July 2026
mM1-USD Transparency Report
By Delta Y
Highlights
mM1-USD is a USD-denominated Liquid Yield Token tracking M1 Capital's flaghip strategy. The vault was deployed on February 25, 2026, with regular price updates beginning on February 26, 2026, and data on protocols' allocations available since March 12, 2026.
During July 2026, mM1-USD's AUM decreased from $28.64M to $27.09M. The inception-to-date return (net of fees) now amounts to 4.67% annualized.
Other relevant indicators can be seen in Table 1 below:
Jun 2026 | Jul 2026 (Δ) | |
|---|---|---|
Avg. NAV | $28.60M | $28.25M (-1.22%) |
Avg. APY | 4.18% | 7.35% (3.17 p.p.) |
Avg. Leverage | 1.00x | 1.00x (0.00%) |
Net Deposits | $0.00 | -$1.67M (N/A) |
Performance
mM1-USD reached a price of $1.0182 in its latest oracle update, reflecting a 0.03% return for the month of July. The trailing (7 days minimum) APY peaked at 10.00% during this period, with a minimum of 1.46%.
Table 2displays the vault's performance against other comparable yield strategies:
Jun 2026 | Jul 2026 | |
|---|---|---|
mM1-USD sUSDe | mM1-USD sUSDe | |
Avg. APY | 4.10% 3.86% | 7.43% 3.94% |
Std. Dev. APY | 2.64% 0.30% | 4.82% 0.11% |
Sharpe Ratio 1 | 0.15 0.84 | 0.25 3.01 |
1 Considered the 30D Avg. Secured Overnight Financing Rate (SOFR) as the risk-free rate for calculation purposes.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Unallocated ($88.21K or 0.31%), Others ($6.24 or 0.00%) and Lending ($0.00 or 0.00%).
As of the reporting date, the vault's capital is deployed across 1 blockchain and 0 protocol.
More notably, mM1-USD's capital allocation across the top 1 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mM1-USD to the top 1 protocols over the last 2 months.
The vault's largest asset holdings for the month were Unclassified ($28.16M or 99.69%), USDC ($88.21K or 0.31%) and ETH ($6.24 or 0.00%), which have, on average, collectively represented 100.00%of the vault's total assets.
Other relevant indicators can be seen in Table 3 below:
30th Jun 2026 | 31st Jul 2026 | |
|---|---|---|
Assets | ||
USDC | $2.27M 7.92% | $29.30 < 0.01% |
ETH | $5.48 0.00% | $6.30 0.00% |
USDT | $0.01 0.00% | $0.01 0.00% |
Unclassified | $26.37M 92.08% | $27.09M 100.00% |
Total Assets | $28.64M 100.00% | $27.09M 100.00% |
Activity
During July 2026, the vault processed $364.87K in deposits and $2.04M in withdrawals, resulting in -$1.67M of net deposits over a total of 31 transactions.
As of period end, the mM1-USD vault had 18 holder addresses, representing an increase of 5.88% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Jun 2026 | Jul 2026 (Δ) | |
|---|---|---|
Deposits | $0.00 | $364.87K (N/A) |
Withdrawals | $0.00 | $2.04M (N/A) |
Net Deposits | $0.00 | -$1.67M (N/A) |
Avg. Holders NAV | $1.72M | $1.57M (-8.30%) |
Median Holders NAV | $40.56 | $40.56 (0.00%) |
Disclosures
Security: Midas smart contracts have been audited by Sherlock and Côme du Crest. Onchain transactions are secured via multi-sig / MPC wallets (e.g., Fordefi, Fireblocks).
Fees: Midas vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: mM1-USD's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including mM1-USD, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.