M^0 Ecosystem Spotlight: November Governance Approvals

In November M^0 governance approved several significant proposals, marking another month of continuous progress for the network. Notable integrations were confirmed with leading participants including Jump Crypto, Midas, Olympus and Superstate.

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You can always view the currently active governance proposals here.

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Earner Rate set to 4.8% from 5%

The M^0 governance has approved a proposal to update the Earner Rate to 4.8%. The adjustment better aligns the Earner Rate with the Minter Rate, avoiding protocol safety mechanisms that would have applied a safety buffer and resulted in a lower effective Earner Rate for participants. The vast majority of Owed $M float is expected to be earning from the next epoch, making this alignment critical to maintaining system balance.

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Midas added as an Approved Earner for mTBILL

The M^0 governance has approved Midas as an Earner for mTBILL. This approval allows Midas to mint and redeem mTBILL using Smart $M, increasing the utility of $M. Earnings will be redistributed to mTBILL investors through a redemption price increase, further supporting secure, dollar-denominated returns via this permissionless token.

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Earner Rate Model updated to increase Rate Multiplier to 98%

The M^0 governance has approved an update to the Earner Rate Model smart contract, increasing the Rate Multiplier from 90% to 98%. This change introduces the potential for a higher earner rate while maintaining safeguards to ensure protocol stability. The core logic for calculating the earner rate remains unchanged, with the safe rate determined by total active owed $M, total earning supply, and the current minter rate. This ensures that the $M paid to earners does not exceed the $M charged to Minters.

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Level Treasury becomes an Approved Earner

The M^0 governance has approved Level’s new treasury as an approved Earner. This enables Level’s treasury to participate in the Earn mechanism, generating yield on its assets. 

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Level Treasury becomes Claimant for Level StakingPool Contract

The M^0 governance has approved Level treasury as a Claimant for the Level StakingPool contract. This approval enables Level Treasury to send the yield earned on Smart $M in the Level StakingPool contract to Level's new treasury.

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Jump Crypto becomes an Approved Earner

The M^0 governance has approved Jump Crypto as an Approved Earner. As part of the Jump Trading Group, a leading quantitative trading firm and key contributor to crypto infrastructure, Jump Crypto will now have the ability to access and earn yield on its $M holdings. 

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Olympus Treasury becomes an Approved Earner

The M^0 governance has approved the Olympus treasury as an Approved Earner. Olympus, the builder of OHM—a decentralized, crypto-native currency backed by treasury assets, can now take in $M as a reserve asset and earn on its holdings. 

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Eligible Collateral Criteria Expanded to Include New US Treasuries Structures

The M^0 governance has approved updates to the Adopted Guidance to accommodate evolving market trends in tokenized US treasuries. The eligibility window for United States Treasury Bills has been extended from 90 to 180 days, with additional provisions for structures such as money market fund units, subject to specific approvals. This will offer M^0 Minters a broader set of options for the asset management and custody of collateral that is in tune with market trends, while remaining uncompromising on credit quality and custody. 

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Superstate’s USTB becomes eligible structure for $M Stablecoin Minters

The M^0 governance has approved Superstate’s tokenized Treasury Fund USTB as an eligible structure to be used by Minters on the M^0 network. The inclusion of USTB will improve the investment structures available for Minters in the system. 

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About The M^0 Ecosystem

M^0 is money middleware for the internet age. It is a decentralized, on-chain protocol, as well as a corresponding set of off-chain standards and APIs, that powers a federation of stablecoin issuers. With M^0, any number of independent institutions can tap on turnkey middleware to become the minter of a fungible stablecoins.