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LeRAAC Token

Overview

LeRAAC (implemented as LiquidEscrowedRAAC in LeRAAC.sol) is an ERC20 token used as a liquid, escrowed representation of RAAC within the protocol. It supports controlled minting with per-minter ceilings, and burning (including burnFrom) to pay down debt/maturity positions.

Purpose

  • Serve as the borrowable/maturity token (leRAAC) within the RAAC protocol
  • Allow multiple minters with individual mint ceilings
  • Support burning by holders and burnFrom with allowance checks

Functions

Minting

mint

mint(address _recipient, uint256 _amount)

Summary
Mints leRAAC to a recipient, respecting the caller's mint ceiling.

Access
External — Minter only

Parameters

Name Type Description
_recipient address The address to receive the minted tokens
_amount uint256 The amount of leRAAC to mint

Reverts

  • OnlyMinter() — if caller is not an authorized minter
  • MintCeilingExceeded() — if minted + amount > ceiling

Burning

burn

burn(uint256 _amount)

Summary
Burns the caller's leRAAC tokens.

Access
External

Parameters

Name Type Description
_amount uint256 The amount of leRAAC to burn

burnFrom

burnFrom(address _account, uint256 _amount)

Summary
Burns leRAAC from an account using allowance.

Access
External

Parameters

Name Type Description
_account address The account to burn tokens from
_amount uint256 The amount of leRAAC to burn

Reverts

  • BurnAmountExceedsAllowance() — if amount exceeds the caller's allowance

Minter Management

updateMinters

updateMinters(address[] calldata _minters, bool _status)

Summary
Enables or disables a set of minters.

Access
External — Owner only

Parameters

Name Type Description
_minters address[] Array of minter addresses to update
_status bool true to enable, false to disable

Emits

  • UpdateMinter(address _minter, bool _status) — for each minter updated

Reverts

  • ZeroMinterAddress() — if any address in the array is the zero address

updateCeiling

updateCeiling(address _minter, uint128 _ceiling)

Summary
Sets the mint ceiling for a minter.

Access
External — Owner only

Parameters

Name Type Description
_minter address The minter address to update
_ceiling uint128 The maximum amount the minter can mint

Emits

  • UpdateCeiling(address _minter, uint128 _ceiling)

Reverts

  • NotMinter() — if the address is not an active minter

Implementation Details

Mint Ceilings

Each minter has a MinterInfo record:

  • ceiling: maximum total amount the minter is allowed to mint
  • minted: cumulative amount minted so far

mint() reverts if minted + amount > ceiling.

Burning

  • burn() burns from msg.sender
  • burnFrom() checks allowance and reduces it before burning

Data Structures

MinterInfo

Field Type Description
ceiling uint128 Maximum amount the minter can mint cumulatively
minted uint128 Total amount minted by the minter

Events

Event Name Description Parameters
UpdateMinter Emitted when minter status is updated _minter, _status
UpdateCeiling Emitted when minter ceiling is updated _minter, _ceiling

Error Conditions

Error Name Description
OnlyMinter Caller is not a minter
MintCeilingExceeded Mint would exceed ceiling
BurnAmountExceedsAllowance burnFrom amount exceeds allowance
ZeroMinterAddress Attempt to set zero address as minter
NotMinter Attempt to update ceiling for a non-minter

Access Control Roles

Role / Mechanism Description
Owner (Ownable) Can manage minters and their ceilings
Minter (isMinter) Can call mint() up to the configured ceiling

Usage Notes

  • updateMinters() should be called before updateCeiling() (ceiling updates require the address to be an active minter)
  • A minter's minted total is cumulative; lowering ceilings below minted will prevent further minting until ceilings are raised

Dependencies

  • OpenZeppelin: ERC20, Ownable, SafeERC20
  • RAAC interfaces: ILiquidEscrowedRAAC