Technical Documentation
Oracle Mechanism
The UVAz Oracle is a critical component that provides accurate UVA index data to the protocol:
Key Features:
UVA Price Feed: Delivers the current UVA value in USDT terms with 18 decimals of precision
Admin-Controlled Updates: Currently uses a trusted admin for updates, with plans to implement a decentralized system in the future
Multiple Validators: Design allows for future expansion to multiple validators for increased security
Transparent Operation: All price updates are logged on-chain and can be publicly verified
The oracle contract exposes a getUvaPrice() function that returns the current price, which is used by the UVA Manager for minting and redemption calculations.
UVA Manager
The UVA Manager is the central contract that coordinates all protocol operations:
Core Functions:
mintUva(uint256 _usdtAmount): Converts USDT to UVA tokens at the current rate
redeemUva(uint256 _uvaAmount): Burns UVA tokens and returns USDT minus fees
setWhitelist(address _user, bool _status): Controls access to protocol functions
withdrawUsdt(uint256 _amount): Allows the owner to withdraw USDT, respecting pending redemptions
setMaxUsdtReserve(uint256 _newMax): Sets the maximum USDT that can be held in the contract
setRedeemFeePercent(uint256 _newFeePercent): Configures the redemption fee percentage
updatePriceOracle(address _newOracle): Updates the oracle contract address
The UVA Manager implements security features including reentrancy protection, access control, and reserve management to ensure safe operation.
Fee Structure
UVAz implements a simple fee structure designed to support ongoing protocol operations:
Minting Fee: 0% (no fee for converting USDT to UVAz)
Redemption Fee: 3% of the redeemed amount
Fee Distribution: All fees remain in the contract as additional backing
Fee Configuration: The fee percentage can be adjusted by governance, up to a maximum of 20%
This fee structure is designed to be minimal while ensuring the protocol's sustainability and continued development.
Whitelist System
To ensure regulatory compliance and control access during the initial rollout, UVAz implements a whitelist system:
Admin Control: Contract owner can add or remove addresses from the whitelist
Access Restriction: Only whitelisted addresses can mint or redeem UVAz tokens
Transparent Management: All whitelist changes are logged via events
Future Evolution: Plans to transition to more decentralized access control over time
This whitelist approach helps ensure that UVAz can comply with relevant regulations while protecting the protocol during its early stages.
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