RWARedemptionCoordinator

Overview

RWARedemptionCoordinator is an Ownable contract used by the FraxNet ecosystem to facilitate the redemption of frxUSD into USDC through a multi-step RWA (Real World Asset) redemption pipeline. It ensures slippage protection and interacts with both a FrxUSDCustodian and an IRWAUSDCRedeemer to complete the swap.

Similar to the FraxNetDepositFactory, This contract exists as an implementation for an EIP-1967 Transparent Proxy

Key Features

Converts frxUSD → RWA → USDC
Slippage protection via configurable maxSlippage
Integrates with FrxUSD custodian and RWA redemption modules

Initialization

Constructor

constructor(address _RWA, address _frxUSDCustodian, address _rwaUSDCRedeemer)

Sets immutable addresses for tokens and dependencies.
Initializes contract and ownership.

initialize

function initialize(uint256 _maxSlippage) external

Can be used via upgradeToAndCall to initialize post-deployment.
Fails if already initialized.

Constants

Name	Type	Description
`frxUSD`	`IERC20`	Frax USD stablecoin
`USDC`	`IERC20`	Circle stablecoin
`RWA`	`IERC20`	RWA token to be redeemed
`PERCENT_SCALE`	`uint256`	Scaling factor for slippage calculations (1e5)

State Variables

Name	Type	Description
`wasInitialized`	`bool`	Prevents double initialization
`maxSlippage`	`uint256`	Max allowed slippage in base 1e5
`frxUSDCustodian`	`FrxUSDCustodian`	Custodian to convert frxUSD → RWA
`rwaUSDCRedeemer`	`IRWAUSDCRedeemer`	Redeemer to convert RWA → USDC

Events

Name	Description
`MaxSlippageSet(uint256 oldSlippage, uint256 newSlippage)`	Emitted when max slippage changes

Custom Errors

Error	Description
`MaxSlippageTooHigh()`	Thrown if slippage is set > 100%
`AlreadyInitialized()`	Thrown if `initialize()` is called more than once

Functions

RWA Redemption

function redeemRWA(uint256 amount) external returns (uint256 amountUSDCOut)

Accepts frxUSD from caller.
Converts frxUSD → RWA via FrxUSDCustodian.
Converts RWA → USDC via IRWAUSDCRedeemer.
Reverts if output USDC is less than minAmountOut based on slippage.

Slippage Configuration

function setMaxSlippage(uint256 newSlippage) external onlyOwner

Admin function to update slippage protection threshold.
Reverts if new slippage is over 100% (1e5).

Helpers

function scaleUpTo1e18(uint256 amount1e6) public pure returns (uint256)
function scaleDownTo1e6(uint256 amount1e18) public pure returns (uint256)

Utility functions for adjusting between token decimal representations.

Dependencies

Notes

Protects users from unexpected slippage during multi-hop redemption
Part of the larger FraxNet cross-chain and RWA infrastructure

Author: Frax Finance License: AGPL-3.0-only

FraxNet Deposit FraxNet Beacon