ditto

Source repo: https://github.com/calvbore/dittoV0

This is the smart contract development and testing repo for Ditto Protocol.

Set up foundry

https://github.com/gakonst/foundry/

curl -L https://foundry.paradigm.xyz | bash

Open a new terminal to load the latest PATH, and then run:

foundryup

Use the above command to update foundry as well.

Set up this repo

After cloning, run the tests:

forge test

Simplified Lifecycle of a Ditto

1. Buyer1 makes an initial bid on thier desired NFT, NFT1.

   • Funds are transferred to the smart contract, a small fee taken and set asside to whomever will eventually sell NFT1.
   • A derivative of NFT1, Ditto1, is minted and transferred to Buyer1. Ditto1 gives its owner the claim on NFT1 if it's sold to the smart contract.
   • The minimum bid is set to some multiple of the price Buyer1 paid for Ditto1. It will decrease over time until it reaches some value slightly above the Buyer1's bid price.

2. Buyer2 makes a second bid for NFT1

   • the bid satisfies the minimum bid defined in the smart contract. Buyer1's bid is refunded to Buyer1, minus the fee paid.
   • A fee is taken from Buyer2's bid. Half is sent to Buyer1, and half is set aside for the sale of NFT1.
   • Ditto1 is transferred form Buyer1 to Buyer2.
   • The minimum bid is set to some multiple of Buyer2's bid price. It will decrease over time again.

3. Seller1 sells NFT1

   • Seller1 transfers NFT1 to the smart contract.
   • Ditto1 is burned.
   • NFT1 is transferred to Buyer2.
   • Buyer2's bid is transferred to Seller1, along with fees collected from previous bids.