Midas.Investments, a custodial CeDeFi cryptocurrency investing platform, recently declared the transfer of its native $MIDAS token from the Fantom blockchain to the Ethereum blockchain.
The procedure is already complete and is anticipated to give the digital asset new utility and allow for access by a larger audience.
The project has also updated its roadmap, which now includes new milestones. The new Midas Token Whitepaper now includes information on the migration, the use of the $MIDAS token, and other specifics.
Decentralized finance (DeFi) and centralised finance are the two most significant crypto sectors, and Midas Investments serves as a bridge between them (CeFi).
The project gives consumers direct access to DeFi protocols with improved ease and security. As a result, investors can choose from a wide selection of CeDeFi investment tools and strategies, a large choice of cryptocurrencies, market-leading yields, and seamless swap capabilities.
The initiative claims that Midas is able to increase access to its CeDeFi services and native digital asset as a result of the ongoing token migration.
With $31.31 billion of the $54.23 billion total value locked (TVL) across all blockchains, according to DeFiLlama’s data, Ethereum continues to dominate the decentralised finance industry on November 2, despite Fantom having a 0.92% market share.
Ethereum supports approximately 3,000 dApps, over 500 DeFi protocols, performs 1 million transactions each day, and has close to 400,000 active addresses at the same time.
“Our team’s decision to move our token to Ethereum was made for a rather obvious reason. It is a very busy blockchain with a sizable infrastructure, a wide variety of dApps, and it also has the biggest DeFi market by a long shot.
Through our platform, we can considerably increase access to CeDeFi investments, and we can also take use of this opportunity to increase the usability of MIDAS “Iakov Levin, CEO and founder of Midas.Investments, remarked.
The project’s updated roadmap states that the switch to Ethereum is just the beginning of Midas’ development. A new mechanism called MIDAS Boost Tiers, which raise APR on fixed yield goods and boost the utility of the $MIDAS token, has recently been added to the Midas ecosystem.