≈ {equivalence}
- Djed is a formally verified crypto-backed autonomous stablecoin protocol. It - has been researched since Q2 2020, its whitepaper has been released in - August 2021, and it has multiple{" "} + Djed Tefnut is a simplified version of the Djed protocol - a formally verified + crypto-backed autonomous stablecoin protocol. It has been researched since Q2 2020, + its whitepaper has been released in August 2021, and it has multiple{" "} implementations {" "} @@ -49,7 +49,11 @@ export default function Protocol() { > deployments - . Here you can interact with a{" "} + . Djed Tefnut simplifies the original Djed by removing minimum and maximum + reserve ratio restrictions, allowing unrestricted minting and redemption at any time. +
++ Here you can interact with a{" "} deployment {" "} - that uses{" "} - - these smart contracts - {" "} on {process.env.REACT_APP_BC}.
@@ -117,8 +113,6 @@ export default function Protocol() { coinIcon="/coin-icon-three.png" coinName="Reserves" reserveRatio={coinsDetails?.percentReserveRatio} - reserveRatioMin={systemParams?.reserveRatioMin} - reserveRatioMax={systemParams?.reserveRatioMax} showCurrentReserveRatio={Number(coinsDetails?.unscaledNumberSc) > 0} isShu={isShu} /> diff --git a/src/routes/reservecoin.jsx b/src/routes/reservecoin.jsx index 2c012bf..2feb161 100644 --- a/src/routes/reservecoin.jsx +++ b/src/routes/reservecoin.jsx @@ -27,13 +27,12 @@ import { checkSellableRc, verifyTx, BC_DECIMALS, - calculateTxFees, isTxLimitReached, DJED_ADDRESS, FEE_UI_UNSCALED, UI } from "../utils/ethereum"; -import { BigNumber, ethers } from "ethers"; +import { ethers } from "ethers"; import { ConnectWSCButton, TransactionConfigWSCProvider, @@ -56,13 +55,7 @@ export default function ReserveCoin() { account, signer, systemParams, - isRatioBelowMax, - isRatioAboveMin, - isShu, - coinContracts, - getFutureScPrice, - getFutureMinScPrice, - getFutureMaxScPrice + coinContracts } = useAppProvider(); const { isWSCConnected } = useWSCProvider(); const { setOpen } = useWSCModal(); @@ -97,23 +90,6 @@ export default function ReserveCoin() { amountScaled ); - const futureSCPrice = isShu - ? await getFutureMinScPrice({ - amountBC: data.totalUnscaled, - amountSC: 0 - }) - : await getFutureScPrice({ - amountBC: data.totalUnscaled, - amountSC: 0 - }); - - const { f } = calculateTxFees(data.totalUnscaled, systemParams?.feeUnscaled, 0); - const isRatioBelowMaximum = isRatioBelowMax({ - scPrice: BigNumber.from(futureSCPrice), - reserveBc: BigNumber.from(coinsDetails?.unscaledReserveBc).add( - BigNumber.from(data.totalUnscaled).add(f) - ) - }); const bcUsdEquivalent = calculateBcUsdEquivalent( coinsDetails, parseFloat(data.totalScaled.replaceAll(",", "")) @@ -138,8 +114,6 @@ export default function ReserveCoin() { ) ) { setBuyValidity(TRANSACTION_VALIDITY.INSUFFICIENT_BC); - } else if (!isRatioBelowMaximum) { - setBuyValidity(TRANSACTION_VALIDITY.RESERVE_RATIO_HIGH); } else { checkBuyableRc( djedContract, @@ -171,23 +145,6 @@ export default function ReserveCoin() { coinsDetails, parseFloat(data.amountScaled.replaceAll(",", "")) ).replaceAll(",", ""); - const futureSCPrice = isShu - ? await getFutureMaxScPrice({ - amountBC: data.totalUnscaled, - amountSC: 0 - }) - : await getFutureScPrice({ - amountBC: data.totalUnscaled, - amountSC: 0 - }); - const { f } = calculateTxFees(data.totalUnscaled, systemParams?.feeUnscaled, 0); - const isRatioAboveMinimum = isRatioAboveMin({ - totalScSupply: BigNumber.from(coinsDetails?.unscaledNumberSc), - scPrice: BigNumber.from(futureSCPrice), - reserveBc: BigNumber.from(coinsDetails?.unscaledReserveBc).sub( - BigNumber.from(data.totalUnscaled).sub(f) - ) - }); setTradeData(data); if (!isWalletConnected) { @@ -208,8 +165,6 @@ export default function ReserveCoin() { ) ) { setSellValidity(TRANSACTION_VALIDITY.INSUFFICIENT_RC); - } else if (!isRatioAboveMinimum) { - setSellValidity(TRANSACTION_VALIDITY.RESERVE_RATIO_LOW); } else { checkSellableRc( djedContract, @@ -322,7 +277,7 @@ export default function ReserveCoin() {
A ReserveCoin represents a portion of the surplus of the underlying reserves - of {process.env.REACT_APP_CHAIN_COIN} in the Djed protocol. As such, + of {process.env.REACT_APP_CHAIN_COIN} in the Djed Tefnut protocol. As such, ReserveCoins have a leveraged volatile price that increases when the price of {process.env.REACT_APP_CHAIN_COIN} increases and decreases when the price of {process.env.REACT_APP_CHAIN_COIN} decreases. Furthermore, ReserveCoin @@ -331,15 +286,9 @@ export default function ReserveCoin() { surplus.
- You are allowed to buy ReserveCoins, as long as the reserve ratio remains - below the maximum of {systemParams?.reserveRatioMax}. This prevents - excessive dilution of previous ReserveCoin holders. This restriction only - applies when the StableCoin supply is above 500000. -
-- You are allowed to sell ReserveCoins, as long as the reserve ratio remains - above the minimum of {systemParams?.reserveRatioMin}. This aims to ensure - that all StableCoins remain sufficiently backed. + You are always allowed to buy and sell ReserveCoins. Djed Tefnut has no minimum + or maximum reserve ratio restrictions, allowing unrestricted minting and + redemption of ReserveCoins at any time.
There is a limit of {process.env.REACT_APP_LIMIT_PER_TXN} USD worth of{" "} diff --git a/src/routes/stablecoin.jsx b/src/routes/stablecoin.jsx index a8848a1..8ca9a5a 100644 --- a/src/routes/stablecoin.jsx +++ b/src/routes/stablecoin.jsx @@ -25,13 +25,12 @@ import { checkSellableSc, verifyTx, BC_DECIMALS, - calculateTxFees, isTxLimitReached, DJED_ADDRESS, FEE_UI_UNSCALED, UI } from "../utils/ethereum"; -import { BigNumber, ethers } from "ethers"; +import { ethers } from "ethers"; import { useAccount } from "wagmi"; import djedArtifact from "../artifacts/Djed.json"; import { @@ -55,10 +54,7 @@ export default function Stablecoin() { account, signer, systemParams, - isRatioAboveMin, - coinContracts, - getFutureScPrice, - getFutureMaxScPrice + coinContracts } = useAppProvider(); const { isWSCConnected } = useWSCProvider(); const { setOpen } = useWSCModal(); @@ -95,27 +91,6 @@ export default function Stablecoin() { isShu ? "scMaxPrice" : "scPrice" ); - const futureSCPrice = isShu - ? await getFutureMaxScPrice({ - amountBC: data.totalUnscaled, - amountSC: data.amountUnscaled - }) - : await getFutureScPrice({ - amountBC: data.totalUnscaled, - amountSC: data.amountUnscaled - }); - - const { f } = calculateTxFees(data.totalUnscaled, systemParams?.feeUnscaled, 0); - const isRatioAboveMinimum = isRatioAboveMin({ - totalScSupply: BigNumber.from(coinsDetails?.unscaledNumberSc).add( - BigNumber.from(data.amountUnscaled) - ), - scPrice: BigNumber.from(futureSCPrice), - reserveBc: BigNumber.from(coinsDetails?.unscaledReserveBc).add( - BigNumber.from(data.totalUnscaled).add(f) - ) - }); - setTradeData(data); if (!isWalletConnected) { setBuyValidity(TRANSACTION_VALIDITY.WALLET_NOT_CONNECTED); @@ -135,8 +110,6 @@ export default function Stablecoin() { ) ) { setBuyValidity(TRANSACTION_VALIDITY.INSUFFICIENT_BC); - } else if (!isRatioAboveMinimum) { - setBuyValidity(TRANSACTION_VALIDITY.RESERVE_RATIO_LOW); } else { checkBuyableSc( djedContract, @@ -292,7 +265,7 @@ export default function Stablecoin() {
- The StableCoin of this Djed deployment is called{" "} + The StableCoin of this Djed Tefnut deployment is called{" "} {process.env.REACT_APP_SC_NAME}. It is pegged to the USD, similarly to various{" "} , at a ratio of 1 to 1. One Djed Stablecoin is nominally worth 1 USD. The peg is maintained through a reserve of {process.env.REACT_APP_CHAIN_COIN}. - The Djed protocol aims to maintain a reserve ratio between{" "} - {systemParams?.reserveRatioMin} and {systemParams?.reserveRatioMax}. This - means that, when the reserve ratio is in this range, every StableCoin is - backed by an amount of {process.env.REACT_APP_CHAIN_COIN} worth at least 4 - USD and is able to tolerate an instantaneous{" "} - {process.env.REACT_APP_CHAIN_COIN} price crash of at least 75%.
You are always allowed to sell back StableCoins to Djed. Djed pays 1 USD @@ -318,11 +285,10 @@ export default function Stablecoin() { {process.env.REACT_APP_CHAIN_COIN} reserve and S is the StableCoin supply.
- You are allowed to buy StableCoins from Djed for a price of 1 USD worth of - {process.env.REACT_APP_CHAIN_COIN} per StableCoin, whenever the reserve - ratio is above {systemParams?.reserveRatioMin}. When the reserve ratio is - below {systemParams?.reserveRatioMin}, the purchase of StableCoins from Djed - is disallowed, because it would reduce the reserve ratio further. + You are always allowed to buy StableCoins from Djed for a price of 1 USD worth of{" "} + {process.env.REACT_APP_CHAIN_COIN} per StableCoin. Djed Tefnut has no minimum + or maximum reserve ratio restrictions, allowing unrestricted minting and + redemption of StableCoins at any time.
There is a limit of {process.env.REACT_APP_LIMIT_PER_TXN} USD worth of{" "} diff --git a/src/utils/constants.js b/src/utils/constants.js index 072c54a..3a7f3b4 100644 --- a/src/utils/constants.js +++ b/src/utils/constants.js @@ -13,8 +13,6 @@ export const TRANSACTION_VALIDITY = { INSUFFICIENT_BC: "Insufficient balance", INSUFFICIENT_SC: "Insufficient StableCoin balance", INSUFFICIENT_RC: "Insufficient ReserveCoin balance", - RESERVE_RATIO_LOW: "Reserve ratio would drop below the minimum", - RESERVE_RATIO_HIGH: "Reserve ratio would rise above the maximum", TRANSACTION_LIMIT_REACHED: "Transaction limit reached" }; diff --git a/src/utils/ethereum.js b/src/utils/ethereum.js index 7c21f88..a65b6e6 100644 --- a/src/utils/ethereum.js +++ b/src/utils/ethereum.js @@ -2,7 +2,7 @@ import Web3 from "web3"; import djedArtifact from "../artifacts/Djed.json"; import coinArtifact from "../artifacts/Coin.json"; import oracleArtifact from "../artifacts/Oracle.json"; -import djedShuArtifact from "../artifacts/DjedShu.json"; +import djedTefnutArtifact from "../artifacts/DjedTefnut.json"; import shuOracleArtifact from "../artifacts/ShuOracle.json"; import { @@ -58,7 +58,13 @@ export const getDjedContract = (web3) => { }; export const getDjedShuContract = (web3) => { - const djed = new web3.eth.Contract(djedShuArtifact.abi, DJED_SHU_ADDRESS); + // Using DjedTefnut artifact for Tefnut deployment (simplified Djed) + const djed = new web3.eth.Contract(djedTefnutArtifact.abi, DJED_SHU_ADDRESS); + return djed; +}; + +export const getDjedTefnutContract = (web3) => { + const djed = new web3.eth.Contract(djedTefnutArtifact.abi, DJED_SHU_ADDRESS); return djed; }; @@ -156,6 +162,7 @@ export const getCoinDetails = async ( }; }; +// Tefnut coin details - simplified version without reserve ratio limits export const getShuCoinDetails = async ( stableCoin, reserveCoin, @@ -181,26 +188,34 @@ export const getShuCoinDetails = async ( const emptyValue = decimalScaling("0".toString(10), BC_DECIMALS); let scaledSellPriceRc = emptyValue; let unscaledSellPriceRc = emptyValue; - let percentReserveRatio = emptyValue; + // Tefnut has no reserve ratio limits - just calculate current ratio if there's SC supply + let percentReserveRatio = "N/A"; const scaledScExchangeRate = ( (parseFloat(scaledMinPriceSc) + parseFloat(scaledMaxPriceSc)) / 2 ).toString(); - //Check total stablecoin supply + //Check total reservecoin supply for RC sell price if (!BigNumber.from(unscaledNumberRc).isZero()) { [scaledSellPriceRc, unscaledSellPriceRc] = await scaledUnscaledPromise( web3Promise(djed, "rcTargetPrice", 0), BC_DECIMALS ); } - //Check total reservecoin supply + + // Tefnut: Calculate current reserve ratio from ratio() if SC supply exists if (!BigNumber.from(unscaledNumberSc).isZero()) { - percentReserveRatio = [ - await percentScaledPromise(web3Promise(djed, "ratioMin"), SCALING_DECIMALS), - await percentScaledPromise(web3Promise(djed, "ratioMax"), SCALING_DECIMALS) - ]; + try { + percentReserveRatio = await percentScaledPromise( + web3Promise(djed, "ratio"), + SCALING_DECIMALS + ); + } catch (e) { + // ratio() might not exist, use N/A + percentReserveRatio = "N/A"; + } } + return { scaledNumberSc, unscaledNumberSc, @@ -220,26 +235,27 @@ export const getShuCoinDetails = async ( }; }; +// Get system params - supports both Tefnut (uppercase) and legacy (lowercase) method names export const getSystemParams = async (djed) => { - const [ - reserveRatioMinUnscaled, - reserveRatioMaxUnscaled, - feeUnscaled, - treasuryFee, - thresholdSupplySC - ] = await Promise.all([ - web3Promise(djed, "reserveRatioMin"), - web3Promise(djed, "reserveRatioMax"), - web3Promise(djed, "fee"), - percentScaledPromise(web3Promise(djed, "treasuryFee"), SCALING_DECIMALS), - web3Promise(djed, "thresholdSupplySC") - ]); + let feeUnscaled, treasuryFee, thresholdSupplySC; + + try { + // Try Tefnut uppercase constant names first + [feeUnscaled, treasuryFee, thresholdSupplySC] = await Promise.all([ + web3Promise(djed, "FEE"), + percentScaledPromise(web3Promise(djed, "TREASURY_FEE"), SCALING_DECIMALS), + web3Promise(djed, "THRESHOLD_SUPPLY_SC") + ]); + } catch (e) { + // Fallback to legacy lowercase method names + [feeUnscaled, treasuryFee, thresholdSupplySC] = await Promise.all([ + web3Promise(djed, "fee"), + percentScaledPromise(web3Promise(djed, "treasuryFee"), SCALING_DECIMALS), + web3Promise(djed, "thresholdSupplySC") + ]); + } return { - reserveRatioMin: percentageScale(reserveRatioMinUnscaled, SCALING_DECIMALS, true), - reserveRatioMax: percentageScale(reserveRatioMaxUnscaled, SCALING_DECIMALS, true), - reserveRatioMinUnscaled, - reserveRatioMaxUnscaled, fee: percentageScale(feeUnscaled, SCALING_DECIMALS, true), feeUnscaled, treasuryFee, @@ -579,57 +595,6 @@ export const checkSellableSc = (unscaledAmountSc, unscaledBalanceSc) => { return new Promise((r) => r(TRANSACTION_VALIDITY.OK)); }; -/** - * Calculate if the transaction will reach the maximum reserve ratio - * @param scPrice - Unscaled stablecoin price - * @param reserveBc - Unscaled reserve of base coin with appended potential transaction amount. - * Example: If user wants to buy 1RC, the reserveBc param will be calculated as sum of current reserve of BC and desired RC amount converted in BC - * @param totalScSupply - Unscaled total stablecoin supply - * @param reserveRatioMax - Unscaled maximum reserve ratio - * @param scDecimalScalingFactor - If stablecoin has 6 decimals, scDecimalScalingFactor will be calculated as 10^6 - * @param thresholdSupplySC - Unscaled threshold SC supply - * @returns - */ -export const calculateIsRatioBelowMax = ({ - scPrice, - reserveBc, - totalScSupply, - reserveRatioMax, - scDecimalScalingFactor, - thresholdSupplySC -}) => { - return ( - reserveBc - .mul(BigNumber.from(scalingFactor)) - .mul(scDecimalScalingFactor) - .lt(totalScSupply.mul(scPrice).mul(reserveRatioMax)) || - totalScSupply.lte(thresholdSupplySC) - ); -}; - -/** - * Calculate if the transaction will reach the minimum reserve ratio - * @param scPrice - Unscaled stablecoin price - * @param reserveBc - Unscaled reserve of base coin with calculated potential transaction amount. - * Example: If user wants to buy 1SC, the reserveBc param will be calculated as sum of current reserve of BC and desired SC amount converted in BC - * @param totalScSupply - Unscaled total stablecoin supply - * @param reserveRatioMin - Unscaled minimum reserve ratio - * @param scDecimalScalingFactor - If stablecoin has 6 decimals, scDecimalScalingFactor will be calculated as 10^6 - * @returns - */ -export const calculateIsRatioAboveMin = ({ - scPrice, - reserveBc, - totalScSupply, - reserveRatioMin, - scDecimalScalingFactor -}) => { - return reserveBc - .mul(BigNumber.from(scalingFactor)) - .mul(scDecimalScalingFactor) - .gt(totalScSupply.mul(scPrice).mul(reserveRatioMin)); -}; - /** * * @param {*} amountUSD