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: 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. The current M index is propagated to Solana through the Wormhole Executor using the m-index-propagator.
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.