How have your coins and tokens been performing in the midst of this bear market? Have they been reaching all-time highs? Believe it or not, I do hold one token that continues to hit new highs while the rest of the crypto market is floundering. Please let me introduce you to MIDAS!
MIDAS is the native token to the centralized finance (CeFi) platform Midas Investments. I first joined Midas back in January after being intrigued by their high rates of returns on tokens, along with their open and honest management team. This would be my first big crypto investment and as such I did a lot of research into the platform comparing it to many others. Others might say, "if it sounds to good to be true then it probably is", and given Midas Investments had the best yields I could find I had a lot of concerns on how they might be generating these returns. Others in the space told me it was too risky and I should go a safer route with similar returns by using Anchor holding their stablecoin USDT. After spending time looking at how the different platforms produced yields, I was not convinced many of the platforms that used leveraged borrowing and lending schemes would hold up in the long-run and especially if we entered a turbulent market causing a liquidation of assets by nervous investors.
Midas was different from the others, they were open about using a variety of methods to obtain their yields including running nodes and yield farming at the start of the year. Looking further into these and other methods, the high returns offered on the platform seemed reasonable. I opened a crypto.com account to purchase Bitcoin (BTC) and Ethereum (ETH) and transferred both coins to Midas. I was off and running in my crypto journey with Midas being a big factor in the decision.
To be honest, I wasn't too interested in the MIDAS coin at the time. It was the start of 2022 and I had only started learning about crypto in November of 2021 after fooling around with some crypto mining. Great timing I know! Bitcoin and Ethereum seemed like the best coins to start with and I wrote an article on January 2nd about the Midas platform and briefly mentioned the MIDAS token.
Midas Investment returns were already great, but they introduced a way to get even higher returns called "Boost" not long after I signed up. Instead of getting returns back in the same coin, I could now get them back in the MIDAS coin at the standard rate plus an additional 3-4% with this option. My initial idea was to sign up for boost and then periodically sell the MIDAS tokens back for BTC and ETH.
The MIDAS token was priced around $4.50 at the time and every time I check the price it seemed to be going up. You know the slide most cryptocurrencies have been on since the start of the year so to see MIDAS bucking the trend intrigued me to look into it further. By the end of the first quarter, MIDAS was up over $20 and had more than quadrupled while the other coins I held were buckling under a war in Ukraine, supply chain issues and rising interest rates. Sign me up for the boost please!
The second quarter was brutal for crypto, yet by July 1st the token was worth $26.40. As I started to type out this article, Midas had reached a new all-time high of $35.96 on the last day of July.
So what is going on here?
Well first there is the return of 27.4% you earn by just holding the token. I'm not talking about locking it up for a period of time, I'm just talking about holding MIDAS tokens in your account. Imagine a return like this on a token that keeps moving up and to the right! The market cap is right around $100M, not bad for a token that launched in May of 2019 at a price of $0.098874. This means we are looking at a return of around 35,000% on a token that you earn 27.4% more tokens each year. Beat that...
Midas Investments is a large proponent of buybacks having purchased 63,844 MIDAS tokens so far which puts upwards pressure on price. The platform's native token is powered by the Fantom Opera Network with a total supply capped at 5,000,000 and thanks to Bitcoin we know what limited supply does to an asset. You can also research the token using it's address on the FTM Scan link - 0xb37528da6b4d378305d000a66ad91bd88e626761
The MIDAS token is also a part of the platforms Yield Automated Portfolios (YAPs) which are like mutual funds in that they are a basket of your favorite funds. Like individual cryptocurrencies held on Midas, the YAPs offer rewards with up to 20.4% APY. This only puts more increasing pressure on the price as more and more investors put their capital into these investments.
We've got some Spooky Spirit
You can purchase the MIDAS token on the Midas Investments platform or use the SpookySwap or SpiritSwap exchanges along with a few other choices. Here you will also find other ways to earn yield on yield farms that utilize the MIDAS token.
About half the liquidity is held in SpiritSwap's WFTM/MIDAS LP (51.02%) with the rest primarily sitting in SpookySwap's USDC/MIDAS LP (48.03%). There is also a small amount in SpookySwap's WBTC/MIDAS LP and OpenOcean's WFTM/MIDAS LP.
Will MIDAS continue its climb?
With MIDAS being the native coin of Midas Investments, the more bullish you are on the investment platform then the more bullish you should be on the coin. With the recent fall of centralized platforms, investors would be wise to be wary of companies like Midas and should look into what makes this platform different than the others. In essence, Midas is a combination of CeFi (centralized finance) and DeFi, as they offer decentralized investment products through a centralized framework creating something they call "CeDeFi". It is a rather unique approach and helps separate them from others.
Midas Investments tends to zig when other zag, changing their strategies to adapt to market conditions. Early on it they were big into master noding, then moved into yield farming, while more recently they have moved into a DeFi strategies using proprietary algorithmic tools that find attractive yields while minimizing risks. While centralized platforms are collapsing under leveraged strategies flushed out during the bear market, Midas Investments is thriving even in these market conditions and so is the MIDAS token. As they are not leveraged per se, I have never worried about the liquidity issues that have plagued others as of late.
The team at Midas does not sit still and always has something new in the works. Next week the Midas platform will release a new interface along with three new investment strategies. These strategies have each been built around a specific market cycles allowing investors to choose a strategy that fits their current investment focus. This is just another tool unique to the platform and each of these tends to boost the overall utility of the MIDAS token causing continued price appreciation.
Should MIDAS be part of my portfolio?
Please note, none of this is investment advice and please do your own research. Midas Investments is a platform built on building passive income through holding coins/tokens you would likely already hold that also offers some unique crypto investment options such as the previously mentioned YAPs.
Personally, I like to diversify my cryptocurrencies on various centralized and decentralized exchanges. That said, Midas has the biggest share in my portfolio given they have the best returns with what I believe is a better approach to generating yield. The management team there does a better job of communicating what is going on in the platform and on-going strategies than all my other exchanges combined. While I've been pleased with Midas since first getting involved, other "bigger" platforms have been primarily disappointments. I certainly felt any risk associated with the platform is worth it given the returns and my understanding of what they are doing with the funds. Again, I'm not putting all my eggs in one basket.
If you simply want to hold crypto for price appreciation, then I would suggest putting all your coins in a cold wallet. However if you want to juice up those returns, Midas is one of the platforms I would suggest looking into. They used to offer referral awards in USDT, but have since moved to USDC as the safer alternative among stablecoins and I happen to agree with them. Another smart move by the management team and please feel free to use my referral link above if interested. I do hold some USDT on the platform thanks to referral awards and like the boosted 17.6% APR I get in MIDAS tokens that then earn 27.4% APR themselves. Now that is just a smart way of doing business.
So what APR is your crypto earning and how does its price action compare to MIDAS?
