June 2026
msyrupUSDp Transparency Report
By Delta Y
Highlights
msyrupUSDp is a USD-denominated Liquid Yield Token tracking Maple syrupUSDT yield strategies on Plasma, managed by Edge Capital. The vault was deployed on September 11, 2025, with regular price updates beginning on September 12, 2025, and data on protocols' allocations available since September 27, 2025.
During June 2026, msyrupUSDp's AUM decreased from $5.36M to $4.53M. The inception-to-date return (net of fees) now amounts to 7.28% annualized.
Other relevant indicators can be seen in Table 1 below:
May 2026 | Jun 2026 (Δ) | |
|---|---|---|
Avg. NAV | $5.38M | $4.95M (-7.99%) |
Avg. APY | 6.20% | 6.41% (0.21 p.p.) |
Avg. Leverage | 4.63x | 5.08x (9.77%) |
Net Deposits | -$92.71K | -$851.93K (-818.92%) |
Performance
msyrupUSDp reached a price of $1.0575 in its latest oracle update, reflecting a 0.45% return for the month of June. The trailing (7 days minimum) APY peaked at 9.03% during this period, with a minimum of 4.30%.
Table 2displays the vault's performance against other comparable yield strategies:
May 2026 | Jun 2026 | |
|---|---|---|
msyrupUSDp sUSDe | msyrupUSDp sUSDe | |
Avg. APY | 6.46% 3.92% | 6.35% 3.86% |
Std. Dev. APY | 1.14% 0.38% | 1.68% 0.30% |
Sharpe Ratio 1 | 2.53 0.77 | 1.72 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 Borrowing ($2.63M or 53.12%), Discretionary Capital Allocation ($2.20M or 44.33%) and Unallocated ($29.18K or 0.59%).
As of the reporting date, the vault's capital is deployed across 3 blockchains and 4 protocols, with exposure over the past month ranging between 2-3 blockchains.
More notably, msyrupUSDp's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by msyrupUSDp to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were syrupUSDT ($24.86M or 99.49%), Unclassified ($96.40K or 0.39%) and USDT ($28.78K or 0.12%), which have, on average, collectively represented 100.00%of the vault's total assets. On the liabilities side, the vault's main exposure was to USDT0 ($20.03M or 100.00%), together representing approximately 100.00%of the vault's liabilities.
At the end of the period, the vault's leverage was 5.51x, which represents an increase of 18.51% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
31st May 2026 | 30th Jun 2026 | |
|---|---|---|
Assets | ||
syrupUSDT | $24.90M 99.97% | $24.97M 99.98% |
XPL | $357.26 < 0.01% | $332.98 < 0.01% |
USDT | $247.81 < 0.01% | $178.49 < 0.01% |
WETH | $204.48 < 0.01% | $159.67 < 0.01% |
USDC | $0.00 0.00% | $67.89 < 0.01% |
Unclassified | $6.15K 0.02% | $2.96K 0.01% |
Others | $69.05 < 0.01% | $167.85 < 0.01% |
Total Assets | $24.91M 100.00% | $24.98M 100.00% |
Liabilities & Vault's NAV | ||
USDT0 | $19.55M 78.49% | $20.44M 81.85% |
Total Liabilities | $19.55M 78.49% | $20.44M 81.85% |
Vault's NAV | $5.36M 21.51% | $4.53M 18.15% |
Total Liabilities & Vault's NAV | $24.91M 100.00% | $24.98M 100.00% |
Activity
During June 2026, the vault processed $10.00K in deposits and $861.93K in withdrawals, resulting in -$851.93K of net deposits over a total of 30 transactions.
As of period end, the msyrupUSDp vault had 54 holder addresses, representing a decrease of 14.29% from the start of the month.
Other relevant indicators can be seen in Table 4 below:
May 2026 | Jun 2026 (Δ) | |
|---|---|---|
Deposits | $3.77 | $10.00K (> 999%) |
Withdrawals | $92.71K | $861.93K (829.67%) |
Net Deposits | -$92.71K | -$851.93K (-818.92%) |
Avg. Holders NAV | $83.82K | $84.81K (1.18%) |
Median Holders NAV | $50.84 | $26.08 (-48.70%) |
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: msyrupUSDp'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 msyrupUSDp, 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.