M3M3

Overview

M3M3 is a new stake-to-earn mechanism where top memecoin stakers compete to earn fee rewards from permanently-locked liquidity in the memecoin pool, transforming memecoins from a race to dump to a race to stake.

As a highly-configurable mechanism that can be used by launchpads, creators, and holders, we believe M3M3 has the potential to greatly incentivize both staking and trading, and in turn bring more sustainable revenue and dynamics to memecoins.

Getting Started

API

1. Install Dependencies

npm i @meteora-ag/m3m3 @coral-xyz/anchor @solana/web3.js @solana/spl-token @solana/spl-token-registry

2. Initialize StakeForFee Instance

import StakeForFee from "@meteora-ag/m3m3";
import { PublicKey } from "@solana/web3.js";
import { Wallet, AnchorProvider } from "@project-serum/anchor";

// Connection, Wallet, and AnchorProvider to interact with the network
const mainnetConnection = new Connection("https://api.mainnet-beta.solana.com");
const mockWallet = new Wallet(new Keypair());
const provider = new AnchorProvider(mainnetConnection, mockWallet, {
  commitment: "confirmed",
});
// Alternatively, to use Solana Wallet Adapter

const poolAddress = new PublicKey(
  "G2MRSjNjCbFUmMf32Z1aXYhy6pc1ihLyYg6orKedyjJG"
);
const m3m3 = await StakeForFee.create(connection, poolAddress);

3. To interact with StakeForFee

  • Stake

const stakeAmount = new BN(
  1_000 * 10 ** feeFarm.accountStates.tokenAMint.decimals
); // 1,000 stake token (make sure you have enough balance in your wallet)
const stakeTx = await feeFarm.stake(stakeAmount, mockWallet.publicKey);
const stakeTxHash = await provider.sendAndConfirm(stakeTx); // Transaction hash

  • Get stake balance and claimable balance

await feeFarm.refreshStates(); // make sure to refresh states to get the latest data
const userEscrow = await feeFarm.getUserStakeAndClaimBalance(
  mockWallet.publicKey
);
const stakeBalance =
  userStakeEscrow.stakeEscrow.stakeAmount.toNumber() /
  10 ** feeFarm.accountStates.tokenAMint.decimals;
const claimableFeeA = fromLamports(
  userStakeEscrow.unclaimFee.feeA || 0,
  feeFarm.accountStates.tokenAMint.decimals
);
const claimableFeeB = fromLamports(
  userStakeEscrow.unclaimFee.feeB || 0,
  feeFarm.accountStates.tokenBMint.decimals
);

  • Claim Fee

const claimFeeTx = await feeVault.claimFee(
  mockWallet.publicKey,
  new BN(U64_MAX)
); // second param is max amount, so usually we just put max number BN.js can support
const claimfeeTxHash = await provider.sendAndConfirm(claimFeeTx); // Transaction hash

  • Unstake

const unstakeKeyPair = new Keypair();
const unstakeTx = await feeVault.unstake(
  userEscrow.stakeEscrow.stakeAmount,
  unstakeKeyPair.publicKey,
  mockWallet.publicKey
);
unstakeTx.partialSign(unstakeKeyPair); // Make sure to partial sign unstakeKeypair
const unstakeTxHash = await provider.sendAndConfirm(unstakeTx); // Transaction hash

  • Get unstake period (Seconds)

const unstakePeriodInSeconds =
  feeFarm.accountStates.feeVault.configuration.unstakeLockDuration.toNumber();

  • Cancel unstake

const cancelUnstakeTx = await feeFarm.cancelUnstake(
  unstakeKeyPair.publicKey,
  mockWallet.publicKey
);
const cancelUnstakeTxHash = await provider.sendAndConfirm(cancelUnstakeTx);

  • Withdraw

const withdrawTx = await feeFarm.withdraw(
  unstakeKeyPair.publicKey,
  mockWallet.publicKey
);
const withdrawTxHash = await provider.sendAndConfirm(withdrawTx);

How to create a Memecoin Pool with M3M3

Important Reminder:

You are recommended to configure your M3M3 staking rewards distribution start time (fee claim start time) to be approximately 48 hours after launch. This allows more time for total fee rewards to accumulate from trading activity in the memecoin pool. A bigger total fee reward would help make your M3M3 look more appealing to potential stakers.

Code Example

Github: https://github.com/MeteoraAg/stake-for-fee-sdk/blob/main/ts-client/src/examples/index.ts

This code example includes the steps to:

  • Mint a token

  • Create dynamic vault and pool

  • Create M3M3 fee vault

  • Lock user's LP to M3M3 fee vault

import AmmImpl from "@mercurial-finance/dynamic-amm-sdk";
import { NATIVE_MINT } from "@solana/spl-token";
import { Connection, Keypair, PublicKey } from "@solana/web3.js";
import BN from "bn.js";
import { StakeForFee } from "../stake-for-fee";
import {
  DEFAULT_KEYPAIR_PATH,
  DEVNET_URL,
  handleSendTransaction,
  initializeMintAndMint,
  loadKeypairFromFile,
} from "./utils";
import { createFeeVault, createPool, lockLiquidityToFeeVault } from "./actions";
import { U64_MAX } from "../stake-for-fee/constants";

const connection = new Connection(DEVNET_URL);
const poolConfigKey = new PublicKey(
  "BdfD7rrTZEWmf8UbEBPVpvM3wUqyrR8swjAy5SNT8gJ2"
);
const mintADecimal = 9;
const mintANativeAmountMultiplier = 10 ** mintADecimal;
const mintAmount = 10_000;
const stakeFarmAmount = 1_000;

async function createPoolAndInteractWithFeeVaultExample() {
  const keypair = loadKeypairFromFile(DEFAULT_KEYPAIR_PATH);
  console.log(`Wallet ${keypair.publicKey} connected`);

  const amountAToMint =
    BigInt(mintAmount) * BigInt(mintANativeAmountMultiplier);
  const amountAToDeposit =
    BigInt(mintAmount - stakeFarmAmount) * BigInt(mintANativeAmountMultiplier); // 1,000 reserve to stake
  const amountB = BigInt(1_000_000);

  console.log("Create mint A");
  const mintA = await initializeMintAndMint(
    connection,
    keypair,
    keypair,
    mintADecimal,
    amountAToMint
  );

  console.log("1. Create dynamic vaults and pool");
  const poolKey = await createPool(
    keypair,
    mintA,
    NATIVE_MINT,
    new BN(amountAToDeposit.toString()),
    new BN(amountB.toString()),
    poolConfigKey
  );

  const pool = await AmmImpl.create(connection, poolKey);

  console.log("2. Create fee vault");
  const currentSlot = await connection.getSlot("confirmed");
  const currentOnchainTimestamp = await connection.getBlockTime(currentSlot);
  // Number of top stakers
  const topListLength = 10;
  // Number of seconds to withdraw unstaked token
  const unstakeLockDuration = new BN(3600 * 24);
  // Number of seconds for the swap fee fully dripped to stakers
  const secondsToFullUnlock = new BN(3600 * 24 * 7);
  // Timestamp to start fee distribution / drip to stakers
  const startFeeDistributeTimestamp = new BN(currentOnchainTimestamp + 10); // delay 10 seconds to be able to claim

  await createFeeVault(
    poolKey,
    pool.poolState.tokenAMint,
    keypair,
    topListLength,
    unstakeLockDuration,
    secondsToFullUnlock,
    startFeeDistributeTimestamp
  );

  console.log("3. Lock user LP for fee vault");
  await lockLiquidityToFeeVault(poolKey, pool, keypair, 10_000); // 10_000 means 100% of LP is being lock

  console.log("4. Connect to the fee vault");
  const feeVault = await StakeForFee.create(connection, poolKey);

  console.log("5. Stake amount");
  const stakeAmount = new BN(
    (BigInt(stakeFarmAmount) * BigInt(mintANativeAmountMultiplier)).toString()
  ); // 1,000 stake token (make sure you have enough balance in your wallet)
  const stakeTx = await feeVault.stake(stakeAmount, keypair.publicKey);
  const stakeSignature = await handleSendTransaction(
    connection,
    stakeTx,
    keypair
  );
  console.log("Stake Signature", stakeSignature);

  console.log("6. Get stake balance");
  await feeVault.refreshStates();
  const userEscrow = await feeVault.getUserStakeAndClaimBalance(
    keypair.publicKey
  );
  const stakeBalance =
    userEscrow.stakeEscrow.stakeAmount.toNumber() /
    10 ** feeVault.accountStates.tokenAMint.decimals;
  console.log("Stake Balance", stakeBalance);
  const claimableFeeA =
    (userEscrow.unclaimFee.feeA.toNumber() || 0) /
    10 ** feeVault.accountStates.tokenAMint.decimals;
  console.log("Claimable Fee A", claimableFeeA);
  const claimableFeeB =
    (userEscrow.unclaimFee.feeB.toNumber() || 0) /
    10 ** feeVault.accountStates.tokenBMint.decimals;
  console.log("Claimable Fee B", claimableFeeB);

  console.log("7. Claim fee");
  const claimFeeTx = await feeVault.claimFee(
    keypair.publicKey,
    new BN(U64_MAX)
  );
  for (const [index, tx] of claimFeeTx.entries()) {
    const signature = await handleSendTransaction(connection, tx, keypair);
    console.log(`Claim Fee Signature ${index + 1}`, signature);
  }

  console.log("8. Unstake");
  const unstakeKeyPair = new Keypair();
  const unstakeTx = await feeVault.unstake(
    userEscrow.stakeEscrow.stakeAmount,
    unstakeKeyPair.publicKey,
    keypair.publicKey
  );
  const unstakeSignature = await handleSendTransaction(connection, unstakeTx, [
    unstakeKeyPair,
    keypair,
  ]);
  console.log("Unstake Signature", unstakeSignature);

  console.log("9. Cancel unstaked");
  const cancelUnstake = await feeVault.cancelUnstake(
    unstakeKeyPair.publicKey,
    keypair.publicKey
  );
  const cancelUnstakeSignature = await handleSendTransaction(
    connection,
    cancelUnstake,
    keypair
  );
  console.log("Cancel Unstake Signature", cancelUnstakeSignature);

  // ⚠️ This only works after unstake period is over
  console.log("10. Withdraw unstake");
  const withdrawUnstake = await feeVault.withdraw(
    unstakeKeyPair.publicKey,
    keypair.publicKey
  );
  const withdrawUnstakeSignature = await handleSendTransaction(
    connection,
    withdrawUnstake,
    keypair
  );
  console.log("Withdraw Unstake Signature", withdrawUnstakeSignature);
}

createPoolAndInteractWithFeeVaultExample()
  .then(() => console.log("Done"))
  .catch(console.error);

Difference between locking liquidity via M3M3 vs directly locking liquidity in the Memecoin Pool

  • User lock and M3M3 lock use the same lock mechanism on a Dynamic AMM / Memecoin Pool. But users and M3M3 vaults have their own personal lock escrow account for the pool.

  • When a user permanently locks liquidity directly on the Memecoin Pool page, the user is locking the LP token to their OWN personal escrow account. Therefore, fees from locked liquidity go to the user's wallet.

  • When a user locks via the M3M3 creation process, the user is locking the LP to the M3M3 escrow account. Therefore, fees from locked liquidity go to the M3M3 vault, which then distributes fees to the top stakers.

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