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https://github.com/masaun/watch-nft-based-cdp
This is a smart contract that allow a user to borrow the WatchSignals Token ($WST) by depositing a watch owned (Watch NFT) as a collateral. The watch prices are retrieved via chainlink oracle.
https://github.com/masaun/watch-nft-based-cdp
arbitrum chainlink defi layer2 nft solidity truffle web3js
Last synced: about 2 months ago
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This is a smart contract that allow a user to borrow the WatchSignals Token ($WST) by depositing a watch owned (Watch NFT) as a collateral. The watch prices are retrieved via chainlink oracle.
- Host: GitHub
- URL: https://github.com/masaun/watch-nft-based-cdp
- Owner: masaun
- Created: 2021-04-01T23:55:52.000Z (almost 4 years ago)
- Default Branch: main
- Last Pushed: 2021-04-11T23:56:01.000Z (almost 4 years ago)
- Last Synced: 2024-10-18T18:38:47.821Z (3 months ago)
- Topics: arbitrum, chainlink, defi, layer2, nft, solidity, truffle, web3js
- Language: Solidity
- Homepage:
- Size: 376 KB
- Stars: 4
- Watchers: 3
- Forks: 4
- Open Issues: 0
-
Metadata Files:
- Readme: README.md
Awesome Lists containing this project
README
# Watch NFT-based CDP (Collateralized Debt Position)
***
## 【Introduction of the Luxury Watch NFT-based CDP (Collateralized Debt Position)】
- This is a smart contract that allow a user to borrow the WatchSignals Token (WST) by depositing the own luxury watch (Watch NFT) as a collateral.
- A user create a `Watch NFT` based on their own luxury watch and its luxury watch price.
- Current luxury watch price is retrieved by the `WatchSignals Luxury Watch Price Oracle` via chainlink.
- A user deposit a `Watch NFT` into the WatchCDP Pool.
- By depositing a `Watch NFT`, a user can borrow the WatchSignals Token (WST) from the WatchCDP Pool.
- A user can borrow WST `until 60% of the watch price of the collateralized-watch NFT` .
- This depositing (collateral) and borrowing structure is simlar to MakerDAO's CDP (MCD).
- When a user above repay, a user repay the WatchSignals Token (include `principal + interest` ) to the WatchCDP Pool.
- Once a user finish to repay, a user can withdraw deposited-watch NFT from the WatchCDP Pool.
- The `WatchSignals Token (WST)` is `ERC20 token` that is original token of the WatchSignals.
- Use the WatchSignals Luxury Watch Price Oracle via chainlink for retrieving the watch price data.
https://docs.chain.link/docs/watchsignals#config
***
## 【Workflow】
- Diagram of workflow
(※ The WatchCDP contract is also the WatchCDP Pool)
***
## 【Versions】
- Version for following the `Chainlink (v0.6)` smart contract
- Solidity (Solc): v0.6.12
- Truffle: v5.1.60
- web3.js: v1.2.9
- openzeppelin-solidity: v3.2.0
- ganache-cli: v6.9.1 (ganache-core: 2.10.2)
***
## 【Setup】
### ③ Prepare for execution script
- 1: Get API-key from Infura
https://infura.io/
- 2: Add `.env` to the root directory by referencing from `.env.example`
You need to set 3 things below in your .env:
- Mnemonic (MNEMONIC)
- Infura key (INFURA_KEY)
- Deployer address (DEPLOYER_ADDRESS)
### ② Install modules
- Install npm modules in the root directory
```
$ npm install
```
### ③ Compile & migrate contracts (on Kovan testnet)
```
$ npm run migrate:kovan
```
### ④ Scripts (for testing whole process) on Kovan
- 1: Process are that:
- Creating a Watch NFT
- Deposit a Watch NFT as a collateral into the WatchCDP Pool.
- Borrow the WatchSignals Token (WST)
```
$ npm run script:WatchCDP-borrow
```
- 2: Process are that:
- Repay the WatchSignals Token (include `principal + interest` ) to the WatchCDP Pool.
- Withdraw the deposited-watch NFT from the WatchCDP Pool.
```
$ npm run script:WatchCDP-repay
```
(※ In case you want to execute again after scripts above is executed, you must migrate (Process③) again. Then you need to execute Step 1~2 above)
### 【Video demo】
- Video demo for executing scripts above (on Kovan testnet):
https://youtu.be/W8of0SZCuAs
### 【Remarks】
- Arbitrum verison
- In progress.
- The WatchCDP contract is also the WatchCDP Pool.
- Another Scripts (Each parts)
- Script for calling oracle by using the WatchSignals Luxury Watch Price Oracle via chainlink
`$ npm run script:WatchSignalsLuxuryWatchPriceOracle`
- Script for creating the Watch NFT
`$ npm run script:WatchNFTFactory`
***
## 【References】
- WatchSignals Luxury Watch Price Oracle via chainlink
- Article: https://watchsignals.com/watch-blog/luxury-watch-data-on-blockchain-chainlink.html
- Doc: https://docs.chain.link/docs/watchsignals#config
- Chainlink
- @chainlink/contracts (v0.1.6) => include solidity v0.6 based package
https://www.npmjs.com/package/@chainlink/contracts
- Arbitrum
- Public Testnet（Kovan => Arbitrum）: https://developer.offchainlabs.com/docs/public_testnet
- How to deploy on Arbitrum by using Truffle: https://developer.offchainlabs.com/docs/contract_deployment
- Chainlink Virtual Hackathon Spring 2021
https://chainlink-2021.devpost.com/