March 2026
msyrupUSD Transparency Report
By Delta Y
Highlights
msyrupUSD is a USD-denominated Liquid Yield Token tracking a multi-chain syrupUSDC yield strategy through diversified DeFi positions across multiple protocols, managed by M1 Capital. The vault was deployed on August 27, 2025, with regular price updates beginning on August 29, 2025, and data on protocols' allocations available since September 27, 2025.
During March 2026, msyrupUSD's AUM decreased from $1.31M to $420.50K. The inception-to-date return (net of fees) now amounts to 3.28% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $2.09M | $1.12M (-46.14%) |
Avg. APY | -3.33% | -6.74% (-3.41 p.p.) |
Avg. Leverage | 6.06x | 5.16x (-14.83%) |
Net Deposits | -$4.61M | -$887.18K (80.75%) |
Performance
msyrupUSD reached a price of $1.0179 in its latest oracle update, reflecting a -0.48% return for the month of March. The trailing (7 days minimum) APY peaked at -6.74% during this period, with a minimum of -6.74%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
msyrupUSD sUSDe | msyrupUSD sUSDe | |
Avg. APY | -3.08% 3.80% | -6.74% 3.51% |
Std. Dev. APY | 3.67% 0.47% | N/A 0.07% |
Sharpe Ratio 1 | -1.16 0.30 | N/A -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 ($716.26K or 63.76%), Unallocated ($254.69K or 22.67%) and Lending ($74.61K or 6.64%).
As of the reporting date, the vault's capital is deployed across 3 blockchains and 2 protocols.
More notably, msyrupUSD's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by msyrupUSD to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were syrupUSDT ($3.41M or 53.62%), syrupUSDC ($2.54M or 39.93%) and USDC ($318.35K or 5.01%), which have, on average, collectively represented 98.56%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT0 ($2.93M or 55.97%) and USDC ($2.30M or 44.03%), together representing approximately 100.00%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.00x, which represents a decrease of -85.57% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
USDC | $110.95K 1.22% | $400.47K 95.24% |
ARB | $6.09K 0.07% | $5.70K 1.36% |
syrupUSDT | $4.68M 51.40% | $1.12 < 0.01% |
syrupUSDC | $4.21M 46.20% | $0.00 0.00% |
USDT | $78.17K 0.86% | $0.00 0.00% |
Unclassified | $20.58K 0.23% | $12.18K 2.90% |
Others | $2.38K 0.03% | $2.15K 0.51% |
Total Assets | $9.10M 100.00% | $420.50K 100.00% |
Liabilities & Vault's NAV | ||
USDT0 | $4.01M 44.11% | $0.73 < 0.01% |
USDC | $3.77M 41.46% | $0.00 0.00% |
Total Liabilities | $7.79M 85.57% | $0.73 < 0.01% |
Vault's NAV | $1.31M 14.43% | $420.50K 100.00% |
Total Liabilities & Vault's NAV | $9.10M 100.00% | $420.50K 100.00% |
Activity
During March 2026, the vault processed $401.46K in deposits and $1.29M in withdrawals, resulting in -$887.18K of net deposits over a total of 31 transactions.
As of period end, the msyrupUSD vault had 43 holder addresses, representing a decrease of 17.31% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $13.36K | $401.46K (> 999%) |
Withdrawals | $4.62M | $1.29M (-72.12%) |
Net Deposits | -$4.61M | -$887.18K (80.75%) |
Avg. Holders NAV | $39.37K | $23.55K (-40.19%) |
Median Holders NAV | $102.42 | $90.60 (-11.54%) |
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: msyrupUSD'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 msyrupUSD, 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.