March 2026
mXRP Transparency Report
By Delta Y
Highlights
mXRP is a XRP-denominated Liquid Yield Token tracking an XRP yield strategy through diversified DeFi and CeFi positions across multiple protocols and exchanges, managed by Hyperithm. The vault was deployed on September 25, 2025, with regular price updates beginning on September 29, 2025.
During March 2026, mXRP's AUM decreased from $10.66M to $10.00M. The inception-to-date return (net of fees) now amounts to 5.64% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $12.02M | $10.77M (-10.41%) |
Avg. APY | 4.01% | 2.88% (-1.13 p.p.) |
Avg. Leverage | 1.09x | 1.35x (24.46%) |
Net Deposits | -$4.20M | -$620.56K (85.23%) |
Performance
mXRP reached a price of $1.0298 in its latest oracle update, reflecting a 0.21% return for the month of March. The trailing (7 days minimum) APY peaked at 3.83% during this period, with a minimum of 1.79%.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Lending ($5.11M or 47.40%), Discretionary Capital Allocation ($1.10M or 10.21%) and Borrowing ($705.20K or 6.55%).
As of the reporting date, the vault's capital is deployed across 8 blockchains and 5 protocols, with exposure over the past month ranging between 8-9 blockchains and 4-6 protocols.
More notably, mXRP's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mXRP to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were Unclassified ($3.38M or 23.24%), sUSDai ($2.96M or 20.35%) and USDT0 ($1.61M or 11.07%), which have, on average, collectively represented 54.66%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT0 ($1.94M or 48.06%), RLUSD ($926.02K or 22.90%) and USDT ($748.65K or 18.51%), together representing approximately 89.46%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.61x, which represents an increase of 10.72% from the start of the month.
Other relevant indicators can be seen in Table 2 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
USDT | $0.00 0.00% | $3.51M 21.84% |
sUSDai | $4.94M 31.45% | $3.01M 18.70% |
USDT0 | $0.00 0.00% | $2.57M 16.00% |
PT-sUSDai-19FEB2026 | $0.00 0.00% | $0.00 0.00% |
USDC | $1.85M 11.78% | $0.00 0.00% |
Unclassified | $3.42M 21.78% | $3.32M 20.67% |
Others | $5.00M 31.85% | $3.67M 22.79% |
Total Assets | $15.70M 100.00% | $16.09M 100.00% |
Liabilities & Vault's NAV | ||
USDT | $0.00 0.00% | $3.47M 21.54% |
USDT0 | $4.00M 25.48% | $2.62M 16.28% |
USDC | $820.36K 5.22% | $0.00 0.00% |
USDS | $0.00 0.00% | $0.00 0.00% |
RLUSD | $0.00 0.00% | $0.00 0.00% |
Others | $0.00 0.00% | $0.00 0.00% |
Total Liabilities | $4.82M 30.70% | $6.09M 37.83% |
Vault's NAV | $10.88M 69.30% | $10.00M 62.17% |
Total Liabilities & Vault's NAV | $15.70M 100.00% | $16.09M 100.00% |
Activity
During March 2026, the vault processed $1.91K in deposits and $622.47K in withdrawals, resulting in -$620.56K of net deposits over a total of 62 transactions.
As of period end, the mXRP vault had 232 holder addresses, representing an increase of 2.20% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $314.55K | $1.91K (-99.39%) |
Withdrawals | $4.52M | $622.47K (-86.22%) |
Net Deposits | -$4.20M | -$620.56K (85.23%) |
Avg. Holders NAV | $53.83K | $47.03K (-12.64%) |
Median Holders NAV | $5.74 | $4.93 (-14.11%) |
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: mXRP'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 mXRP, 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.