ETHurance

Smart contract insurance for ETH/USD rate

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What it does

Deployed on the Sepolia testnet, the ETH in this project means SepoliaETH. The ETHurance hackathon project for Web3Apps provides decentralized smart contract insurance for the ETH/USD price. The users interact with this smart contract to buy insurance with 0.01 ETH. After ETH/USD price drops by $200 or more, users can cash out with 0.012 ETH (getETHUSD <= getTargetPrice). If the users would like to cash out before ETH/USD price drops by $200 or more (getETHUSD > getTargetPrice), they can choose to cash out with 0.008 ETH.

Users can call the read functions here

  • enterPrice is the price when users buy insurance. It is 0 for users who do not have insurance. It returns an answer with 8 decimals of precision.
  • getETHUSD shows the current ETH/USD rate from Chainlink Sepolia testnet. It returns an answer with 8 decimals of precision.
  • getTargetPrice is the enterPrice - 200. It returns an answer with 8 decimals of precision.
  • owner will return the address of the owner.

Users can call the write functions here

  • buyInsurance will deposit 0.01 ETH into the contract, and record the getETHUSD as enterPrice.
  • cashOut will withdraw 0.008 or 0.012 ETH depending on the getETHUSD price.
  • deposit is only available to the owner, and can deposit any amount of ETH to the contract.

How we built it

We built it by deploying a solidity contract on the Sepolia testnet, and used Hardhat to develop, deploy, and verify the contract. To get the current ETH/USD price, we used the ETH/USD Sepolia Chainlink data feed.

Challenges we ran into

Testing this contract was difficult because setting up the Chainlink test on the local environment requires extra configurations on Hardhat. Therefore, we deployed the contract onto the Sepolia testnet, then manually tested the contract on the Sepolia testnet.

Accomplishments that we're proud of

We are proud of integrating Chainlink data feed into our smart contract, which enables our smart contract to execute based on inputs and outputs from the real world.

What we learned

We learned the following topics from this project:

  1. Chainlink data feed
  2. Develop Solidity smart contract
  3. Deploy and verify Sepolia testnet contract by Hardhat npx hardhat verify --network sepolia 0x01A182c8A73059806b701a9E06eE3aed15D1D604

What's next for ETHurance

The next step for ETHurance is to make the buyInsurance able to take any amount of ETH, instead of just 0.01 ETH.

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