// Contract configuration options
options {
server = treasuryPk;
exit = 144;
}
contract SyntheticAsset(
// The collateral asset ID
bytes32 collateralAssetId,
// The minimum collateralization ratio (e.g., 150% = 15000)
int minCollateralRatio,
// The liquidation threshold (e.g., 120% = 12000)
int liquidationThreshold,
// The oracle's public key
pubkey oraclePk,
// The synthetic asset identifier (e.g., "BTC/USD")
bytes assetIdentifier,
// The treasury's public key
pubkey treasuryPk,
// The borrower's public key
pubkey borrowerPk
) {
// Helper function to verify the collateralization ratio
function verifyCollateralization(int collateralValue, int syntheticValue, int requiredRatio) internal {
// Calculate the actual ratio (scaled by 10000 for precision)
int actualRatio = (collateralValue * 10000) / syntheticValue;
// Verify the ratio meets the requirement
require(actualRatio >= requiredRatio, "Insufficient collateralization");
}
// Mint new synthetic tokens
function mint(int collateralAmount, int syntheticAmount, int currentPrice, signature oracleSig, signature borrowerSig) {
// Verify the oracle signature on the price data
bytes message = sha256(assetIdentifier + int2bytes(tx.time));
require(checkSigFromStack(oracleSig, oraclePk, message), "Invalid oracle signature");
// Calculate the value of synthetic tokens being minted
int syntheticValue = syntheticAmount * currentPrice / 10000;
// Verify collateralization ratio
verifyCollateralization(collateralAmount, syntheticValue, minCollateralRatio);
// Verify the collateral input
require(tx.inputs[0].asset == collateralAssetId, "Invalid collateral asset");
require(tx.inputs[0].value >= collateralAmount, "Insufficient collateral");
// Verify the outputs
// Output 0: Collateral locked in vault
require(tx.outputs[0].asset == collateralAssetId, "Output 0 asset mismatch");
require(tx.outputs[0].value == collateralAmount, "Output 0 value mismatch");
// Output 1: Synthetic tokens to borrower
// Implementation details for synthetic token issuance omitted for brevity
// Verify borrower signature
require(checkSig(borrowerSig, borrowerPk), "Invalid borrower signature");
}
// Redeem synthetic tokens for collateral
function redeem(int collateralAmount, int syntheticAmount, signature borrowerSig) {
// Verify the synthetic token input
// Implementation details for synthetic token verification omitted for brevity
// Verify the outputs
// Output 0: Collateral returned to borrower
require(tx.outputs[0].asset == collateralAssetId, "Output 0 asset mismatch");
require(tx.outputs[0].value == collateralAmount, "Output 0 value mismatch");
bytes borrowerScript = new P2PKH(borrowerPk);
require(tx.outputs[0].scriptPubKey == borrowerScript, "Output 0 not spendable by borrower");
// Verify borrower signature
require(checkSig(borrowerSig, borrowerPk), "Invalid borrower signature");
}
// Liquidate undercollateralized position
function liquidate(int collateralAmount, int syntheticAmount, int currentPrice, signature oracleSig, signature liquidatorSig, pubkey liquidatorPk) {
// Verify the oracle signature on the price data
bytes message = sha256(assetIdentifier + int2bytes(tx.time));
require(checkSigFromStack(oracleSig, oraclePk, message), "Invalid oracle signature");
// Calculate the value of synthetic tokens
int syntheticValue = syntheticAmount * currentPrice / 10000;
// Calculate the actual collateralization ratio
int actualRatio = (collateralAmount * 10000) / syntheticValue;
// Verify the position is undercollateralized
require(actualRatio < liquidationThreshold, "Position not liquidatable");
// Verify the synthetic token input
// Implementation details for synthetic token verification omitted for brevity
// Verify the outputs
// Output 0: Collateral to liquidator (with discount incentive)
require(tx.outputs[0].asset == collateralAssetId, "Output 0 asset mismatch");
// Calculate liquidation bonus (e.g., 5% discount)
int liquidationBonus = collateralAmount * 500 / 10000;
require(tx.outputs[0].value >= collateralAmount - liquidationBonus, "Output 0 value mismatch");
bytes liquidatorScript = new P2PKH(liquidatorPk);
require(tx.outputs[0].scriptPubKey == liquidatorScript, "Output 0 not spendable by liquidator");
// Verify liquidator signature
require(checkSig(liquidatorSig, liquidatorPk), "Invalid liquidator signature");
}
// Emergency shutdown by treasury
function emergencyShutdown(signature treasurySig) {
// Verify treasury signature
require(checkSig(treasurySig, treasuryPk), "Invalid treasury signature");
// Additional emergency shutdown logic omitted for brevity
}
}