Mainstreet

Mainstreet issues rebasing msUSD on Sonic and describes delta-hedged strategies behind its yield. On 2026-08-14 DefiLlama reported no current TVL and displayed an msUSD depeg warning, while Sonic has no approved chain dossier. The size rule still decides: there is no material current venue to review, independent of the depeg and unapproved-chain concerns, and individual review does not open until the protocol clears the size floor.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism

Mainstreet describes msUSD as a synthetic rebasing dollar whose balance grows as centrally operated delta-hedging and smart-contract strategies earn yield. The token is deployed on Sonic, not Ethereum as the inherited memo stated. The current DefiLlama adapter reports no assets rather than the prior $75M.

Control and operating evidence

Mainstreet controls strategy operation and may update its platform terms. Its terms list market, counterparty, liquidity and smart-contract risks. The public protocol record currently lacks tracked TVL, and DefiLlama flags a depeg; this memo does not state a loss amount without an authoritative incident account.

Exit consequences

Redemption requires users to deposit msUSD while Mainstreet unwinds positions, converts assets and may make cross-chain transfers. The protocol reserves the right to change redemption terms during exceptional markets. A secondary sale during a depeg realizes the market discount instead.

Why the class rule decides

With no current tracked TVL, Mainstreet is plainly below the size floor. Size decides before a full review of the basis strategy, and Sonic approval would be a separate prerequisite. Review requires a restored peg, sustained material TVL and records of reserves, counterparties, authorities and completed redemptions.

Research status

This is a capacity-unproven record for Mainstreet, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Mainstreet — terms and strategy risk disclosures · primary · accessed 2026-08-14
  Supports: msUSD design, delta hedging, strategy control, risk disclosures
• Mainstreet Docs — redemption process · primary · accessed 2026-08-14
  Supports: position unwind, asset conversion, cross-chain transfer, parameter modification
• DefiLlama — Mainstreet survey record and warning · secondary · accessed 2026-08-14
  Supports: zero tracked TVL, Sonic deployment, depeg warning, yield category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.