StableToken on Electroneum About the Project StableToken is a crypto-backed stablecoin built on Electroneum (ETN) and ANKR, designed to provide a secure, decentralized, and scalable financial ecosystem. Users can mint stable tokens by depositing assets such as ETN, BTC, BNB, tokenized gold ETFs, and real-world assets (RWA) as collateral. The system ensures stability through over-collateralization (150%) and liquidation mechanisms when collateral drops below 110%.
Our goal is to bridge traditional finance with blockchain by enabling users to tokenize, trade, and utilize real-world assets within the protocol.
What Inspired Us We were inspired by the growing need for stable digital assets that can be used in everyday transactions. Electroneum’s mobile-first approach makes it a perfect fit for creating a stable financial system for the unbanked and underbanked communities.
Additionally, the integration of ANKR’s decentralized infrastructure allows for efficient, low-cost transactions and ensures the scalability of the network.
What We Learned Throughout this project, we gained valuable insights into:
- Stablecoin mechanics and collateralization models
- Electroneum’s ecosystem and its potential for financial inclusion
- ANKR’s decentralized cloud solutions and their role in DeFi scalability
- Challenges in fetching on-chain price feeds and securing price oracles
How We Built It: Smart Contracts: Developed using Solidity for Ethereum-compatible chains and Rust for Solana. Collateralization Logic: Ensures that users must deposit 150% collateral to mint stable tokens. Liquidation Mechanism: If collateral drops below 110%, the system automatically liquidates to maintain stability.
WHAT WE CAN DO IN FUTURE: Asset Tokenization: Users can tokenize gold ETFs, real estate, and other RWAs to use them as collateral. Electroneum & ANKR Integration: Used Electroneum for mobile-friendly transactions. Leveraged ANKR for decentralized cloud services and infrastructure.
Challenges We Faced On-Chain Price Feeds: Getting reliable price data for ANKR and Electroneum was difficult since major oracles do not support them directly. Collateral Management: Designing a secure liquidation model to prevent bad debt. Smart Contract Efficiency: Ensuring low gas fees and fast execution on Electroneum's ecosystem. How We Solved Price Feed Issues Since official price oracles for ANKR and Electroneum were not available, we used fake aggregators to fetch and simulate real-time price updates. This allowed us to test our smart contracts and ensure stability while we explore more reliable data sources in the future. Smart Contract Efficiency: Ensuring low gas fees and fast execution on Electroneum's ecosystem. High Gas Fees: One of the biggest challenges we encountered was the high gas fees on Electroneum’s blockchain. This significantly affected transaction costs, minting fees, and liquidation events. To tackle this, we optimized smart contract execution, batched transactions, and explored off-chain computations where possible.
-StableToken aims to revolutionize stable digital assets by combining Electroneum’s financial inclusion focus with ANKR’s decentralized power!
Built With
- foundry
- solidity
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