The message from CEO Trevor to the Midas community.
“First of all, congrats all Midas holders with new and new all time highs. I feel so satisfied seeing the users, who were with us for years and trusted in us. Do not forget to transfer some of your extensive profits to stables to bring joy to yourself and your family.
There is a lot we need to talk about. Change for interest rates for $BTC and $ETH, new coins listings, Midas utility, KYC, and partnerships. I will cover all of this in one post.
The change for interest rates for BTC and ETH.
Today we hit 175 million dollars AUM. In November 2021 we got 600 $BTC, now 4000. 660% growth in three months. This growth is stressful for all the parts of the system, but we have been flawlessly working on elevating major constraints of the Midas platform.
In terms of asset management, we found ourselves diversifying hard for Bitcoin and Ethereum to be able to produce 17% and 23% APY for an increased amount of capital inflow. The current market conditions do not favor $BTC yields in DeFi. The average risk-free rate for BTC is 5% APR. We feel that in a month or more the market can start moving in a huge upward movement, which will make it much harder to sustain any significant yields for Bitcoin and Ethereum.
On our side, we are working on creating various strategies on $BTC upside movement (automated options, building long positions, searching additional exposure) and closing some of the positions that can suffer from that.
But the healthy way for Midas to evolve is to start reducing extreme rates for Bitcoin and Ethereum. This will lead to lesser risks due to the upcoming extreme volatility of Spring. The plan is to reduce it by 3-5% of APR, like -20%, which still remains the best on the market. The ETA is February.
In order to compensate for this yield reduction we plan to:
- list new coins with high APR on staking and amazing product
- implement rewards in Midas token with boosted APR
DeFi coins listings
As I said on the anniversary stream our dream is to partner with innovative DeFi teams. We already working with protocols on some ideas. In February we will start listing tokens with APR higher than 30% backed by real tokenomics of the protocols. It will create a nice diversity for your investment portfolio on Midas. Reduction of APR from $BTC and $ETH can be balanced with 5-10% of your portfolio in those coins. They will have a nice upside and powered up by our unique swap that will soon be tied up to real DEX trades, which means that you will be able to easily trade those coins on Midas.
Receive rewards in $MIDAS for higher APR
The next big feature of the platform (besides the affiliate program in your profile) would be receiving Midas tokens as the rewards for your core assets. We plan to give extra returns (like +3-4%) for exchanging your (i.e.) Btc yield to Midas yield. We will then take this BTC yield, use it to buy $MIDAS and $FTM and send it to our liquidity pool. The liquidity of the $MIDAS token is the most important focus of our token growth team. This feature can potentially generate up to 40k USD per day for our liquidity pool. So, it would be like bonds. Additionally, the Midas token team is working on additional partnerships that will come with token listings. Midas plans to become an important governance player for protocols.
KYC is still coming in February
We have found an amazing partner, who will help us onboard KYC.
Also, the last part of us receiving licensing for Swiss Asset management is opening a bank account, on which we are working right now.
We are also working on the platform redesign, a slight logo redesign, building our own inner investment products and much more. And we still keep our marketing almost without work lol, the growth was just so intense.
Love you all, thank you for being with us.” – Trevor, Midas CEO.