Circuit Protocol
A decentralized, asset-backed stablecoin platform built on the Chia blockchain.
Circuit is a non-custodial Collateralized Debt Position (CDP) protocol. It enables users to leverage XCH holdings to mint Bytecash (BYC)—a USD-pegged stablecoin—while retaining exposure to the underlying asset.
Core Functionality
- Mint & Borrow: Deposit XCH as collateral (up to 60% LTV) to borrow Bytecash (BYC).
- Earn Yield: Deposit BYC into the liquidity pool to earn interest derived from borrower fees.
- Undercollateralization Protection: Automated liquidation mechanisms ensure protocol solvency during market volatility.
- Non-Custodial: Users retain full control of their funds via smart contracts (Chialisp).
Governance
Circuit is a DAO managed on-chain via the CRT governance token. Token holders vote to adjust critical protocol parameters, ensuring the system remains permissionless and community-driven.
Security & Bug Bounty
Circuit prioritizes protocol security and encourages responsible disclosure.
- Bug Bounty: We offer competitive rewards for critical findings via Cantina. Scope includes Smart Contracts (Chialisp) and Core Protocol Logic.
- Reporting: For issues outside the bounty scope or general security inquiries, please email security@circuitdao.com.
Status
- Current Status: Mainnet beta (TVL cap & reduced veto periods and implementation delays apply)
- Audits: Audited by leading security firms. See the puzzles repo for more info.