June 2026
mEVUSD Transparency Report
By Delta Y
Highlights
mEVUSD 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 October 3, 2025, with regular price updates beginning on October 7, 2025, and data on protocols' allocations available since October 29, 2025.
During June 2026, mEVUSD's AUM decreased from $4.41M to $40.91K. The inception-to-date return (net of fees) now amounts to 6.67% annualized.
Other relevant indicators can be seen in Table 1 below:
May 2026 | Jun 2026 (Δ) | |
|---|---|---|
Avg. NAV | $4.48M | $2.26M (-49.48%) |
Avg. APY | 6.04% | 4.53% (-1.51 p.p.) |
Avg. Leverage | 4.35x | 1.55x (-64.31%) |
Net Deposits | -$127.45K | -$4.38M (< -999%) |
Performance
mEVUSD reached a price of $1.0454 in its latest oracle update, reflecting a 0.17% return for the month of June. The trailing (7 days minimum) APY peaked at 6.66% during this period, with a minimum of 2.92%.
Table 2displays the vault's performance against other comparable yield strategies:
May 2026 | Jun 2026 | |
|---|---|---|
mEVUSD sUSDe | mEVUSD sUSDe | |
Avg. APY | 6.26% 3.92% | 4.40% 3.86% |
Std. Dev. APY | 1.00% 0.38% | 1.83% 0.30% |
Sharpe Ratio 1 | 2.65 0.77 | 0.63 0.84 |
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 Yield Trading ($445.49K or 19.67%), Borrowing ($309.00K or 13.64%) and Lending ($225.58K or 9.96%).
As of the reporting date, the vault's capital is deployed across 8 blockchains and 2 protocols, with exposure over the past month ranging between 1-8 blockchains and 2-7 protocols.
More notably, mEVUSD's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mEVUSD to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were USDC ($1.28M or 27.32%), sUSDe ($1.22M or 25.99%) and Unclassified ($976.57K or 20.77%), which have, on average, collectively represented 74.09%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDtb ($2.22M or 42.51%), PYUSD ($1.51M or 28.96%) and USDC ($823.04K or 15.77%), together representing approximately 87.23%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.00x, which represents a decrease of -67.81% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
31st May 2026 | 30th Jun 2026 | |
|---|---|---|
Assets | ||
USDC | $8.75M 44.08% | $0.58 < 0.01% |
RLUSD | $5.57M 28.06% | $0.00 0.00% |
sUSDe | $3.47M 17.49% | $0.00 0.00% |
PYUSD | $35.94 < 0.01% | $0.00 0.00% |
USDe | $0.00 0.00% | $0.00 0.00% |
Unclassified | $2.06M 10.36% | $40.88K 99.94% |
Others | $1.54K < 0.01% | $24.11 0.06% |
Total Assets | $19.85M 100.00% | $40.91K 100.00% |
Liabilities & Vault's NAV | ||
PYUSD | $1.83M 9.21% | $721.07K > 999% |
RLUSD | $5.56M 27.99% | $0.00 0.00% |
USDC | $4.96M 24.96% | $0.00 0.00% |
USDtb | $3.10M 15.63% | $0.00 0.00% |
Total Liabilities | $15.45M 77.79% | $721.07K > 999% |
Vault's NAV | $4.41M 22.21% | -$680.17K < -999% |
Total Liabilities & Vault's NAV | $19.85M 100.00% | $40.91K 100.00% |
Activity
During June 2026, the vault processed $168.17 in deposits and $4.38M in withdrawals, resulting in -$4.38M of net deposits over a total of 60 transactions.
As of period end, the mEVUSD vault had 49 holder addresses, representing a decrease of 31.94% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
May 2026 | Jun 2026 (Δ) | |
|---|---|---|
Deposits | $11.52K | $168.17 (-98.54%) |
Withdrawals | $138.97K | $4.38M (> 999%) |
Net Deposits | -$127.45K | -$4.38M (< -999%) |
Avg. Holders NAV | $62.95K | $38.76K (-38.42%) |
Median Holders NAV | $56.71 | $10.17 (-82.07%) |
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: mEVUSD'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 mEVUSD, 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.