This project is an exogenously-collateralized stablecoin on the Flare Network, built from a token contract that is owned and controlled by an "engine" contract. The engine contract utilizes the Flare Time Series Oracle.
This project is built from two smart contracts and demonstrates an exogenously-collateralized stablecoin on the Flare Network. The first contract is FlareStableCoin.sol, which is a token contract for minting and burning the Flare Stable Coin (FSC). The second contract is FSCEngine.sol, which owns and controls the FSC contract. The engine contract uses Flare's native oracle, Flare Time Series Oracle (FTSO) to secure the algorithmically generated stablecoin. The Flare Stable Coin keeps its stable price by allowing users to mint an appropriate amount equivalent to their deposit based on oracle prices, and allowing other users to liquidate positions if prices drop too low. The Flare Stable Coin is exogenously-collateralized because the token used for collateral is not native to the FSC system - it can be from anywhere in the Flare Network ecosystem.
The FlareStableCoin.sol contract has a mint() and a burn() function. These functions can only be called by the owner, FSCEngine.sol.
The FSCEngine.sol contract mints FSC tokens in exchange for over-collateralized deposits. The FSC address, collateral, and collateral's respective FTSO pricefeed gets set in the constructor. The value of the deposited collateral must be more than the FSC that is minted in exchange. If the value of the collateral declines based on price data from FTSO, other users may liquidate() a collateralized position to maintain the FSC token's stable value.
The HelperConfig script dictates the constructor arguments based on the network being deployed to. For demonstration purposes the collateral token has been set to the wrapped equivalent of the network's native token, ie. WFLR for Flare Network and WC2FLR for Coston2.
To install the necessary dependencies, first ensure that you have Foundry installed by running the following command:
curl -L https://foundry.paradigm.xyz | bash
Then run the following commands in the project's root directory:
foundryup
forge install
The constructor arguments are provided in the HelperConfig script based on the chain being deployed to.
Replace PRIVATE_KEY and YOUR_RPC_URL in the .env with your respective private key and rpc url.
Deploy both the FlareStableCoin.sol and the FSCEngine.sol contracts by running the following commands:
source .env
forge script script/DeployFSC.s.sol --private-key $PRIVATE_KEY --rpc-url $YOUR_RPC_URL --broadcast
To run the unit tests run the following command:
forge test
This project is licensed under the MIT License.