Safety Deposit ₿ox

Syron's stablecoin management occurs within a user-owned Safety Deposit ₿ox (SDB). This smart contract wallet securely holds the collateral and serves as the hub for stablecoin minting, burning, and liquidation transactions.

An SDB autonomously track its user balance in a permissionless and trustless manner and is a Bitcoin-native wallet. Each SDB has its own Layer-1 address, allowing users to monitor their holdings at any time using their preferred Bitcoin block explorer. This native integration with Bitcoin ensures seamless interaction with the Bitcoin ecosystem.

For more detailed design information, refer to Bitcoin-Native Assets.

Oracles

To ensure the stability of the stablecoin, Syron relies on accurate data sourced from multiple off-chain data points managed by the ICP's Exchange Rate Canister. Additionally, on-chain data from decentralized exchanges and DeFi applications can contribute to price discovery. A Safety Deposit ₿ox could efficiently access this on-chain data at the time of the transaction, guaranteeing that the information used for stablecoin operations is up-to-date and reliable.