xDAI Stablecoin

The DAI type stablecoin backed by XDC

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Inspiration

This is inspired by MakerDAO Dai Stablecoin System. A Stablecoin backed by XDC and utilizes the potential of the XDC Network.

What it does

DAI crypto is crypto-collateralized because it’s backed by XDC. The ratio in which DAI converts to XDC varies, though it’s usually hovering around 1.5 XDC to 1 DAI. Allow users interact with the system to

  • Open Vaults (formerly CDPs collateralized debt positions)
  • Borrow DAI by locking XDC as collateral
  • Payback DAI and unlock collateral

How we built it

I utilized some libraries and tools from MakerDAO

  • ds-weth: ETH->ERC20 with extra opinions
  • dss-deploy-script: A set of scripts that deploy dss to an Ethereum chain
  • dss: Dai Stablecoin System

Using dapptools to deploy all contracts to XDC network Deploying scripts to interact with Dai Stablecoin System

Challenges we ran into

  • The Dai Stablecoin System is very complicated and lacked many documents/resources for references
  • The XDC address format with prefix xdc is quite messy when working with some tools/libraries

Accomplishments that we're proud of

  • Successfully deployed Dai Stablecoin System to XDC network
  • Deeply understood crypto-collateralized stablecoin mechanism

What we learned

  • MakerDAO DAI architecture
  • Cryptocurrency collateral stablecoin mechanism
  • XDC network architecture

What's next for xDai Stablecoin

  • Price feed should be configured with oracle
  • Need to be controlled by Governance
  • Develop an interface/dapp like oasis.app to open Vaults (formerly CDPs collateralized debt positions), borrow and save Dai

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