May 2026
mAPOLLO Transparency Report
By Delta Y
Highlights
mAPOLLO 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 Apollo Crypto. The vault was deployed on July 15, 2025, with regular price updates beginning on July 17, 2025, and data on protocols' allocations available since August 25, 2025.
During May 2026, mAPOLLO's AUM decreased from $11.41M to $9.26M. The inception-to-date return (net of fees) now amounts to 10.64% annualized.
Other relevant indicators can be seen in Table 1 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Avg. NAV | $13.13M | $9.57M (-27.14%) |
Avg. APY | 4.54% | 7.60% (3.05 p.p.) |
Avg. Leverage | 4.60x | 4.92x (6.99%) |
Net Deposits | -$2.25M | -$2.01M (10.90%) |
Performance
mAPOLLO reached a price of $1.0914 in its latest oracle update, reflecting a 0.59% return for the month of May. The trailing (7 days minimum) APY peaked at 10.21% during this period, with a minimum of 2.86%.
Table 2displays the vault's performance against other comparable yield strategies:
Apr 2026 | May 2026 | |
|---|---|---|
mAPOLLO sUSDe | mAPOLLO sUSDe | |
Avg. APY | 4.73% 3.99% | 7.57% 3.92% |
Std. Dev. APY | 4.45% 0.69% | 2.53% 0.38% |
Sharpe Ratio 1 | 0.49 0.51 | 1.51 0.77 |
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 ($5.62M or 58.91%), Lending ($1.35M or 14.13%) and Yield Trading ($457.19K or 4.79%).
As of the reporting date, the vault's capital is deployed across 11 blockchains and 13 protocols, with exposure over the past month ranging between 10-11 blockchains and 2-14 protocols.
More notably, mAPOLLO's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mAPOLLO to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were USDC ($18.75M or 39.95%), RLUSD ($8.67M or 18.48%) and sUSDS ($6.17M or 13.14%), which have, on average, collectively represented 71.57%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDC ($9.72M or 25.98%), RLUSD ($8.67M or 23.18%) and PYUSD ($7.43M or 19.87%), together representing approximately 69.03%of the vault's liabilities.
At the end of the period, the vault's leverage was 4.70x, which represents an increase of 1.81% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
30th Apr 2026 | 31st May 2026 | |
|---|---|---|
Assets | ||
USDC | $20.56M 36.23% | $19.91M 45.76% |
RLUSD | $0.00 0.00% | $9.00M 20.68% |
sUSDS | $0.00 0.00% | $5.67M 13.04% |
syrupUSDC | $2.74M 4.83% | $3.65M 8.39% |
syrupUSDT | $18.39M 32.41% | $0.00 0.00% |
Unclassified | $0.00 0.00% | $2.08M 4.78% |
Others | $15.06M 26.54% | $3.20M 7.36% |
Total Assets | $56.74M 100.00% | $43.51M 100.00% |
Liabilities & Vault's NAV | ||
RLUSD | $8.95M 15.78% | $8.98M 20.64% |
USDC | $13.02M 22.94% | $8.00M 18.39% |
PYUSD | $7.67M 13.52% | $7.70M 17.69% |
USDT | $11.49M 20.26% | $5.00M 11.50% |
AUSD | $0.00 0.00% | $2.65M 6.09% |
Others | $4.20M 7.41% | $1.92M 4.41% |
Total Liabilities | $45.34M 79.91% | $34.25M 78.72% |
Vault's NAV | $11.40M 20.09% | $9.26M 21.28% |
Total Liabilities & Vault's NAV | $56.74M 100.00% | $43.51M 100.00% |
Activity
During May 2026, the vault processed $1.07M in deposits and $3.07M in withdrawals, resulting in -$2.01M of net deposits over a total of 31 transactions.
As of period end, the mAPOLLO vault had 119 holder addresses, representing an increase of 5.31% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Apr 2026 | May 2026 (Δ) | |
|---|---|---|
Deposits | $662.37K | $1.07M (60.98%) |
Withdrawals | $2.91M | $3.07M (5.43%) |
Net Deposits | -$2.25M | -$2.01M (10.90%) |
Avg. Holders NAV | $114.51K | $81.68K (-28.67%) |
Median Holders NAV | $29.37 | $15.54 (-47.09%) |
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: mAPOLLO'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 mAPOLLO, 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.