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  • Core Documentation
    • Overview
    • Whitepaper
      • Abstract
      • I. Introduction
      • II. Protocol
        • II.I Operation
          • II.I.I Generation of M
          • II.I.II Protocol Fees
          • II.I.III Cancel and Freeze
          • II.I.IV Retrieving Free Collateral
          • II.I.V The Earn Mechanism
          • II.I.VI Removing a Permissioned Actor
          • II.I.VII Example Interactions and Flows
        • II.II Governance Controlled Protocol Actors
        • II.III Governance Controlled Protocol Parameters
      • III. Governance
        • III.I Inputs
        • III.II Operation
          • III.II.I Epochs
          • III.II.II Proposals
            • III.II.II.I Standard Proposals
            • III.II.II.II POWER Threshold Proposals
            • III.II.II.III ZERO Threshold Proposals
            • III.II.II.IV Proposal Matrix
          • III.II.III Checkpoints and Voting
          • III.II.IV Proposing
          • III.II.V Inflation Mechanics
          • III.II.VI Dutch Auction
          • III.II.VII Delegation
          • III.II.VIII ZERO Claiming of Residual Value
        • III.III Governance Controlled TTG Parameters
        • III.IV Immutable TTG Parameters
        • III.V Immutable POWER Parameters
        • III.VI Immutable ZERO Parameters
      • IV. The M0 Economy
        • IV.I Minters
        • IV.II Validators
        • IV.III Earners
      • V. Off-Chain Ecosystem
        • V.I Guidance
        • V.II Off-Chain Actors and Components
    • Adopted Guidance
      • Adopted Guidance v1.30
        • 1. Description of the Adopted Guidance
          • 1.1. Purpose of the Adopted Guidance
          • 1.2. Change Process for the Adopted Guidance
        • 2. Ecosystem Description
          • 2.1. Actors
          • 2.2. Mandatory Contracts
          • 2.3. Duty of Transparency
          • 2.4. Core Operational Flows
            • 2.4.1. Update Collateral Process
            • 2.4.2. Minting M
            • 2.4.3. Retrieval of Collateral
          • 2.5. High-Risk Jurisdictions
        • 3. Eligible Collateral
          • 3.1. Criteria for Eligible Collateral
          • 3.2. Valuation Policy for Eligible Collateral
          • 3.3. Collateral Storage
          • 3.4. Approved Jurisdictions
            • 3.4.1. Bankruptcy Remoteness
            • 3.4.2. Non-Petition and Non-Seizure Provisions
            • 3.4.3. Priority of Payments and Subordination
            • 3.4.4. Regulatory Compliance
            • 3.4.5. Legal and Regulatory Framework
            • 3.4.6. Political Stability
            • 3.4.7. Dispute Resolution
            • 3.4.8. Asset Segregation
            • 3.4.9. Limited Recourse
            • 3.4.10. Investor Protection
            • 3.4.11. Operational Infrastructure
            • 3.4.12. Custody Relationship
            • 3.4.13. Audit
        • 4. SPV Operators
          • 4.1. Contact Information of Currently Approved SPV Operators
          • 4.2. Eligibility Criteria for Approved SPV Operators
          • 4.3. Obligations of SPV Operators
            • 4.3.1. Obligations in the Normal Course of Business
            • 4.3.2. Obligations Outside of the Normal Course of Business
              • 4.3.2.1. Amicable Wind Down Process
              • 4.3.2.2. Non-Amicable Wind Down Process
              • 4.3.2.3. Minter Insolvency
              • 4.3.2.4. Unauthorized Termination of Minter – SPV Operator Agreement
            • 4.3.3. Operational Obligations of SPV Operators
              • 4.3.3.1. Co-signature of the SPV for significant payments
              • 4.3.3.2. Cooperation with Validators
              • 4.3.3.3. Maintenance of Administrative Buffer
              • 4.3.3.4. No Wire Back Instructions
          • 4.4. Guidelines for Submission of Approval Requests
        • 5. Validators
          • 5.1. Contact Information of Currently Permissioned Validators
          • 5.2. Eligibility Criteria for Permissioned Validators
          • 5.3. Obligations of Validators
          • 5.4. Guidelines for Submission of Permissioning Requests
        • 6. BD Minters and Minters
          • 6.1. Contact Information of Currently Permissioned Minters
          • 6.2. Eligibility Criteria for Permissioned Minters
          • 6.3. Obligations of Minters
          • 6.4. BD Minter and Minter Compliance Requirements
          • 6.5. Guidelines for Submission of Permissioning Requests
        • Adopted Guidance PDF Version
      • Adopted Guidance v1.20 (deprecated)
        • Adopted Guidance PDF Version
    • Glossary
    • Disclosures
    • Whitepaper PDF Version
  • Technical Documentation
    • Protocol Technical Specification
      • Main Invariants
      • Variables
        • Protocol Variables Controlled by TTG
        • Protocol Variables And Definitions
        • Protocol Variables Used For Interest Accruals
      • Protocol And M Token Actors And Actions
        • Protocol Core Functions
          • Minter Gateway
            • updateCollateral
            • proposeMint
            • mintM
            • cancelMint
            • freezeMinter
            • burnM
            • proposeRetrieval
            • activateMinter
            • deactivateMinter
          • M Token
            • startEarning
            • stopEarning
            • transfer
          • Interest Calculations And Indices
            • MinterGateway.updateIndex
            • MinterGateway.currentIndex
            • MToken.updateIndex
            • MToken.currentIndex
            • activeOwedM
          • Interest Rate Models
            • Stable Earner Interest Rate Model Contract
            • Minter Interest Rate Model Contract
    • TTG Technical Specification
      • Main Invariants
      • Core Architecture
        • 1. Registrar
          • Registrar Variables and Getters
          • Registrar Core Functions
        • 2. TTG Governors
          • Matrix Of TTG Proposals
          • 2.1 Standard Governor
            • Variables And Getters
            • Governor Proposal State Transitions
            • Core Functions
            • Core Governance Proposals
          • 2.2 Emergency Governor
            • Emergency Governor Variables And Getters
            • Governor Proposal State Transitions
            • Core functions
              • propose(targets[], values[], callDatas[], description): proposalId
              • castVote(proposalId, support): weight
              • castVotes(proposalIds[], supports): weight
              • execute(targets[], values[], callDatas[], description): proposalId
              • setThresholdRatio(newThresholdRatio)
              • getProposal(proposalId)
              • state(proposalId)
            • Core Governance Proposals
          • 2.3 ZERO Governor
            • Variables And Getters
            • Core Functions
            • Core Governance Proposals
        • 3. POWER Token
          • Variables And Getters
          • POWER Token Core Functions
        • 4. ZERO Token
          • ZERO Token Core Functions
        • 5. Distribution Vault
          • Variables And Getters
          • Core Functions
    • Source Code Reference
      • Protocol
        • Protocol Contracts
          • Core Protocol Contracts
            • MToken
            • MinterGateway
          • Abstract Protocol Contracts
            • ContinuousIndexing
          • Protocol Interfaces
            • IContinuousIndexing
            • IMToken
            • IMinterGateway
            • IRateModel
            • ITTGRegistrar
          • Libs
            • ContinuousIndexingMath
            • TTGRegistrarReader
          • Rate Models
            • Contracts
              • EarnerRateModel
              • MinterRateModel
            • Interfaces
              • IEarnerRateModel
              • IMinterRateModel
      • TTG
        • TTG Contracts
          • Core TTG Contracts
            • DistributionVault
            • Registrar
            • Governors
              • EmergencyGovernor
              • StandardGovernor
              • ZeroGovernor
            • Tokens
              • PowerBootstrapToken
              • PowerToken
              • ZeroToken
          • Abstract TTG Contracts
            • ERC5805
            • Governors
              • BatchGovernor
              • ThresholdGovernor
            • Tokens
              • EpochBasedInflationaryVoteToken
              • EpochBasedVoteToken
            • Interfaces
              • IBatchGovernor
              • IERC5805
              • IERC6372
              • IEpochBasedInflationaryVoteToken
              • IEpochBasedVoteToken
              • IGovernor
              • IThresholdGovernor
          • Deployers
            • EmergencyGovernorDeployer
            • PowerTokenDeployer
            • StandardGovernorDeployer
          • TTG Interfaces
            • IDistributionVault
            • IRegistrar
            • Deployers
              • IDeployer
              • IEmergencyGovernorDeployer
              • IPowerTokenDeployer
              • IStandardGovernorDeployer
            • Governors
              • IEmergencyGovernor
              • IStandardGovernor
              • IZeroGovernor
            • Tokens
              • IPowerBootstrapToken
              • IPowerToken
              • IZeroToken
          • Libs
            • PureEpochs
      • Common
        • Contracts
          • Main
            • ContractHelper
            • ERC20Extended
            • ERC3009
            • ERC712Extended
            • StatefulERC712
          • Interfaces
            • IERC1271
            • IERC20
            • IERC20Extended
            • IERC3009
            • IERC712
            • IERC712Extended
            • IStatefulERC712
          • Libs
            • SignatureChecker
            • UIntMath
    • 🏁Audits
    • 🔛Deployments
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Copyright 2025 M0 Foundation

On this page
  1. Core Documentation
  2. Whitepaper
  3. II. Protocol

II.I Operation

The M0 Protocol is permissioned through the Two Token Governor (TTG) mechanism.

PreviousII. ProtocolNextII.I.I Generation of M

Last updated 1 month ago

The primary actors in the protocol are called and (see ).

Once permissioned by the , and are able to access certain methods in the smart contracts which facilitate the creation, maintenance, and destruction of $M. $M is a standard token. The core operating condition of the M0 protocol is to ensure that all M in existence is backed by an equal or greater amount of value that is held in an (see ).

In this context, the protocol acts as the enforcer of a set of rules which controls the generation of M, the validation of collateral custody and value, and the assessment of fees when appropriate.

II.II Governance Controlled Protocol Actors
ERC20
V.II Off-Chain Actors and Components
Minters
Validators
TTG
Minters
Validators
Eligible Collateral
Eligible Custody Solution