MEV Capital’s Risk-Management Capabilities and Competitive Edge
MEV Capital is an on-chain liquidity provider and risk-management firm with a $750 million AUM mandate focused on stable, market-neutral yield since 2020. The team curates 12 public MetaMorpho vaults across four L1 networks while also operating a CSSF-regulated Luxembourg fund and SMA program.
Proven Track Record
- MetaMorpho Curator: $268 M curator-level TVL on Morpho (≈ 6 % of protocol TVL) with zero bad-debt events to date.(Morpho | MEV Capital Elixir USDC vault)
- Long-Run Out-performance: 25.3 % USD absolute return over the trailing 12 months across all strategies. Mev Capital
- Cross-Protocol Breadth: Active vaults for Elixir (deUSD), Usual (USD0), wETH-based carry, Symbiotic restaking and RWA-hedged LPs.
- Security Record: No smart-contract exploits since inception; all vaults run on audited Morpho Blue markets with real-time on-chain monitoring.
MEV Capital Performance Highlights
| Protocol / Strategy | Vault Type (Ticker) | 30-Day Avg APY | TVL | Notes |
|---|---|---|---|---|
| Morpho → Elixir | Elixir USDC (MC.ELIXIRUSDC) | 7.76 % | 0.46 M USDC | Supplies against blue-chip collateral, earns MORPHO incentives Morpho |
| Morpho → Usual | Usual USDC (MC.USUALUSDC) | 6.16 % | 2.55 M USDC | Diversified collateral set incl. ETH-LSTs Morpho |
| Morpho → Prime USDC | MEV Capital USDC Core | 5.77 % | 201.9 M USDC | Flagship stablecoin carry vault EarnBase |
| Morpho → ETH Carry | MEV Capital wETH | ≈ 5.8 % | 40.8 M USD-eq. | Lends wETH vs. LST/LRT collateral Exponential DeFi |
APYs are 30-day rolling averages, snapshot : 2 May 2025.
Compared to Competitors
| Category | MEV Capital | Gauntlet | Risk DAO | Steakhouse Fin. |
|---|---|---|---|---|
| Morpho AUM / Curator TVL | $268 M Morpho | $700 M+ | ~$200 M Morpho | ~$124 M (USDC vault) EarnBase |
| Vault-TVL Share | ~6 % | 40 %+ | 4–5 % | ~3 % |
| 30-Day APY Range (’25 YTD) | 5.7 – 7.8 % | 5 – 6 % | 6 – 8 % | 4.8 – 6.5 % EarnBase |
| Insolvency Events | 0 | 0 | 0 | 0 |
Key Differentiators
- Hybrid Structure: Combines fully on-chain, permissionless vaults with a CSSF-regulated Luxembourg AIF and bespoke SMA mandates—uniquely suiting both DAO treasuries and institutions. Mev Capital
- Strategy Breadth: Offers stablecoin carry, ETH/BTC carry, LRT restaking, RWA hedged LP and opportunistic arb—providing multiple un-correlated income streams.
- Transparent Fee Model: 10 % performance fee, no management fee on public vaults; addresses incentive alignment for DAO treasury depositors. Morpho
- Operational Resilience: Fireblocks-style MPC custody, role-based multi-sig approvals and external audits; no key-management failures recorded.
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Case studies
Why borrowing sUSDS is structurally harder than borrowing USDC
sUSDS is yield-bearing = borrower’s debt grows automatically
Similar case : Aave chose to list sDAI as “collateral-only” because “yield-bearing tokens generate limited borrow demand.” Aave
| Protocol | Problem | Mitigation |
|---|---|---|
| Aave v3 (stETH, sDAI) | Low borrow demand on yield-bearing assets | • Borrow caps • Lower optimal utilization • Make asset collateral-only (sDAI) |
| MakerDAO (sDAI) | No appetite to borrow a rebasing coin | Disabled borrowing entirely; sDAI is collateral-only. |
| Ethena (sUSDe) | Rebase debt risk | Keeps yield-bearing sUSDe for savings; lends non-rebasing USDe instead. |