NairaStable is a decentralized stablecoin pegged to the Nigerian Naira, built on Arbitrum. Users deposit ETH as collateral and mint nNGN. No bank, no custodian, just code.
NairaStable lets anyone lock ETH into a smart contract vault and mint nNGN tokens against it at a 200% collateral ratio. The protocol tracks the live ETH/USD price via Chainlink and the USD/NGN exchange rate via a custom keeper bot that updates the onchain oracle every 30 minutes. If a vault falls below the 150% liquidation threshold, anyone can liquidate it and earn a 10% bonus, keeping the protocol solvent without any central authority. The goal is to give Nigerians a trustless, transparent unit of account that works inside DeFi.We started with the contracts. We designed and wrote the core smart contracts: NSEngine (the CDP vault logic), NairaStable (the ERC20 nNGN token), and USDNGNOracle (the custom price feed). We wrote Foundry tests and deployed everything to Arbitrum Sepolia. We then built a Node.js keeper bot that fetches the live USD/NGN exchange rate from an external API and pushes it onchain every 30 minutes, keeping the oracle fresh and the protocol accurate. In parallel, we built the landing page and the full DApp dashboard in React. We integrated Wagmi and Viem for contract interaction so users can connect a wallet, open a vault, mint nNGN, repay debt, and monitor their collateral ratio in real time. We also built a separate event ticketing app to stress test nNGN in a real payment scenario. Users pay for event tickets using nNGN, proving the token works beyond just DeFi speculation. Finally, we wrote full protocol documentation, deployed the frontend to Vercel, and prepared the audit trail and demo.
Bootstrapped. No external funding has been raised to date. The project was built independently during the hackathon.
