This adapter acts as the mate and operator of the output conduit of the MIP21 RWA toolkit contracts. It controls the gem and sends this to a fixed withdrawal address, that is controlled by the wards.
It ties the bookkeeping of withdrawals and repayments to a Centrifuge pool. For this, it mints a custom Deposit ERC20, that represents the amount of gem locked in the adapter. This ensures that gem (e.g. USDC) never leaves the adapter, except to either
- The
withdrawaladdress - One of the
InputConduits for repayments
The Centrifuge pool contract is based on the ERC-7540 standard.
To draw down new funds, DAI is swapped to gem, pushed to the adapter, and Deposit ERC20 tokens are minted and transferred to the Centrifuge pool. Once the tokenization of the new assets is finished, the tranche tokens from the Centrifuge pool are transferred to the adapter, the Deposit ERC20 is burned and gem is transferred to the withdrawal address.
To repay, a redemption is initiated to the Centrifuge pool. This transfers the tranche tokens back to the Centrifuge pool (and burns them once the redemption request is fulfilled). Afterwards, the mate can transfer gem to either the jar or urn input conduit, to repay stability fees or principal respectively.
The adapter has been designed that if the Centrifuge pool stops operating correctly for any reason, the mate of the adapter can always continue to repay to Maker, or withdraw funds. There are two emergency methods for this, unlock() to enable repayments, and authMint to mint Deposit ERC20 tokens for withdrawals.
This codebase is licensed under GNU Lesser General Public License v3.0.