Last month, we released the MIDAS Token White Paper and formally announced the migration of the MIDAS token from the Fantom network to the Ethereum network. This migration will open up brand new opportunities in the continued development of the MIDAS token within the DeFi ecosystem, further expanding its utility.
On the 9th of November 2022, we will officially begin the migration to Ethereum – MIDAS token will move to the ERC-20 token standard native to the Ethereum blockchain. The maximum supply of the MIDAS token remains unchanged at 5,000,000 while the circulating supply at the time of the swap to Ethereum is 3,041,485.80.
MIDAS’ Swap to Ethereum
If you already hold your MIDAS tokens on Midas’ platform, the migration will be done for you automatically starting 9th November 2022, at 8:00 am UTC. Deposits, swaps, and withdrawals of MIDAS will be disabled for approximately 10 hours while the migration is taking place. During this timeframe, MIDAS token holders will continue to earn MIDAS payouts as normal. We will post a follow-up announcement once the migration is completed and everything is back to normal.
If you hold MIDAS outside of Midas’ platform, you will have two options to complete the migration:
- You may deposit MIDAS into an existing Midas account in order to have the migration completed automatically for you. Please ensure your Fantom-based MIDAS tokens are in your Midas wallet address by 8:00 am UTC on the 9th of November 2022.
- Users who chose to keep their MIDAS off the platform before the specified date will be able to swap their MIDAS token in a decentralized manner (please wait for a separate announcement with the necessary instructions).
Reward Structure & Updated Rates
As the MIDAS token makes its exit from Fantom and launches as an ERC20 token, this brings exciting new opportunities and introduces changes to asset management.
According to the new reward structure for the MIDAS token as seen in the MIDAS Token Whitepaper, the APY offered on the Midas platform will reflect activity from staking. For the launch of the MIDAS token as an ERC20, this will be set at 22.17% APY on the Midas platform.
This APY will be fixed during the launch phase to Ethereum to make it convenient for holders during this transition period. From February 2023 MIDAS token will have a Dynamic Yield adjusted daily according to the rewards being generated by Midas on behalf of our users. There will be two main factors impacting the final APY – the number of MIDAS tokens staked on the smart contract, and the number of MIDAS tokens generated per Ethereum block.
Based on the emission schedule established through the smart contract and whitepaper, it is possible for us to set a baseline example to display the minimum APY expected on the Midas platform for the MIDAS token after the switch to Dynamic Yield mechanics.
A gradually reducing emission schedule has always been built within MIDAS tokenomics and this will carry across to MIDAS on Ethereum. A reduced emission complemented by a growing demand for the token will create a positive economic environment for the MIDAS token and build a sustainable future for the token and platform. Combined with our long-term goal of introducing deflationary measures to MIDAS token, we are building towards a long-term market-positive and sustainable future.
Liquidity Pools & Market Data
Following the migration to the Ethereum network, we’ll deploy new liquidity pools on Uniswap with MIDAS-ETH (on v3) and MIDAS-USDC (v2) pairs. The opening liquidity for our new liquidity pools will match the closing LPs on the Fantom chain.
The Midas team is currently working with CoinGecko and CoinMarketCap to have their databases updated to reflect MIDAS’ migration and liquidity pools on the Uniswap decentralized exchange. Both platforms are expected to be updated shortly.
For more information about MIDAS token utility, its integral role in the Midas CeDeFi vision, and the latest roadmap, please read the Midas Token White Paper.