last-btc-price map to store the latest BTC price with timestamp.
- Defined vaults map to store vault details: - owner: principal - id: uint - collateral-amount: uint (BTC collateral) - stablecoin-minted: uint (minted stablecoin amount) - created-at: uint (timestamp of vault creation)
- Defined vault-counter variable to track the number of vaults. - Implemented add-btc-price-oracle function to add authorized BTC price oracles: - Checks if the sender is the contract owner. - Adds the oracle to the btc-price-oracles map.
- Implemented update-btc-price function to update the BTC price: - Checks if the sender is an authorized BTC price oracle. - Updates the last-btc-price map with the new price and timestamp.
- Implemented get-latest-btc-price function to retrieve the latest BTC price from the last-btc-price map.
- Implemented create-vault function to create a new vault: - Generates a new vault ID by incrementing the vault counter. - Validates that the collateral amount is greater than zero. - Increments the vault counter. - Stores the new vault details in the vaults map. - Returns the new vault ID.
- Implemented mint-stablecoin function to mint stablecoins against a vault's collateral: - Retrieves vault details. - Gets the latest BTC price. - Calculates the maximum mintable amount based on the collateral. - Validates minting conditions to ensure sufficient collateral and adherence to mint limits. - Updates the vault with the minted amount. - Updates the total supply of stablecoins.
- Implemented liquidate-vault function to handle vault liquidation: - Retrieves vault details. - Gets the latest BTC price. - Calculates the current collateralization ratio. - Checks if the vault is below the liquidation threshold. - Seizes collateral and burns minted stablecoins. - Updates the total supply of stablecoins. - Removes the vault from the vaults map.
- Implemented redeem-stablecoin function to redeem stablecoins: - Retrieves vault details. - Validates the redemption amount against the minted stablecoins. - Updates the vault with the redeemed amount. - Updates the total supply of stablecoins.
- Implemented update-collateralization-ratio function: - Checks if the sender is the contract owner. - Validates the new ratio to be within the acceptable range (100% to 300%). - Updates the collateralization ratio.
- Implemented get-vault-details function to retrieve details of a specific vault: - Takes vault-owner and vault-id as parameters. - Returns the vault details from the vaults map.
- Implemented get-total-supply function to retrieve the total supply of stablecoins: - Returns the value of the total-supply variable.
…ing in vault calculations
…val logic for clarity
…C price management
… branch - Added comprehensive overview of the Bitcoin-backed stablecoin system. - Detailed features including vault management, security, and oracle integration. - Described key components of the contract architecture. - Included error handling scenarios. - Documented key functions: create-vault, mint-stablecoin, redeem-stablecoin, liquidate-vault, and governance functions. - Listed configuration parameters and security considerations. - Provided installation and deployment steps. - Suggested potential improvements. - Added disclaimer, license, and contributing guidelines.
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Overview
This pull request introduces a comprehensive Bitcoin-backed stablecoin smart contract for the Stacks blockchain, implementing a robust crypto-collateralized stablecoin system with advanced security and governance mechanisms.
Key Features
Detailed Changes
Contract Architecture
Security Enhancements
Core Functionality
Vault Management
create-vault: Generate unique vaults with Bitcoin collateralmint-stablecoin: Mint stablecoins against collateralized vaultsredeem-stablecoin: Redeem and burn stablecoinsliquidate-vault: Handle undercollateralized vault scenariosOracle and Price Management
add-btc-price-oracle: Add trusted price oraclesupdate-btc-price: Update Bitcoin price with timestampget-latest-btc-price: Retrieve most recent priceGovernance Functions
update-collateralization-ratio: Dynamically adjust system parametersget-vault-detailsget-total-supplyConfiguration Parameters
Testing
Notes
Future Improvements
Checklist