Redemption Pipe

The RedemptionPipe handle the whole redemption process and implement ERC4626 compatibility., It supports two redemption types with different speed/fee tradeoffs. There is only one RedemptionPipe per xToken, meaning that only a single asset can be redeemed.

Redemption Types

Type	Speed	Fee	Settlement	Use Case
Instant	Immediate	0.3%	On-chain liquidity	Time-sensitive redemptions
Standard	1-3 days	0	Request/fulfill	Large redemptions, no rush

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Instant Redemption

redeem(uint256 shares, address receiver, address controller)

Instantly redeem shares for assets using liquidity provider.

/**
 * @param shares Amount of shares to redeem (18 decimals)
 * @param receiver Address to receive assets
 * @param controller Address that owns the shares
 * @return assets Amount of assets received (underlying decimals, after fees)
 */
function redeem(
    uint256 shares,
    address receiver,
    address controller
) external returns (uint256 assets);

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withdraw(uint256 assets, address receiver, address controller)

Instantly withdraw specific asset amount by burning shares.

/**
 * @param assets Amount of assets to withdraw (underlying decimals)
 * @param receiver Address to receive assets
 * @param controller Address that owns shares
 * @return shares Amount of shares burned (18 decimals)
 */
function withdraw(
    uint256 assets,
    address receiver,
    address controller
) external returns (uint256 shares);

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Standard Redemption

Two-step process: request, then fulfill (no fee).

requestRedeem(uint256 shares, address controller, address owner)

Submit a standard redemption request.

/**
 * @param shares Amount of shares to redeem (18 decimals)
 * @param controller Address that will control the redemption
 * @param owner Address that owns shares
 * @return requestId Always returns 0
 */
function requestRedeem(
    uint256 shares,
    address controller,
    address owner
) external returns (uint256 requestId);

Check Pending Request

/**
 * @param owner Owner address
 * @return shares Amount of pending shares
 */
function pendingRedeemRequest(address owner)
    external
    view
    returns (uint256 shares);

---

Preview Functions

// Convert shares to underlying assets
function convertToAssets(uint256 shares) external view returns (uint256);

// Convert assets to shares
function convertToShares(uint256 assets) external view returns (uint256);

// Preview withdraw - calculates required shares for net asset amount
function previewWithdraw(uint256 assets) public view returns (uint256)

// Preview redeem - converts shares to underlying assets after fees
function previewRedeem(uint256 shares) public view returns (uint256)

Fee Information

// Get fee basis points (10000 = 100%)
function instantRedeemFeeBps() external view returns (uint256);