Midas mApollo
mApollo token is designed to track primarily delta-neutral DeFi crypto yields, managed by MEV Capital.
mApollo token holders are exposed to multi-chain stablecoin yield strategies, and are being charged 20% performance fees, and 0% management fees.
Backing
Current mApollo TVL stands at ~$17.3m.
As outlined in the Midas transparency dashboard for mMEV token, as of 2025-12-02 the majority of its current backing (>42%) is consisting of collateral composition mainly in Neutrl’s NUSD delta-neutral token.
Full collateral breakdown:
Wallet 1 - $13.7m in total (~77% of the backing):
- ~$3.9m on Morpho on Mainnet (RLP/USDC, PT-srUSDe/USDC, ETH/WETH positions)
- ~$2.5m on Euler on Mainnet (PT-alUSD)
- ~$1.8m on Aave on Plasma (syrupUSDT/USDT0 position)
- ~$1.7m on Pendle in PT-tUSDe on Mainnet
- ~$1.3m on Fluid on Plasma (syrupUSDT/USDT0 position)
- ~$900k on mStable (dHedge) in a form of PT-sUSDe
- ~$800k on Euler on Arbitrum (RLP/USDC position)
- ~$650k on Pendle in form of PT-USDai ($634k) and YT-USDai ($16k)
- ~$174k on Hyperliquid ($120k in USDC, ~$53k ETH/USDC shot position)
Wallet 2 - $2.4m (~15% of the backing):
- ~$1.7m on Pendle Mainnet (PT-jrUSDe)
- ~$600k on Aave v3 Mainnet (USDe/USDT position)
- ~$57k on Aave v3 on Plasma (PT-USDe/USDe position)
Wallet 3 - $1.14m (~7% of the backing):
- ~$705k on Jupiter on Solana (syrupUSDC/USDC position)
- ~$440k on Kamino on Solana (syrupUSDC/PYUSD position)
All funds are protected via “Fordefi” MPC solution.
Collateral breakdown
Collaterals not included in current SummerFi protocol exposure and present in the mApollo asset backing:
- RLP, rUSDe, alUSD, tUSDe, USDai, jrUSDe
As seen above, the exposure would be increased to various asset types including senior tranche in Resolv protocol (basis trade), AI-infa-backed projects (USDai), AI-powered yield aggregation (alUSD). Note: Nearly half of this backing (~46%) of mApollo resides in Pendle PT tokens, adding a layer of SC and liquidity risks.
Resolv RLP
RLP represents the leveraged delta-meutral strategy token, managing surplus collateral to protect USR stability. RLP holders are essentially acting as a junior tranche within Resolv protocol, earing higher returns while absorbing market risks of the collateral pool.
While we’re yet to be comfortable with adding USR (senior tranche of Resolv) to lower-risk fleets on SummerFi, we are proposing a very conservative parameters for mApollo considering significant RLP exposure while being a high-risk-high-reward type of an asset.
Note: We at BA started actively verifying Resolv’s positions and its backing/delta-neutrality.
Almanak alUSD
alUSD represents ~15% of mApollo’s backing ($2.5m), currently standing at $126.7m TVL.
Autonomous Liquidity USD is a tokenized AI yield optimization strategy built using Almanak’s AI Swarm.
Users can deposit USDC, USDT, DAI, USDS, USDe, and sUSDe, which are then further routed between whitelisted protocols:
- Aave v3, Compound v3, Fluid, Euler v2, Morpho, Yearn v3
Current collateral composition:
Here we note that most of the alUSD’s yield sources are already added to SummerFi, while with the addition of mApollo (thus including alUSD) there are new collateral assets being added:
- Gauntlet USDC Frontier: [‘RLP’, ‘cUSDO’, ‘wBLT’, ‘PT-cUSDO’, ‘PENDLE-LPT’, ‘PT-USR’]
- Euler Prime: [‘mTBILL’, ‘wM’, ‘USDtb’, ‘RLUSD’]. Experiencing high utilization.
- Smokehouse USDC: [‘siUSD’, ‘PT-srUSDe’, ‘mF-ONE’, ‘wsrUSD’, ‘PT-iUSD’, ‘PT-siUSD’, ‘PT-syrupUSDC’, ‘PT-wsrUSD’, ‘PT-RUSD’, ‘PT-USD0++’, ‘PT-PendleInfiniFi-siUSD’, ‘PT-lvlUSD’, ‘USCC’, ‘liUSD-1w’, ‘PT-iUSD’, ‘PT-slvlUSD’, ‘PT-wsrUSD’, ‘USD0++’, ‘PT-syrupUSDC’, ‘PT-wstUSR’, ‘PT-RUSD’, ‘PT-wsrUSD’, ‘PT-lvlUSD’, ‘PT-csUSDL’, ‘USD0USD0++’, ‘PT-cUSDO’, ‘PT-sdeUSD’, ‘lvlUSD’, ‘slvlUSD’, ‘PT-syrupUSDC’, ‘sdeUSD’, ‘PT-csUSDL’, ‘PT-cUSDO’, ‘PT-RUSD’, ‘srUSD’]
- Euler Yield USDC: [‘FDUSD’, ‘RLUSD’, ‘wUSDL’, ‘wM’, ‘USD0’, ‘USD0++’, ‘mBASIS’, ‘PT-USD0++’, ‘mEDGE’, ‘PT-cUSDO’, ‘USDtb’, ‘PT-USDS’, ‘PT-cUSDO’, ‘PT-tUSDe’, ‘PT-pUSDe’, ‘frxUSD’, ‘sfrxUSD’, ‘PT-tUSDe’, ‘mUSD’, ‘PT-jrUSDe’, ‘PT-srUSDe’, ‘PT-alUSD’, ‘PT-cUSD’, ‘PT-stcUSD’]
- Hyperithm USDC Degen: [‘mHYPER’, ‘PT-srUSDe’, ‘PT-stcUSD’, ‘PT-cUSD’, ‘PENDLE-LPT-WRAPPED’, ‘stcUSD’, ‘ctStableUSDT’, ‘PT-mHYPER’, ‘jrUSDe’, ‘PT-syrupUSDC’, ‘thBILL’, ‘yUSD’, ‘RLP’, ‘fxSAVE’, ‘reUSD’, ‘PT-cUSDO’, ‘PT-sdeUSD’, ‘PT-syrupUSDC’, ‘sUSDf’, ‘srUSD’, ‘PT-RLP’, ‘PT-AIDaUSDT’, ‘sUSDEsUSDS’, ‘tacUSD’, ‘PT-AIDaUSDC’, ‘PT-lvlUSD’, ‘PT-RUSD’, ‘mF-ONE’, ‘PT-slvlUSD’, ‘PT-alUSD’, ‘PT-pUSDe’, ‘PT-cUSDO’, ‘PT-tUSDe’, ‘aprUSR’, ‘PT-cUSDO’, ‘slvlUSD’, ‘PT-mHYPER’, ‘PT-USD0++’, ‘upUSDC’, ‘PT-alUSD’, ‘PT-USD0++’, ‘PT-AIDaUSDT’, ‘USD0++’, ‘USD0USD0++’, ‘PT-csUSDL’, ‘lvlUSD’, ‘PT-lvlUSD’, ‘PT-slvlUSD’, ‘sdeUSD’]
- MEV Capital USDC: [‘PT-cUSD’, ‘sdeUSD’, ‘mF-ONE’, ‘OETH’, ‘siUSD’, ‘reUSD’, ‘upUSDC’, ‘RLP’, ‘PT-reUSD’, ‘fxSAVE’, ‘ETH+’, ‘slvlUSD’, ‘PT-AIDaUSDC’, ‘PT-AIDaUSDT’, ‘MC-USR’, ‘USD0USD0++’, ‘stcUSD’, ‘PT-csUSDL’, ‘lvlUSD’, ‘yUSD’, ‘PT-wstUSR’, ‘PENDLE-LPT-WRAPPED’, ‘PT-USD0++’, ‘PT-cUSDO’, ‘USD0++’, ‘mHYPER’, ‘PT-wstUSR’, ‘PT-alUSD’, ‘PT-syrupUSDC’, ‘beraSTONE’, ‘PT-syrupUSDC’, ‘sUSDf’, ‘srUSD’, ‘PT-tUSDe’, ‘PT-wstUSR’, ‘PT-USD0++’, ‘PT-slvlUSD’, ‘MC_PTs’, ‘tacUSD’, ‘thBILL’, ‘USCC’, ‘PT-RUSD’, ‘PT-USD0++’, ‘PT-lvlUSD’, ‘PT-mHYPER’, ‘PT-tUSDe’, ‘PT-alUSD’, ‘PT-slvlUSD’, ‘PT-cUSDO’, ‘PT-sdeUSD’]. Experienced 3.6% loss due to force-removing sdeUSD/USDC market (deUSD depeg).
- Gauntlet USDC Core: [‘stcUSD’, ‘PT-srUSDe’, ‘siUSD’, ‘RLP’, ‘PT-RLP’, ‘PT-wstUSR’, ‘PT-cUSDO’, ‘PT-USR’, ‘ETH+’, ‘EIGEN’, ‘PT-USD0++’, ‘USD0USD0++’, ‘PT-sdeUSD’, ‘slvlUSD’, ‘PT-wstUSR’, ‘PT-syrupUSDC’, ‘PT-cUSDO’, ‘SolvBTC’, ‘USD0++’, ‘PT-syrupUSDC’, ‘PT-slvlUSD’, ‘mTBILL’, ‘srUSD’, ‘PT-USR’, ‘PT-USR’, ‘PT-wstUSR’, ‘deUSD’]
Note: The data shown above is from the time of posting the assessment with possibility of not including all the exposures due to deeper levels of collateral distributions like yearn vaults (acting as another yield aggregator used as a yield source at alUSD).
Resevoir rUSD
BA Labs has written before about Reservoir protocol, laying out concerns related to recursive backing of rUSD at the time.
Since then, the protocol has experienced massive unwinding down to levels of $17m due to this, currently standing at ~$75m TVL, with the recursive collateralization risk reduced as Stakehouse removed rUSD exposure.
USDai
In line with our previous, here we’d like to highlight the operational and counterparty risks imposed by managed positions, those including USDai.
It’s worth noting the current backing of USDai is almost entirely in the form of US t-bills, while users anticipate future token rewards.
Terminal tUSDe
Terminal protocol acts as a wrapper around Ethena’s USDe, offering additional Terminal points (and Ethena points) with no locking.
tUSDe exsposure is currently limited solely to Ethena’s USDe.
Strata jrUSDe
Junior USDe (jrUSDe) is a yield-bearing investment product, representing the junior risk tranche in Strata protocol. It provides leveraged exposure to sUSDe while simultaneously functioning as a liquid insurance pool for srUSDe. By absorbing excess risk and volatility associated with sUSDe APY, jrUSDe earns a risk premium from the senior tranche, delivering potentially higher yields for risk-tolerant investors.
Similarly to mMEV, aside from the above-mentioned risks including operational, counterparty, CEX solvency, ADL, liquidity risks within tokenized synthetic assets including actively managed position, we emphasize the fact that collateral composition of mApollo asset is a subject to change with no timelocks put in place, potentially leading to a full risk profile change (in both directions) with the change of underlying strategies used for yield generation, further increasing the risks due to this kind of uncertainty of its backing, as a yield token wrapper.
In case of mApollo, this extends to multiple collateral layers, thus increasing the underlying risks. To give an example of a collateral waterfall: mApollo → Pendle PT-alUSD → Yearn v3 → Morpho → Ethena/Morpho/etc.
Instand redemptions on Midas
Current instant capacity for mApollo redemptions is $1.62m (9.3% of TVL). We believe it’s rational to expect instant liquidity amount to depend mainly on the redemption process of underlying strategies, which in this case include significant portion in Pendle PT tokens, leaving the early unwinding (not waiting till maturity) solely to Pendle liquidity. Those include various underlying exposure, posing significant risk, as explained above.
Other notable risk considerations
- no TL on Apollo level, significant layered risks as collateral composition can change on each layer
- huge operational, counterparty, liqudity risks
- part of backing on Solana
- significant pendle exposure
Concentration Risk
The number of holders of mMEV token at the moment of writing this report stands at 87, with a single address (Pendle SY mApollo) holding ~42% of the supply.
Conclusion
Midas mApollo is openly targeting high risk yield sources throughout DeFi on Ethereum and Solana, including the junior tranches across multiple protocols tokenizing strategies including basis trading, AI hardware funding, institutional lending, and more. We note this would be the most risky ARK added to SummerFi at this stage, by far.
BA Labs believes it’s crucial to acknowledge that the above include huge risks overall due to the structure of mApollo as an asset and the collateral distribution, while we find less of locking concerns compared to mMEV, thus we’ll be proposing moving this proposal to a SIP stage, as we compute a very conservative parameters for the Higher-Risk USDC Fleet on Mainnet.