September 2026
mMEV Transparency Report
By Delta Y
Highlights
mMEV 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 February 4, 2025, with regular price updates beginning on February 6, 2025, and data on protocols' allocations available since August 9, 2025.
During September 2026, mMEV's AUM increased from $10.18M to $13.99M. The inception-to-date return (net of fees) now amounts to 8.93% annualized.
Other relevant indicators can be seen in Table 1 below:
Aug 2026 | Sep 2026 (Δ) | |
|---|---|---|
Avg. NAV | $9.49M | $9.68M (1.98%) |
Avg. APY | 7.08% | 7.20% (0.11 p.p.) |
Avg. Leverage | 3.81x | 4.16x (9.11%) |
Net Deposits | -$1.41K | -$847.21K (< -999%) |
Performance
mMEV reached a price of $1.1513 in its latest oracle update, reflecting a 0.48% return for the month of September. The trailing (7 days minimum) APY peaked at 8.32% during this period, with a minimum of 6.00%.
Table 2displays the vault's performance against other comparable yield strategies:
Aug 2026 | Sep 2026 | |
|---|---|---|
mMEV sUSDe | mMEV sUSDe | |
Avg. APY | 7.12% 4.17% | 7.11% 4.79% |
Std. Dev. APY | 0.74% 0.17% | 0.84% 0.15% |
Sharpe Ratio 1 | 4.70 3.21 | 4.18 7.67 |
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 ($5.39M or 55.68%), Yield Trading ($2.38M or 24.63%) and Lending ($999.26K or 10.32%).
As of the reporting date, the vault's capital is deployed across 17 blockchains and 13 protocols, with exposure over the past month ranging between 3-13 protocols.
More notably, mMEV's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mMEV to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were PRIME ($18.71M or 46.72%), USDe ($10.81M or 26.99%) and strUSD ($3.52M or 8.80%), which have, on average, collectively represented 82.51%of the vault's total assets. On the liabilities side, the vault's main exposure was to PYUSD ($15.71M or 51.75%), USDT ($9.76M or 32.14%) and USDC ($3.03M or 9.97%), together representing approximately 93.86%of the vault's liabilities.
At the end of the period, the vault's leverage was 4.49x, which represents an increase of 41.82% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
31st Aug 2026 | 30th Sep 2026 | |
|---|---|---|
Assets | ||
USDe | $0.00 0.00% | $29.26M 46.56% |
PRIME | $18.32M 55.28% | $21.90M 34.85% |
PT-sUSDai-15OCT2026 | $2.46M 7.42% | $2.48M 3.94% |
syrupUSDT | $5.39M 16.27% | $2.01M 3.20% |
strUSD | $3.15M 9.51% | $1.88M 2.99% |
Others | $2.96M 8.93% | $4.21M 6.71% |
Total Assets | $33.13M 100.00% | $62.83M 100.00% |
Liabilities & Vault's NAV | ||
USDT | $0.00 0.00% | $26.43M 42.06% |
PYUSD | $15.49M 46.76% | $18.21M 28.98% |
USDC | $2.64M 7.96% | $2.41M 3.83% |
USDT0 | $4.82M 14.56% | $1.80M 2.86% |
Total Liabilities | $22.96M 69.28% | $48.84M 77.73% |
Vault's NAV | $10.18M 30.72% | $13.99M 22.27% |
Total Liabilities & Vault's NAV | $33.13M 100.00% | $62.83M 100.00% |
Activity
During September 2026, the vault processed $48.63 in deposits and $847.26K in withdrawals, resulting in -$847.21K of net deposits over a total of 90 transactions.
As of period end, the mMEV vault had 2911 holder addresses, representing a decrease of 0.07% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Aug 2026 | Sep 2026 (Δ) | |
|---|---|---|
Deposits | $0.00 | $48.63 (N/A) |
Withdrawals | $1.41K | $847.26K (> 999%) |
Net Deposits | -$1.41K | -$847.21K (< -999%) |
Avg. Holders NAV | $1.15K | $882.26 (-23.55%) |
Median Holders NAV | $0.05 | $0.05 (0.00%) |
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: mMEV'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 mMEV, 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.