Counterfactual Deposits

Counterfactual deposits allow users to deposit tokens by sending them to a pre-computed CREATE2 address — no smart contract interaction required from the user. The wrapper's operator later calls initWrap(), which atomically deploys a RaycashDepositor contract at that address, sweeps the tokens, and records a deposit with the FHE-encrypted recipient.

Deposit Flow

Key Properties

• FHE-encrypted recipient — The recipient is an encrypted address. The encrypted recipient handle doubles as the CREATE2 salt, cryptographically binding the depositor address to the recipient.
• Operator-gated — Only the OPERATOR_ROLE holder can call initWrap(). This is the single entry point for deposits — there is no external deposit() function.
• Sweep, not safeTransferFrom — The wrapper calls sweep() on the depositor to pull tokens. No allowance/approval needed.
• Persistent contract — The depositor stays on-chain. If tokens are sent after deployment, a withdraw() call can recover them.
• Batch support — initWrap(DeployParams[]) accepts an array to process multiple deposits atomically.

CREATE2 Address Computation

The deposit address is deterministic and can be computed off-chain from:

• Wrapper address (the CREATE2 deployer)
• Salt (the FHE-encrypted recipient handle)
• Init code hash (depositor bytecode + ABI-encoded wrapper address)

Each unique encrypted recipient produces a unique deposit address. See src/utils/compute-depositor-address.ts for the canonical off-chain implementation.

Permissionless User Withdrawal

This provides a permissionless escape hatch for users whose tokens are stuck at a depositor address — either because the operator has not called initWrap(), or because new tokens were sent after deployment. The flow is non-custodial: the depositor address never belongs to Raycash, and the owner can always recover their cleartext tokens without operator cooperation.

withdraw(depositorAddr, secret, recipient, token, handle)

Withdrawal uses a hash-preimage scheme instead of the old two-phase FHE-based flow. The caller provides the depositor address, a secret whose hash matches the committed hash for that depositor, and a recipient address. In a single transaction, the wrapper verifies the preimage, sweeps tokens from the depositor to the recipient, and emits a WithdrawalCompleted event. Tokens never touch the wrapper's balance.

This works for both undeployed depositors (where the operator hasn't called initWrap) and existing depositors (where new tokens arrived after deployment).