Midas From Anywhere
Connext Partners With Midas to Chain Abstract Pool Deposits
Yesterday, we introduced Chain Abstraction: a design pattern and associated toolkit for dApps that want to let users interact with their protocol from any chain.
Chain Abstraction is a pattern that is applicable to any dApp, but it’s particularly useful for DeFi protocols that operate on multiple chains and want to enable user deposits from anywhere.
Today, we’re announcing our partnership with Midas Capital to enable lending from anywhere into Midas’s pools.
What is Midas?
Midas Capital is a protocol for isolated money markets.
Midas aims to solve the critical issue of enabling capital-efficient lending and borrowing of long-tail assets. Unlike blue-chip tokens on money markets like Aave, long-tail assets typically face unique challenges with liquidity and oracle availability.
Midas solves these challenges by isolating the risk of each pool and allowing pool operators to configure custom parameters for interest and liquidation so that investors can have better optionality around their risk appetite.
The Midas pools are also designed to use LP and yield-bearing tokens as collateral, and to stake any incentivized reward into other protocols , creating positive flywheels where users can continuously compound their earnings.
In addition to the above, Midas is also a crosschain protocol. The project already supports a large number of chains and aims to provide a fully seamless experience for their users to lend and borrow from any chain.
Midas 🤝 Connext
Connext’s integration into Midas focuses on enabling fast and trust-minimized deposits from supported chains into any pool on app.midascapital.xyz.
While the Midas UI provides a smooth multichain experience — highlighting the various existing pools on the different chains — a user would normally have to leave the Midas website to move their funds if they spotted an opportunity on a pool on a different chain to where they were operating.
This creates friction for the user, who might abandon the idea to deposit in the process.
With the Connext Chain Abstraction Toolkit that the Midas team integrated, this process is vastly simplified:
- Users connect their wallets to the Midas application.
- They select the asset they want to supply and which chains they would like to supply from & to.
- In a single click, the deposit is completed to the target pool, with the user only paying funds and gas fees on the origin chain.
Importantly, because of Connext’s trust-minimized architecture, the above happens in 1–3 minutes with no additional security risks for the user.
“Midas Capital is excited to pioneer Connext’s chain abstraction features. Midas has always pushed the envelope when it comes to delivering a stellar experience for our users.
Connext has given us a way to make our dApp accessible from multiple chains, which greatly reduces friction for our users. Connext shares our vision of a multi-chain future, and we are happy to partner with them to make this a reality” — Carlo Mazzaferro, Midas Capital
What’s next?
Midas’ Chain Abstracted lending flow is currently live on their preview application and will be launched soon. Once complete, both projects plan to explore Chain Abstraction for borrowing assets, so that the entirety of Midas’ lend & borrow flow can live seamlessly crosschain.
Interested in Chain Abstraction?
If you found this usecase interesting and would like to enable Chain Abstraction in your own dApp, you can:
- Sign up for the Waitlist for our full Chain Abstraction Toolkit
- Start building with the pieces of the Toolkit already available today by reading our docs
If you have any questions or are looking for support, reach out to us via our Discord!
About Midas
Midas Capital enables isolated and customizable money markets on EVM-compatible blockchains, democratizing access and offering flexibility in pool creation. With adjustable parameters and stellar features, they redefine the landscape of money markets for institutions, protocols, and investors.
Website | Twitter | Discord | Telegram
About Connext
Connext is a network for fast, trustless communication between chains and rollups. It is the only interoperability system of its type that does this cheaply and quickly without introducing any new trust assumptions. Connext is aimed at developers looking to build secure bridges and other natively cross-chain applications. To date, over $1.5b in transactions have securely crossed the network.
Website | Build xApps | Twitter | Discord | Crosschain Bridge
