v0 previewGrades are draft or provisional: produced under Methodology v0.2.1 from public evidence, pending re-verification and issuer right-of-reply. Nothing here is investment advice, and these are not credit ratings.
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mBASIS

Midas · Tokenized basis-trade strategy · Ethereum · as of 2026-07-11

A discretionary trading strategy in a dollar-token wrapper — the same *shape* as what failed in November 2025, executed with more disclosure. Strategy NAV can draw down; this is not a reserve asset and should never be priced like one.

C+
56.3
provisionalconf medium
Haircut: 37.5%
base 30% (C+) x 1.25 (medium confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves52 · 25%
Backing is a managed basis strategy's NAV — market-regime dependent by construction. [1]
Redemption & exit60 · 20%
Issuer redemption at NAV with processing windows. [1]
Counterparty & custody45 · 15%
Manager discretion + venue exposure; disclosed, which distinguishes it from Stream — but the dependency is structural. [1]
Peg & market infrastructure62 · 15%
NAV accrual; any hardcoded-par usage in lending would be a red flag to monitor. [1]
Leverage & rehypothecation55 · 15%
Used in yield loops via curated vaults; compounding wrapper-on-strategy risk. [1]
Transparency & governance70 · 10%
Strategy disclosed and reported — materially better than the failed cohort, hence C+ not D. [1]
What would change this grade: Published third-party verification of strategy positions and drawdown controls would raise Backing and Counterparty.
Live price

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Model signals
Not yet computed

The quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.

Evidence appendix
Backing & reserves: [1]
Redemption & exit: [1]
Counterparty & custody: [1]
Peg & market infrastructure: [1]
Leverage & rehypothecation: [1]
Transparency & governance: [1]
As of 2026-07-11 · Methodology v0.2.1