BTC Backed Stablecoin on Core

[RumeelHussain]

Objective/Goal

• Develop a decentralized platform for issuing and managing BTC-backed stablecoins on Core Blockchain, allowing users to mint stablecoins by collateralizing their Bitcoin holdings. The stablecoin should maintain price stability while offering users the ability to unlock liquidity from their BTC without selling it.

Challenge Description

• Develop a protocol on Core Blockchain that allows users to:
  • Mint stablecoins pegged to a fiat currency (e.g., USD) by locking up Bitcoin as collateral.
  • Manage their collateralized debt positions (CDPs) and adjust collateral levels as needed.
• Smart contracts must:
  • Securely manage BTC collateral, ensuring over-collateralization to maintain the stability of the stablecoin.
  • Handle liquidations in the event that collateral levels fall below required thresholds.
• The platform should include:
  • A user-friendly interface for managing CDPs, monitoring collateral ratios, and minting stablecoins.
  • Wallet integration to enable seamless interaction with BTC and Core Blockchain’s native assets.
  • Transparent systems for tracking the stablecoin’s price stability and managing risks.
• The challenge is to create a secure, scalable, and efficient system for BTC-backed stablecoins on Core Blockchain, with robust liquidation mechanisms and a focus on maintaining stablecoin price parity through transparent collateral management.

[Debasish616]

Celeriz will be working on developing a decentralized platform for issuing and managing BTC-backed stablecoins on the Core Blockchain. This initiative will empower issuers to tokenize real-world value, such as Bitcoin holdings, as digital assets on the network.

Our platform will enable users to mint stablecoins by collateralizing their Bitcoin, unlocking liquidity without the need to sell their BTC. By ensuring price stability through robust mechanisms and offering user-friendly interfaces for managing collateralized debt positions (CDPs), Celeriz aims to provide a seamless and transparent solution for both individual users and institutional issuers.