October 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 October 2026, mAPOLLO's AUM increased from $7.39M to $9.53M. The inception-to-date return (net of fees) now amounts to 9.83% annualized.
Other relevant indicators can be seen in Table 1 below:
Sep 2026 | Oct 2026 (Δ) | |
|---|---|---|
Avg. NAV | $7.58M | $7.74M (2.14%) |
Avg. APY | 6.84% | 7.94% (1.10 p.p.) |
Avg. Leverage | 1.99x | 1.46x (-26.70%) |
Net Deposits | -$319.77K | $2.10M (N/A) |
Performance
mAPOLLO reached a price of $1.1284 in its latest oracle update, reflecting a 0.59% return for the month of October. The trailing (7 days minimum) APY peaked at 9.46% during this period, with a minimum of 5.90%.
Table 2displays the vault's performance against other comparable yield strategies:
Sep 2026 | Oct 2026 | |
|---|---|---|
mAPOLLO sUSDe | mAPOLLO sUSDe | |
Avg. APY | 6.83% 4.79% | 7.92% 4.95% |
Std. Dev. APY | 1.18% 0.15% | 0.97% 0.12% |
Sharpe Ratio 1 | 2.66 7.67 | 4.29 9.29 |
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 ($2.13M or 27.79%), Yield Trading ($1.02M or 13.28%) and Lending ($576.28K or 7.51%).
As of the reporting date, the vault's capital is deployed across 13 blockchains and 13 protocols, with exposure over the past month ranging between 12-13 blockchains and 12-14 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 Unclassified ($3.91M or 34.61%), PRIME ($2.32M or 20.52%) and PT-reUSD-10DEC2026 ($1.97M or 17.43%), which have, on average, collectively represented 72.57%of the vault's total assets. On the liabilities side, the vault's main exposure was to PYUSD ($1.90M or 52.45%), USDG ($810.62K or 22.40%) and USDC ($659.84K or 18.23%), together representing approximately 93.07%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.82x, which represents an increase of 26.50% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
30th Sep 2026 | 31st Oct 2026 | |
|---|---|---|
Assets | ||
syrupUSDG | $0.00 0.00% | $5.08M 29.29% |
PRIME | $2.31M 21.17% | $2.32M 13.38% |
PT-reUSD-10DEC2026 | $1.96M 17.95% | $1.98M 11.38% |
PT-USDat-14JAN2027 | $0.00 0.00% | $1.02M 5.85% |
syrupUSDT | $0.00 0.00% | $0.00 0.00% |
Unclassified | $3.60M 32.99% | $4.35M 25.05% |
Others | $1.69M 15.43% | $2.61M 15.04% |
Total Assets | $10.92M 100.00% | $17.35M 100.00% |
Liabilities & Vault's NAV | ||
USDG | $0.00 0.00% | $4.55M 26.23% |
PYUSD | $2.18M 19.99% | $1.90M 10.95% |
USDC | $415.07K 3.80% | $1.37M 7.90% |
USDT | $0.00 0.00% | $0.00 0.00% |
AUSD | $931.86K 8.53% | $0.00 0.00% |
Total Liabilities | $3.53M 32.32% | $7.82M 45.07% |
Vault's NAV | $7.39M 67.68% | $9.53M 54.93% |
Total Liabilities & Vault's NAV | $10.92M 100.00% | $17.35M 100.00% |
Activity
During October 2026, the vault processed $2.95M in deposits and $854.10K in withdrawals, resulting in $2.10M of net deposits over a total of 27 transactions.
As of period end, the mAPOLLO vault had 137 holder addresses, representing no variation from the start of the month.
Other relevant indicators can be seen in Table 4 below:
Sep 2026 | Oct 2026 (Δ) | |
|---|---|---|
Deposits | $235.14K | $2.95M (> 999%) |
Withdrawals | $554.92K | $854.10K (53.91%) |
Net Deposits | -$319.77K | $2.10M (N/A) |
Avg. Holders NAV | $52.98K | $56.38K (6.42%) |
Median Holders NAV | $18.61 | $12.28 (-34.01%) |
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.