StateFi Protocol is a financial infrastructure built on Solana that enables seamless conversion between fiat currencies, SPL tokens (Solana-based tokens) and NFTs.

StateFi Protocol bridges traditional finance and Solana's blockchain ecosystem by providing secure, efficient, and compliant pathways for moving assets between fiat currencies and digital tokens/collectibles.

Currently, the protocol supports two core functionalities:

• Fiat to SPL Tokens: Deposit fiat currency and receive equivalent SPL tokens in your wallet
• SPL Tokens to Fiat: Convert your SPL tokens back to fiat with easy bank withdrawals

StateFi Protocol is built on the Solana blockchain using the Anchor framework. The protocol consists of the following main components:

• Protocol Configuration: Manages protocol-wide settings and admin controls
• User Profiles: KYC-ready user management system
• Vaults: Secure storage for user assets
• Token Whitelist: Security mechanism for supported SPL tokens
• Deposit/Withdrawal Processing: Handles the conversion processes

Users can deposit fiat currency and receive SPL tokens through a simple process:

1. User initiates a fiat deposit via integrated bank transfer
2. The protocol creates a FiatDeposit account with pending status
3. After off-chain verification, the deposit is processed and tokens are minted
4. SPL tokens are deposited into the user's vault
5. Users can withdraw tokens to their Solana wallet

Users can convert their SPL tokens back to fiat currency:

1. User initiates a withdrawal by specifying amount and token
2. The protocol locks the tokens in a FiatWithdrawal account
3. The off-ramp service processes the withdrawal
4. Fiat is sent to the user's bank account

• Token whitelisting ensures only verified assets can be used
• KYC verification system for regulatory compliance
• Admin fee system with configurable rates
• Secure vaults for asset management

const createUserProfile = async (name, email) => {
  const tx = await program.methods
    .createUserProfile(name, email)
    .accounts({
      user: wallet.publicKey,
      userProfile: getUserProfilePDA(wallet.publicKey),
      systemProgram: anchor.web3.SystemProgram.programId,
    })
    .rpc();
  
  console.log("User profile created with tx:", tx);
};

const createVault = async () => {
  const tx = await program.methods
    .createVault()
    .accounts({
      user: wallet.publicKey,
      userProfile: getUserProfilePDA(wallet.publicKey),
      vault: getVaultPDA(wallet.publicKey),
      systemProgram: anchor.web3.SystemProgram.programId,
    })
    .rpc();
  
  console.log("Vault created with tx:", tx);
};

const initiateFiatDeposit = async (amount, tokenMint, referenceId) => {
  const tx = await program.methods
    .initiateFiatDeposit(new anchor.BN(amount), referenceId)
    .accounts({
      user: wallet.publicKey,
      userProfile: getUserProfilePDA(wallet.publicKey),
      mint: tokenMint,
      tokenWhitelist: getTokenWhitelistPDA(tokenMint),
      fiatDeposit: getFiatDepositPDA(wallet.publicKey, referenceId),
      userTokenAccount: getUserTokenAccount(wallet.publicKey, tokenMint),
      treasuryTokenAccount: getTreasuryTokenAccount(tokenMint),
      tokenProgram: TOKEN_PROGRAM_ID,
      systemProgram: anchor.web3.SystemProgram.programId,
    })
    .rpc();
  
  console.log("Fiat deposit initiated with tx:", tx);
};

const initiateFiatWithdrawal = async (amount, tokenMint, referenceId) => {
  const tx = await program.methods
    .initiateFiatWithdrawal(new anchor.BN(amount), referenceId)
    .accounts({
      user: wallet.publicKey,
      userProfile: getUserProfilePDA(wallet.publicKey),
      vault: getVaultPDA(wallet.publicKey),
      tokenWhitelist: getTokenWhitelistPDA(tokenMint),
      mint: tokenMint,
      vaultTokenAccount: getVaultTokenAccount(getVaultPDA(wallet.publicKey), tokenMint),
      treasuryTokenAccount: getTreasuryTokenAccount(tokenMint),
      fiatWithdrawal: getFiatWithdrawalPDA(wallet.publicKey, tokenMint, referenceId),
      tokenProgram: TOKEN_PROGRAM_ID,
      systemProgram: anchor.web3.SystemProgram.programId,
    })
    .rpc();
  
  console.log("Fiat withdrawal initiated with tx:", tx);
};

The protocol uses the following PDAs (Program Derived Addresses):

• Protocol Config: ["protocol_config"]
• User Profile: ["user_profile", user_pubkey]
• Vault: ["vault", user_pubkey]
• Token Whitelist: ["token_whitelist", mint_pubkey]
• Fiat Deposit: ["fiat_deposit", user_pubkey, reference_id]
• Fiat Withdrawal: ["fiat_withdrawal", user_pubkey, mint_pubkey, reference_id]

statefi-protocol
Admin balance: 10 SOL
User balance: 10 SOL
    ✔ Initialize protocol (403ms)
    ✔ Create user profile (441ms)
    ✔ Create vault (420ms)
    ✔ Whitelist token (483ms)
    ✔ Initiate and complete fiat deposit (1313ms)
Verified that 10001 basis points is greater than the maximum 10000 (100%)
Verified that actual protocol fee (100 basis points) is <= max
    ✔ Should validate admin fee basis points


  6 passing (4s)

Done in 8.03s.

Link:(https://explorer.solana.com/tx/4CtadqL9wHFk6XBBvZsU9ZcAEFhwGHAvCnsez4zGRVreVszLpSMh1ezbhdCnndS8m96VwsPXDTmRki98Y6h84tKY?cluster=devnet)

Signature: 4CtadqL9wHFk6XBBvZsU9ZcAEFhwGHAvCnsez4zGRVreVszLpSMh1ezbhdCnndS8m96VwsPXDTmRki98Y6h84tKY

StateFi Protocol includes several security measures:

• Admin authorization checks
• Token whitelisting
• Deposit/withdrawal status verification
• Input validation
• Secure fund handling

While we currently focus on fiat-to-SPL and SPL-to-fiat conversions, our roadmap includes:

• SPL to SPL token swaps via Jupiter DEX
• NFT integration via Tensor/Magic Eden
• NFT to SPL token conversions
• SPL token to NFT conversions

This project is licensed under the MIT License - see the LICENSE file for details.

This protocol is provided as-is. Users should conduct their own research and risk assessment before using the protocol for financial transactions.