The next-gen custodial crypto-investment platform Midas.Investments has announced the finish of the migration of its native token $MIDAS, from the Fantom blockchain to Ethereum. The decision comes as a strategy to increase the MIDAS token’s utility across the crypto marketplace. Ethereum being the leading blockchain, the migration will help $MIDAS gain exposure from a more extensive user base, which is likely to boost its value ultimately.
Midas.Investments leverages a CeDeFi model, bridging the gap between centralized and decentralized services to provide one of the highest yields on crypto and DeFi assets — while also ensuring full transparency and accessibility.
By migrating its native token to the Ethereum blockchain, Midas will have access to over 500K daily active users, as opposed to only 60K users on the Fantom blockchain, and MIDAS token holders will be able to utilize their holdings on over 3500 DApps. Thus, Ethereum’s ecosystem will provide the much-needed reliability and exposure for $MIDAS.
Midas extends financial freedom to the broader crypto community
Midas.Investments is one of the few platforms revolutionizing crypto passive income for the wider community. Blockchain-based peer-to-peer lending and borrowing facilities have recently increased, but such services are highly divided between centralized and decentralized platforms. While CeFi services offer great accessibility and simplicity for users, it lacks the much-required transparency, assurance, and high returns. On the other hand, DeFi lending and borrowing services offer transparency and greater yields — at the expense of user accessibility.
Midas bridges this gap by bringing together the best of both worlds using an innovative CeDeFi model. Its custodial CeDeFi platform allows users to generate yield a wide range of cryptocurrencies, including tier-1 tokens such as BTC, ETH, stablecoins like USDT, USDC, and other major altcoins like AVAX, LINK, BNB, and DAI.
Several next-gen features make Midas a high-end investment platform. The funds are managed automatically through a non-custodial wallet infrastructure on Fireblocks. Each transaction goes through a multi-signature process consisting of 2-4 DeFi and C-level team members to achieve the best security in the market.
Most importantly, it solves the ‘blackbox’ problem of CeFi services by ensuring transparency in each step. Firstly, every protocol and strategy on the platform is assigned a ‘risk level’, so that users are aware of the risks associated with their investments. Moreover, the platform provides monthly investment reports to its users, the first-ever crypto platform to do so. Investors can also track their strategy performance via on-chain analytics and understand where yields are deriving. It’s one of the most transparent models that any crypto investment platform uses today.
Enhancing $MIDAS utility and integration
According to the platform’s CEO and Founder, Iakov Levin, the migration to Ethereum will create new opportunities for the continued development of the $MIDAS token, further expanding its utility across the DeFi ecosystem.
The platform will use this migration as an effective strategy to create more awareness of the CeDeFi ecosystem. The Ethereum blockchain will also increase Midas’ resources and improve $MIDAS utility features such as staking, payout split, governance, and liquidity. The newly migrated $MIDAS token will serve as both the utility token for the platform and a governance token for upcoming DeFi protocols.
When the migration is completed, new $MIDAS tokens will be issued only via staking – with a maximum supply of 5 million tokens. This will ensure a steady distribution without significantly extending the token’s supply.
Meanwhile, the MIDAS token is on the rise, with a market cap of over $100 M, and the number of users who stake it on the platform is more than 6,900. The total amount of staked funds in USD equivalent on the platform is about 70 million USD (more than 1.8 million MIDAS tokens).
Further information on the token and its features can be found in the updated whitepaper issued in October 2022. The tokens migration to Ethereum has started in early November and is on track. Upon migration, $MIDAS will become a standard ERC-20 token, making it widely compatible with most wallets.