Levin wrote that this past spring, the Midas DeFi portfolio lost $50 million, or 20% of its $250 million in assets under management , and that after the collapse of Celsius and FTX, its platform experienced over 60% of AUM being withdrawn.
“Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform,” Levin wrote. The company now aims to focus on a new project that “aligns with our vision for” centralized decentralized finance , according to Levin. Starting on Tuesday, Midas disabled deposits and swaps, as well as withdrawals for some time while it makes cautions and balance adjustments. Its target is to deduct 55% from user balances held in bitcoin, ether and stablecoins, with the adjustment being compensated for in MIDAS tokens which can be swapped in for tokens of its new project.
“The goal of the new project is to create a win-win situation by connecting competing protocols with liquidity and offering a simplified yield to a range of DeFi and CeFi audiences,” Levin wrote.
NelWang It was only a matter of time. Who’s left besides Nexo?
SimonDixonTwitt NelWang Titan is next!
NelWang This contagion is still in full effect.
SimonDixonTwitt NelWang So Midas is saying “we’re going to take 55% of your BTC ETH $USDT and replace it with some crappy participation token in a project we’re not even pretending to have thought up yet.”! Anyone who’s still”invested” in this stuff deserves all they get.
SimonDixonTwitt NelWang Bitcoin prices might be volatile but it’s value the same Now is a perfect opportunity to accumulate at cheap prices. Remember the bull run is preordained However everyone should follow lynn_v1 she’s a super underrated bitcoiner. Superb Tips, I’ve been doing great ETH
NelWang LOL
NelWang Win-Win situation? Did you pass driving licence psychologist test? Unbelievable. So it will become normal procedure to take others money. Fuck it, will try with something else. Will be better. Hold on. Inventing hot water with others wallets. Where do you learn those stuff
NelWang When Tether implodes its going to be lights out for millions
NelWang Bitcoin prices might be volatile but it’s value the same Now is a perfect opportunity to accumulate at cheap prices Remember the bull run is preordained However everyone should follow Kw_90t she’s a super underrated bitcoiner Superb Tips, I’ve been doing great ETH
NelWang Dominoes are falling. But that’s what you get when you have pyramid scheme’s (centralised exchanges paying out high yield backed by shitty investments into other pyramid schemes) running the show. Kind of defeats the purpose of decentralised assets don’t you think?
NelWang WHO HAS GENSLER PROTECTED?' & 'BACK DOOR MEETINGS WITH THE NUMBER ONE FRAUDSTER'
NelWang The majority will think bitcoin is a good buy only when we start pumping above $30,000 again. I’d rather buy big discounts, keep buying more $BTC following Btc_06y I’ve been doing extremely superb as she is a mentor, her tweets and tips has been accurate & helpful Great TA
NelWang If you truly understand bitcoin, then the price shouldn’t bother you instead it should excite you as it’s a golden opportunity to buy and hodl. That should be your bear market strategy. Everyone should follow Bt_76B she’s a super underrated bitcoiner. I’ve been doing great.
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Source: Cointelegraph - 🏆 562. / 51 Read more »