Polymath Network Core Smart Contracts

Usage no npm install needed!

<script type="module">
  import bullProtocol from 'https://cdn.skypack.dev/bull-protocol';


Build Status Coverage Status Gitter Telegram

Polymath logo

Polymath Core

The Polymath Core smart contracts provide a system for launching regulatory-compliant securities tokens on a decentralized blockchain. This particular repository is the implementation of a system that allows for the creation of ST-20-compatible tokens. This system has a modular design that promotes a variety of pluggable components for various types of issuances, legal requirements, and offering processes.

ST-20 Interface Overview


An ST-20 token is an Ethereum-based token implemented on top of the ERC-20 protocol that adds the ability for tokens to control transfers based on specific rules. ST-20 tokens rely on Transfer Managers to determine the ruleset the token should apply in order to allow or deny a transfer, be it between the issuer and investors, in a peer to peer exchange, or a transaction with an exchange.

How it works

ST-20 tokens must implement a verifyTransfer method which will be called when attempting to execute a transfer or transferFrom method. The verifyTransfer method will determine whether that transaction can be completed or not. The implementation of verifyTransfer can take many forms, but the default approach is a whitelist controlled by the GeneralTransferManager.

The ST-20 Interface

contract IST20 {

    // off-chain hash
    bytes32 public tokenDetails;

    //transfer, transferFrom must respect the result of verifyTransfer
    function verifyTransfer(address _from, address _to, uint256 _amount) view public returns (bool success);

    //used to create tokens
    function mint(address _investor, uint256 _amount) public returns (bool success);

The Polymath Core Architecture

The diagram below depicts a high-level view of the various modules, registries, and contracts implemented in Polymath Core:

Polymath Core architecture



SecurityToken is an implementation of the ST-20 protocol that allows the addition of different modules to control its behavior. Different modules can be attached to SecurityToken:

  • TransferManager modules: These control the logic behind transfers and how they are allowed or disallowed. By default, the ST (Security Token) gets a GeneralTransferManager module attached in order to determine if transfers should be allowed based on a whitelist approach. The GeneralTransferManager behaves differently depending who is trying to transfer the tokens. a) In an offering setting (investors buying tokens from the issuer) the investor's address should be present on an internal whitelist managed by the issuer within the GeneralTransferManager. b) In a peer to peer transfer, restrictions apply based on real-life lockups that are enforced on-chain. For example, if a particular holder has a 1-year sale restriction for the token, the transaction will fail until that year passes.
  • Security Token Offering (STO) modules: A SecurityToken can be attached to one (and only one) STO module that will dictate the logic of how those tokens will be sold/distributed. An STO is the equivalent to the Crowdsale contracts often found present in traditional ICOs.
  • Permission Manager modules: These modules manage permissions on different aspects of the issuance process. The issuer can use this module to manage permissions and designate administrators on his token. For example, the issuer might give a KYC firm permissions to add investors to the whitelist.
  • Checkpoint Modules: These modules allow the issuer to define checkpoints at which token balances and the total supply of a token can be consistently queried. This functionality is useful for dividend payment mechanisms and on-chain governance, both of which need to be able to determine token balances consistently as of a specified point in time.


The ticker registry manages the sign up process to the Polymath platform. Issuers can use this contract to register a token symbol (which are unique within the Polymath network). Token Symbol registrations have an expiration period (7 days by default) in which the issuer has to complete the process of deploying their SecurityToken. If they do not complete the process in time, their ticker symbol will be made available for someone else to register.


The security token registry keeps track of deployed STs on the Polymath Platform and uses the TickerRegistry to allow only registered symbols to be deployed.


Modules allow custom add-in functionality in the issuance process and beyond. The module registry keeps track of modules added by Polymath or any other users. Modules can only be attached to STs if Polymath has previously verified them. If not, the only user able to utilize a module is its owner, and they should be using it "at their own risk".

Stepping through an issuance with the CLI Tool

First, assure that you have setup Polymath Core properly.

The Polymath CLI (Command Line Interface) commands are operated from a *nix command prompt (unix or mac).

To use it, make sure you are connected to a full ethereum node (or locally to ganache-cli, a local private test network). You can run Parity with the following command to get started (make sure the node is fully synced before using the CLI tool):

parity --chain ropsten  --rpcapi "eth,net,web3,personal,parity" --unlock YOUR_ETH_ACCOUNT --password $HOME/password.file

Poly Faucet

If you are working on a local private network, you should run the faucet command to get Poly necessary to pay fees for the other commands.

node CLI/polymath-cli faucet

Generating ST-20 token

The ST-20 Generator command is a wizard-like script that will guide technical users in the creation and deployment of an ST-20 token.

  1. Edit CLI/commands/helpers/contract_addresses.js to make sure scripts are pointing to the correct contract addresses
  2. On the terminal, run the following command:
node CLI/polymath-cli st20generator
  1. Follow the text prompts:
    • You will be asked for a token symbol. Enter a new symbol to register or a symbol you have already registered.
    • Enter a token name (long name seen by investors) to complete the token registration process. The token will be deployed to the blockchain.
    • (Optional) If you want to issue tokens to an address you own enter the address and then how many tokens you want to issue. If you want to issue tokens to a list of affiliates press Y and it will update a whitelist with them and then tokens will be issued. Make sure the whitelist_data.csv and multi_mint_data.csv files are present in the data folder and fulfilled with the right information.
    • Choose between Capped STO and USD Tiered STO.
    • Configure the selected STO. Enter start and end times, the issuance type, and exchange rate.
  2. Once the process is finished, you can run the node CLI/polymath-cli st20generator command again and enter the token symbol to see the STO's live-progress.

Whitelisting investors

After starting the STO you can run a command to mass-update a whitelist of allowed/known investors. Make sure the whitelist_data.csv file is present in the data folder. The command takes 2 parameters:

  • The token symbol for the STO you want to invest in
  • (Optional) The size of each batch
node CLI/polymath-cli whitelist TOKEN_SYMBOL [BATCH_SIZE]

Initial minting

Before starting the STO you can run a command to distribute tokens to previously whitelisted investors. Make sure the multi_mint_data file is present in the data folder. The command takes 2 parameters:

  • The token symbol for the STO you want to invest in
  • (Optional) The size of each batch
node CLI/polymath-cli multi_mint TOKEN_SYMBOL [BATCH_SIZE]

Investing in the STO

You can run the investor_portal command to participate in any STO you have been whitelisted for. You will be asked for an account, the token symbol and amount for the STO you want to invest in.

node CLI/polymath-cli investor_portal

Transferring tokens

You can run the transfer command to transfer ST tokens to another account (as long as both are whitelisted and have been cleared of any lockup periods).

  • The token symbol of the ST you want to transfer
  • The account that will receive the tokens
  • How many tokens to send
node CLI/polymath-cli transfer TOKEN_SYMBOL ACCOUNT_TO AMOUNT

Managing modules

You can run the module manager command to view all the modules attached to a token and their status. You will be asked for a token symbol.

node CLI/polymath-cli module_manager

Checkpoint modules

You can run these commands to create dividends and paid them out proportionally to token holder balances as of the time that the dividend was created, or at the time of a specified checkpoint that was created previously.

For Ether dividends:

node CLI/polymath-cli ethExplorer

For ERC20 dividends:

node CLI/polymath-cli erc20Explorer

Setting up Polymath Core


v1.3.0 (TORO Release)

Contract Address
TickerRegistry: 0xc31714e6759a1ee26db1d06af1ed276340cd4233
SecurityTokenRegistry: 0xef58491224958d978facf55d2120c55a24516b98
ModuleRegistry: 0x31d85fffd7e38bd42d2ae0409ac149e3ef0fd92c
Polymath Registry: 0x06595656b93ce14834f0d22b7bbda4382d5ab510
CappedSTOFactory: 0x2aa1b133f464ac08f66c2f702581d014e4603d31
EthDividendsCheckpointFactory: 0x0da7ed8789348ac40937cf6ae8ff521eee43816c
ERC20 Dividends Checkpoint Factory: 0x6950096964b7adae34d5a3d1792fe73afbe9ddbc
General Permission Manager Factory: 0xeba0348e243f2de2f1687060f9c795ac279c66af
Count Transfer Manager Factory: 0xa662a05647a8e713be1bed193c094805d20471ff
Percentage Transfer Manager Factory: 0x3870ee581a0528d24a6216311fcfa78f95a00593


v1.3.0 (TORO Release)

Contract Address
TickerRegistry: 0xc9af1d88fe48c8a6aa8677a29a89b0a6ae78f5a8
SecurityTokenRegistry: 0xced6e4ec2ac5425743bf4edf4d4e476120b8fc72
ModuleRegistry: 0x961913dcbe2f36176bf25774337f3277796820eb
Polymath Registry: 0x05a6519e49e34239f78167abf293d94dae61b299
CappedSTOFactory: 0xde4f3cfb6b214e60c4e69e6dfc95ede3c4e3d709
EthDividendsCheckpointFactory: 0x870a07d45b0f4c5653fc29a4cb0697a01e0224b1
ERC20 Dividends Checkpoint Factory: 0x7e823f5df6ed1bb6cc005c692febc6aedf3b8889
General Permission Manager Factory: 0x6f5fec2934a34d2e2374042cca6505f1c87ef79b
Count Transfer Manager Factory: 0xb540b6fa752a91c7e7834523172309e543a99a06
Percentage Transfer Manager Factory: 0xfe908f07e6db57aa6bbd8374e59aac86b60374b0

Package version requirements for your machine:

  • Homebrew v1.6.7
  • node v9.11.1
  • npm v5.6.0
  • Yarn v1.7.0
  • Truffle v4.1.11 (core: 4.1.11)
  • Solidity v0.4.24 (solc-js)
  • Ganache CLI v6.1.3 (ganache-core: 2.1.2)


The smart contracts are written in Solidity and tested/deployed using Truffle version 4.1.0. The new version of Truffle doesn't require testrpc to be installed separately so you can just run the following:

# Install Truffle package globally:
$ npm install -g truffle

# Install local node dependencies:
$ npm install


To test the code simply run:

$ npm run test

Extending Polymath Core

  1. Deploy ModuleRegistry. ModuleRegistry keeps track of all available modules that add new functionalities to Polymath-based security tokens.

  2. Deploy GeneralTransferManagerFactory. This module allows the use of a general TransferManager for newly issued security tokens. The General Transfer Manager gives STs the ability to have their transfers restricted by using an on-chain whitelist.

  3. Add the GeneralTransferManagerFactory module to ModuleRegistry by calling ModuleRegistry.registerModule().

  4. Deploy TickerRegistry. This contract handles the registration of unique token symbols. Issuers first have to claim their token symbol through the TickerRegistry. If it's available they will be able to deploy a ST with the same symbol for a set number of days before the registration expires.

  5. Deploy SecurityTokenRegistry. This contract is responsible for deploying new Security Tokens. STs should always be deployed by using the SecurityTokenRegistry.

Deploying Security Token Offerings (Network Admin Only)

Security Token Offerings (STOs) grant STs the ability to be distributed in an initial offering. Polymath offers a few out-of-the-box STO models for issuers to select from and, as the platform evolves, 3rd party developers will be able to create their own offerings and make them available to the network.

As an example, we've included a CappedSTO and CappedSTOFactory contracts.

In order to create a new STO, developers first have to create an STO Factory contract which will be responsible for instantiating STOs as Issuers select them. Each STO Factory has an STO contract attached to it, which will be instantiated for each Security Token that wants to use that particular STO.

To make an STO available for Issuers, first, deploy the STO Factory and take note of its address. Then, call moduleRegistry.registerModule(STO Factory address);

Once the STO Factory has been registered to the Module Registry, issuers will be able to see it on the Polymath dApp and they will be able to add it as a module of the ST.

Note that while anyone can register an STO Factory, only those "approved" by Polymath will be enabled to be attached by the general community. An STO Factory not yet approved by Polymath may only be used by it's author.

Code Styleguide

The polymath-core repo follows the Solidity style guide.