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In response to liquidity constraints around AlphaPing's curated Morpho markets, we've listed four pairs on Agra. Depositors can now trade and exit these positions priced on the open market, independent of what vault utilization allows. Pairs and links below.

msY Portfolio & Redemption Update We want to provide a clear update on the current msY portfolio, the remaining box-spread maturity profile, and the path forward for restoring liquidity to the minter. As previously communicated, the msY box-spread strategy began approaching capacity in its original short-duration Deribit execution environment. In response, Main Street expanded execution across additional centralized venues and OTC box-spread counterparties in order to continue optimizing risk-adjusted yield for holders and avoid forcing new capital into increasingly compressed shorter-dated opportunities. As part of that expansion, certain OTC box-spread opportunities were executed at longer maturities than the initial short-duration target range. Following the unwind of the shortest-dated and most liquid positions during the initial phase of the Morpho market squeeze, the remaining portfolio now consists of boxes with approximately 60 to 340 days remaining to expiry. The remaining book is therefore naturally more concentrated in the medium-to-longer dated part of the maturity ladder, because the shortest-dated liquidity was used first to support the minter and reduce near-term pressure. Importantly, this does not change the core economics of the strategy. These are fixed-payoff box-spread positions. If held to expiry, and assuming the relevant venue or counterparty performs, the positions accrete toward their known maturity value. The current situation is therefore primarily one of timing, secondary-market liquidity, and redemption pacing; not a change in the expected terminal payoff of the portfolio. Current portfolio position: Current CR, assuming boxes are held to expiry: 100.04% Insurance fund: $525,527 in msUSD Insurance fund treatment: if required, the msUSD held in the insurance fund can be burned, increasing protocol coverage Coverage including the insurance fund: above 100% Our priority is to preserve full backing and avoid crystallizing unnecessary losses. We are actively exploring opportunities to unwind or sell selected boxes where executable pricing is available and where, after taking into account the insurance fund and any applicable protection mechanisms, the system remains above 100% coverage. Where that threshold can be met, we intend to take those opportunities and use the proceeds to continue refilling the minter. We do not expect that every remaining box necessarily needs to be held all the way to expiry. As boxes move closer to maturity, the discount between secondary-market pricing and maturity value should naturally compress, which can create further opportunities to exit closer to NAV without impairing coverage. This means liquidity can be restored progressively through a combination of scheduled expiries and selective secondary-market unwinds where pricing is acceptable. Where secondary liquidity is not available on acceptable terms, we will continue following the approach outlined in our risk framework: allow box positions to mature, release liquidity as expiries occur, and refill the minter as capital becomes available. Selling fixed-payoff positions at distressed marks simply to accelerate liquidity would be value-destructive for holders. Waiting for better execution, selectively unwinding where coverage remains above 100%, and using the insurance fund as intended gives the protocol the strongest path to preserve backing and restore liquidity in an orderly way. This is a timing and execution-management issue, and the portfolio remains structured around fixed-payoff positions that accrete toward maturity value. We are confident in the path forward and will continue to provide updates as liquidity is released, boxes are unwound, and the minter is refilled. Our focus remains unchanged: preserve NAV, protect holders, avoid uneconomic liquidations, maintain coverage, and work through the maturity ladder in the most responsible way possible.

Sharing a short update on where we are right now. $TAO At this stage, the project has moved into a release-preparation phase. The main focus over the past period has been on stability, cleanup, and making sure everything is production-ready. We’ve been tidying up internal data, migrating almost all required components to the production environment, and handling a lot of the necessary but less visible work that sits behind a solid launch. Alongside this, we’ve also made a few focused improvements: - Refreshed parts of the landing page. - Added a new feature for downloading promotional materials for miners. - Continued improving and optimizing the codebase. Most of the work right now is intentionally routine and detail-oriented – final checks, refinements, and alignment across the system – but it’s exactly what allows the platform to feel stable and cohesive as a whole.

An announcement will be made next week $TAO 🤝