March 2026
mEVUSD Transparency Report
By Delta Y
Highlights
mEVUSD is a USD-denominated Liquid Yield Token tracking a multi-chain stablecoin yield strategy through diversified DeFi positions across multiple protocols, managed by MEV Capital. The vault was deployed on October 3, 2025, with regular price updates beginning on October 7, 2025, and data on protocols' allocations available since October 29, 2025.
During March 2026, mEVUSD's AUM increased from $3.26M to $3.74M. The inception-to-date return (net of fees) now amounts to 6.93% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $3.18M | $3.49M (9.68%) |
Avg. APY | 6.33% | 9.46% (3.13 p.p.) |
Avg. Leverage | 2.32x | 4.43x (90.66%) |
Net Deposits | $102.17K | $450.40K (340.85%) |
Performance
mEVUSD reached a price of $1.0318 in its latest oracle update, reflecting a 0.63% return for the month of March. The trailing (7 days minimum) APY peaked at 10.57% during this period, with a minimum of 8.16%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
mEVUSD sUSDe | mEVUSD sUSDe | |
Avg. APY | 6.00% 3.80% | 9.43% 3.51% |
Std. Dev. APY | 2.37% 0.47% | 0.76% 0.07% |
Sharpe Ratio 1 | 1.31 0.30 | 7.66 -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 ($1.35M or 38.80%), Lending ($1.33M or 38.20%) and Unallocated ($34.12K or 0.98%).
As of the reporting date, the vault's capital is deployed across 7 blockchains and 4 protocols, with exposure over the past month ranging between 6-7 blockchains and 4-6 protocols.
More notably, mEVUSD's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mEVUSD to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were sUSDe ($6.99M or 45.04%), USDC ($4.66M or 29.99%) and syrupUSDC ($2.79M or 17.96%), which have, on average, collectively represented 93.00%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT ($3.24M or 26.92%), USDtb ($3.23M or 26.87%) and USDe ($3.07M or 25.48%), together representing approximately 79.27%of the vault's liabilities.
At the end of the period, the vault's leverage was 5.01x, which represents an increase of 35.31% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
sUSDe | $3.68M 30.40% | $10.23M 54.58% |
syrupUSDC | $0.00 0.00% | $6.40M 34.17% |
USDC | $7.65M 63.26% | $594.02K 3.17% |
rUSD | $0.00 0.00% | $500.59K 2.67% |
USDT | $0.00 0.00% | $0.00 0.00% |
Unclassified | $766.11K 6.34% | $764.83K 4.08% |
Others | $719.88 < 0.01% | $249.75K 1.33% |
Total Assets | $12.09M 100.00% | $18.74M 100.00% |
Liabilities & Vault's NAV | ||
USDe | $0.00 0.00% | $6.14M 32.78% |
USDtb | $3.26M 26.93% | $3.14M 16.73% |
RLUSD | $0.00 0.00% | $2.92M 15.59% |
USDT0 | $0.00 0.00% | $2.81M 14.97% |
USDT | $5.57M 46.08% | $0.00 0.00% |
Total Liabilities | $8.83M 73.02% | $15.01M 80.06% |
Vault's NAV | $3.26M 26.98% | $3.74M 19.94% |
Total Liabilities & Vault's NAV | $12.09M 100.00% | $18.74M 100.00% |
Activity
During March 2026, the vault processed $489.73K in deposits and $39.33K in withdrawals, resulting in $450.40K of net deposits over a total of 62 transactions.
As of period end, the mEVUSD vault had 150 holder addresses, representing an increase of 552.17% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $102.28K | $489.73K (378.81%) |
Withdrawals | $113.13 | $39.33K (> 999%) |
Net Deposits | $102.17K | $450.40K (340.85%) |
Avg. Holders NAV | $167.66K | $87.32K (-47.92%) |
Median Holders NAV | $10.13 | $11.32 (11.75%) |
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: mEVUSD'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 mEVUSD, 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.