BitVault Protocol: Bitcoin-Backed Stablecoin Implementation#1
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promise-code wants to merge 7 commits into
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BitVault Protocol: Bitcoin-Backed Stablecoin Implementation#1promise-code wants to merge 7 commits into
promise-code wants to merge 7 commits into
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- Added protocol configuration variables for stablecoin name, symbol, total supply, collateralization ratio, and liquidation threshold. - Defined protocol parameters including mint and redemption fees, and maximum mint limit. - Introduced oracle system with BTC price oracles and last BTC price mapping. - Established vault system with mappings for vaults and a vault counter. - Included SIP-010 token trait definition for compliance with Stacks token standard. - Added error codes for common protocol operations and security constants for validation. This commit sets up the foundational components for the Bitcoin-backed stablecoin protocol.
- Implemented `add-btc-price-oracle` to allow the contract owner to authorize new BTC price oracles. - Added `update-btc-price` to enable authorized oracles to update the BTC price with validation for price and timestamp limits. - Included error handling for unauthorized access and invalid parameters. These functions establish the decentralized oracle system for secure and reliable BTC price updates.
…nting - Implemented `create-vault` to allow users to create new vaults with an initial collateral amount. - Added `mint-stablecoin` to enable vault owners to mint stablecoins based on their collateral and BTC price. - Included validations for vault ID, collateralization ratio, mint limits, and under-collateralization. - Updated vault and total supply mappings upon successful minting. These functions establish the core vault system for managing collateralized debt positions and stablecoin issuance.
- Implemented `liquidate-vault` to allow liquidation of under-collateralized vaults. - Validates vault ID, collateralization ratio, and ensures the caller is not the vault owner. - Updates the total supply and removes the vault from the system upon successful liquidation. - Handles errors for invalid parameters, unauthorized actions, and failed liquidation attempts. This function enforces the protocol's risk management by ensuring vaults maintain sufficient collateralization.
- Implemented `redeem-stablecoin` to allow vault owners to redeem stablecoins and reduce their debt. - Validates vault ID, ensures the caller is the vault owner, and checks for sufficient stablecoin balance. - Updates the vault's stablecoin-minted value and decreases the total supply upon successful redemption. This function enables users to manage their debt positions by redeeming stablecoins against their collateral.
- Implemented `update-collateralization-ratio` to allow the contract owner to update the collateralization ratio within a valid range (100% to 300%). - Added `get-latest-btc-price` to retrieve the most recent BTC price from the oracle system. - Added `get-vault-details` to fetch details of a specific vault by owner and ID. - Added `get-total-supply` to retrieve the current total supply of stablecoins. These functions enhance protocol governance and provide essential read-only access for monitoring system state.
- Included usage examples for creating vaults, minting stablecoins, and liquidating vaults. - Documented key features, contract architecture, and core functions. - Added error codes, security considerations, and governance parameters. - Provided clarity on system constants, data storage, and risk management.
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Overview
This pull request implements the core functionality for BitVault - a secure, over-collateralized stablecoin protocol leveraging Bitcoin on Stacks L2. The implementation establishes a complete system for managing Bitcoin-collateralized debt positions with robust risk management and decentralized price feeds.
Key Deliverables:
Changes Included
1. Core Protocol Infrastructure
2. Oracle Management System
3. Vault Operations
4. Risk Management
5. Governance Features
6. Documentation
Documentation Updated
Review Checklist
Notes for Reviewers