What mStable does

mStable is a decentralized finance (DeFi) protocol that operates a yield-optimization vault on Ethereum Mainnet, deploying user deposits across established DeFi liquidity sources such as Aave, Pendle, and more recently Apyx. Its core product is the Pendle Vault (also marketed as mStable Stacked Yield), which uses smart contracts to automatically manage user positions, compound yield, and avoid manual rebalancing or expiry. The protocol's primary user is the retail DeFi participant who wants passive exposure to institutional-grade liquidity pools without active management or large minimum capital. The protocol claims four years of smart contract operating history and has been audited by Sherlock, iosiro, and Trust Security.

The business model is transaction-fee based: mStable captures a portion of the yield generated from deployed user capital, although the specific fee structure is not publicly disclosed. Distribution is purely product-led and self-serve — users connect an Ethereum wallet to the web app and interact directly with on-chain contracts — supported by community channels (Discord, X/Twitter) and content marketing via a blog and documentation site. The protocol is incorporated as a private entity, based in Berlin, with a headcount of 1–10 and no publicly disclosed revenue.

In late 2025 the company executed a strategic reset, narrowing from a broader multi-strategy suite to a focused single-product Pendle Vault, and in April 2026 announced that it is built on Chamber (ChamberFi) infrastructure while retaining the mStable brand. The protocol displays a current TVL of $0 on its public landing page, indicating that the relaunched product is still in an early traction phase. A 2021 funding round involving Flex Dapps, Meld Ventures, and Polybius Capital is the only disclosed capital event, and no venture-scale funding history, ownership structure, or financial statements are available.

Name

mStable

Legal name

mStable

Website

https://mstable.org

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Yield Optimization

NAICS

Other Financial Vehicles (52599)

SIC

Finance Services (6199)

akta.pro primary industry

Yield Aggregators & Strategy Vaults (FSADAMAF)

Keywords

• Decentralized finance protocol
• Yield optimization platform
• DeFi vault services
• Stablecoin yield farming
• Smart contract aggregation

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Yield Strategy Fees: mStable generates revenue by capturing a portion of the yield generated from deployed user capital across Aave and Pendle markets. The specific fee structure is not publicly disclosed on the website.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

mStable is a DeFi yield optimization protocol built on Ethereum Mainnet that aggregates liquidity from Aave and Pendle. Users deposit assets into vaults that automatically deploy capital across multiple yield markets to compound returns, with positions managed by smart contracts that never expire. The platform issues mPT-sUSDe, a yield-bearing token representing the user's position, enabling automatic yield compounding across supported yield sources.

Product overview

mStable is a single-product yield optimization platform that efficiently stacks yield for users by deploying deposits across multiple supported yield markets. The core product is the mStable Vault/Pendle Vault, which allows users to access competitive liquidity on Aave and Pendle that regular users cannot access. The platform operates with automatic position management—user deposits are put to work across supported yield markets without manual intervention. mPT-sUSDe is the yield token that represents user positions, enabling automatic compounding. The company rebranded in late 2025 to focus on this single product rather than a broad suite of strategies, and recently expanded from single yield source to broader yield mix including Apyx.

Differentiator

Problem solved

Functional benefit

Brands

• mStable Stacked Yield: Yield optimization product that pools deposits across multiple yield markets including Aave, Pendle, and Ethereum Mainnet liquidity
• Pendle Vault

Products and services

• mStable Vault (Pendle Vault) Primary yield optimization vault that automatically deploys user deposits across Aave and Pendle liquidity markets to compound returns, with perpetual position management that never expires.
• mStable Stacked Yield Yield aggregation service that deploys deposits across multiple supported yield markets, automatically managing positions over time without manual intervention.
• mPT-sUSDe Yield Token Yield token representing a user's deposited position in the protocol, enabling automatic compounding and position management across supported yield sources.

Quantifiable outcome

• Positions are automatically managed over time without manual intervention
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• ChamberFicoreTechnology or Integration · 27 April 2026mStable is built on Chamber infrastructure. ChamberFi provides the underlying platform technology for mStable's operations. The partnership was announced in April 2026 with mStable maintaining its brand identity.
• AavecoreTechnology or IntegrationAave is a core yield source for mStable's stacked yield strategy. User deposits are deployed to Aave markets to generate yield. This integration provides access to billions in liquidity and established DeFi infrastructure.
• PendlecoreTechnology or IntegrationPendle is a key yield market integrated with mStable's vault products. The platform recently expanded from a single yield source to include Pendle as part of a broader yield mix. Recent news indicates the addition of Pendle support in 2025/2026.
• SherlockminorOthersSecurity audit provider that has audited mStable's smart contracts. Listed among security partners including iosiro and Trust Security.
• iosirominorOthersSecurity audit provider that has audited mStable's smart contracts alongside Sherlock and Trust Security.
• Trust SecurityminorOthersSecurity audit provider that has audited mStable's smart contracts alongside Sherlock and iosiro.

Scale indicators2 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Beefy Finance: Multi-chain yield optimizer that automates compounding across DeFi protocols. Closely comparable to mStable in targeting retail users seeking passive, auto-managed yield on tokenized deposits.
• Convex Finance: Yield-optimization layer built on top of Curve that aggregates deposits and boosts rewards. Comparable to mStable in providing simplified access to liquidity-provider yield with automated position management.
• Yearn Finance: Pioneer DeFi yield aggregator on Ethereum that automatically routes deposits across lending and liquidity protocols to maximize returns. Most direct comparable to mStable's auto-compounding, multi-protocol yield-stacking vault model.
• Idle Finance: Yield-aggregation protocol that automatically rebalances deposits across lending markets to optimize risk-adjusted returns. Directly comparable to mStable's multi-protocol stacking and automated management approach.
• Pendle Finance: Yield-tokenization protocol whose liquidity pools are a core yield source for mStable's Pendle Vault. Directly comparable in the yield-tokenization category, and a partner/integrator for mStable.
• VaultCraft: DeFi vault aggregator that curates and routes deposits to optimal yield strategies across protocols. Directly comparable to mStable as a vault-based yield-optimization layer targeting retail DeFi users.

Others

• ChamberFi: Infrastructure partner that powers mStable's vault product. Relevant peer because mStable's operational continuity depends on Chamber, and Chamber itself offers vault infrastructure to multiple DeFi protocols in a similar category.

Broad incumbents

• Aave: Largest decentralized lending protocol on Ethereum and a core yield source for mStable. While not a yield aggregator itself, it is the underlying liquidity provider whose rates drive mStable's returns.

Emerging players

• Eigenpie: Liquid-restaking yield aggregator that stacks restaking rewards on top of underlying ETH staking yields. Comparable to mStable's 'stacked yield' concept of combining multiple yield sources into a single auto-managed vault.
• Stargate Finance: Cross-chain liquidity and yield protocol with automated reward compounding features. Comparable to mStable in providing yield strategies on top of underlying protocol liquidity, though focused on bridging rather than lending.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xtwitter.com/mstable_

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about mStable