Solana $M

$M on Solana is a Token-2022 mint whose yield accrues automatically through the ScaledUiAmount multiplier. The earn program receives the $M index from Ethereum (via the Portal) and raises the multiplier accordingly — there are no discrete claim cycles for base $M. Holding $M is permissioned: token accounts are frozen by default, and only approved earners (extensions and other governance-approved actors) are thawed.

Repository layout

Path	Contents
programs/earn/	The only on-chain program in this repo: earner registry + index/multiplier updates
sdk/	TypeScript SDK, published as @m0-foundation/solana-m-sdk
services/	Off-chain services: index-bot, yield-bot, cli, switchboard, shared
substreams/	Substreams indexing $M transfer events into MongoDB
tests/	Jest + LiteSVM integration tests
audits/	Audit reports

Related repos: the Portal program lives in solana-portal; $M extensions (wM and others, including the ext_swap program) live in solana-m-extensions.

How yield flows

1. The $M index grows continuously on Ethereum (M protocol).
2. index-bot calls the hub executor entry point on Ethereum, which delivers the index (and earner merkle root) to Solana through the Wormhole Executor.
3. The Portal program receives the message and calls earn.propagate_index(index, earner_merkle_root).
4. earn raises the mint's ScaledUiAmount multiplier (multiplier = index / 1e12) and stores the earner merkle root. Every thawed $M holder's UI balance grows with the multiplier.
5. yield-bot separately cranks yield distribution for extension tokens (wM, USDKY) whose programs live in solana-m-extensions.

See programs/earn/README.md for program internals.

Development setup

Prerequisites

• Rust ≥ 1.75
• Solana CLI v2.1.0
• Anchor CLI 0.31.1
• Node.js 22, pnpm ≥ 10
• 1Password CLI (op) — only for make/pnpm commands that read team secrets
• Docker — only for service/substream deployment

Build

pnpm install
anchor build

Test

Test fixtures must be built once before running the tests. The fixture build moves the regular build artifacts, so re-run anchor build afterwards (same order as CI):

make build-test-earn-programs   # builds earn with `testing` and `migrate,testing` features
anchor build -p earn            # restores target/{deploy,idl,types}/earn.* used by the tests

make test-earn        # earn program (LiteSVM)
make test-sdk         # SDK (rebuilds sdk first)
make test-yield-bot   # yield-bot integration
make test-merkle      # merkle proof logic

Run a single file with cd tests && pnpm jest --preset ts-jest tests/unit/<file>.test.ts.

make build-test-swap-program refreshes the ext_swap test fixture and requires a sibling checkout of solana-m-extensions at ../solana-extensions.

Lint

pnpm lint       # check
pnpm lint:fix   # write

Audits

Audited by Asymmetric Research, Sec3, OtterSec, and Halborn — reports in audits/. Security policy: SECURITY.md.