zkUSD Protocol

zkUSD is a private, algorithmic stablecoin protocol built on the Mina Protocol. It enables users to mint zkUSD tokens by depositing MINA as collateral through individual vaults.

Overview

zkUSD implements a novel architecture where the ZkUsdEngine contract manages the protocol administration. All other contracts, including individual user vaults, are installed on the token account of the engine contract. This design allows for:

• Centralized Protocol Administration: The ZkUsdEngine contract governs all interactions and state management through vault contracts installed on the engine's token account.
• Decentralized State Management: Each vault operates independently, eliminating concurrency issues.
• Atomic Operations: All state transitions are confined within individual vaults.
• Interoperability: zkUSD is available on L1 Mina.
• Enhanced Security: Users maintain full control over their vaults.

Key Components

ZkUsdEngine Contract

The ZkUsdEngine contract is the master contract responsible for:

• Managing protocol administration and interactions.
• Oracle whitelisting and fee management.
• Emergency controls and administrative functions.
• Deploying and managing individual user vaults.

Individual User Vaults

Key features:

• Lock MINA collateral.
• Mint zkUSD tokens.
• Manage collateralization through redemption and burning of debt (zkUSD).
• Vaults allow liquidation by anyone if they become undercollateralized, ensuring platform stability.
• Any deposited MINA is delegated, and the vault earns those rewards, effectively providing negative interest rates on loans.

Price Feed Tracker Accounts

Two tracker accounts are installed on the engine's token account. These trackers are used to track the price of zkUSD.

• Aggregates price submissions from whitelisted oracles.
• Calculates median prices.
• Handles price updates across even/odd blocks lagging pattern to ensure consistent price updates while accounting for Mina's concurrency limitations.

Installation

Clone

git clone https://github.com/zkUSD-Protocol/zkUSD

cd zkUSD

Install Dependencies

npm install

Test

npm test