mystical-prog/susd

A Solana Backed Stablecoin built using Durable Nonces for order management

Solana-Backed Stablecoin with Collateralized Debt Positions

Introduction

This project implements Collateralized Debt Positions (CDPs) on the Solana blockchain, allowing users to mint a Solana-backed stablecoin pegged to the USD (sUSD). Our platform offers a variety of functionalities in a secure and user-friendly environment, such as creating and managing CDPs, adjusting safemint rates, and closing positions. We've also integrated Durable Nonces into our system, allowing users to create Limit Orders and Stop Loss orders, thus enhancing user experience and financial control.

Problem Statement

The lack of a Solana-backed stablecoin in the DeFi space despite its potential for liquidity, stability, and diversification. The absence of this functionality is a roadblock for Solana users who want to leverage their holdings and participate more broadly in the DeFi ecosystem.

Solution

We have built a solution that allows the creation of CDPs, the addition or removal of collateral, issuing or repaying the stablecoin, adjusting the safemint rate, and closing the position. Additionally, we have enabled the use of Durable Nonces to allow the creation of Limit Orders or Stop Loss orders while creating, modifying, or closing positions.

Important Links

• Problem Statement
• Demo Video

Tech Stack

• Anchor (Solana Sea-Level Framework)
• React-JS
• Solana Web3.JS

Applied Tracks

• Most innovative Application
• Best Consumer Application
• Pyth Bounty
• Phantom Bounty