March 2026
msyrupUSDp Transparency Report
By Delta Y
Highlights
msyrupUSDp is a USD-denominated Liquid Yield Token tracking Maple syrupUSDT yield strategies on Plasma, managed by Edge Capital. The vault was deployed on September 11, 2025, with regular price updates beginning on September 12, 2025, and data on protocols' allocations available since September 27, 2025.
During March 2026, msyrupUSDp's AUM decreased from $13.95M to $13.15M. The inception-to-date return (net of fees) now amounts to 8.48% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $21.14M | $13.75M (-34.93%) |
Avg. APY | 7.21% | 8.85% (1.65 p.p.) |
Avg. Leverage | 7.33x | 6.46x (-11.84%) |
Net Deposits | -$16.93M | -$875.46K (94.83%) |
Performance
msyrupUSDp reached a price of $1.0447 in its latest oracle update, reflecting a 0.56% return for the month of March. The trailing (7 days minimum) APY peaked at 11.67% during this period, with a minimum of 6.74%.
Table 2displays the vault's performance against other comparable yield strategies:
Feb 2026 | Mar 2026 | |
|---|---|---|
msyrupUSDp sUSDe | msyrupUSDp sUSDe | |
Avg. APY | 7.06% 3.80% | 8.97% 3.51% |
Std. Dev. APY | 1.00% 0.47% | 1.50% 0.07% |
Sharpe Ratio 1 | 3.25 0.30 | 3.59 -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 ($12.52M or 91.01%), Lending ($1.09M or 7.94%) and Unallocated ($143.75K or 1.05%).
As of the reporting date, the vault's capital is deployed across 3 blockchains and 4 protocols.
More notably, msyrupUSDp's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by msyrupUSDp to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were syrupUSDT ($88.61M or 98.62%), USDT0 ($925.49K or 1.03%) and USDT ($295.37K or 0.33%), which have, on average, collectively represented 99.98%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT0 ($76.09M or 100.00%), together representing approximately 100.00%of the vault's liabilities.
At the end of the period, the vault's leverage was 4.90x, which represents a decrease of -37.72% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
syrupUSDT | $109.59M 99.96% | $63.65M 98.82% |
USDT | $41.63K 0.04% | $755.80K 1.17% |
USDT0 | $3.67 0.00% | $878.62 < 0.01% |
WXPL | $0.00 0.00% | $288.89 < 0.01% |
ETH | $0.00 0.00% | $251.48 < 0.01% |
Unclassified | $0.00 0.00% | $0.00 0.00% |
Others | $902.56 < 0.01% | $380.15 < 0.01% |
Total Assets | $109.64M 100.00% | $64.41M 100.00% |
Liabilities & Vault's NAV | ||
USDT0 | $95.69M 87.28% | $51.26M 79.58% |
Total Liabilities | $95.69M 87.28% | $51.26M 79.58% |
Vault's NAV | $13.94M 12.72% | $13.15M 20.42% |
Total Liabilities & Vault's NAV | $109.64M 100.00% | $64.41M 100.00% |
Activity
During March 2026, the vault processed $4.48M in deposits and $5.36M in withdrawals, resulting in -$875.46K of net deposits over a total of 31 transactions.
As of period end, the msyrupUSDp vault had 88 holder addresses, representing an increase of 7.32% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $168.82K | $4.48M (> 999%) |
Withdrawals | $17.09M | $5.36M (-68.67%) |
Net Deposits | -$16.93M | -$875.46K (94.83%) |
Avg. Holders NAV | $261.90K | $157.45K (-39.88%) |
Median Holders NAV | $1.49K | $1.46K (-2.16%) |
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: msyrupUSDp'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 msyrupUSDp, 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.