March 2026
mAPOLLO Transparency Report
By Delta Y
Highlights
mAPOLLO is a USD-denominated Liquid Yield Token tracking a multi-chain stablecoin yield strategy through diversified DeFi and CeFi positions across multiple protocols and exchanges, managed by Apollo Crypto. The vault was deployed on July 15, 2025, with regular price updates beginning on July 17, 2025, and data on protocols' allocations available since August 25, 2025.
During March 2026, mAPOLLO's AUM decreased from $16.34M to $13.41M. The inception-to-date return (net of fees) now amounts to 11.55% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $19.61M | $15.52M (-20.84%) |
Avg. APY | 4.40% | 6.46% (2.06 p.p.) |
Avg. Leverage | 6.46x | 6.87x (6.30%) |
Net Deposits | -$8.36M | -$3.04M (63.71%) |
Performance
mAPOLLO reached a price of $1.0800 in its latest oracle update, reflecting a 0.58% return for the month of March. The trailing (7 days minimum) APY peaked at 10.60% during this period, with a minimum of 0.38%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
mAPOLLO sUSDe | mAPOLLO sUSDe | |
Avg. APY | 4.50% 3.80% | 6.63% 3.51% |
Std. Dev. APY | 2.82% 0.47% | 3.46% 0.07% |
Sharpe Ratio 1 | 0.38 0.30 | 0.99 -2.41 |
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 Borrowing ($9.37M or 60.34%), Lending ($1.26M or 8.11%) and Unallocated ($389.54K or 2.51%).
As of the reporting date, the vault's capital is deployed across 10 blockchains and 14 protocols, with exposure over the past month ranging between 13-16 protocols.
More notably, mAPOLLO's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mAPOLLO to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were wstUSR ($25.31M or 23.73%), syrupUSDT ($18.34M or 17.20%) and sUSDS ($18.05M or 16.92%), which have, on average, collectively represented 57.85%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT ($53.12M or 58.28%), USDT0 ($13.78M or 15.12%) and PYUSD ($12.41M or 13.61%), together representing approximately 87.01%of the vault's liabilities.
At the end of the period, the vault's leverage was 5.90x, which represents an increase of 6.77% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
syrupUSDT | $9.03M 10.00% | $22.25M 28.13% |
sUSDS | $0.00 0.00% | $18.00M 22.75% |
USDC | $20.55M 22.75% | $10.59M 13.38% |
syrupUSDC | $15.61M 17.28% | $6.20M 7.84% |
USDe | $6.62M 7.33% | $0.00 0.00% |
Unclassified | $6.76M 7.48% | $3.97M 5.01% |
Others | $25.16M 27.85% | $18.10M 22.88% |
Total Assets | $90.36M 100.00% | $79.11M 100.00% |
Liabilities & Vault's NAV | ||
USDT | $32.47M 35.94% | $42.41M 53.61% |
PYUSD | $7.67M 8.48% | $8.99M 11.37% |
USDC | $14.45M 16.00% | $6.36M 8.04% |
USDT0 | $12.14M 13.43% | $3.57M 4.51% |
WETH | $0.00 0.00% | $2.01M 2.54% |
Others | $2.26M 2.50% | $2.37M 2.99% |
Total Liabilities | $74.01M 81.91% | $65.71M 83.06% |
Vault's NAV | $16.34M 18.09% | $13.41M 16.94% |
Total Liabilities & Vault's NAV | $90.36M 100.00% | $79.11M 100.00% |
Activity
During March 2026, the vault processed $4.04M in deposits and $7.08M in withdrawals, resulting in -$3.04M of net deposits over a total of 31 transactions.
As of period end, the mAPOLLO vault had 114 holder addresses, representing an increase of 6.54% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $2.25M | $4.04M (79.36%) |
Withdrawals | $10.62M | $7.08M (-33.35%) |
Net Deposits | -$8.36M | -$3.04M (63.71%) |
Avg. Holders NAV | $172.43K | $136.37K (-20.91%) |
Median Holders NAV | $902.93 | $139.67 (-84.53%) |
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: mAPOLLO'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 mAPOLLO, 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.