BitLend: Bitcoin-Backed Lending Protocol Implementation #1
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- Introduce BitLend, a Bitcoin-anchored lending protocol leveraging Stacks L2 technology. - Define constants for contract owner, error codes, and protocol parameters. - Add data variables for collateral ratio, liquidation threshold, protocol fee, total deposits, and total borrows. - Create data maps for loans and user positions. - Implement private functions for interest calculation, collateral ratio calculation, and user position updates. - Add public functions for deposit, borrow, repay, withdraw, and liquidate operations. - Include read-only functions to get user positions and protocol statistics. - Provide admin functions to set minimum collateral ratio, liquidation threshold, and protocol fee.
- Define user-positions map to track user collateral, borrowed amount, and loan count. - Implement private functions for calculating interest, collateral ratio, and updating user positions.
- Implement `deposit` function to allow users to deposit STX and update their positions. - Implement `borrow` function to enable users to borrow STX based on their collateral and update their positions.
- Implement `repay` function to allow users to repay borrowed STX and update their positions. - Implement `withdraw` function to enable users to withdraw collateral based on their collateral ratio and update their positions.
- Implement `liquidate` function to allow liquidation of under-collateralized positions. - Add read-only function `get-user-position` to retrieve user collateral and borrowed amounts. - Add read-only function `get-protocol-stats` to retrieve protocol statistics including total deposits, total borrows, minimum collateral ratio, liquidation threshold, and protocol fee.
- Implement `set-minimum-collateral-ratio` function to allow the contract owner to update the minimum collateral ratio. - Implement `set-liquidation-threshold` function to enable the contract owner to set the liquidation threshold. - Implement `set-protocol-fee` function to allow the contract owner to adjust the protocol fee.
- Provide an overview of BitLend, a Bitcoin-backed lending protocol on Stacks L2. - Detail key features such as Bitcoin-secured collateral, dynamic interest rates, and risk-adjusted liquidations. - Describe core functions including deposit, borrow, repay, withdraw, and liquidation mechanisms. - Include query functions for retrieving user positions and protocol statistics. - Outline administrative controls for setting collateral ratios, liquidation thresholds, and protocol fees. - Highlight security features, technical implementation, and best practices for integration. - Provide guidelines for development, testing, and contributing to the project.
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Overview
This PR introduces BitLend, a secure and efficient lending protocol built on Stacks L2 that leverages Bitcoin's security through proof-of-work while enabling sophisticated DeFi operations.
Key Changes
Technical Implementation
Core Protocol Functions
Position Management
Security Measures
Protocol Parameters
Documentation
Review Focus Areas
Next Steps
Security Considerations
Checklist
Impact
This implementation provides a secure foundation for Bitcoin-backed lending on Stacks L2, enabling:
Deployment Plan