ETHIXUSD Stablecoin Project: Technical Documentation

Overview

This documentation outlines the implementation and deployment process for a stablecoin (ETHIXUSD) system with two alternative collateralization methods:

1. Option A: Using real-world ETH price - Leveraging Chainlink Oracle data feeds to maintain the peg
2. Option B: Using custom unstable collateral - Using ETHIX token as collateral with simulated price fluctuations

Both approaches demonstrate how the governance mechanism automatically rebalances collateral to maintain the target price peg.

System Architecture

The ETHIXUSD stablecoin system consists of several interconnected smart contracts:

Core Components

1. USDT.sol: Acts as the stable collateral token
2. WETH.sol/ETHIX.sol: Acts as the unstable collateral token
   • WETH for Option A (using real-world ETH price)
   • ETHIX for Option B (using custom unstable collateral)
3. Reserves.sol: Manages collateral assets
4. PriceOracle.sol: Interfaces with Chainlink data feeds
5. Governance.sol: Manages the stablecoin peg mechanism
6. ETHIXUSD.sol: The stablecoin token itself

Deployment Guide

Option A: Using Real-World ETH Price (Chainlink Oracle)

Step-by-Step Deployment (Option A)

1. Deploy USDT Contract

   • Deploy the USDT.sol contract
   • Mint 200,000 USDT tokens in wei: 200,000 * 10^18 = 200,000,000,000,000,000,000,000

2. Deploy WETH Contract

   • Deploy the WETH.sol contract

3. Deploy Reserves Contract

   • Deploy the Reserves.sol contract
   • In USDT.sol, approve the Reserves contract to spend 200,000 USDT tokens
   • In Reserves.sol, call addReserve function:
     • Add USDT.sol address (ID 0)
     • Add WETH.sol address (ID 1)
   • Call deposit function with ID 0 and amount 200,000 * 10^18
   • Verify the amount by checking rsvVault for ID 0

4. Deploy PriceOracle Contract

   • Deploy the PriceOracle.sol contract
   • Call setDataFeedAddress with the Chainlink ETH/USD data feed address
   • Reference: Chainlink Data Feeds

5. Deploy Governance Contract

   • Deploy the Governance-option1.sol with USDT.sol address in the constructor
   • Add collateral token addresses:
     • Call addCollateralToken with USDT.sol address
     • Call addCollateralToken with WETH.sol address
   • Set data feed address with setDataFeedAddress
   • Set reserve contract address with reserveSmartContract function

6. Fetch Collateral Price

   • In Reserve.sol, call fetchCollateralPrice to get real-time ETH/USD value
   • Check the value in unstableColPrice variable and convert from wei to ETH
   • Calculate required ETH amount: 800,000 / real-time ETH price

7. Mint WETH Tokens

   • Mint the calculated amount of ETH in wei using WETH.sol's mint function
   • Call approve function with the Reserves.sol address and the minted amount

8. Deposit WETH to Reserves

   • In Reserves.sol, deposit the minted WETH amount to ID 1

9. Configure ETHIXUSD Permissions

   • In ETHIXUSD.sol, call grantRole function with:
     • Governance.sol address
     • Output of the MANAGER_ROLE variable

10. Mint and Configure ETHIXUSD

    • Mint 1,000,000 ETHIXUSD tokens in wei: 1,000,000 * 10^18
    • Transfer 500,000 ETHIXUSD tokens to Governance.sol
    • In Governance.sol, call validatePeg function to equalize the stable collateral
    • Check ethixUSDsupply to view the stabilized amount

11. Test Peg Mechanism

    • In Reserves.sol, call withdraw function with:
      • pid = 1
      • Amount of ETH to withdraw (simulates ETH price change)
    • In Governance.sol, call validatePeg function
    • Check ethixUSDsupply to verify peg adjustment

Option B: Using Custom Unstable Collateral (ETHIX Token)

Step-by-Step Deployment (Option B)

1. Deploy and Configure USDT

   • Deploy USDT.sol contract
   • Mint 200,000 USDT tokens in wei: 200,000 * 10^18
   • Approve Reserves.sol to spend 200,000 USDT

2. Deploy and Configure ETHIX Token

   • Deploy ETHIX.sol contract
   • Mint 1 billion ETHIX tokens in wei: 10^27
   • Approve Reserves.sol and Governance.sol to spend 1 billion ETHIX tokens

3. Deploy Reserves Contract

   • Deploy Reserves.sol
   • Add collateral token addresses with addReserve:
     • USDT.sol (ID 0)
     • ETHIX.sol (ID 1)
   • Deposit 200,000 USDT to ID 0
   • Deposit 10,000,000 ETHIX tokens to ID 1
   • Verify deposits using rsvVault function

4. Deploy ETHIXUSD

   • Deploy ETHIXUSD.sol contract
   • Mint 1,000,000 ETHIXUSD tokens in wei: 10^24

5. Deploy Governance Contract

   • Deploy Governance.sol
   • Add collateral token addresses:
     • USDT.sol
     • ETHIX.sol
   • Set Reserves contract with setReserveContract

6. Configure Permissions

   • In ETHIX.sol, call grantRole with:
     • Governance.sol address
     • MANAGER_ROLE bytes32 value

7. Configure and Test Peg Mechanism

   • In Governance.sol:
     • Set ETHIX token price to 80,000,000 with ethixTokenPrice
     • Set ETHIXUSD supply to 1,000,000 tokens
   • Transfer 500,000,000 ETHIX tokens to Governance.sol
   • Call validatePeg function
   • Verify the following:
     • Unstable collateral amount: should show 10 million ETHIX tokens
     • Unstable collateral price: should be ~0.08
     • Stable collateral amount: should show 200,000 USDT
     • Stable collateral price: should be ~10^18
     • ETHIX supply: should remain at 1 billion tokens
   • Change ETHIX token price with ethixTokenPrice
   • Run validatePeg again to verify rebalancing

Contract Interactions and Value Flows

Important Notes

• Option A uses Chainlink Oracle for real-world ETH price data and WETH.sol contract.
• Option B allows price simulation via the ethixTokenPrice function of the ETHIX.sol contract.
• Both options demonstrate how the stablecoin maintains its peg through automatic rebalancing
• The governance contract is key to maintaining the peg value
• To stabilize the stablecoin, always run validatePeg after collateral price changes