Is mStable a Good Investment?
| TVL | $3M |
| FDV | — |
| TVL/FDV | — |
| Risk Grade | C |
| Value Grade | C+ |
Value Accrual: Does the mStable Token Capture Value?
mStable scores C+ on Hindenrank's value accrual framework (52/100), indicating average value capture — some strengths offset by weaknesses in fee distribution or sustainability. Scored on Hindenrank's Stablecoin framework.
Protocol Health: Is mStable Still Growing?
mStable's vitality risk score is 6/10 on Hindenrank's rubric (lower is healthier). This suggests moderate health — mStable is maintaining activity but may be showing signs of plateauing growth or reduced developer engagement. The protocol is functional but may not be accelerating.
Risk-Adjusted View: Is the Upside Worth the Risk?
Risk-Adjusted Position
NeutralmStable sits in the Neutral zone — average on both risk (C) and value (C+). There is no strong reason to overweight or avoid the token at current levels. Monitor for catalysts that could shift the balance in either direction.
Risk Context
mStable carries a risk grade of C (45/100), classified as elevated risk — multiple novel mechanisms and notable interaction risks. The protocol has 1 critical interaction risk that investors should monitor carefully. The primary risk factor is: Leveraged Aave looping (up to 7.5x) amplifies losses if sUSDe depegs or Pendle PT matures unfavorably
Read our full safety analysis →Where mStable Sits Among Yield Peers
On risk, mStable ranks #99 of 116 Yield protocols (bottom quartile — among the riskiest). That's 8 points riskier than the sector average of 37/100.
The closest peer by risk profile is Goose (grade C, 45/100). See the side-by-side comparison to weigh their tradeoffs.
Should you buy mStable?
mStable scores C+ on Hindenrank's value accrual framework, placing it among the average Yield protocols. Scored on the Stablecoin framework (52/100). On the risk side, mStable carries a C grade (45/100), which is elevated risk — multiple novel mechanisms and notable interaction risks. The combined risk-value position places mStable in the Neutral quadrant.
mStable investment outlook for 2026
With $3M in total value locked, mStable's fundamentals do not strongly support the current valuation from a usage perspective. Investors should weigh these fundamentals alongside market conditions and their own risk tolerance.
This analysis is based on cryptoeconomic fundamentals, not price prediction. It is not financial advice. Full methodology
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