bitUSD

Deck : https://docs.google.com/presentation/d/1bqf47m1Q7_uMI6eoqbQFOJmDKYaK6jWQuEn2bDgFHiI/edit?slide=id.g35a28199736_0_89#slide=id.g35a28199736_0_89

Website: https://bitusd-app.mservais.workers.dev/
In order to open a first position, an account can use our test BTC faucet at the top right of the dapp.

Pragma Oracles: Used to calculate collateral value in our smart contracts as well as price source on our front end.

DAPP deployed on Mainnet.

BitUSD is issued by the Uncap Protocol.

Description:

We believe Bitcoin represents the perfect collateral for a stablecoin - offering unparalleled security, decentralization, and proven store-of-value properties. With Starknet's strategic move to become a Bitcoin Layer 2, it presents the ideal environment to build upon this foundation.

Therefore we decided to build bitUSD to be the first fully decentralized Bitcoin Backed Stablecoin on Starknet.
During our research we came to the conclusion that the best model to build our stablecoin around was Liquity V2. This led us to write an implementation of Liquity V2 protocol in Cairo.

Users are able to mint bitUSD on top of a BTC collateral. BitUSD is pegged to the dollar through a redemption mechanism. Minted bitUSD can be staked in the Stability Pool to accrue fees earned by the protocol. Those fees come from borrowers interest rate as well as liquidations. Each position opened by a user can be managed independently, users can:
-borrow more
-add collateral
-update interest rate

Borrowing interest rate is defined by the user, with the lowest interest rates facing the risk of redemptions first. Interest rate can be delegated to third parties that manage the interest rate for the users.

Our front-end also shows all open positions of a user, with a specific button to manage the position (not implemented yet at this stage).

By providing a robust, decentralized stablecoin backed by Bitcoin, bitUSD aims to serve as the foundation supporting the growth of BTC-backed DeFi on Starknet.