M^0

This proposal adds the $M (Wrapped) (symbol = wM) Solana Vault to the ‘solana-earners’ list, in preparation for the deployment of $M and $M (Wrapped) on Solana.

Solana differs from Ethereum in that individual user balances are not stored on the Token ‘Mint’, but in individual Token Accounts. The owner of a Token Account controls the balance and must sign any transaction that moves those tokens. For a Program to sign transactions and control tokens, it must use a Program Derived Account (PDA), which is a sub-address of the Program derived from the hash of the Program address and a seed value. As a result PDA values are deterministic from the Program address (aka ID or PubKey) and the seed. For our purposes, the wM token’s M Extension Program custodies M tokens in a Token Account owned by its M Vault PDA. For the M held in the Program under this PDA to earn yield, it must be added as an Earner.

Similar to Ethereum M earners, Solana M earners must be added to a list on the TTGRegistrar contract by Governance. This list is compiled into a Merkle tree by the new MerkleTreeBuilder contract. The root of this Merkle tree is sent to Solana via the M Portal Bridge. Since Solana addresses are longer (32 bytes) than EVM addresses (20 bytes), we must use the more generic setKey(bytes32 key, bytes32 value) function on the TTGRegistrar. The key is calculated as `keccak256(abi.encodePacked(bytes32(‘solana-earners’),bytes32(0x75d03cbc601c7143e02620783c2d31eee8c51897f080da17be44aeb6e3298490))). The value is just a boolean flag, so we set it to 1 (meaning the address is a member of the list).

The wM addresses for the Solana deployment are as follows: