Wrapped USDM
WUSDM
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WUSDM (Wrapped Mountain Protocol USD) is an ERC4626 non-rebasing wrapper for USDM, backed by US Treasuries. The evaluation identified significant data gaps in Active Development (-1.0) and Team and Governance (-1.0), which were excluded from scoring and had their weights redistributed. The project demonstrates strong baseline security with direct audits by Veridise and underlying audits by OpenZeppelin and Hacken, with no recorded exploits, defaults, or depegs. However, overall performance is severely hindered by weak market adoption, low liquidity (~$1.26M market cap), minimal trading volume, and negligible community engagement.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Wrapped USDM (WUSDM)
Wrapped USDM (WUSDM) is an ERC-4626 vault wrapper for USDM, a yield-bearing tokenized asset issued by Mountain Protocol and backed by short-duration U.S. Treasury bills. While the underlying USDM functions as a rebasing stablecoin, WUSDM is designed as a non-rebasing alternative that accrues yield through an appreciating token share price. This wrapper architecture is intended to enable integration with decentralized finance protocols, such as lending markets, that do not natively support rebasing token balances.
The token is deployed across multiple blockchain networks, including Ethereum, Arbitrum One, Avalanche, Base, Celo, Optimism (OP Mainnet), Polygon PoS, zkSync, and Manta Pacific. Smart contract security reviews for WUSDM include a direct audit by Veridise covering its Manta Pacific deployment, while the underlying USDM asset has undergone security reviews by OpenZeppelin and Hacken. There are no documented hacks, depegs, or smart contract exploits associated with WUSDM or Mountain Protocol.
Despite its multi-chain presence, WUSDM faces significant adoption and liquidity constraints. The token experienced an approximate 87% contraction in market capitalization from an all-time high of $10.22 million down to approximately $1.26 million, alongside low daily trading volumes and a minimal holder base. As a real-world asset (RWA) wrapper, WUSDM carries issuer centralization risks, while publicly available documentation lacks detailed disclosures regarding the issuer's management structure and ongoing reserve attestations.