Creating a staking contract for any erc20 tokens — solidity -ethereum
At the moment of writing this contract, unfortunately GPT‑4o cannot write and audit it without issues, so your only bet is to hire some experienced developer to write it
Video Explanation: https://youtu.be/texFSyy0-Y0
Feel free to contact me on Telegram @andyxyz1. I specialize in smart contracts and offer professional consulting services.
You can also read the creation of a token with tax in solidity in the previous blog post https://medium.com/@inblockchainwetrust/creating-a-memecoin-token-with-tax-on-sell-buy-in-ethereum-solidity-44f266af40f6
Projects offer staking to users for several key reasons, many of which are beneficial both to the project itself and to the users who participate. Staking has become a popular mechanism in blockchain ecosystems, particularly for decentralized finance (DeFi) projects and utility tokens.
- User Rewards: Staking allows users to earn rewards, typically in the form of more tokens, for holding and locking up their tokens. This encourages long-term commitment to the project as users are incentivized to participate.
- Active User Base: By offering staking, projects can ensure that users stay engaged with the platform and participate in governance or network activities.
- Reducing Sell Pressure: By offering staking rewards, projects encourage users to hold their tokens rather than sell them on the open market, reducing sell pressure and maintaining token price stability.
The proposed contract:
The contract uses a stakingToken (an ERC-20 token) as the token that users will stake. It also uses a stakeStruct to store information about each user’s stake, such as the amount staked and the time the stake was initiated. Additionally, the emissionRate is defined, which will be used to calculate how many tokens a user can earn as rewards. The userStakeMap is a mapping that tracks each user's stake details.
The claim function allows users to claim any accumulated rewards. It first calculates the rewards using the calculateRewards function. If the user has any rewards available, the contract updates the user's staking timestamp (to prevent them from claiming the same rewards multiple times) and transfers the rewards to the user. This function is protected by the nonReentrant modifier to avoid reentrancy attacks during the token transfer.
DO NOT COPY PASTE IT. You need to understand it first!
Why an audit is necessary if you write a staking contract
Looking at the above contract do you see any issues?
If you copy paste this contract in chatgpt and ask it to audit it, it will output pretty much garbage (GPT‑4o).
So here’s an important issue:
the function airdropRewards is callable just by the owner. Good? or not good?
So not good, because the owner has other very important privileges like adjusting the emissionRate, or pausing/unpausing.
If a script is written to airdrop rewards it needs the owner private key, and that is a bad thing because you don’t want the owner private key so exposed.
What is needed instead if to create another “role” or wallet called say “airdropDistributor” that is settable by the owner and it can have a private key on a server to “distribute” rewards from some hot wallet.
Such things chatgpt cannot discover because it lacks experience (for now) or you need to prompt it in a very specific way (so you need experience).
If you need assistance, feel free to contact me on Telegram @andyxyz1. I specialize in smart contracts and offer professional consulting services.
