Midas Monthly Highlights: November 2022
November was an exciting month featuring new pool launches, significant changes to the Midas rewards model, new partnerships, and a risk score to help users make informed decisions. The newsletter will share updates about what happened at Midas Capital in November and what users can expect in December. You can also join our Twitter, Discord, and Telegram communities to stay up to date.
November 2022 Highlights
Updates To The Rewards Model
One of the key strategies that users could execute in Midas pools was depositing, borrowing, and redepositing the same asset to scale the rewards generated from the pool. However, this did not serve the purpose of the pool as a majority of the capital was used just to borrow and redeposit in the pool, driving borrow APYs higher.
Therefore, to ensure pool utility and a sustainable ecosystem at Midas, we are changing the rewards model. Rewards earned on deposits will be calculated only on the real supply balance and not when redepositing the same assets. Therefore, users executing the looping or folding strategies are advised to unwind their loops and refrain from borrowing and redepositing the same assets.
Igniting Growth On Moonbeam
Developed by Stellaswap and Moonwell, Moonbeam Ignite is an initiative to drive growth in the Moonbeam Universe. Midas Capital has been chosen to be a part of the initiative, and we will be working towards launching several pools on Moonbeam.
Dominik Hell — Lead Strategist at Midas Capital, also sat down for a conversation with representatives from PureStake, StellaSwap, and Moonwell in a special session of Moonbeam Universe to discuss Moonbeam Ignite.
Lido Finance Joins Midas Capital With The stDOT Pool
Midas Capital and Lido Finance have launched the first pool on Moonbeam, the stDOT pool. Users who stake their xcDOT with Lido can access the liquidity of their staked tokens by depositing wstDOT or stDOT-xcDOT Curve LP tokens into the Midas pool. 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.
Make Informed Decisions With The Risk Score
To help users make informed decisions, all ERC-4626-enabled strategies will display a risk score highlighting the associated risks. The strategies will be scored on a scale of 1–10 based on various parameters, broadly categorized into Midas Risks, Asset Risks, and Platform Risks. At Midas, we have always tried to ensure that users understand the risks and make informed decisions. This score is another step in ensuring that.
Conversations And Outreach
In November, the Midas team participated in various AMAs and dialogues to educate the community about the uniqueness of Midas pools and how they can make the most of their assets. The key conversation was with pSTAKE, where Darrell Chen — Operations Lead at Midas Capital, sat down with Mayank Raj, stkBNB Project Manager, to talk about leveraging liquid staking on BNB.
Other sessions included Darrell Chen speaking at Moonbeam Illuminate 2022, an episode of PolkaTalk with representatives from Bifrost, Beamswap, DAM Finance, and Zircon, and an AMA with BRZ, highlights of which will be shared soon.
Changes To The User Interface
To make the application faster and smoother, we are making regular changes to the user interface. Recently, we have integrated with RainbowKit to provide a seamless wallet experience to our community. Midas Capital now supports additional wallets as well. We will soon be sharing all major updates made to the UI.
What To Look Forward To In December
November witnessed some definitive changes, along with new launches and multiple community interactions. As the Midas ecosystem grows, we are constantly looking to hear from our community to offer a stellar user experience. With exciting launches ahead, we are sure December will be another exciting month for Midas Capital, its users, and its partners.
Follow us to stay updated.
See you in December!
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 both large-scale institutions, protocols, and traditional investors.
