As per a recent official announcement, Midas Investments, a leading crypto custodial investment platform, migrated its token from the Fantom blockchain to Ethereum in November. The decision is strategic, as this swap to Ethereum blockchain will increase the usage and user base of MIDAS tokens and introduce new utility features, which will affect its value.
Ethereum ecosystem is the leading in the crypto landscape: with over $50 billion TVL, more than 3,000 dapps, and 500+ DeFi protocols. Moreover, Ethereum is the dominant public blockchain in the crypto landscape: 1 million transactions are processed daily by about 400,000 active addresses. Its market capitalization of $185 billion is significantly below last year’s highs but still decent and a testament to Ethereum’s reliability. The network’s popularity and pioneer status with smart contract developers and DeFi investors places make it a valuable ecosystem for all crypto projects.
Financial freedom for a wider audience
The DeFi era has introduced unprecedented opportunities through peer-to-peer lending and borrowing facilitated by yield farming. By bridging the simplicity and accessibility of CeFi with the transparency and innovation of DeFi, Midas Investments leverages these opportunities through its custodial CeDeFi crypto investments platform, allowing its users to generate passive crypto income and work toward financial freedom.
On Midas, investors get access to various investment products, including fixed yield strategies, automated portfolios, and CeDeFi strategies, all of which were purposefully structured, built on-chain, and managed by a team of DeFi experts.
‘Since the launch of the Midas token (“MIDAS”) in September 2018, our team has worked incessantly to improve its utility and integration into Midas’ suite of products and the DeFi ecosystem.
Given the active development of the Ethereum ecosystem — including the increasing number of decentralized applications and drawing in users and developers — our team has decided to migrate MIDAS from Fantom to Ethereum. This migration will open up new opportunities for the continued development of the $MIDAS token in the DeFi ecosystem, further expanding on its utility, commented Iakov Levin, the platform’s CEO, and founder.
Improving $MIDAS utility and integration
According to Iakov, Midas aims to use the migration to Ethereum as the catalyst into the next phase of evolution as a CeDeFi ecosystem. By expanding resources, the platform will create more opportunities for its users to build wealth and access passive income. There are several utility features of $MIDAS token: staking, Midas Boost Tiers, Payout Split, liquidity, and governance.
New $MIDAS will serve both as the utility token for Midas’ platform, intertwined with every product, and a governance token for upcoming DeFi protocols. The token boosts returns on fixed yield strategies, while an amount equal to up to 10% of all payments made to users is spent on buybacks of MIDAS to create a balance between token utilization and user activity.
Besides partnering up with protocols to create structured products for Midas’ users, Midas plans to establish a DeFi protocol where token holders may present their structured proposals for tokenized CeDeFi strategies and partnerships for community voting. And finally, the performance fees collected on CeDeFi strategies will be used to buy tokens from the open market to gradually fulfill the platform’s 10-year vision of making $MIDAS a deflationary token.
The supply of $MIDAS circulating at the time of this writing is 3 million. Upon the migration, new tokens will be issued only via staking, which users may participate in through centralized and decentralized manners (with maximum supply of 5 million tokens). By this, Midas ensures a steady distribution of the token in a healthy manner without significant increases in its supply.
More information on the token and its utility can be found in the new updated whitepaper.
The migration process to the Ethereum blockchain was successfully finished. The first steps on the Ethereum ecosystem were to mint all the tokens on the new blockchain, launch liquidity pools on Uniswap, and launch the staking process. Currently, Midas.Investments have two liquidity pools (on Uniswap v2, and Uniswap v3) with total liquidity about $6 mln.
About Midas Investments
Midas.Investments is a custodial CeDeFi crypto-investment platform offering market-leading yields on an array of cryptocurrencies, including BTC, ETH, and USDC. Its key mission is to provide a hybrid custodial solution for investors seeking to optimize their crypto investments, generate passive income and build a strong portfolio. To achieve this, Midas.Investments combines a level of central management with decentralized finance (DeFi) solutions, resulting in the utility called centralized DeFi (CeDeFi).
Through the platform, users get access to a vast range of crypto-assets, swap features, and yield-automated portfolios, which makes Midas the go-to place for those wishing to build a robust yield-generating portfolio.
In under four years since its launch, Midas Investments has attracted more than 10,000 investors worldwide and more than 250 million dollars in Assets Under Management (AUM).