Midas.Investments CeDeFi protocol explains its decision to move its native token to Ethereum (ETH)
Midas.Investments (MIDAS), a new-generation multi-currency yield farming machine, shares the details of its migration to Ethereum (ETH) and unveils its upcoming plans.
Midas.Investments CeDeFi platform’s token migrates to Ethereum (ETH)
According to the official statement shared by its team, Midas.Investments, a multi-product ecosystem for yield farming, moved its core native asset MIDAS to Ethereum (ETH) from Fantom (FTM).
Hey, Midas Community!
— Midas.Investments (@Midas_platform) November 9, 2022
Previously, the token was working on Fantom (FTM), an EVM-compatible blockchain. With migration toward Ethereum (ETH), the team of Midas.Investments is focused on integrating its design into a more robust and thriving DeFi platform.
This, in turn, will allow Midas.Investments clients to access the largest liquidity ecosystem in Web3, to maximize the utility of its MIDAS token and to interact with various dApps on Ethereum (ETH).
Midas CEO and founder Iakov Levin is excited by the effect this migration might have on the sustainability and interoperability of his protocol:
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 its utility.
As such, Midas.Investments’ core token MIDAS was swapped to the eponymous Ethereum-based ERC-20 asset.
Mobile application to go live in Q1, 2023
Besides technical advancements, the new announcement will maximize the rewards of MIDAS token holders due to enlarged liquidity inflow into its mechanisms.
Following this release, the team of Midas.Investments is set to introduce new products under its umbrella, including a decentralized finance protocol (DeFi).
Also, MIDAS holders will introduce new strategies for CeDeFi pools and have a say in approving new partnerships with Web3 and Web2 projects.
In Q1, 2023, the team of Midas.Investments is going to unveil its own mobile application for retail users.
$MIDAS Token Roadmap📍
Migration to the Ethereum blockchain…
Liquidity pools on UniSwap…
— Midas.Investments (@Midas_platform) November 17, 2022
By Q4, 2022, Midas.Investments and MIDAS tokens smashed through the 7,000-staker milestone. Also, its market capitalization is now standing above the $100,000,00 mark. Despite markets still being trapped in a painful recession, the net amount of funds staked exceeds $70 million in USD equivalent.