Steven

Posted on Nov 9

Comprehensive guide to write ERC20 token presale smart contract on Ethereum blockchain using Solidity

#ethereum #smartcontract #presale #blockchain

Introduction

This article will give you a comprehensive guide to build a presale contract that accepts ETH and major stablecoins step by step.

Key Features

Multiple payment options(ETH, USDT, USDC, DAI)
Early Investor bonus system
Staged token buying campaign

Prerequisites

Hardhat development environment
Openzeppelin contracts
Ethereum development experience
Basic understanding of ERC20 tokens

Token features

Type: ERC20
Name: Silver Phoenix
Symbol: SPX
Decimal: 18
Total Supply: 100 billion

Presale Features

Presale Supply: 10 billion (10%)
Presale Period: 30 days
Presale Stage: 4
Softcap: 500000 USDT
Hardcap: 1020000 USDT
Price and token amounts for each stage:

Stage	Price	Token Amount
1	0.00008 USDT	3 billion
2	0.00010 USDT	4 billion
3	0.00012 USDT	2 billion
4	0.00014 USDT	1 billion

Options for buying tokens: ETH, USDT, USDC, DAI
Claim time: After second public sale ends
Minimum amount for buying tokens: 100 USDT

Investors who bought tokens before softcap reached are listed on early investors and can get bonus tokens after presale ends if unsold tokens exist.

How to implement step by step

Key functions:

buyWithETH
buyWithStableCoin
Helper functions for calculating token amounts available with ETH or Stable coin and vice versa
Claim
Withdraw
Refund
Several helper functions like set and get functions

Buy SPX token with ETH

function buyWithETH() external payable whenNotPaused nonReentrant {
    require(
        block.timestamp >= startTime && block.timestamp <= endTime,
        "Invalid time for buying the token"
    );

    uint256 _estimatedTokenAmount = estimatedTokenAmountAvailableWithETH(
        msg.value
    );
    uint256 _tokensAvailable = tokensAvailable();

    require(
        _estimatedTokenAmount <= _tokensAvailable &&
            _estimatedTokenAmount > 0,
        "Invalid token amount to buy"
    );

    uint256 minUSDTOutput = (_estimatedTokenAmount * 90) / 100;
    // Swap ETH for USDT
    address[] memory path = new address[](2);
    path[0] = router.WETH();
    path[1] = USDT;

    uint256[] memory amounts = router.swapExactETHForTokens{
        value: msg.value
    }(minUSDTOutput, path, address(this), block.timestamp + 15 minutes);

    // Ensure the swap was successful
    require(amounts.length > 1, "Swap failed, no USDT received");
    uint256 _usdtAmount = amounts[1];

    // Calculate final token amount
    uint256 _tokenAmount = estimatedTokenAmountAvailableWithCoin(
        _usdtAmount,
        USDTInterface
    );

    //Update investor records
    _updateInvestorRecords(
        msg.sender,
        _tokenAmount,
        USDTInterface,
        _usdtAmount
    );

    //Update presale stats
    _updatePresaleStats(_tokenAmount, _usdtAmount, 6);

    emit TokensBought(
        msg.sender,
        _tokenAmount,
        _usdtAmount,
        block.timestamp
    );
}

First, this function checks if presale is ongoing or not.
Next, it estimates how much tokens investor can buy with specific ETH amount and checks if this amount is availbale for purchase.
Next, it swaps ETH to USDT using Uniswap V2 Router for buying SPX tokens and returns USDT amount equivalent.
Next, it calculates how much tokens investor can buy with swapped USDT equivalent.
Next, it updates investor and investment status.

function _updateInvestorRecords(
    address investor_,
    uint256 tokenAmount_,
    IERC20 coin_,
    uint256 coinAmount_
) private {
    if (investorTokenBalance[investor_] == 0) {
        investors.push(investor_);
        if (fundsRaised < softcap && !earlyInvestorsMapping[investor_]) {
            earlyInvestorsMapping[investor_] = true;
            earlyInvestors.push(investor_);
        }
    }

    investorTokenBalance[investor_] += tokenAmount_;
    investments[investor_][address(coin_)] += coinAmount_;
}

Next, it updates presale status.

function _updatePresaleStats(
    uint256 tokenAmount_,
    uint256 coinAmount_,
    uint8 coinDecimals_
) private {
    totalTokensSold += tokenAmount_;
    fundsRaised += coinAmount_ / (10 ** (coinDecimals_ - 6));
}

Last, it emits TokensBought event.

Buy SPX token with Stable Coins

function _buyWithCoin(
    IERC20 coin_,
    uint256 tokenAmount_
) internal checkSaleState(tokenAmount_) whenNotPaused nonReentrant {
    uint256 _coinAmount = estimatedCoinAmountForTokenAmount(
        tokenAmount_,
        coin_
    );
    uint8 _coinDecimals = getCoinDecimals(coin_);

    //Check allowances and balances
    require(
        _coinAmount <= coin_.allowance(msg.sender, address(this)),
        "Insufficient allowance"
    );
    require(
        _coinAmount <= coin_.balanceOf(msg.sender),
        "Insufficient balance."
    );

    //Send the coin to the contract
    SafeERC20.safeTransferFrom(
        coin_,
        msg.sender,
        address(this),
        _coinAmount
    );

    //Update the investor status
    _updateInvestorRecords(msg.sender, tokenAmount_, coin_, _coinAmount);

    // Update presale stats
    _updatePresaleStats(tokenAmount_, _coinAmount, _coinDecimals);

    emit TokensBought(
        msg.sender,
        tokenAmount_,
        _coinAmount,
        block.timestamp
    );
}

First, this function checks if presale is ongoing, tokenAmount that investor wants to buy is available, and so on.(modifiers)
Next, it calculates how much coins are needed to buy those amount of tokens and checks if investor has sufficient balance and allowance.
Next, it transfers Stable coins to presale contract.
Then, it updates investor & investment status and presale status, finally, emits TokensBought event.

Each functions for buying token with specific stable coins can be written as follows:

function buyWithUSDT(uint256 tokenAmount_) external whenNotPaused {
    _buyWithCoin(USDTInterface, tokenAmount_);
}

Helper function to calculate SPX token amount with ETH and vice versa

function estimatedTokenAmountAvailableWithETH(
    uint256 ethAmount_
) public view returns (uint256) {
    // Swap ETH for USDT
    address[] memory path = new address[](2);
    path[0] = router.WETH();
    path[1] = USDT;
    uint256[] memory amounts = router.getAmountsOut(ethAmount_, path);
    require(amounts.length > 1, "Invalid path");
    uint256 _usdtAmount = amounts[1];

    // Calculate token amount
    return
        estimatedTokenAmountAvailableWithCoin(_usdtAmount, USDTInterface);
}

This function calculates how much tokens user can buy with specific eth amount using Uniswap V2 Router and estimatedTokenAmountAvailableWithCoin function.

Helper function to calculate SPX token amount with Stable Coin and vice versa

    function estimatedTokenAmountAvailableWithCoin(
        uint256 coinAmount_,
        IERC20 coin_
    ) public view returns (uint256) {
        uint256 tokenAmount = 0;
        uint256 remainingCoinAmount = coinAmount_;
        uint8 _coinDecimals = getCoinDecimals(coin_);

        for (uint8 i = 0; i < thresholds.length; i++) {
            // Get the current token price at the index
            uint256 _priceAtCurrentTier = getCurrentTokenPriceForIndex(i);
            uint256 _currentThreshold = thresholds[i];

            // Determine the number of tokens available at this tier
            uint256 numTokensAvailableAtTier = _currentThreshold >
                totalTokensSold
                ? _currentThreshold - totalTokensSold
                : 0;

            // Calculate the maximum number of tokens that can be bought with the remaining coin amount
            uint256 maxTokensAffordable = (remainingCoinAmount *
                (10 ** (18 - _coinDecimals + 6))) / _priceAtCurrentTier;

            // Determine how many tokens can actually be bought at this tier
            uint256 tokensToBuyAtTier = numTokensAvailableAtTier <
                maxTokensAffordable
                ? numTokensAvailableAtTier
                : maxTokensAffordable;

            // Update amounts
            tokenAmount += tokensToBuyAtTier;
            remainingCoinAmount -=
                (tokensToBuyAtTier * _priceAtCurrentTier) /
                (10 ** (18 - _coinDecimals + 6));

            // If there is no remaining coin amount, break out of the loop
            if (remainingCoinAmount == 0) {
                break;
            }
        }

        return tokenAmount;
    }

This function ensures:

Accurate token calculations across different price tiers
Proper decimal handling for different stablecoins
Maximum token availability limits per tier
Efficient use of remaining purchase amount

The implementation supports the presale's tiered pricing structure while maintaining precision in token calculations.

Claim function

function claim(address investor_) external nonReentrant {
    require(
        block.timestamp > claimTime && claimTime > 0,
        "It's not claiming time yet."
    );

    require(
        fundsRaised >= softcap,
        "Can not claim as softcap not reached. Instead you can be refunded."
    );

    uint256 _tokenAmountforUser = getTokenAmountForInvestor(investor_);
    uint256 _bonusTokenAmount = getBonusTokenAmount();

    if (isEarlyInvestors(investor_))
        _tokenAmountforUser += _bonusTokenAmount;
    require(_tokenAmountforUser > 0, "No tokens claim.");
    investorTokenBalance[investor_] = 0;
    earlyInvestorsMapping[investor_] = false;

    SafeERC20.safeTransfer(token, investor_, _tokenAmountforUser);
    emit TokensClaimed(investor_, _tokenAmountforUser);
}

This function

checks claim time and softcap requirements
calculates total tokens including bonuses
resets investor balances and early investor status
uses SafeERC20 for token transfers
emits TokensClaimed event

Withdraw function

function withdraw() external onlyOwner nonReentrant {
    require(
        block.timestamp > endTime,
        "Cannot withdraw because presale is still in progress."
    );

    require(wallet != address(0), "Wallet not set");

    require(
        fundsRaised > softcap,
        "Can not withdraw as softcap not reached."
    );

    uint256 _usdtBalance = USDTInterface.balanceOf(address(this));
    uint256 _usdcBalance = USDCInterface.balanceOf(address(this));
    uint256 _daiBalance = DAIInterface.balanceOf(address(this));

    require(
        _usdtBalance > 0 && _usdcBalance > 0 && _daiBalance > 0,
        "No funds to withdraw"
    );

    if (_usdtBalance > 0)
        SafeERC20.safeTransfer(USDTInterface, wallet, _usdtBalance);
    if (_usdcBalance > 0)
        SafeERC20.safeTransfer(USDCInterface, wallet, _usdcBalance);
    if (_daiBalance > 0)
        SafeERC20.safeTransfer(DAIInterface, wallet, _daiBalance);
}

This function

validates if predefined multisig wallet address is set
ensures presale is already ended
verifies sufficient funds exist
uses SafeERC20 for transfers

Refund function

function refund() external onlyOwner nonReentrant {
    require(
        block.timestamp > endTime,
        "Cannot refund because presale is still in progress."
    );
    require(fundsRaised < softcap, "Softcap reached, refund not available");

    // refund all funds to investors
    for (uint256 i = 0; i < investors.length; i++) {
        address investor = investors[i];

        //Refund USDT
        uint256 _usdtAmount = investments[investor][address(USDTInterface)];
        if (_usdtAmount > 0) {
            investments[investor][address(USDTInterface)] = 0;
            SafeERC20.safeTransfer(USDTInterface, investor, _usdtAmount);
            emit FundsRefunded(investor, _usdtAmount, block.timestamp);
        }

        //Refund USDC
        uint256 _usdcAmount = investments[investor][address(USDCInterface)];
        if (_usdcAmount > 0) {
            investments[investor][address(USDCInterface)] = 0;
            SafeERC20.safeTransfer(USDCInterface, investor, _usdcAmount);
            emit FundsRefunded(investor, _usdcAmount, block.timestamp);
        }

        //Refund DAI
        uint256 _daiAmount = investments[investor][address(DAIInterface)];
        if (_daiAmount > 0) {
            investments[investor][address(DAIInterface)] = 0;
            SafeERC20.safeTransfer(DAIInterface, investor, _daiAmount);
            emit FundsRefunded(investor, _daiAmount, block.timestamp);
        }
    }

    fundsRaised = 0;
    delete investors;
}

This function

loops through all investors
checks and refunds each stable coin separately
Resets investment records to zero
Emits FundsRefunded events
Clears global state(fundsRaised and investors array)

Conclusion

This SPX token presale smart contract demonstrates a robust and versatile implementation that effectively handles multiple payment methods including ETH, USDT, USDC, and DAI.
This implementation serves as an excellent template for future presale contracts, offering a balance of security, functionality, and user accessibility.
It's architecture ensures fair distribution while protecting both investor and project owner interests through its well-structured validation and distribution mechanisms.

Top comments (29)

LovelyBTC • Nov 9

This SPX token presale smart contract stands out as an excellent example of professional DeFi development, incorporating multiple key features that make it highly valuable for developers and entrepreneurs.
This implementation sets a high standard for presale contract development and documentation in the DeFi space.
I highly recommend.
Thank you.

James Takahashi • Nov 14

Impressive article.
Thanks for your effort.
❤

James Takahashi • Nov 12

Wow, what an incredibly detailed and informative guide!
This will undoubtedly be a valuable resource for developers looking to navigate the Ethereum blockchain. Thank you for sharing your expertise!