Operation contracts are address-specifically generated smart contracts used to isolate individual EthAnchor deposit/redeem operations. They take in information about a specific request, later used to process the operation.
Operation contracts are crucial for distinguishing between operations requested by different users, and are structured to process a single request at a time.
The Router contract is responsible for routing incoming deposit/redeem operations to an available Operation contract. The Router owns multiple Operation contracts for processing user requests.
ConversionPool contracts manage the conversion between non-UST stablecoins and UST, which are subsequently deposited to Anchor through the Router.
A proxy contract lies above the Router and ConversionPool contracts for routing requests to the most recent contract version.
The ExchangeRateFeeder contract calculates and determines the exchange rate between non-UST stablecoins and their aTerra counterparts.