;; Title: SatoshiVault Protocol - Decentralized Bitcoin-Collateralized Stablecoin
;;
;; Summary: Revolutionary DeFi protocol enabling users to mint USD-pegged stablecoins
;; by locking Bitcoin as collateral, featuring automated liquidation mechanics
;; and dynamic risk management for maximum capital efficiency.
;;
;; Description:
;; SatoshiVault represents a groundbreaking approach to decentralized stablecoin creation
;; on the Stacks blockchain. Users can deposit Bitcoin as collateral to mint SATS tokens
;; (pegged to USD), creating a bridge between Bitcoin's store of value and DeFi utility.
;;
;; Key Features:
;; - Over-collateralized lending with customizable ratios
;; - Real-time price oracle integration for accurate BTC valuations
;; - Automated liquidation engine protecting protocol solvency
;; - Governance-driven parameter adjustments for optimal stability
;; - Gas-efficient vault management with comprehensive error handling
;; - Advanced security measures preventing common DeFi exploits
;;
;; The protocol ensures stability through economic incentives, making it ideal for
;; traders seeking USD exposure while maintaining Bitcoin position, DeFi protocols
;; requiring stable value transfer, and institutional users managing treasury operations.
;; TRAIT DEFINITIONS
(define-trait sip-010-token (
(transfer
(uint principal principal (optional (buff 34)))
(response bool uint)
)
(get-name
()
(response (string-ascii 32) uint)
)
(get-symbol
()
(response (string-ascii 5) uint)
)
(get-decimals
()
(response uint uint)
)
(get-balance
(principal)
(response uint uint)
)
(get-total-supply
()
(response uint uint)
)
))
;; ERROR CONSTANTS & SECURITY PARAMETERS
;; Core Protocol Errors
(define-constant ERR-NOT-AUTHORIZED (err u1000))
(define-constant ERR-INSUFFICIENT-BALANCE (err u1001))
(define-constant ERR-INVALID-COLLATERAL (err u1002))
(define-constant ERR-UNDERCOLLATERALIZED (err u1003))
(define-constant ERR-ORACLE-PRICE-UNAVAILABLE (err u1004))
(define-constant ERR-LIQUIDATION-FAILED (err u1005))
(define-constant ERR-MINT-LIMIT-EXCEEDED (err u1006))
(define-constant ERR-INVALID-PARAMETERS (err u1007))
(define-constant ERR-UNAUTHORIZED-VAULT-ACTION (err u1008))
;; Security & Validation Constants
(define-constant MAX-BTC-PRICE u1000000000000) ;; $10M per BTC ceiling
(define-constant MAX-TIMESTAMP u18446744073709551615) ;; Maximum uint timestamp
(define-constant CONTRACT-OWNER tx-sender) ;; Protocol administrator
;; PROTOCOL CONFIGURATION & STATE VARIABLES
;; Stablecoin Properties
(define-data-var stablecoin-name (string-ascii 32) "SatoshiVault Dollar")
(define-data-var stablecoin-symbol (string-ascii 5) "SATS")
(define-data-var total-supply uint u0)
;; Risk Management Parameters
(define-data-var collateralization-ratio uint u150) ;; 150% minimum collateral ratio
(define-data-var liquidation-threshold uint u125) ;; 125% liquidation trigger
;; Economic Parameters
(define-data-var mint-fee-bps uint u50) ;; 0.5% minting fee
(define-data-var redemption-fee-bps uint u50) ;; 0.5% redemption fee
(define-data-var max-mint-limit uint u1000000) ;; Maximum mintable per vault
;; Vault Management
(define-data-var vault-counter uint u0) ;; Global vault identifier counter
;; DATA STRUCTURES & MAPPINGS
;; Oracle Management
(define-map btc-price-oracles
principal
bool
)
(define-map last-btc-price
{
timestamp: uint,
price: uint,
}
uint
)
;; Vault Storage Structure
(define-map vaults
{
owner: principal,
id: uint,
}
{
collateral-amount: uint, ;; BTC collateral in satoshis
stablecoin-minted: uint, ;; SATS tokens minted against collateral
created-at: uint, ;; Block height of vault creation
}
)
;; ORACLE MANAGEMENT FUNCTIONS
;; Add authorized price oracle
(define-public (add-btc-price-oracle (oracle principal))
(begin
;; Verify protocol administrator privileges
(asserts! (is-eq tx-sender CONTRACT-OWNER) ERR-NOT-AUTHORIZED)
;; Prevent circular authorization and owner conflicts
(asserts!
(and
(not (is-eq oracle CONTRACT-OWNER))
(not (is-eq oracle tx-sender))
)
ERR-INVALID-PARAMETERS
)
;; Register oracle with authorization
(map-set btc-price-oracles oracle true)
(ok true)
)
)
;; Update Bitcoin price feed with validation
(define-public (update-btc-price
(price uint)
(timestamp uint)
)
(begin
;; Verify oracle authorization
(asserts! (is-some (map-get? btc-price-oracles tx-sender)) ERR-NOT-AUTHORIZED)
;; Comprehensive price validation
(asserts!
(and
(> price u0) ;; Non-zero price requirement
(<= price MAX-BTC-PRICE) ;; Prevent price manipulation attacks
)
ERR-INVALID-PARAMETERS
)
;; Timestamp boundary validation
(asserts! (<= timestamp MAX-TIMESTAMP) ERR-INVALID-PARAMETERS)
;; Update price oracle data
(map-set last-btc-price {
timestamp: timestamp,
price: price,
}
price
)
(ok true)
)
)
;; VAULT CREATION & MANAGEMENT
;; Create new collateralized vault
(define-public (create-vault (collateral-amount uint))
(let (
(vault-id (+ (var-get vault-counter) u1))
(new-vault {
owner: tx-sender,
id: vault-id,
})
)
;; Validate collateral input
(asserts! (> collateral-amount u0) ERR-INVALID-COLLATERAL)
(asserts! (< vault-id (+ (var-get vault-counter) u1000))
ERR-INVALID-PARAMETERS
)
;; Increment global vault counter
(var-set vault-counter vault-id)
;; Initialize vault with collateral
(map-set vaults new-vault {
collateral-amount: collateral-amount,
stablecoin-minted: u0,
created-at: stacks-block-height,
})
(ok vault-id)
)
)
;; STABLECOIN MINTING ENGINE
;; Mint SATS tokens against Bitcoin collateral
(define-public (mint-stablecoin
(vault-owner principal)
(vault-id uint)
(mint-amount uint)
)
(let (
;; Vault ID boundary validation
(is-valid-vault-id (and
(> vault-id u0) ;; Positive vault ID
(<= vault-id (var-get vault-counter)) ;; Within existing range
))
;; Retrieve vault configuration
(vault (unwrap!
(map-get? vaults {
owner: vault-owner,
id: vault-id,
})
ERR-INVALID-PARAMETERS
))
;; Fetch current BTC price from oracle
(btc-price (unwrap! (get-latest-btc-price) ERR-ORACLE-PRICE-UNAVAILABLE))
;; Calculate maximum mintable amount based on collateralization
(max-mintable (/ (* (get collateral-amount vault) btc-price)
(var-get collateralization-ratio)
))
)
;; Execute validation checks
(asserts! is-valid-vault-id ERR-INVALID-PARAMETERS)
(asserts! (is-eq tx-sender vault-owner) ERR-UNAUTHORIZED-VAULT-ACTION)
(asserts! (> mint-amount u0) ERR-INVALID-PARAMETERS)
;; Verify collateralization requirements
(asserts! (>= max-mintable (+ (get stablecoin-minted vault) mint-amount))
ERR-UNDERCOLLATERALIZED
)
;; Enforce minting limits
(asserts!
(<= (+ (get stablecoin-minted vault) mint-amount) (var-get max-mint-limit))
ERR-MINT-LIMIT-EXCEEDED
)
;; Update vault state with new minted amount
(map-set vaults {
owner: vault-owner,
id: vault-id,
} {
collateral-amount: (get collateral-amount vault),
stablecoin-minted: (+ (get stablecoin-minted vault) mint-amount),
created-at: (get created-at vault),
})
;; Update global supply metrics
(var-set total-supply (+ (var-get total-supply) mint-amount))
(ok true)
)
)
;; LIQUIDATION ENGINE
;; Automated vault liquidation for undercollateralized positions
(define-public (liquidate-vault
(vault-owner principal)
(vault-id uint)
)
(let (
;; Vault ID validation
(is-valid-vault-id (and
(> vault-id u0)
(<= vault-id (var-get vault-counter))
))
;; Retrieve target vault for liquidation
(vault (unwrap!
(map-get? vaults {
owner: vault-owner,
id: vault-id,
})
ERR-INVALID-PARAMETERS
))
;; Get real-time BTC price
(btc-price (unwrap! (get-latest-btc-price) ERR-ORACLE-PRICE-UNAVAILABLE))
;; Calculate current collateralization ratio
(current-collateralization (/ (* (get collateral-amount vault) btc-price)
(get stablecoin-minted vault)
))
)
;; Validation and authorization checks
(asserts! is-valid-vault-id ERR-INVALID-PARAMETERS)
(asserts! (not (is-eq tx-sender vault-owner)) ERR-UNAUTHORIZED-VAULT-ACTION)
;; Verify liquidation threshold breach
(asserts! (< current-collateralization (var-get liquidation-threshold))
ERR-LIQUIDATION-FAILED
)
;; Execute liquidation process
;; 1. Seize Bitcoin collateral for protocol
;; 2. Burn outstanding stablecoin debt
;; Adjust global supply after liquidation
(var-set total-supply
(- (var-get total-supply) (get stablecoin-minted vault))
)
;; Remove liquidated vault from system
(map-delete vaults {
owner: vault-owner,
id: vault-id,
})
(ok true)
)
)
;; STABLECOIN REDEMPTION SYSTEM
;; Redeem SATS tokens to reduce debt and unlock collateral
(define-public (redeem-stablecoin
(vault-owner principal)
(vault-id uint)
(redeem-amount uint)
)
(let (
;; Vault ID validation
(is-valid-vault-id (and
(> vault-id u0)
(<= vault-id (var-get vault-counter))
))
;; Retrieve vault for redemption
(vault (unwrap!
(map-get? vaults {
owner: vault-owner,
id: vault-id,
})
ERR-INVALID-PARAMETERS
))
)
;; Authorization and validation checks
(asserts! is-valid-vault-id ERR-INVALID-PARAMETERS)
(asserts! (is-eq tx-sender vault-owner) ERR-UNAUTHORIZED-VAULT-ACTION)
(asserts! (> redeem-amount u0) ERR-INVALID-PARAMETERS)
(asserts! (<= redeem-amount (get stablecoin-minted vault))
ERR-INSUFFICIENT-BALANCE
)
;; Update vault debt after redemption
(map-set vaults {
owner: vault-owner,
id: vault-id,
} {
collateral-amount: (get collateral-amount vault),
stablecoin-minted: (- (get stablecoin-minted vault) redeem-amount),
created-at: (get created-at vault),
})
;; Reduce global stablecoin supply
(var-set total-supply (- (var-get total-supply) redeem-amount))
(ok true)
)
)
;; GOVERNANCE & PARAMETER MANAGEMENT
;; Update collateralization ratio (governance function)
(define-public (update-collateralization-ratio (new-ratio uint))
(begin
(asserts! (is-eq tx-sender CONTRACT-OWNER) ERR-NOT-AUTHORIZED)
(asserts!
(and
(>= new-ratio u100) ;; Minimum 100% collateralization
(<= new-ratio u300) ;; Maximum 300% collateralization
)
ERR-INVALID-PARAMETERS
)
(var-set collateralization-ratio new-ratio)
(ok true)
)
)
;; READ-ONLY QUERY FUNCTIONS
;; Get current BTC price from oracle
(define-read-only (get-latest-btc-price)
(map-get? last-btc-price {
timestamp: stacks-block-height,
price: u0,
})
)
;; Retrieve comprehensive vault information
(define-read-only (get-vault-details
(vault-owner principal)
(vault-id uint)
)
(map-get? vaults {
owner: vault-owner,
id: vault-id,
})
)
;; Get total SATS token supply
(define-read-only (get-total-supply)
(var-get total-supply)
)