Message from Trevor,
CEO & Founder of Midas.Investments Today, with a tremendous grief in my heart, I am announcing that Midas.Investments’ platform is closing down as fixed yield CeFi platform.
I made a fully explanatory video on our YouTube channel:
And additional summing up article: https://blog.midas.investments/midas-closure-reasons-and-pivot-to-cedefi
Here is the brief information:
In the spring of 2022, Midas DeFi portfolio suffered a cumulative loss of 50 million dollars (20% of $250 million AUM). After Celsius and FTX events, the platform experienced over 60% of AUM being withdrawn, creating a large asset deficit. Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform.
Despite the damage that was done by this event, this is the only way to move forward for Midas to build something relevant to this new market. Our goal is to focus on a new project that aligns with our vision for CeDeFi. This project will be fully transparent, on-chain, and built with the goal of offering a new and improved investment experience.
Today we will shut down withdrawals and swaps for two-three hours to balance out assets and liabilities, and then withdrawals will be open with full liquidity presented for each asset.
