Midas Capital x Lido
The Moonbeam ecosystem at Midas Capital has gained its first pool with the launch of the stDOT pool. stDOT is Lido’s DOT liquid staking asset (implemented by MixBytes). Users who stake their xcDOT with Lido will be able to access the liquidity of their staked tokens by depositing wstDOT or stDOT-xcDOT Curve LP tokens into the Midas pool.
wstDOT is the wrapped form of stDOT, and serves as the single token that accounts for stDOT rebasement. Lido’s stDOT is a rebasing token, which means the quantity of the token held in the user’s wallet will increase consistently with the addition of staking rewards. The pool will also enable users to collateralize a variety of other assets, such as WGLMR, xcDOT, and USDC.
Lido and Midas have teamed up to incentivize this pool with a liquidity mining campaign by directing LDO and USDC rewards towards wstDOT and xcDOT deposits, respectively.
About the pool
Initial pool structure:
Collateral: wstDOT (70% LTV), xcDOT-stDOT Curve LP (65% LTV), xcDOT (70% LTV), USDC (80% LTV), wGLMR (70% LTV)
Borrowable: xcDOT, wGLMR, USDC
Access The Pool
Building A Multi-Chain Money Market Ecosystem
After successful pool launches on BNB and Polygon, the stDOT pool paves the way for the growth of Midas Capital on the Polkadot Ecosystem, enabled by a deployment to Moonbeam, their EVM-compatible chain. This is another addition to an already strong line-up of pools supporting liquid staking assets, enabling users to make the most of their staked assets, as well as another step towards building a truly multi-chain protocol.
Through its customizable pool design and developer-friendliness, Midas aims to democratize money markets across chains for both users and protocols. While users can increase the potential of their assets, protocols can set up their own customizable money markets, tailoring them to their own needs. With the Midas SDK, developers can leverage the Midas protocol as a white-label solution, enabling it to be integrated into any interface or external application.
Midas’ focus is on developing a standardized toolset for building money markets on any EVM-compatible chain. This will also enable Midas Capital to tap into the underlying ecosystems through the native cross-chain protocols and design of these chains and create money markets that combine EVM assets with non-EVM assets. To fully utilize the power of the Polkadot ecosystem, Midas plans to build XCM connections into our smart contracts that allow assets across Polkadot Parachains to be directly integrated into our lending pools. This will enable the entire Polkadot community to benefit from an ever-expanding set of rewarding opportunities and flexibility with respect to their borrowing and lending needs.
Maximizing Opportunities With ERC-4626
Using the ERC-4626 tokenized vault standard, Midas offers additional opportunities to users while enabling seamless integration for our partners. With Midas, users can collateralize various LP tokens while their original staked assets are earning staking rewards and borrow other assets. In the stDOT pool, users can collateralize the Curve xcDOT-stDOT LP token and borrow other tokens from the pool while still earning rewards from their original deposit in Curve.
Moreover, once a user deposits these Curve LP tokens into the Midas pool, Midas automatically redeposits these tokens into a Curve Vault for additional rewards. Using the flywheel contract, the rewards are accrued in the Midas UI itself, which can be collected with just one click.
The stDOT pool enables users to maximize the potential of their assets and access the liquidity from their LP position to participate in additional opportunities even when using the position as collateral in a money market.
About Lido
Lido is the leading liquid staking protocol, enabling users to benefit from staking revenue while engaging in composable DeFi strategies simultaneously. Lido issues liquid staking tokens to users on a 1:1 basis to provide stakers with instant access to liquidity and lower the opportunity cost associated with staked asset lock-ups. The platform supports a variety of networks, including Ethereum, Solana, Polygon, Polkadot, and Kusama. Lido’s liquid staking protocols are governed by the Lido DAO.
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About Mixbytes
MixBytes is a team of experienced developers providing top-notch blockchain solutions, smart contract security audits, and tech advisory. The MixBytes team has played a pivotal role in the development of the Lido liquid staking platform on Polkadot and Kusama. Apart from audit, development, and advisory services, MixBytes also enables platforms to run their own audit contests to maximize the potential of their community.
About Midas Capital
Midas Capital is bringing isolated and customizable money markets to EVM-compatible blockchains. Enabling users, DAOs, and protocols to create customized and isolated pools for lending and borrowing any asset, Midas is building a cross-chain ecosystem that democratizes money markets. Pool creators have the flexibility to modify pool parameters (interest rate curves, oracles, collateral factors, pool fee, etc.) according to their risk appetite. With isolated pools, Midas offers stellar features for large-scale institutions, protocols, and traditional investors.
