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M0 Cross-Chain Architecture: M Portals

The core objective of M0's multichain strategy is to make the native $M token accessible across various blockchains beyond Ethereum mainnet. This aims to provide users with a consistent experience, particularly regarding yield-earning capabilities, regardless of the chain they operate on, while maintaining Ethereum as the authoritative source for $M issuance and governance.

M Portals are the set of smart contracts that facilitate this cross-chain functionality. They are responsible for bridging the $M token itself, as well as propagating essential system information like the yield index and governance parameters between Ethereum and connected Spoke chains.

The current implementation leverages the Wormhole Native Token Transfer (NTT) framework as the underlying messaging and transport layer for cross-chain communication between EVM-compatible chains.

The Hub-and-Spoke Model

M0 employs a Hub-and-Spoke architecture for its multichain deployment:

Hub & Spoke
  • Hub Chain (Ethereum):
    • The single source of truth for the native $M token (where it's initially minted and governed).
    • Hosts the HubPortal contract.
    • Token Mechanism: Lock-and-Release. When bridging from the Hub, $M tokens are locked within the HubPortal. When bridging back to the Hub, these locked tokens are released.
    • Acts as the source for propagating the $M Earning Index and TTG Registrar values.
  • Spoke Chains (e.g., Optimism, Arbitrum):
    • Host representations of the $M token.
    • Host SpokePortal contracts.
    • Token Mechanism: Mint-and-Burn. When bridging to a Spoke chain, a corresponding amount of $M representation is minted. When bridging from a Spoke chain, the $M representation is burned.
    • Receive and apply the $M Earning Index and TTG Registrar values propagated from the Hub.

This model ensures that the canonical $M supply originates and is controlled solely on Ethereum, while Spoke chains manage representations backed by the locked tokens on the Hub.