mStable is a one-stop shop platform that enables stablecoin swaps, yield generation and overcollateralized lending.

mStable

Protocol Code Quality

Protocol Maturity

Protocol Design

Risk Rating

green

Best

* [Documentation](https://docs.mstable.org/) 
 * Auditors 
 	* [ConsenSys, CertiK and PeckShield](https://developers.mstable.org/security/security-audits?q=5%2F8) 
 	* [Audits](https://developers.mstable.org/security/security-audits) 
 * Please see our [FAQ on experienced auditors](https://help.exponential.fi/en/articles/6381015-what-are-experienced-auditors)

Exploit/Hacks

None

* [Website](https://mstable.org/)  
 * Token: MTA  
 * Tags: CDP

Info

* TVL: $15.8M (Rank #109)  
 * TVL Ranking by CDP: #9  
 * Blockchain: Ethereum, Polygon  
 * Chain TVL  
 	* Ethereum: $10.66M  
 	* Polygon: $5.11M

Key Metrics

Information


- Code reviewed by several experienced auditors including [ConsenSys, CertiK and PeckShield](https://developers.mstable.org/security/security-audits?q=5%2F8)
- Public team promotes accountability
- No documented protocol hacks since launch


- Core protocol launched in 2020; maturity over two years minimizes technical risk as smart contracts are amongst the most battle-tested
- Top 10% by total value locked reduces risk
- Decentralized governance increases transparency
- Low voting power concentration reduces risk


- No concerns identified
- mStable is a one-stop shop platform that enables stablecoin swaps, yield generation and overcollateralized lending

Risk Assessment

mStable offers its own stablecoin, lending service, and decentralized exchange, all under one seamless user experience.

What we like

Adoption of synthetic mAssets are still limited and face uphill battle against larger competitors.

What we like less

Offers you a decentralized exchange to trade stablecoins at a 1:1 ratio with zero price slippage as long as basket assets have not breached max weights.

What it means for you

Summary

#### How mStable works
mStable is a protocol that combines stablecoins, lending and decentralized exchange all within one platform. It aims to reduce the fragmentation and lack of native yield in pegged crypto assets while providing captial loss protection through diversification and re-collateralization mechanisms. mStable achieves this through the creation of meta-assets (mAssets) that are fully backed by a diversified basket of same-peg tokenized assets (bAssets) whose weights can vary. mAssets represents both a pegged value and a share of the reserves in their respective liquidity pools. The baskets are flexible and new bAssets can be added, removed or adjusted. Currently there are two mAssets: mUSD and mBTC. mStable unites lending and zero-slippage swaps with its automated market maker (AMM) design. This allows the protocol to earn both interest rates and trading fees, which are used to generate mAsset's native yield. mStable achieves this by lending the deposited bAssets that collateralize each basket to third-party money market protocols and by enabling the same-peg bAssets to be swapped amonst each other. mAssets are minted and redeemed through users depositing and withdrawing bAssets; as such, mAssets has an ever changing circulating supply.
#### How mStable makes money
mStable earns revenue from multiples sources. Its AMM generates trading fees from the swapping of the underlying bAssets. These earnings arethen accrued to mAsset's native interest rates through its Save feature. The lending platform earns interest rates for lending the bAssets on third-party platforms, as well as the automatic selling of accrued token rewards.
#### How you make money on mStable
You can earn a portion of platform fees by depositing mUSD or mBTC into the mStable Save feature. mStable passes on 90% of all revenue, including the value of token rewards from lending platforms and swap and redemption fees generated through its platform, to users who deposit into the Save contract.