Flash-Mintable Asset-Backed Tokens - a new DeFi primitive

I gave a research presentation on Flash-Mintable Asset-Backed Tokens (new DeFi primitive).

Includes discussion about their properties, compare/contrast to flash loans, and a live bug bounty.

Video (1 hour)

Link to Zoom recording (1 hr):

Slides

If you’re not up for a 1 hr video, you can view the slides:

Flash-Mintable repository

Or just check out the README in the Flash-Mintable repository:

fWETH contract live on mainnet

The Flash-Mintable Wrapped-Ether (fWETH) contract is live on mainnet. It has the same public API as WETH (is intended to work as a drop-in replacement for WETH).

Bug Bounty contract

The Bug Bounty contract (a constant-sum, AMM exchange contract that lets you trade fWETH for ETH on a 1-to-1 basis with no fees and no slippage).

If you can find a way to break the economics you can steal all of the money from this contract.

Finally

I think that’s about as far as I’m going to take this research project. Feel free to use it, fork it, ignore it, or whatever. If you do decide to pick up the torch and run with it, feel free to reach out if you want to discuss some of the more subtle design decisions. :v:

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Thanks for the fantastic video. :pray:

I’d recommend watching :movie_camera: Introduction to the Flash Loan Pattern and its security considerations also by @Austin-Williams

Also see the other posts on Flash Loans:
https://forum.openzeppelin.com/tag/flash-loan

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Nice stuff @Austin-Williams

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I just came across this, it is amazing. And the readme is very clear as well. Good work :slight_smile:

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Also see a blog post on this project: Flash-Mintable Asset-Backed Tokens

Hey @Austin-Williams I just watched your presentation and I have quite a few questions, what’s the best way to reach you. We’re looking at implementing this in our project.

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Hi @agunwoke,

Welcome to the community :wave:

Do you want to ask your questions in the forum (I can move to a new topic).

Nah because it’s quite a few and really specific. I don’t want to be THAT guy lol Are you super knowledgable on the topic?

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Hi @agunwoke,

Feel free to post your questions and I will try to answer what I can.

I know a little bit on the topic, I posted the blog post Flash-Mintable Asset-Backed Tokens (using Austins words) :smile: