WrappedM by M^0

WrappedM is intended for use in DeFi contexts that cannot reliably support rebasing tokens. In particular, it provides:

• A stable principal unit for lending, collateral, and liquidity provision - A yield claim mechanism to convert accumulated yield into usable tokens - Seamless interoperability with existing ERC-20 infrastructure like AMMs, vaults, and lending protocols - A pathway for protocol-level accrual and value capture mechanisms For users who prefer the native yield accrual of M, WrappedM acts as a bridge - allowing them to opt into static accounting without losing economic exposure.

WrappedM is implemented as an ERC-20 token with 6 decimals. Key internal components include:

• A registrar contract that handles configuration and eligibility - An earnerManager that determines which accounts can accrue yield - Mechanisms to track totalEarningSupply and totalNonEarningSupply, separating units that are eligible for yield and units ineligible - Accounting infrastructure to record roundingError, claimRecipients, and index states (enableMIndex and disableIndex) - Functions wrap(...) and unwrap(...) allow users to convert between M and WrappedM, preserving balance integrity and yield claims - WrappedM maintains solvency by enforcing that the M balance held by the wrapper contract always covers the sum of principal plus accrued yield liabilities The wrapper follows a proxy / upgradeable pattern, integrating with M^0’s core modules through composable architecture.