RE: Hivepegged Smart Contract

[xvlad]

This contract is deployed on the Hive Smart Contract Engine (SSC), and the action is an update of the contract named hivepegged.

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🧠 Contract name: hivepegged

📦 Action: update

🧾 Written in: JavaScript (Hive Smart Contract Engine format)

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🔧 Main Functions Implemented

1. createSSC

Initializes the contract by creating a database table named withdrawals if it doesn't already exist.

actions.createSSC = async () => {
  const tableExists = await api.db.tableExists('withdrawals');
  if (tableExists === false) {
    await api.db.createTable('withdrawals');
  }
};

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2. buy

Allows a user to send HIVE to this contract in exchange for a pegged token (like a wrapped/synthetic version of HIVE).

Key steps:

• Checks if the recipient is the contract owner.
• Verifies the transaction was signed with the active key.
• Splits the amount into number and unit (e.g., 1.23 HIVE).
• Calculates a 0.075% fee with a minimum of 0.0001 HIVE.
• Sends the tokens from the user to the contract owner using the tokens contract.
• Calls the initializeWithdrawal function to log the transaction.

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3. withdraw

Allows users to request a withdrawal (burn pegged tokens in exchange for real HIVE).

Key steps:

• Validates that the quantity is a string, not NaN, ≤ 3, and ≥ 0.0002.
• Calculates the 0.075% fee, same as in the buy function.
• Transfers the pegged tokens back to the contract owner using the tokens.transfer action.
• Calls initializeWithdrawal to log the withdrawal event.

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4. removeWithdrawal

Enables the contract owner to remove a withdrawal entry from the withdrawals table.

actions.removeWithdrawal = async (payload) => {
  const { id, isSignedWithActiveKey } = payload;

  if (api.sender !== api.owner) return;

  if (id && isSignedWithActiveKey) {
    const withdrawal = await api.db.findOne('withdrawals', { id });
    if (withdrawal) {
      await api.db.remove('withdrawals', withdrawal);
    }
  }
};

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⚙️ Helper Function: initializeWithdrawal

This function saves a withdrawal record to the database using transaction details like ID, quantity, memo, and token symbol.

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💸 Fee System

• Fee rate: 0.075% of the amount
• Minimum fee: 0.0001 HIVE
• The fee is deducted before sending tokens back to the contract user or logging withdrawals.

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🔐 Security & Validation

• Ensures all sensitive actions are signed with an active key.
• Limits withdrawal amounts to ≤ 3 HIVE.
• Validates quantities and formats carefully.
• Only the contract owner can delete withdrawal logs.

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🧠 Concept

This contract acts as a peg system for HIVE:

• Users send real HIVE to get a pegged token (SWAP.HIVE).
• Later, they can redeem their pegged tokens to withdraw real HIVE back.
• It's essentially a synthetic HIVE gateway with transaction logging and minimal fees.