March 2026
mEDGE Transparency Report
By Delta Y
Highlights
mEDGE 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 Edge Capital. The vault was deployed on January 21, 2025, with regular price updates beginning on January 27, 2025, and data on protocols' allocations available since August 9, 2025.
During March 2026, mEDGE's AUM increased from $14.65M to $15.57M. The inception-to-date return (net of fees) now amounts to 8.76% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $18.28M | $16.43M (-10.15%) |
Avg. APY | 6.61% | 5.26% (-1.35 p.p.) |
Avg. Leverage | 3.38x | 3.35x (-0.82%) |
Net Deposits | -$8.84M | $965.49K (N/A) |
Performance
mEDGE reached a price of $1.1035 in its latest oracle update, reflecting a 0.40% return for the month of March. The trailing (7 days minimum) APY peaked at 6.66% during this period, with a minimum of 4.19%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
mEDGE sUSDe | mEDGE sUSDe | |
Avg. APY | 6.74% 3.80% | 5.30% 3.51% |
Std. Dev. APY | 3.02% 0.47% | 0.88% 0.07% |
Sharpe Ratio 1 | 1.08 0.30 | 2.00 -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 ($5.71M or 34.79%), Perps ($2.83M or 17.22%) and Lending ($1.31M or 7.98%).
As of the reporting date, the vault's capital is deployed across 19 blockchains and 12 protocols, with exposure over the past month ranging between 11-13 protocols.
More notably, mEDGE's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mEDGE to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were sUSDe ($14.06M or 25.53%), USDe ($13.70M or 24.87%) and syrupUSDT ($10.04M or 18.22%), which have, on average, collectively represented 68.62%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT0 ($28.68M or 74.18%), USDC ($5.16M or 13.34%) and USDT ($4.51M or 11.66%), together representing approximately 99.18%of the vault's liabilities.
At the end of the period, the vault's leverage was 3.58x, which represents an increase of 8.67% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
sUSDe | $12.80M 26.55% | $14.86M 26.64% |
USDe | $12.43M 25.80% | $14.51M 26.01% |
syrupUSDT | $10.02M 20.80% | $10.05M 18.01% |
syrupUSDC | $2.66M 5.52% | $6.72M 12.04% |
USDC | $3.21M 6.66% | $3.17M 5.68% |
Unclassified | $3.72M 7.72% | $2.84M 5.09% |
Others | $3.35M 6.95% | $3.64M 6.52% |
Total Assets | $48.19M 100.00% | $55.78M 100.00% |
Liabilities & Vault's NAV | ||
USDT0 | $28.65M 59.45% | $28.70M 51.44% |
USDT | $2.42M 5.01% | $5.94M 10.65% |
USDC | $2.30M 4.77% | $5.26M 9.42% |
WETH | $296.65K 0.62% | $317.14K 0.57% |
USDS | $0.35 0.00% | $0.35 0.00% |
Total Liabilities | $33.66M 69.85% | $40.21M 72.09% |
Vault's NAV | $14.53M 30.15% | $15.57M 27.91% |
Total Liabilities & Vault's NAV | $48.19M 100.00% | $55.78M 100.00% |
Activity
During March 2026, the vault processed $6.33M in deposits and $5.36M in withdrawals, resulting in $965.49K of net deposits over a total of 124 transactions.
As of period end, the mEDGE vault had 2657 holder addresses, representing a decrease of 1.92% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $7.21M | $6.33M (-12.15%) |
Withdrawals | $16.04M | $5.36M (-66.56%) |
Net Deposits | -$8.84M | $965.49K (N/A) |
Avg. Holders NAV | $6.66K | $6.13K (-7.99%) |
Median Holders NAV | $0.10 | $0.08 (-20.00%) |
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: mEDGE'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 mEDGE, 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.