MagmaV2 Protocol

Overview

MagmaV2 is a liquid staking protocol built specifically for the Monad blockchain. It implements ERC-4626 with asynchronous withdrawal capabilities.

• ERC-4626 Compliance: Standard vault interface with extended async withdrawal support
• UUPS Upgradeable: Future-proof upgrade mechanism with admin controls
• Dual Vault System: CoreVault for equal distribution, gVault for targeted delegation

Contracts

Contract	Description	Mainnet Address
MagmaV2	Main ERC-4626 vault with async withdrawal extensions (ERC-7540). User-facing interface for deposits, mints, and withdrawal requests	TBD
CoreVault	Validator management vault for equal stake distribution across whitelisted validators	TBD
gVault	Targeted delegation vault with per-validator stake caps and curated validator sets	TBD
WrappedMonad	ERC-20 wrapper for native MON tokens	TBD

Architecture Overview

graph TB
    Users[Users] --> MagmaV2[MagmaV2 Vault<br/>ERC-4626]
    MagmaV2 --> CoreVault[CoreVault<br/>Equal Distribution]
    MagmaV2 --> gVault[gVault<br/>Targeted Delegation]
    CoreVault --> Precompile[Monad Staking<br/>Precompile]
    gVault --> Precompile
    Admin[Admin/Governor] --> MagmaV2
    Admin --> CoreVault
    Admin --> gVault

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Asset Flow

Deposits

1. WMON Deposits: deposit() → unwrap WMON → delegate native MON
2. Native Deposits: depositMon() → directly delegate native MON
3. Immediate Delegation: Assets are staked immediately through CoreVault

Withdrawals (Async)

1. Request: requestRedeem() → lock shares → queue undelegation
2. Processing: System batches requests when withdrawal IDs become available
3. Claiming: After delay period, redeem() → receive WMON or native MON

Monad Integration

The protocol integrates with Monad's native staking through a precompile at 0x0000000000000000000000000000000000001000.

Getting Started

Prerequisites

• Foundry
• Node.js (for package management)
• Git

Installation

# Clone the repository
git clone https://github.com/your-org/magma-protocol
cd magma-protocol

# Install dependencies
forge install

# Install Node dependencies (if any)
npm install

Building

# Compile contracts
forge build

Testing

# Run all tests
forge test

Acknowledgments

• OpenZeppelin for battle-tested contract libraries
• Foundry for the development toolkit
• Monad for the high-performance blockchain infrastructure

Resources

• Monad Documentation
• Monad Staking Precompile
• ERC-4626 Specification
• ERC-7540 Async Redemptions

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