https://github.com/makerdao/usds

https://github.com/makerdao/usds

Last synced: 20 days ago
JSON representation

• Host: GitHub
• URL: https://github.com/makerdao/usds
• Owner: makerdao
• License: agpl-3.0
• Created: 2023-05-03T13:40:54.000Z (over 1 year ago)
• Default Branch: master
• Last Pushed: 2024-10-07T13:03:45.000Z (3 months ago)
• Last Synced: 2024-12-13T07:42:18.130Z (27 days ago)
• Language: Python
• Size: 1.87 MB
• Stars: 36
• Watchers: 2
• Forks: 20
• Open Issues: 0
• Metadata Files:
  • Readme: README.md
  • License: LICENSE
  • Audit: audit/20231124-cantina-report-review-makerdao-nst.pdf

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README

        
# USDS Token and contracts associated

This repository includes 3 smart contracts:

- USDS token

- UsdsJoin

- DaiUsds Converter

### USDS token

This is a standard erc20 implementation with regular `permit` functionality + EIP-1271 smart contract signature validation.

The token uses the ERC-1822 UUPS pattern for upgradeability and the ERC-1967 proxy storage slots standard.

It is important that the `UsdsDeploy` library sequence be used for deploying the token.

#### OZ upgradeability validations

The OZ validations can be run alongside the existing tests:  

`VALIDATE=true forge test --ffi --build-info --extra-output storageLayout`

### UsdsJoin

This is the contract in charge of `mint`ing the erc20 IOUs in exchange of native `vat.dai` balance. It also manages the reverse operation, `burn`ing tokens and releasing `vat.dai`.

A noticeable code difference against `DaiJoin` is this contract doesn't have any permissions system at all.

However, in practice, `UsdsJoin` acts the exact same way as the production `DaiJoin` implementation. This is because there isn't any `wards(address)` set there.

### DaiUsds

It is a permissionless converter between `Dai` and `Usds` (both ways). Using the `public` functions of `UsdsJoin` and `DaiJoin` moves from one token to the other. The exchange rate is 1:1.

It is just a "convenience" contract, users could still get the same outcome executing the separate methods in the `join`s or use any other converter implementation.