The m_ext program in this repository implements different versions of an M0 Extension, which is a stablecoin backed by $M. The versions have a shared codebase for the majority of the code and use Rust feature flags to implement version-specific logic. The program relies on the underlying yield distribution of the $M token on Solana, which can be found in the solana-m repository.
The list of implemented extensions are:
- NoYield - all yield goes to an admin, no yield is distributed to extension holders
- ScaledUi - yield is distributed to all extension holders using the Token2022 Scaled-UI "rebasing" functionality.
- Crank - yield is distributed to whitelisted earners accounts using a crank
Additional extension features will be developed as needed. You are welcome to implement custom features to suit the specific requirements of your extension. All extensions and their implementations must be approved by governance before they can begin earning.
The ext_swap program creates a router that allows users to convert between any M extension that follows the wrap and unwrap interfaces specified in the m_ext program. Extensions need to be whitelisted in this program to enable swapping.
To create your own extension, start by forking this repository and updating the Program ID in programs/m_ext/src/lib.rs. Next, build it using one of the provided feature flags—or define your own—and deploy the program.
Before initializing your extension, you must set up its vault_m_token_account. Since $M is permissioned, your extension must be approved before this account can be created. Once approved, you can create the token account and get your extension whitelisted on the Swap Facility, granting your token full access to all liquidity across the M0 ecosystem.
To learn more, see our docs or contact us
Support coming soon
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How does an extension earn yield? All
$Moriginates from ethereum mainnet and is bridged to other chains via a hub and spoke model. All bridges contain an index that indicates how much yield has accrued to$M. When Solana receives bridge messages it will use this index to update the scaled-ui multiplier on$M. This increases the value of$Mis each extensionsvault_m_token_accountand they distribute yield depending on their own implemenations. Learn more. -
How do I get my extension approved? It will need to be approved as an earner through governance. Once approved, it will be added to a earners merkle root and bridged to Solana. The Earn program willl then thaw the designated
vault_m_token_accountso you can initalize your extension. Become an earner. -
Where do I get liquidity on my token? Extension can be swapped or bridged 1:1 with any other M0 extension on any chain. This gives your extension access to any liquidity pools other extensions might have.
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What are the requirements on my Extension's mint? Your mint can use the legacy token program or Token 2022. Your token must have a freeze authority and cannot have token extensions that impact transfers like transfer hooks or transfer tax. We may support transfer hooks in the future so let us know if you need it.
- Earn Program: mz2vDzjbQDUDXBH6FPF5s4odCJ4y8YLE5QWaZ8XdZ9Z
- Wormhole Portal: mzp1q2j5Hr1QuLC3KFBCAUz5aUckT6qyuZKZ3WJnMmY
- wM Extension: wMXX1K1nca5W4pZr1piETe78gcAVVrEFi9f4g46uXko
- wM Mint: mzeroXDoBpRVhnEXBra27qzAMdxgpWVY3DzQW7xMVJp
The Solana programs in this repository are built using Anchor. The required toolchain is specified in the Anchor.toml file. See Makefile for build and testing commands. See package.json for pnpm commands for the cli.
