[ad_1] <br><div><p>Midas Investments, an funding agency that targeted on DeFi yields, is shutting down its platform following vital losses skilled in 2022, based on <a target="_blank" href="https://blog.midas.investments/midas-closure-reasons-and-pivot-to-cedefi/" rel="nofollow noopener" data-ylk="slk:a blog post from CEO and founder Iakov “Trevor” Levin" class="link ">a blog post from CEO and founder Iakov “Trevor” Levin</a>.</p><p>Levin wrote that this previous spring, the Midas DeFi portfolio misplaced $50 million, or 20% of its $250 million in property below administration (AUM), and that after the collapse of Celsius and FTX, its platform skilled over 60% of AUM being withdrawn.</p><p>“Primarily based on this example and present CeFi market situations, we now have reached the troublesome determination to shut the platform,” Levin wrote.</p><p>The corporate now goals to give attention to a brand new venture that “aligns with our imaginative and prescient for” centralized decentralized finance (CeDeFi), based on Levin.</p><p>Beginning on Tuesday, Midas disabled deposits and swaps, in addition to withdrawals for a while whereas it makes cautions and steadiness changes. Its goal is to deduct 55% from consumer balances held in bitcoin, ether and stablecoins, with the adjustment being compensated for in MIDAS tokens which might be swapped in for tokens of its new venture.</p><p>“The purpose of the brand new venture is to create a win-win scenario by connecting competing protocols with liquidity and providing a simplified yield to a variety of DeFi and CeFi audiences,” Levin wrote.</p><p>Levin is a <a target="_blank" href="https://www.coindesk.com/author/iakov-levin/" rel="nofollow noopener" data-ylk="slk:contributor to CoinDesk" class="link ">contributor to CoinDesk</a>.</p></div> <br>[ad_2] <br><a href="https://news.google.com/__i/rss/rd/articles/CBMiU2h0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9jcnlwdG8taW52ZXN0bWVudC1maXJtLW1pZGFzLXNodXR0aW5nLTIzMDM1ODk5Ny5odG1s0gFbaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvY3J5cHRvLWludmVzdG1lbnQtZmlybS1taWRhcy1zaHV0dGluZy0yMzAzNTg5OTcuaHRtbA?oc=5">Source link </a>