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Midas mGLOBAL

3.5
mGLOBAL / Ethereum / June 17, 2026
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Score Breakdown

CategoryWeightScore
Audits & Historical20%2.50
Centralization & Control30%3.70
Funds Management30%4.00
Liquidity Risk15%4.00
Operational Risk5%2.00
Final Score3.5 / 5.0
20%30%30%15%
Elevated Risk

Overview

mGLOBAL is a tokenized certificate (Liquid Yield Token / LYT) issued by Midas Software GmbH, a German-incorporated tokenization platform. It references the performance of stablecoin-focused strategies managed by Fasanara Capital, a London-based asset management firm. Unlike mHYPER (a floating-NAV growth token), mGLOBAL is a stable/pegged token targeting a $1.00 price with yield auto-compounded into the token price.

The token price is maintained at ~$1.00000000 via a custom oracle (MGlobalCustomAggregatorFeedGrowth) updated by Midas. mGLOBAL's DepositVault and primary RedemptionVault integrate with Aave for idle capital management.

Key Stats:

  • mGLOBAL Market Cap / TVL: ~$37.6M (June 17, 2026; total supply ~37,611,592 mGLOBAL × $1.00)
  • Total Supply: ~37,611,592.37 mGLOBAL — 18 decimals, verified onchain via totalSupply() on token contract (all on Ethereum; no cross-chain deployments active)
  • Decimals: 18 (verified onchain, not 6 as typical for Midas tokens)
  • Token Name: "Midas Fasanara Global" — explicitly naming Fasanara as the strategy partner
  • Holders: 8 total holders per Etherscan, 4 real holders:
    • ⚠ MidasFarm / InfiniFi: 81% — This is InfiniFi's MidasFarm contract, representing InfiniFi depositor funds. The farm matured June 15, 2026 (yesterday as of this writing) — the position can be redeemed at any time. Per the InfiniFi report, this is a $30.60M position (37% of InfiniFi's total deployed assets), InfiniFi's second-highest risk farm. If InfiniFi redeems, mGLOBAL market cap drops from ~$37.6M to ~$7M overnight
    • EOA: 10.46% (~$3.9M) — single institutional holder
    • Gnosis Safe: 6% (~$2.3M) — 3/4 multisig (likely treasury)
    • BeaconProxy: 2.3% (~$870K) — proxy contract
  • Creation: Block 24798265 (April 3, 2026, ~10 weeks in production)
  • Midas Platform TVL: ~$109.5M per DeFiLlama (June 17, 2026)
  • KYC Required: Yes (greenlist enforced onchain — confirmed via GREENLISTED_ROLE / GREENLIST_OPERATOR_ROLE)

Links:

Risk Summary

Key Strengths

  • Doxxed Midas team with institutional backing — Goldman Sachs / Morgan Stanley alumni, backed by Coinbase Ventures, Framework Ventures, BlockTower
  • Established strategy manager — Fasanara Capital Ltd (London, founded 2011, $4B+ AUM, 15-year track record) is a major European institutional asset manager with MIFIDPRU disclosure and SFDR Article 8 classified funds. While less crypto-native than Hyperithm, its size, history, and regulatory infrastructure are meaningful
  • Institutional-grade custody — Fordefi MPC with tri-party MPC governance prevents unilateral fund access
  • Shared, extensively audited infrastructure — 10 audits (2023–2025) on Midas core contracts
  • Aave integration at vault level — idle capital is verifiably deposited on Aave (blue-chip DeFi), providing partial onchain transparency not present in mHYPER
  • Strong $1M bug bounty across Sherlock + Cantina platforms
  • Stable peg product — $1.00 target is simpler to verify than floating NAV tokens

Key Risks

  • Incomplete strategy manager due diligence — Fasanara Capital Ltd is now partially researched (founded 2011, $4B+ AUM, London-based, large team, MIFIDPRU disclosure). However, its specific** digital asset strategy mandate for mGLOBAL, crypto-native track record, and FCA registration details remain unverified. 92% of mGLOBAL NAV is classified as "Unclassified" — significantly more opaque than even mHYPER's 76.8%
  • Very loose oracle bounds — maxAnswerDeviation of 100% ($1.00) means the oracle price can move from $1.00 to $0.10 or $1,000 in a single update. The PriceRaised/PriceLowered bound feeds are deployed but inactive. Oracle is 33+ days stale (last update May 15, 2026) with APY stuck at 0.00%
  • Short production history — ~10 weeks vs mHYPER's ~9+ months. No stress-test events. APY has been 0% since inception (no yield reported onchain)
  • Unbacked minting possible — tokens can be minted without collateral by any address holding M_GLOBAL_MINT_OPERATOR_ROLE. Role grants bypass the 48-hour timelock entirely
  • Weak access control — DEFAULT_ADMIN_ROLE held by two addresses (1/3 Safe + one EOA). Either can grant/revoke any role immediately
  • Zero secondary market — No Uniswap V3 pools, no DexScreener pairs. Exit entirely dependent on Midas redemption infrastructure. Vaults hold near-zero USDC for instant redemptions
  • OFT adapter deployed but inactive — no mGLOBAL bridge roles granted. Cross-chain expansion state is unclear

Critical Risks

  • Fasanara due diligence gap (partially resolved): Fasanara Capital Ltd is now confirmed as a London-based, $4B+ AUM institutional manager with 15-year history, MIFIDPRU disclosure, and a large professional team. This is significantly stronger than the initial "unverified" assessment. However, its specific digital asset strategy for mGLOBAL remains opaque — 92% of NAV is "Unclassified." Fasanara's crypto-native track record is less established than Hyperithm's
  • Oracle can report any price: With 100% maxAnswerDeviation and no active bound feeds, a compromised oracle updater can set the price anywhere between $0.10 and $1,000 in a single transaction. Combined with no-timelock role grants and unbacked minting, this creates a path to significant token holder loss
  • InfiniFi concentration — immediate: 81% of mGLOBAL ($30.6M) is held by InfiniFi's MidasFarm. The farm matured yesterday (June 15, 2026) — InfiniFi can redeem at any moment. A full redemption would collapse mGLOBAL market cap from $37.6M to ~$7M. InfiniFi rates this position 4.5/5 risk (their second-highest). This is not a theoretical concern — the maturity trigger has already fired
Full Report

Contract Addresses

All contracts use OpenZeppelin's TransparentUpgradeableProxy pattern with a shared ProxyAdmin at 0xbf25b58cB8DfaD688F7BcB2b87D71C23A6600AaC.

mGLOBAL-Specific Contracts

Contract Proxy Address Implementation Address
mGLOBAL Token 0x7433806912Eae67919e66aea853d46Fa0aef98A8 0xd22be883b7194ac2d1751bf8e6e4962d87f2f75a
mGLOBAL/USD Oracle (MGlobalCustomAggregatorFeedGrowth) 0x66aa9fcd63df74e1f67a9452e6e59fbc67f75e38 0x96ac55e782b9ee3f1dd72b3ba033352b5af95e49
mGLOBAL/USD PriceRaised Feed 0x494f142c35167cfbdd3887e8d7897822e63c9618 N/A (CustomAggregatorV3CompatibleFeedAdjusted)
mGLOBAL/USD PriceLowered Feed 0x4c825154d02eafab7f3c779d96c279bcdb9fcf6f N/A (CustomAggregatorV3CompatibleFeedAdjusted)
MGlobalDataFeed Implementation N/A 0x94cd5b8904c1f1426f9408ee5c98b789c6a864c6
DataFeed Proxy 1 0x58476f452df10e6bf17dc1fee418e98de9e14868 0x94cd5b8904c1f1426f9408ee5c98b789c6a864c6
DataFeed Proxy 2 0xb468a6f63868cb6c6d99105edfbe73d6b21f139e 0x94cd5b8904c1f1426f9408ee5c98b789c6a864c6
DepositVault (MGlobalDepositVaultWithAave) 0xce29c36c6d4556f2d01d79414c1354b968dddef1 0x08e4432f84e660235821c63764fb2ffcc7e2b477
RedemptionVaultWithAave 0xa0fc8bdfb1e6a705c1375810989b1d70a982b01b 0xf687e76e3d62d62fe6f6a7f66ce9fae21df6438d
RedemptionVaultWithSwapper 0x1e0fd66753198c7b8ba64edee8d41d8628bf20d7 0xe98a4fb7a2e87ad888ccef0587dc820cf1a7cabb
OFT Adapter (MidasLzMintBurnOFTAdapter) 0xb67f81069e890a1b3e02c7bed3a9f78ba54a445c N/A

Shared Infrastructure (shared with all Midas products)

Contract Address
MidasAccessControl 0x0312A9D1Ff2372DDEdCBB21e4B6389aFc919aC4B
ProxyAdmin (shared) 0xbf25b58cB8DfaD688F7BcB2b87D71C23A6600AaC
Timelock (MidasTimelockController) 0xE3EEe3e0D2398799C884a47FC40C029C8e241852
Admin Gnosis Safe 0xB60842E9DaBCd1C52e354ac30E82a97661cB7E89
Deployer 0xf377e2aa453be3accd5e0350243965c98bb7149a

Attestation Engine (shared with all Midas products)

Contract Address
KeystoneForwarder 0x0b93082D9b3C7C97fAcd250082899BAcf3af3885
SaveCreReceiverProxy 0xC50102b6598924Aa8deB201c757bFb9a3dBdB9b6
MidasSaveRegistryWithClaim 0x2D6e9F608807436DE5D9603B00Abe3FEd1Bc809d

Audits and Due Diligence Disclosures

Shared Audit History (Midas Core Contracts):

Audit Status: Extensive — 10 audits across 2023–2025 cover Midas core contracts. mGLOBAL is an implementation/variant of these audited contracts, though the Aave-integrated vaults and custom growth oracle are new patterns relative to prior audit scopes.

Hacken Audit Results (Dec 2023):

  • Security Score: 10/10 (post-fix). 100% branch coverage
  • 0 Critical, 1 High (Accepted — USD tokens with custom decimals), 2 Medium, 1 Low, 4 Observations
  • Critical note: Auditors explicitly flagged the protocol as "highly centralized" with system admins controlling all critical roles

Smart Contract Complexity: Low-Moderate

  • mGLOBAL extends the standard Midas token (ERC-20 with pausable, role-controlled mint/burn)
  • Adds Aave integration for idle capital in vaults (deposits USDC into Aave)
  • Uses MGlobalCustomAggregatorFeedGrowth oracle wrapping Chainlink's AggregatorV3 interface — not a Chainlink data feed
  • Additional PriceRaised / PriceLowered bound feeds (currently without role holders)
  • Access control via shared MidasAccessControl contract

Bug Bounty

  • $1,000,000 USD total allocated across two platforms per Midas docs:
    • Sherlock Bug Bounty — Live since March 31, 2026. Max payout: $500,000 USDC. Tiers: Critical $25K–$500K (10% of affected funds), High $5K–$25K, Medium $5K, Low $500–$1K
    • Cantina Bug Bounty — Live since March 23, 2026. Max payout: $500,000. Tiers: Critical $500K, High $25K, Medium $5K, Low $1K

Historical Track Record

  • Production History: mGLOBAL token created on Ethereum April 3, 2026 (~10 weeks in production). Midas platform launched with mTBILL in mid-2024 (~22 months total)
  • TVL Growth: Midas grew from ~$4M (July 2024) to a peak of ~$927.8M (October 27, 2025), declining to ~$109.5M (June 2026). See DeFiLlama
  • mGLOBAL Market Cap: ~$37.6M (June 2026), representing ~34% of Midas total TVL
  • Price History: mGLOBAL targets $1.00. Oracle price is $1.00000000 (round 2, 8 decimals, last updated ~June 4, 2026 per onchain data). The token has been in production for only 10 weeks; limited price history available
  • No known security incidents for mGLOBAL or Midas platform

Fasanara Capital Track Record:

  • Fasanara Capital Ltd — institutional asset manager headquartered at 4th Floor, 25 Argyll Street, London W1F 7TU. Founded 2011 (~15 years operating history)
  • AUM: Crossed $4B in 2022 per Fasanara website
  • CEO: Francesco Filia, ex-Managing Director & EMEA Head of Mid Caps at Bank of America Merrill Lynch
  • Team: 40+ named professionals across leadership, investment, origination, quant/technology, legal, risk, and operations (team page)
  • Regulatory: Fasanara Capital Ltd is FCA Authorised since 12 August 2011, Firm Reference Number 551020, Companies House 07561210. Type: regulated. The firm's MiFID permissions scope is on the FCA register (specific activities/product types need manual review of the full record). Also publishes a MIFIDPRU Disclosure consistent with its regulatory status
  • Business: Two main pillars — Fintech Lending (141 loan originators across 60+ countries) and Digital Assets. EU SFDR Article 8 classified funds for certain Alternative Credit sub-funds
  • Track record: 15-year operating history. ESG initiatives (Sustainability Report 2025 published). No known regulatory actions or incidents found
  • mGLOBAL strategy: Fasanara's specific strategy mandate for mGLOBAL (asset allocation, risk framework, leverage policy) is not publicly documented. The token name "Midas Fasanara Global" and the 92% "Unclassified" allocation suggest the strategy is primarily offchain/opaque

Funds Management

Fasanara Capital is the strategy manager for mGLOBAL. Unlike mHYPER which uses Hyperithm for market-neutral DeFi strategies, the specific strategy allocation, risk parameters, and target yield sources for mGLOBAL can't be fetched. mGLOBAL integrates with Aave at the vault level (DepositVault and RedemptionVault both use Aave for idle capital).

  • Fund Manager: Fasanara Capital Ltd (London, founded 2011, AUM $4B+) — one of Europe's largest fintech-focused asset managers
  • Strategy Allocations (per SumCap, June 16, 2026):
    • Unclassified: $34.64M (92.09%) — offchain/opaque positions not attributable to specific onchain protocols
    • Aave V3: $2.55M (6.78%) — idle capital deployed on Aave (blue-chip DeFi)
    • Liquidity Buffer: $426K (1.13%) — onchain wallet liquidity
    • Assets To be Deployed: ~$0 — fully allocated
    • NAV: $37.61M; Price: $1.0000; APY: 0.00% (static since May 15, 2026)
    • SumCap methodology: "NAV is computed as the maximum between total onchain supply × most recent oracle price and NAV tracked by Delta Y across all vault allocator addresses"
    • ⚠ 92% of mGLOBAL NAV is unclassified — the majority of the strategy portfolio cannot be verified onchain
  • Custody: Fordefi MPC custody with tri-party quorum per Fordefi case study (Midas + Fasanara + independent signer)
  • Aave Integration: The DepositVault (MGlobalDepositVaultWithAave) and RedemptionVaultWithAave suggest idle USDC is deposited into Aave for yield — a positive structural feature. SumCap confirms $2.55M is on Aave V3
  • Monitoring: NAV updates provided by Fasanara, reviewed by Midas, then published onchain. Oracle last updated May 15, 2026 — 33+ days stale. APY has been 0.00% since that date, suggesting no yield has been reported or accrued onchain since mid-May

Accessibility

  • KYC Required: Yes — users must complete KYC/AML screening. Once approved, added to onchain greenlist via GREENLISTED_ROLE / GREENLIST_OPERATOR_ROLE
  • Minting: Deposit USDC, receive mGLOBAL tokens at oracle price ($1.00). Via MGlobalDepositVaultWithAave
  • Redemption: Two paths:
    • MGlobalRedemptionVaultWithAave: Primary redemption vault with Aave integration for idle capital. Holds M_GLOBAL_BURN_OPERATOR_ROLE
    • MGlobalRedemptionVaultWithSwapper: Secondary redemption vault with swapper functionality. Also holds M_GLOBAL_BURN_OPERATOR_ROLE
  • Fees (mGLOBAL-specific):
    • Management fee: 0.40% annual on AUM
    • Performance fee: 0% on yield
    • Instant Minting: 0%
    • Instant Redemption: 0.50%
    • This is a different fee model from mHYPER (which charges 0% management / 20% performance). mGLOBAL uses AUM-based fees with no performance cut — the 0.40% management fee is a drag on yield but predictable. The 0% performance fee means all strategy yield accrues to token holders

Token Mint Authority

Mint mechanism: Role-gated AccessControl. mint() has NO onchain collateral check — only verifies caller has M_GLOBAL_MINT_OPERATOR_ROLE (0x86c2e8326862f916bf4ee800260d2306dc3c829808f94feb79f6d3a20aaf9bc2).

Mint requires backing: No — minter can issue unbacked tokens.

Rate limits / supply caps: None onchain.

Backing check at mint time: None — minter can issue unbacked tokens.

Per-address mint authority (verified onchain June 17, 2026, from token contract 0x7433806912Eae67919e66aea853d46Fa0aef98A8):

Address Can Mint Can Burn Role / Mechanism Notes
0x76e350c5a674db787918e5f728466c7356d4d361 ✓ ✓ M_GLOBAL_MINT_OPERATOR_ROLE + M_GLOBAL_BURN_OPERATOR_ROLE + M_GLOBAL_PAUSE_OPERATOR_ROLE + BLACKLIST_OPERATOR + GREENLIST_OPERATOR EOA, nonce 3. Per Midas pattern, claimed as Fordefi MPC (not verifiable onchain). Also holds generic BLACKLIST_OPERATOR and GREENLIST_OPERATOR roles
0xce29c36c6d4556f2d01d79414c1354b968dddef1 ✓ — M_GLOBAL_MINT_OPERATOR_ROLE MGlobalDepositVaultWithAave (proxy). Mints when users deposit USDC
0xa0fc8bdfb1e6a705c1375810989b1d70a982b01b — ✓ M_GLOBAL_BURN_OPERATOR_ROLE MGlobalRedemptionVaultWithAave (proxy)
0x1e0fd66753198c7b8ba64edee8d41d8628bf20d7 — ✓ M_GLOBAL_BURN_OPERATOR_ROLE MGlobalRedemptionVaultWithSwapper (proxy)

Mint-role grants bypass the 48-hour timelock entirely. Either of the two DEFAULT_ADMIN_ROLE holders can grant themselves M_GLOBAL_MINT_OPERATOR_ROLE and mint unbacked tokens in two transactions with zero delay.

Collateralization

  • Backing Model: Offchain / hybrid — mGLOBAL is a subordinated debt instrument of Midas Software GmbH, not a direct claim on underlying assets
  • Collateral Quality: Per SumCap (June 16, 2026): 92.09% Unclassified (offchain/opaque), 6.78% Aave V3 aUSDC (blue-chip DeFi), 1.13% Liquidity Buffer (USDC). The 92% unclassified portion cannot be assessed for quality — this is the primary collateralization concern
  • Verifiability: Hybrid. The Aave integration in vaults provides partial onchain visibility of idle capital. Full strategy portfolio composition requires offchain reporting
  • Risk Curation: Fasanara has discretion over allocation within the strategy framework. Midas enforces policy limits via Fordefi policy engine
  • Tri-Party Governance (via Fordefi): Per Fordefi case study: Midas Treasury + Fasanara (Asset Manager) + Independent Oversight Signer. Operations within predefined rules clear automatically; anything outside routes to tri-party quorum
  • Legal Structure: LYT holders are subordinate creditors of Midas Software GmbH (German GmbH, HRB 254645 B, Berlin-Charlottenburg). Per the Midas legal structure docs, Midas offers two structures: Luxembourg securitisation (bankruptcy-remote) and German GmbH. mGLOBAL uses the German GmbH structure — no statutory asset segregation or bankruptcy remoteness. This matches mHYPER's structure

Provability

  • Reserve Transparency: Hybrid. The shared Midas Attestation Engine (SAVE, introduced March 2026) adds a multi-party verification layer via three contracts: KeystoneForwarder, SaveCreReceiverProxy, and MidasSaveRegistryWithClaim. The registry stores hashes only — not actual reserve data or NAV
  • NAV/Price Updates: Token price updated via privileged role on the MGlobalCustomAggregatorFeedGrowth oracle (0x66aa9fcd63df74e1f67a9452e6e59fbc67f75e38). Current price: $1.00000000 (round 2). Update history (verified onchain): The oracle has been updated only 2 times since deployment: April 5, 2026 (initial price set) and May 15, 2026. The oracle is now 33+ days stale (last update May 15, 2026; snapshot June 17, 2026). This is atypical — mHYPER's oracle is updated twice per week. For a stablecoin product, the price has been static at $1.00, but the lack of regular updates is notable
  • Oracle Bounds: maxAnswerDeviation = 100000000 ($1.00, effectively 100% deviation per update — very loose), minAnswer = $0.10, maxAnswer = $1,000. These are much looser than mHYPER's 0.35% deviation cap
  • Oracle Model: Uses MGlobalCustomAggregatorFeedGrowth with separate PriceRaised (0x494f142c35167cfbdd3887e8d7897822e63c9618) and PriceLowered (0x4c825154d02eafab7f3c779d96c279bcdb9fcf6f) bound feeds. These appear to define upper/lower acceptable price bounds, but currently have no role holders assigned — suggesting this safety feature is not yet active
  • Attestation Engine Data: The registry stores proof IDs, attestation hashes, claim hashes, verifier hashes, timestamps, and attestor/verifier addresses. It does not expose actual reserve data or an onchain URI/CID
  • Third-Party Verification: Per Midas docs, the Attestation Engine uses LlamaRisk and Canary Protocol as independent verifiers

Liquidity Risk

  • DEX Liquidity: Zero — No Uniswap V3 pools found for mGLOBAL/USDC at any fee tier (500/3000/10000 bps) via Uniswap V3 Factory. Zero DEX pairs on DexScreener. The token has no secondary market — exit is entirely dependent on Midas redemption infrastructure
  • Primary Exit: Via Midas redemption vaults (MGlobalRedemptionVaultWithAave + MGlobalRedemptionVaultWithSwapper)
  • Redemption Mechanism:
    • MGlobalRedemptionVaultWithAave — primary redemption with Aave integration. Likely supports instant redemptions when liquidity available
    • MGlobalRedemptionVaultWithSwapper — secondary redemption with swapper functionality
  • Large Holder Impact: EXTREME. InfiniFi's MidasFarm holds 81% of all mGLOBAL (~$30.6M). Farm matured June 15, 2026 (yesterday). The remaining holders (EOA 10.46%, Safe 6%, BeaconProxy 2.3%) would be severely impacted by any InfiniFi exit
  • Vault USDC Balances (onchain, June 17, 2026):

Centralization & Control Risks

Governance

  • Contract Upgradeability: Yes — all contracts use TransparentUpgradeableProxy with shared ProxyAdmin at 0xbf25b58cB8DfaD688F7BcB2b87D71C23A6600AaC
  • ProxyAdmin Owner: MidasTimelockController — a verified OpenZeppelin TimelockController with a 48-hour minimum delay. Contract upgrades must be proposed, wait 48 hours, then executed
  • Timelock Proposer/Executor: Gnosis Safe 0xB60842E9DaBCd1C52e354ac30E82a97661cB7E89 — 1/3 onchain threshold (any single Safe owner can propose/execute). Safe owners:
  • Access Control: Role-based via MidasAccessControl (0x0312A9D1Ff2372DDEdCBB21e4B6389aFc919aC4B)
  • DEFAULT_ADMIN_ROLE holders (2): Two addresses hold DEFAULT_ADMIN_ROLE on MidasAccessControl — role changes (mint/burn/pause/blacklist grants) bypass the timelock and can be executed immediately:
  • Governance Model: No onchain governance. Midas controls all admin functions
  • Privileged Roles:
    1. M_GLOBAL_MINT_OPERATOR_ROLE (0x86c2e8326862f916bf4ee800260d2306dc3c829808f94feb79f6d3a20aaf9bc2) — Can mint unlimited mGLOBAL tokens. The mint() function has no onchain collateral check — it only verifies the caller has the mint role. Currently held by:
    1. M_GLOBAL_BURN_OPERATOR_ROLE — Can burn mGLOBAL tokens from any address. Currently held by:
    1. M_GLOBAL_PAUSE_OPERATOR_ROLE — Can pause/unpause the contract (freezing all transfers). Held by 0x76e350c5a674db787918e5f728466c7356d4d361
    2. DEFAULT_ADMIN_ROLE — Can grant/revoke all other roles (held by 1/3 Safe + one EOA, no timelock). A compromised admin can grant itself the MINT role and mint unbacked tokens in two transactions
    3. ProxyAdmin owner — Can upgrade all contract implementations (via 48hr timelock)
    4. Oracle updater — Can set the NAV price via M_GLOBAL_CUSTOM_AGGREGATOR_FEED_ADMIN_ROLE (0x9e02beae92a72aee37131404ba654d9d66746f20885ff63bd08d7b4b8864a54e). Currently held by a single EOA: 0x088a74de7df74e6a6eb832d28878a9f134ee4f05 — nonce 4, no timelock on price updates. Oracle bounds: maxAnswerDeviation = 100% ($1.00), minAnswer = $0.10, maxAnswer = $1,000
    5. Greenlist/Blacklist operators:
  • Fund Seizure / Unbacked Minting: The mint operator can create tokens without depositing collateral (no onchain backing check). The burn operator can burn from any address. The blacklist/pause operators can freeze activity. Role grants bypass the timelock — either of the two DEFAULT_ADMIN_ROLE holders can grant themselves these roles immediately and unilaterally. renounceRole is disabled (always reverts) per shared MidasAccessControl code
  • Audit Assessment: Hacken auditors explicitly flagged the protocol as "highly centralized" with system admins controlling all critical roles

Programmability

  • System Operations: Primarily offchain. Strategy execution, NAV calculation, and redemption processing are handled by Midas/Fasanara offchain
  • Oracle/NAV Updates: The MGlobalCustomAggregatorFeedGrowth is updated by a privileged role with significantly looser bounds than mHYPER (100% deviation vs 0.35%). The PriceRaised/PriceLowered bound feeds exist onchain but have no role holders — this safety feature appears inactive
  • PPS Definition: The oracle price IS the PPS. It is updated by an admin role, not computed onchain from reserves
  • Off-Chain Dependencies: Critical
    • Fasanara's strategy execution and NAV reporting
    • Midas's redemption processing
    • KYC/AML verification (greenlist management)
    • Fordefi for MPC custody and transaction signing
  • Aave Integration (Positive): mGLOBAL's vaults integrate with Aave for idle capital, providing some onchain visibility of deposited USDC

External Dependencies

  • Fasanara Capital (Critical): Strategy management, NAV calculation, risk monitoring. Due diligence on Fasanara is partially complete — confirmed $4B+ AUM, 15-year history, London-based institutional manager with MIFIDPRU disclosure. However, crypto-native track record and mGLOBAL-specific mandate remain unverified. 92% NAV opacity is a key concern. Fasanara is larger ($4B vs $300M AUM) and more established (15yr vs 7yr), but its digital asset strategy transparency is lower
  • Fordefi (Critical): MPC custody of underlying assets with tri-party MPC governance
  • Aave (Important): The DepositVault and RedemptionVault integrate directly with Aave for idle capital management. Aave is a blue-chip DeFi protocol — this is a positive dependency compared to mHYPER's fully offchain idle capital handling
  • Strategy Counterparties: cannot verify specific strategy counterparties, 92% of NAV is unclassified
  • Stablecoin Dependencies: USDC is the deposit asset. Any USDC depeg would directly impact mGLOBAL value
  • Oracle: NAV reported via custom contract (MGlobalCustomAggregatorFeedGrowth). Not a Chainlink data feed. Bound feeds (PriceRaised/PriceLowered) exist but have no active role holders
  • MidasAccessControl (Critical): Shared across all Midas products. A failure or compromise of this contract would affect mGLOBAL alongside mHYPER, mTBILL, and other Midas tokens

Operational Risk

  • Team: Shared with all Midas products. Dennis Dinkelmeyer (CEO, ex-Goldman Sachs), Fabrice Grinda (Executive Chairman, co-founded OLX, FJ Labs), Romain Bourgois (CPO, ex-Ondo Finance). Team includes alumni from Goldman Sachs, Anchorage Digital, Capital Group
  • Investors: Framework Ventures (lead), BlockTower, HV Capital, Coinbase Ventures, GSR, Hack VC, Cathay Ledger, 6th Man Ventures, FJ Labs, Lattice Capital. $8.75M seed (March 2024)
  • Documentation Quality: Midas has comprehensive docs at docs.midas.app covering token mechanics, fees, risk management, smart contracts. However, mGLOBAL-specific documentation is limited
  • Legal Structure: Midas Software GmbH, Pappelallee 78/79, 10437 Berlin, Germany (HRB 254645, LEI 984500BB00BN6D2B7C48). Incorporated June 2023. The issuer is neither licensed nor registered with the Liechtenstein FMA or any other supervisory authority. Base Prospectus approved by FMA Liechtenstein (July 17, 2025, valid until July 17, 2026)
  • Fasanara Due Diligence: Fasanara's team, regulatory status, AUM, and incident history need to be researched
  • Incident Response: Midas demonstrated operational capability during the Stream Finance incident (processed $150M+ in redemptions within 48 hours)

Monitoring

  1. Oracle/NAV Updates (CRITICAL)
  • Contract: 0x66aa9fcd63df74e1f67a9452e6e59fbc67f75e38 (MGlobalCustomAggregatorFeedGrowth)
  • Monitor: AnswerUpdated events, latestRoundData() values, setRoundData calls
  • Alert: Any price deviation from $1.00 (the stable peg), stale price (>7 days without update), unexpected price jumps
  • Frequency: Hourly
  • Thresholds: Price < $0.995 or > $1.005, staleness > 7 days
  1. Oracle Bound Feeds (RECOMMENDED)
  1. Access Control Changes (CRITICAL)
  • Contract: 0x0312A9D1Ff2372DDEdCBB21e4B6389aFc919aC4B (MidasAccessControl)
  • Monitor: RoleGranted, RoleRevoked events for mGLOBAL-specific roles:
    • M_GLOBAL_MINT_OPERATOR_ROLE (0x86c2e8326862f916bf4ee800260d2306dc3c829808f94feb79f6d3a20aaf9bc2)
    • M_GLOBAL_BURN_OPERATOR_ROLE
    • M_GLOBAL_PAUSE_OPERATOR_ROLE
    • M_GLOBAL_CUSTOM_AGGREGATOR_FEED_ADMIN_ROLE
    • M_GLOBAL_DEPOSIT_VAULT_ADMIN_ROLE
    • M_GLOBAL_REDEMPTION_VAULT_ADMIN_ROLE
    • DEFAULT_ADMIN_ROLE (0x0000000000000000000000000000000000000000000000000000000000000000)
  • Alert: Any role change
  • Frequency: On event
  1. Contract Upgrades (CRITICAL)
  1. Token Supply & Transfers (CRITICAL)
  • Contract: 0x7433806912Eae67919e66aea853d46Fa0aef98A8 (mGLOBAL)
  • Monitor: totalSupply() via cast call, Paused/Unpaused events, large mint/burn events, Blacklisted/Greenlisted events
  • Alert: Supply change > 5% in 24 hours, pause events, any blacklist changes
  • Frequency: On event / daily
  • Thresholds: Mint > $1M, Burn > $1M, supply delta > 5%
  1. Vault Activity (RECOMMENDED)
  1. Timelock Activity (RECOMMENDED)
  • Contract: 0xE3EEe3e0D2398799C884a47FC40C029C8e241852 (MidasTimelockController)
  • Monitor: CallScheduled, CallExecuted, CallCancelled events
  • Alert: Any scheduled call (indicates pending contract upgrade)
  • Frequency: Hourly
  1. Aave Position Health (RECOMMENDED)
  • Contracts: MGlobalDepositVaultWithAave and MGlobalRedemptionVaultWithAave
  • Monitor: Aave aUSDC balances held by mGLOBAL vaults via cast call on Aave aUSDC token
  • Alert: Significant aUSDC balance decrease (indicating withdrawal from Aave)
  • Frequency: Daily
  1. External Protocol Health (RECOMMENDED)
  • Monitor Aave for incidents that could impact mGLOBAL's deposited idle capital
  • Monitor USDC for depeg events
  • Monitor MidasAccessControl for any DEFAULT_ADMIN_ROLE changes (affects all Midas products)

Appendix: Contract Architecture

┌─────────────────────────────────────────────────────────────────────────────┐
│                           USER INTERACTION LAYER                              │
│                                                                              │
│  ┌──────────────────────────────────┐  ┌──────────────────────────────────┐  │
│  │  MGlobalDepositVaultWithAave     │  │  MGlobalRedemptionVaultWithAave  │  │
│  │  (TransparentProxy)              │  │  (TransparentProxy)              │  │
│  │  0xce29c36c..def1                │  │  0xa0fc8bdf..b01b                │  │
│  │                                  │  │                                  │  │
│  │  User deposits USDC ─────────────┼─▶│  User redeems mGLOBAL           │  │
│  │  Idle USDC → Aave aUSDC          │  │  Idle USDC → Aave aUSDC          │  │
│  │  Has: MINT_OPERATOR_ROLE         │  │  Has: BURN_OPERATOR_ROLE         │  │
│  └──────────────┬───────────────────┘  └───────────────┬──────────────────┘  │
│                 │ mints                                │ burns               │
│                 ▼                                      ▼                      │
│  ┌──────────────────────────────────────────────────────────────────────┐    │
│  │  mGLOBAL Token (TransparentProxy)                                    │    │
│  │  0x7433806912Eae67919e66aea853d46Fa0aef98A8                          │    │
│  │  impl: 0xd22be883b7194ac2d1751bf8e6e4962d87f2f75a                    │    │
│  │                                                                      │    │
│  │  mint(to, amount) ── only role check, NO collateral check            │    │
│  │  burn(from, amount) ── can burn from any address                     │    │
│  │  pause() / unpause() / greenlist() / blacklist()                     │    │
│  │  metadata(key) / setMetadata(key, data)                              │    │
│  └──────────────────────────────────────────────────────────────────────┘    │
│                                                                              │
│  ┌──────────────────────────────────┐  ┌──────────────────────────────────┐  │
│  │  MGlobalRedemptionVaultWithSwapper│  │  MidasLzMintBurnOFTAdapter      │  │
│  │  (TransparentProxy)              │  │  0xb67f8106..445c                │  │
│  │  0x1e0fd667..20d7                │  │                                  │  │
│  │                                  │  │  Has: NO mGLOBAL roles           │  │
│  │  Has: BURN_OPERATOR_ROLE         │  │  (cross-chain not active yet)   │  │
│  └──────────────────────────────────┘  └──────────────────────────────────┘  │
│                                                                              │
└──────────────────────────────────────────────────────────────────────────────┘

┌─────────────────────────────────────────────────────────────────────────────┐
│                           ORACLE LAYER                                       │
│                                                                              │
│  ┌──────────────────────────────────────────────────────────────────────┐    │
│  │  MGlobalCustomAggregatorFeedGrowth (Oracle / NAV)                     │    │
│  │  Proxy: 0x66aa9fcd63df74e1f67a9452e6e59fbc67f75e38                   │    │
│  │  Impl:  0x96ac55e782b9ee3f1dd72b3ba033352b5af95e49                   │    │
│  │                                                                      │    │
│  │  Price: $1.00000000 (r2, updated ~Jun 4 2026)                        │    │
│  │  maxAnswerDeviation: 100% ($1.00) — VERY LOOSE                       │    │
│  │  minAnswer: $0.10, maxAnswer: $1,000                                 │    │
│  │  Updater: EOA 0x088a74de..f05 (no timelock)                          │    │
│  └──────────────────────────────────────────────────────────────────────┘    │
│                                                                              │
│  ┌────────────────────────────┐  ┌────────────────────────────┐              │
│  │  PriceRaised Feed          │  │  PriceLowered Feed         │              │
│  │  0x494f142c..9618          │  │  0x4c825154..cf6f          │              │
│  │  NO role holders assigned  │  │  NO role holders assigned  │              │
│  │  (bound feed — inactive)   │  │  (bound feed — inactive)   │              │
│  └────────────────────────────┘  └────────────────────────────┘              │
│                                                                              │
│  ┌──────────────────────────────────────────────────────────────────────┐    │
│  │  MGlobalDataFeed                                                      │    │
│  │  Impl: 0x94cd5b8904c1f1426f9408ee5c98b789c6a864c6                    │    │
│  │  Proxy 1: 0x58476f45..8688                                           │    │
│  │  Proxy 2: 0xb468a6f6..139e                                           │    │
│  └──────────────────────────────────────────────────────────────────────┘    │
│                                                                              │
└──────────────────────────────────────────────────────────────────────────────┘

┌─────────────────────────────────────────────────────────────────────────────┐
│                        ACCESS CONTROL LAYER                                   │
│                                                                              │
│  ┌──────────────────────────────────────────────────────────────────────┐    │
│  │  MidasAccessControl (TransparentProxy)                                │    │
│  │  0x0312A9D1Ff2372DDEdCBB21e4B6389aFc919aC4B                          │    │
│  │                                                                      │    │
│  │  All token/vault operations check roles via this contract            │    │
│  │  grantRole() / revokeRole() ── admin can change any role             │    │
│  │  renounceRole() ── DISABLED (always reverts)                         │    │
│  └──────────────────────────────────────────────────────────────────────┘    │
│                                                                              │
│  ┌────────────────────────────┐  ┌────────────────────────────────────┐      │
│  │  ProxyAdmin (shared)       │  │  MidasTimelockController           │      │
│  │  0xbf25b58c..AaC           │◀─│  0xE3EEe3e0..852                  │      │
│  │                            │  │                                    │      │
│  │  Can upgrade all proxy     │  │  48-hour minimum delay             │      │
│  │  implementations           │  │  Proposer/Executor: 1/3 Safe      │      │
│  └────────────────────────────┘  └────────────────────────────────────┘      │
│                                                                              │
│  ┌──────────────────────────────────────────────────────────────────────┐    │
│  │  Timelock Owner: 1/3 Gnosis Safe 0xB60842E9DaBC..7E89               │    │
│  │  Safe owners (3 signers, 1 threshold onchain):                       │    │
│  │  ├─ EOA 0x8003544D32eE074aA8A1fb72129Fa8Ef7fe02E5f (Fordefi MPC?) │    │
│  │  ├─ 3/7 Safe 0x82B30194bEae06D991Bc71850F949ec8cB7E0CB7            │    │
│  │  └─ EOA 0xC50BD8430545C80a681C7cb33E6560fB0Bd86880 (Fireblocks MPC?)│    │
│  └──────────────────────────────────────────────────────────────────────┘    │
│                                                                              │
└──────────────────────────────────────────────────────────────────────────────┘

┌─────────────────────────────────────────────────────────────────────────────┐
│                        OFF-CHAIN DEPENDENCIES                                 │
│                                                                              │
│  ┌────────────────────────────┐  ┌────────────────────────────────────┐      │
│  │  Fasanara Capital          │  │  Fordefi MPC Custody               │      │
│  │  (Strategy Manager)        │  │  (Tri-party quorum)               │      │
│  │                            │  │                                    │      │
│  │  Track record, AUM,        │  │  Midas + Fasanara +               │      │
│  │  regulatory status         │  │  Independent signer               │      │
│  │  Strategy allocation:       │  │  Holds underlying assets          │      │
│  └────────────────────────────┘  └────────────────────────────────────┘      │
│                                                                              │
│  ┌──────────────────────────────────────────────────────────────────────┐    │
│  │  Attestation Engine (shared, March 2026)                              │    │
│  │  LlamaRisk + Canary Protocol verify → vlayer notarizes               │    │
│  │  → Chainlink CRE publishes hashes onchain                           │    │
│  │  KeystoneForwarder:      0x0b93082D9b3C7C97fAcd250082899BAcf3af3885 │    │
│  │  SaveCreReceiverProxy:   0xC50102b6598924Aa8deB201c757bFb9a3dBdB9b6 │    │
│  │  MidasSaveRegistry:      0x2D6e9F608807436DE5D9603B00Abe3FEd1Bc809d │    │
│  └──────────────────────────────────────────────────────────────────────┘    │
│                                                                              │
│  ┌──────────────────────────────────────────────────────────────────────┐    │
│  │  Aave (Onchain Protocol Dependency)                                  │    │
│  │  DepositVault and RedemptionVault deposit idle USDC → aUSDC         │    │
│  │  Blue-chip DeFi protocol; positive structural feature               │    │
│  └──────────────────────────────────────────────────────────────────────┘    │
│                                                                              │
└──────────────────────────────────────────────────────────────────────────────┘

┌─────────────────────────────────────────────────────────────────────────────┐
│                          GOVERNANCE                                           │
│                                                                              │
│  DEFAULT_ADMIN_ROLE (2 holders, can grant/revoke ANY role, no timelock):     │
│  ├─ 1/3 Gnosis Safe 0xB60842E9DaBCd1C52e354ac30E82a97661cB7E89             │
│  └─ EOA 0xd4195cf4df289a4748c1a7b6ddbe770e27ba1227 (Fordefi MPC?)          │
│                                                                              │
│  ⚠ 0x875c06a295c41c27840b9c9dfda7f3d819d8bc6a ── REVOKED                    │
│                                                                              │
│  Mint/Burn/Pause Operator EOA (holds multi-operational role):                │
│  └─ 0x76e350c5a674db787918e5f728466c7356d4d361 (Fordefi MPC, nonce 3)      │
│                                                                              │
│  Additional MINT holders via M_GLOBAL_MINT_OPERATOR_ROLE:                    │
│  └─ DepositVault 0xce29c36c6d4556f2d01d79414c1354b968dddef1                 │
│                                                                              │
│  Additional BURN holders via M_GLOBAL_BURN_OPERATOR_ROLE:                    │
│  ├─ RedemptionVaultWithAave 0xa0fc8bdfb1e6a705c1375810989b1d70a982b01b     │
│  └─ RedemptionVaultWithSwapper 0x1e0fd66753198c7b8ba64edee8d41d8628bf20d7  │
│                                                                              │
│  Oracle Updater EOA (sets NAV price, no timelock):                           │
│  └─ 0x088a74de7df74e6a6eb832d28878a9f134ee4f05 (nonce 4)                    │
│                                                                              │
│  ⚠ Role changes bypass timelock (only upgrades go through 48h)              │
│  ⚠ mint() has no onchain collateral check                                   │
│  ⚠ Oracle maxAnswerDeviation = 100% ($1.00) — very loose                    │
│  ⚠ PriceRaised/PriceLowered bound feeds have NO role holders (inactive)     │
│  ⚠ Either of 2 DEFAULT_ADMIN can grant MINT → unbacked tokens              │
│  ⚠ OFT adapter deployed but holds no mGLOBAL roles (bridging inactive)     │
│                                                                              │
└──────────────────────────────────────────────────────────────────────────────┘

Data flow: User deposits USDC → DepositVault mints mGLOBAL at oracle price (~$1.00).
Idle USDC in vaults is deposited to Aave for yield. Active strategy funds go to
Fasanara via Fordefi custody for offchain execution. NAV/price updated by oracle
updater EOA. User redeems via RedemptionVaultWithAave or RedemptionVaultWithSwapper.

Reassessment Triggers

  • Time-based: Reassess in 2 months (August 2026) — accelerated due to short history and incomplete diligence
  • InfiniFi Maturity: InfiniFi's MidasFarm matured June 15, 2026. The 81% holder ($30.6M) can redeem at any time. Monitor InfiniFi's position daily. If InfiniFi redeems, re-evaluate mGLOBAL viability entirely
  • Fasanara Due Diligence: FCA Authorised since 2011 (FRN 551020), $4B+ AUM, 15-year track record. Digital asset strategy mandate for mGLOBAL remains the primary open question — Fasanara's institutional credibility is now well-established, but strategy-specific transparency is still needed
  • Strategy Disclosure: Reassess when mGLOBAL strategy allocations become verifiable (via Midas app, SumCap, or attestation reports)
  • TVL-based: Reassess if mGLOBAL market cap changes by more than 50% or Midas platform TVL changes by more than 40%
  • Oracle Configuration: Reassess if oracle bounds are tightened (current 100% is dangerously loose for a stablecoin) or if PriceRaised/PriceLowered bound feeds are activated
  • Incident-based: Reassess after any exploit, NAV discrepancy, governance change, contract upgrade, or regulatory action affecting Midas or Fasanara
  • Bridge Activation: Reassess if OFT adapter is granted mGLOBAL mint/burn roles (indicating cross-chain activation)
  • Audit: If new audit covering mGLOBAL-specific contracts (Aave vaults, growth oracle) is published, reassess
  • Redemption Stress: If mGLOBAL processes a significant redemption event, reassess based on performance
  • Attestation Engine: If mGLOBAL-specific attestations are confirmed flowing through the pipeline, reassess for Provability score improvement
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