Since the launch of the Midas token (“MIDAS”) in September 2018, our team has worked incessantly to improve upon its utility and integration into Midas’ suite of products and the DeFi ecosystem. Today, we’re excited to release the MIDAS Token White Paper, where anyone can deep dive into the salient information about MIDAS and its utility, its integral role in Midas’ CeDeFi vision, and the latest roadmap for our token and platform. Two important events launching in early November include MIDAS token’s migration to the Ethereum network and the release of Boost Tiers.
MIDAS Token Migration
Given the active development of the Ethereum ecosystem, including the increasing number of decentralized applications, drawing in users and developers, our team has decided to migrate MIDAS from the Fantom network to the Ethereum network. This migration will open up brand new opportunities for the continued development of MIDAS token in the DeFi ecosystem, further expanding on its utility. MIDAS’ migration to the Ethereum blockchain remains on track for early November.
Users who hold MIDAS token on our platform will not need to do anything as part of the migration as our team will handle the migration on the back-end. Users who hold MIDAS on external wallets will be required to deposit MIDAS onto Midas’ platform. The token swap will be completed at an exchange rate of 1:1. Additional information will be published via community announcements as we move closer to the migration.
Midas Boost Tiers
In early November, we’re also launching MIDAS Boost Tiers, aimed at providing stronger utility and demand for MIDAS while allowing for greater opportunities for users to earn increased returns. Industry leading returns on fixed yield products will remain accessible for every user. The new Boost tiers will reward users holding MIDAS with additional incentivisation through Boost on top of their fixed yield products. In the long-term it will connect Midas’ global yield creation with the health of MIDAS token.
The structure of Midas Boost Tiers will be adaptive and flexible to market conditions and user data to provide optimal results for both users and MIDAS token. As has always been the case, MIDAS earned by any user will not be subject to a locking period, and users may swap in and out of MIDAS at any time. MIDAS retained by users will continue to earn at MIDAS’ native APY.
MIDAS Token White Paper
The MIDAS Token White Paper illustrates our transition into the next phase of Midas’ platform evolution as a CeDeFi ecosystem for passive income and wealth generation, while presenting an expanded role for MIDAS as the utility token for Midas’ platform and governance token for upcoming Midas DeFi protocols. This document provides a refreshed roadmap which details important milestones such as the development of our mobile app, debit card integration, and simplified options trading. For more information, see the new roadmap below.