Liquidity depth per major asset
Midas's assessment for RD-F-065 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
mTokens have thin secondary-market liquidity relative to TVL. mTBILL on Ethereum: ~$1.1M monthly trading volume, 49.4M tokens in circulation at NAV $1.06 per RWA.xyz — secondary depth is well below 2% of $52.6M circulating value (approximately 2% monthly turnover, not instantaneous depth). mTBILL on Base: ~$19.2K monthly volume — negligible. Other mTokens (mMEV, mEDGE, mBASIS, mBTC, mRE7YIELD) have no publicly available secondary-market depth data. Primary redemption is functional (instant, 0% fee via RedemptionVault) but KYC-gated, restricted to whitelisted non-US investors, and contingent on issuer operational continuity. Yellow: secondary-market depth at 2% impact is below 2% of TVL for major mTokens; primary redemption is the functional exit but is not permissionless.
Sources #
- URLRWA.xyz — mTBILL asset pageRWA.xyz mTBILL asset page — secondary volume ~$1.1M/month Ethereum, ~$19.2K/month Base; NAV $1.06; 49.4M tokens in circulationretrieved 2026-05-16
- Midas protocol profile §7.research/protocols/midas/00-profile.md §7 — primary redemption via RedemptionVault, KYC-gated, 0% fee, instant; custodian Maerki Baumannretrieved 2026-05-16
Methodology #
Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.
See the full factor methodology and distribution across all protocols →