WrappedM (wM) is a non-rebasing ERC-20 wrapper for the rebasing token M, designed by the M^0 protocol. While the native M token automatically increases balances as yield accrues (rebasing behavior), WrappedM offers a fixed-balance model where accrued yield is claimable manually. This design enables compatibility with DeFi protocols and smart contracts that expect static token balances.

By decoupling yield accrual from balance inflation, WrappedM preserves the economic benefits of holding M while enabling seamless integration into lending platforms, AMMs, and other systems that lack rebasing support. The contract ensures solvency: the M held in the WrappedM wrapper always backs all outstanding WrappedM claims plus accrued yield obligations.

The wrapper includes configurable claiming mechanisms, delegated administration for earning status, and integration with the M^0 registrar and earner manager contracts to maintain protocol consistency.

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.