Midas is closing its platform, and users can withdraw their funds or swap tokens on the new platform.
Platform experienced 60% AUM withdrawal amid the slow crypto market.
CeDeFi would combine the ease of CeFi and transparency of DeFi.
Yet another victim of the ongoing conditions in the crypto industry surfaces, according to a blog post from founder and CEO Iakov “Trevor” Levin; Midas Investment, a firm focused on DeFi yields, is ceasing their platform owing to serious losses incurred in 2022.
The post clarifies the reasons behind the closure, as the firm’sfirm’s DeFi portfolio lost $50 million last spring, which is 20% of the $250 million Assets Under Management (AUM). The situation worsened post-FTX saga and Celsius collapse, as the platform experienced AUM withdrawal of 60%.
“Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform.” –Trevor.
All hopes are not lost for the company as they are now fo
We współpracy z: https://www.thecoinrepublic.com/2022/12/28/midas-shutting-down-its-platform-might-come-up-with-cedefi-soon/
