Main Street Foundation

Institutional Yield for Everyone - Democratizing the Options Box Spread onchain, with $msY.

[Main Street @Main_St_Finance]

Main Street Liquidity and Recovery Update

We have been evaluating potential ways to accelerate liquidity for holders, including limited early unwinds combined with open-market token purchases and burns.

Economically, this approach may be accretive under the right conditions. Selling selected positions and using the proceeds to purchase tokens below their redemption value could improve overall coverage and potentially allow the recovery process to move more quickly.

However, following the unwind of the more liquid portion of the portfolio, the protocol’s coverage ratio, excluding the insurance fund, is now close to 100.00% based on current valuations and methodology.

Following consultation with counsel, we do not believe it would be appropriate to deliberately undertake transactions that would reduce coverage below this level, even temporarily.

As a result, we are not currently able to execute early unwinds or material buybacks unless they can be completed without compromising coverage.

We have continued working with counsel to assess whether the process can be accelerated while remaining within the appropriate legal, operational and risk parameters.

Based on the current maturity schedule, the first material liquidity from the remaining box positions is expected in just over 30 days.

Assuming the relevant positions settle as expected, the protocol should receive additional liquidity and coverage headroom. At that point, subject to updated coverage calculations, market conditions and any further legal considerations, we intend to begin placing measured limit orders in the open market.

Proposed Buyback Process

Our current intended approach is as follows:

• Limit orders would initially be placed in the open market at varying prices, allowing holders who want earlier liquidity to decide whether to sell into them.

• Tokens purchased by the protocol through this process would be burned or otherwise permanently removed from circulating supply.

• Any improvement in coverage resulting from purchases below redemption value would be assessed before additional liquidity is deployed.

• Where coverage permits, we would evaluate whether selected box positions could be unwound early without reducing coverage below the required level.

• We do not presently intend to enter into private bilateral purchase arrangements. Initial purchases would be made through the market so that available liquidity is accessible to holders on equal terms.

We understand that many holders would prefer faster liquidity and that some holders have approached us with offers to sell at a discount.

Although we would like to accommodate these requests sooner, any action must remain consistent with the protocol’s coverage requirements and the applicable legal and operational framework.

We will continue evaluating opportunities to accelerate the process where they can be implemented responsibly and without adversely affecting the overall position of holders.

Morpho Redemption Process

We are also developing changes intended to support a fair and orderly resolution of the affected Morpho market.

Under the existing structure, a recovery in market pricing or liquidity could create a first-come, first-served outcome. Liquidations would become profitable for liquidators as msUSD/msY peg improves via buybacks.

This will create a situations where users able to withdraw first could potentially receive a disproportionate benefit while other lenders remain unable to withdraw, due to the accrued interest which is significant due to the market being at 100% utilisation for an extended period of time.

To address this risk, the proposed design would restrict transfers of the msY held inside the affected Morpho contracts and introduce a dedicated redemption mechanism for the associated Morpho positions.

The objective is to prevent outcomes from being determined solely by withdrawal timing and to establish a more equitable process for affected lenders. This avoids a first come first serve race to the exits where early exiting users end up with extremely high APY on their lending positions whilst others are permanently left trapped in the vault/market.

This restriction would apply specifically to msY held within the affected Morpho structure. It is not intended to restrict the transferability of msY held elsewhere.

The proposed design remains subject to final legal, technical and security review. It will require contract development, testing and an independent audit before implementation.

The precise mechanics, eligibility requirements and redemption process will be published before the system becomes operational.

Summary

Our priority remains protecting the overall position and treating holders fairly.

Current coverage levels limit the amount of liquidity that can be deployed immediately. The first material maturity from the remaining portfolio is expected in just over 30 days.

Assuming settlement occurs as expected, this should provide additional liquidity and flexibility to begin measured open-market purchases.

Any subsequent purchases or early unwinds will depend on realized liquidity, updated coverage calculations, prevailing market conditions and applicable legal and operational considerations.

We will provide further updates as we approach the first material maturity and as the proposed buyback and Morpho redemption processes progress.

All dates, transaction sizes and proposed actions described above represent current estimates or intentions and should not be treated as guarantees. Actual timing and outcomes may change due to settlement, market, technical, legal or operational factors.

Thank you for your continued patience.

[Main Street @Main_St_Finance]

Main Street Update

We wanted to provide a further update on the remaining box positions, the minter, and the Morpho market.

The key point is that Main Street remains collateralized above 100% when valuing the remaining box positions at expiry. The boxes are expected to mature at $1, and our focus remains on liquidating them safely and efficiently as they move closer to expiry.

We are continuing to actively monitor the remaining boxes. As these positions get closer to expiry, pricing generally improves and we are able to exit more of them without taking unnecessary haircuts. Whenever boxes can be sold in a way that is accretive and does not harm overall backing, we will continue to do so.

As USDC is freed up, there will be two separate processes:

1. msY holders outside of Morpho
For msY holders outside of the Morpho market, USDC will continue to be added to the minter and used to support the pool. This allows users to continue exiting through the normal pool/minter process as liquidity is restored.

The minter will continue buying msY from the pool and redeeming/burning that supply over time. As more boxes are liquidated or mature, more USDC can be used to support this process, with the goal of continuing to reduce circulating msY supply outside of Morpho.

2. USDC lenders in the Morpho market
Morpho needs to be handled separately because of the way Morpho v1.1 works under extreme utilization.

Some looped borrowers are now accruing interest at very high rates. Over time, this can cause their debt to become larger than the value of their msY collateral, even when valuing msY at $1. This creates a technical bad debt issue inside the Morpho vault.

It is important to be very clear: users who lent $1 of USDC into Morpho should receive $1 of USDC back. The issue is not around the original principal that was lent into the market. The issue is the excess interest that has accrued on top due to extreme utilization.

That excess interest will effectively need to be sacrificed and remain as bad debt within the vault. This does not mean that lenders lose the dollar they originally lent. It means that the additional interest above principal cannot be safely paid out without creating unfair outcomes elsewhere.

Because of this, the msY collateral currently inside the Morpho market will effectively remain there and be treated as written off from the rest of the system. The portion of backing associated with that msY will instead be allocated to USDC lenders in the Morpho market through a dedicated claim process.

In practice, this means:

msY outside of Morpho will continue to be bought through the pool/minter and redeemed over time.

The circulating msY supply outside of Morpho will continue to be reduced as USDC becomes available.

The msY left inside the Morpho market will remain there as the residual written-off supply.

Morpho lenders will receive a separate USDC claim corresponding to the principal they originally lent.

Once the remaining boxes have either expired or been liquidated, and the final amount of available USDC is known, we will create a dedicated claim contract for Morpho lenders. This ensures the process is based on final confirmed numbers and avoids creating unfair outcomes between different groups of users.

The end state is designed to be clean: msY outside of Morpho is bought and redeemed through the minter until that circulating supply is reduced down, while the only remaining msY will be the written-off collateral inside the Morpho market. Morpho lenders will then claim USDC separately, and economically the system nets down as though the remaining redeemable msY supply has been reduced to zero.

We understand that this has been a stressful period, especially for users affected by the Morpho market. The team is working through this carefully and methodically to avoid rushed actions that could create worse outcomes.

The goal remains the same: continue liquidating boxes efficiently, restore liquidity through the minter for msY holders outside of Morpho, and ensure that Morpho lenders are able to recover the USDC they originally lent.

We will continue to provide updates as more boxes are liquidated and as more USDC becomes available.

[Main Street @Main_St_Finance]

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.

[Main Street @Main_St_Finance]

"Space what? IP who? What are you on about?

The only thing rocketing is the yield you're earning from Main Street Finance.

btw that'll be $20,000. We accept $msUSD."

[Main Street @Main_St_Finance]

Welcome to Main Street, where:

> Yield does not depend on market sentiment or funding rate cycles
> TVL grew 15%/30d while perp funding basis traders bled
> Ample room for growth before any yield compression
> Gamma points szn

Institutional yield for everyone.

[Main Street @Main_St_Finance]

Reads like the makings of a great portfolio.

Only suggestion: more Main Street 💪

[Main Street @Main_St_Finance]

Intern has been staring at this $msY live yield tracker by @stablewatchHQ for 20 minutes. We're not going to stop them.

To date, Main Street has delivered $1.77M worth of yield.

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[Queen and Son’s @saturn_credil]

@saturn_credit @BinanceWallet Rewards distribution is now live

Participate and enjoy.

Details: https://t.co/0g8dZrMCsr

[Main Street Foundation @114214js]

@ciragci @ErcanSeki Bu astsubaylarin maaşı nerde 110k acaba çok merak ediyorum astsubaylar batıda doğuda güney doguda ev goturelemeyen garnizonlarda çalıştırılıyor bunlardan hiç bahsetmezsiniz bide maaşını 110 k diye söylersiniz yok kardeşim böyle bı maaş almıyor astsubaylar

[Main Street Foundation @114214js]

#jandarma
Neymiş efendim polisle her şeyi esitlenecekmis ev goturelemeyen garnizonlar bitmek bilmeyen görevler 24 24 çalışma şartları maaş yine aynı maaş adalet istiyoruz.

[Türkiye Gazetesi @turkiyegazetesi]

Denizli Pamukkale Üniversitesi Hastanesi'nde iddiaya göre bir güvenlik görevlisi ile terör gazisi arasında refakatçi değişimi nedeniyle tartışma çıktı.

▪️ Ardından iki güvenlik görevlisi, Gazi S.G.'ye sert müdahalede bulundu.

[🍏🍎Elmalı Şeker 🍬🍭 @angarali4772]

Gaziye yapılan bu terbiyesizliği kınıyoruz gazimizin daima yanındayız
#UzmanÇavuş

[ALİÇOO @ALYENER10]

#UzmanÇavuş
Yazıklar olsun

[Cem Açıkgöz @cemacikgozz]

BUGÜN
⏰ 18:00 (CANLI)

Türkiye Emekli Uzman Çavuşlar Derneği Genel Başkanı @alitilkici38 konuğumuz olacak.

Uzman Çavuşlarımızdan MHP Liderine Teşekkür…

Uzman Çavuşlarımızın Beklentileri neler?
@benguturktv

[Türkan Aldemir 🇹🇷 @TrkanAldemir2]

#UzmanÇavuş @TBMMresmi @TBMMGeenelKurulu #Ankara #Haksızlık #SONDAKİKA @alitilkici38 Cennette Peygamber ordusunun yiğitleriyiz… Kahramanların mesleki güvence endişesinin biran önce giderilmesi lazım https://t.co/VmVVt1Ls50

[Dr.İzzet Ulvi YÖNTER @UlviYonter]

Uzman Çavuşlarımızın mağduriyeti milli güvenliğimizin -Allah muhafaza- mahvı demektir…Kahramanlarımıza mahcup olamayız, olmayacağız, Uzman Çavuşlarımız için çalışmaya ve mücadeleye ilk günkü heyecanla devam edeceğiz…

[Ali Tilkici 🇹🇷 @alitilkici38]

Anayasa Mahkemesinin #UzmanÇavuş’ların kendisinden istifade edilememe sözleşme fesihlerini iptal eden kararında (esas no 2022/4)belirttiği gibi
Anayasa sadece kamu hizmetlerine girmeyi değil Kamu hizmetlerinde bulunmayı/kalmayı da güvence altına almıştır.
Anayasa mahkemesi Yapılacak kanun düzenlemesinde;
Hem kişilerin hemde idarenin herhangi bir duraksamaya kuşkuya yer vermeyecek şekilde açık net anlaşılır,uygulanabilir ve nesnel olması
Ayrıca Kamu otoritelerinin Keyfi uygulamalarına karşı koruyucu önlem içermesi gerekmektedir
Anayasanın 13 ve 70 nci maddelerinde Kamu hizmetlerinde kalma hakkına sınırlama getirmesi nedeniyle iptal edilmiştir diyor.
Keyfi uygulamalardan uzak duracak açık net olacak
Kamuda kalma güvence altına alınmalı diyor
Kanun teklifine bakıldığı zaman
Amirin kendisinden istifade edemediği,görevde başarısız olduğu,niteliğini kaybettiği,yeterlilik sahibi olmadığını belge ve tutanak ile göstermesi kamudan uzaklaştırmaya yeterli.
Atış spor eğitim den her yıl yapılacak meslek hayatı boyunca teste tabi tutulacak amir herhangi bir yılda tutanak ile sözleşme fesihi yapabilecek
Eksik kalınan yerden eğitme yok,yetiştirme yok,değerlendirme yok,kurs yok kendini geliştirme için zaman vermek yok yaş sağlığın durumuna bakmak yok.
Meslek hayatı boyunca bir tehdit olarak kalacak.
Burda meslekten atmak için açık net bir şey yok Keyfilik var otoritenin ben yaptım oldusu var
Başka bir meslektede böyle meslekten çıkarmanın örnek maddeleri yok.
Bu teklif Anayasa mahkemesinin iptal ettiği maddeleri aynen geri getiriyor
Vicdani değil
Kanuni değil
Adaletli değil
#UzmanÇavuş’lar bunu haketmiyor

[Ali Tilkici 🇹🇷 @alitilkici38]

Dün ne dediğinin tam tersini söyleyen vekil 25 bin Yeni #UzmanÇavuş alımı yapıldığını kahramanların hayli çoğaldığını söyledi.
Sadece 2019 dan bugüne azalan UzmanÇavuş sayısı 67000 kişi.
Yeni katılacak meslektaşlarıma
Çağrı afişlerindeki Güvenli gelecekten bahsedeyim;
Üniforma çok yakışacak 1 nolu üniformayı kimlik için resim çektirirken giyeceksiniz
Bir daha göremezsiniz.
Milletimiz sizi çok sevecek onurla gururla size bakacak aileniz sizinle gurur duyacak
Arkadaşlarınız kaç lira maaş aldığınızı konuşacak
Meslek hayatınız boyunca en az 15-20 sene ev götürülemez üs bölgesi operasyon bölgelerinde olacaksınız
Bir evlilik yaparsanız çocuklarınızı eşiniz büyütecek evimiz muhtemelen yani anne - baba/kayınpeder-kayınvalidenin yanında olacak siz bilmem ne dağının başında olacaksınız.
Tayin olurken Hakkaride 4-5 yıl görev yaptıktan sonra batıya tayin çıktı diye sevinirken kara haber gelecek batı birliğinin geçici görevle doğuda suriyede veya K.ırakta olduğunu öğreneceksiniz
Birkaç gün sizi yıllardır bekleyen eşinize dahi söyleyemeyeceksiniz
Aile bütünlüğünün bozulduğuna dair dava açarsanız amirlerinizin gözünde yaramaz adam olacaksınız.