August 2026
mHyperETH Transparency Report
By Delta Y
Highlights
mHyperETH is a ETH-denominated Liquid Yield Token tracking a multi-chain ethereum yield strategy through diversified DeFi and CeFi positions across multiple protocols and exchanges, managed by Hyperithm. The vault was deployed on October 10, 2025, with regular price updates beginning on October 11, 2025, and data on protocols' allocations available since December 8, 2025.
During August 2026, mHyperETH's AUM decreased from $63.54K to $39.66K. The inception-to-date return (net of fees) now amounts to 2.40% annualized.
Other relevant indicators can be seen in Table 1 below:
Jul 2026 | Aug 2026 (Δ) | |
|---|---|---|
Avg. NAV | $13.12M | $49.44K (-99.62%) |
Avg. Leverage | 1.08x | 1.00x (-7.28%) |
Net Deposits | -$9.32M | -$37.63K (99.60%) |
Performance
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Others ($20.03 or 0.04%), Claimable Rewards ($1.31 or < 0.01%) and Unallocated ($0.28 or < 0.01%).
As of the reporting date, the vault's capital is deployed across 9 blockchains and 4 protocols, with exposure over the past month ranging between 1-4 protocols.
More notably, mHyperETH's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mHyperETH to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were Unclassified ($48.34K or 99.96%), ETH ($9.58 or 0.02%) and CELO ($7.03 or 0.01%), which have, on average, collectively represented 99.99%of the vault's total assets.
Other relevant indicators can be seen in Table 3 below:
31st Jul 2026 | 31st Aug 2026 | |
|---|---|---|
Assets | ||
ETH | $8.35 0.01% | $11.08 0.03% |
CELO | $0.00 0.00% | $7.76 0.02% |
WETH | $1.86 < 0.01% | $2.48 < 0.01% |
MON | $0.00 0.00% | $1.54 < 0.01% |
MORPHO | $0.00 0.00% | $1.36 < 0.01% |
Unclassified | $66.88K 99.97% | $39.64K 99.94% |
Others | $9.39 0.01% | $0.64 < 0.01% |
Total Assets | $66.90K 100.00% | $39.66K 100.00% |
Activity
During August 2026, the vault processed $0.00 in deposits and $37.63K in withdrawals, resulting in -$37.63K of net deposits over a total of 31 transactions.
As of period end, the mHyperETH vault had 25 holder addresses, representing a decrease of 21.88% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Jul 2026 | Aug 2026 (Δ) | |
|---|---|---|
Deposits | $0.00 | $0.00 (N/A) |
Withdrawals | $9.32M | $37.63K (-99.60%) |
Net Deposits | -$9.32M | -$37.63K (99.60%) |
Avg. Holders NAV | $179.32K | $1.77K (-99.01%) |
Median Holders NAV | $166.78 | $8.49 (-94.91%) |
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: mHyperETH'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 mHyperETH, 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.