Midas

Midas is a platform for composable onchain investment products that tokenises institutional strategies into ERC-20 mTokens. It enables investors to access asset-backed credit, market-neutral crypto strategies, and Treasury products managed by appointed strategy managers such as BlackRock, Fasanara, and Hyperithm, with full onchain transparency, instant redemptions via Midas Staked Liquidity (MSL), and native composability across DeFi protocols like Morpho, Pendle, and Euler.

Each Midas product (called an mToken) tracks a portfolio of assets that a professional strategy manager picks and manages. The strategy manager's job is to choose which yield-generating assets the portfolio holds. The mToken's price (its Net Asset Value, or NAV) is calculated by dividing the total value of the underlying portfolio by the number of mTokens in circulation. This price updates on a regular schedule — daily or weekly, depending on the product.

Where the yield comes from depends on which product you choose:

• mTBILL earns yield from short-term US Treasury bills, through tokenised funds managed by Superstate (USTB) and BlackRock (BUIDL).
• mF-ONE earns yield from asset-backed credit — loans backed by real-world assets — via Fasanara's fintech lending strategies.
• Market-neutral products (mHyperBTC, mHYPER, mHyperETH, mM1-USD, mMEV, mEDGE, mAPOLLO, mRe7YIELD, mBASIS, and others) earn yield through strategies like basis trading, funding-rate arbitrage, and delta-neutral approaches. Each is run by its own manager (e.g., Hyperithm, Re7 Labs, Edge Capital, Apollo Crypto, RockawayX, M1 Capital).

The strategy managers provide the primary valuation data. Midas independently cross-checks all those figures against independent sources, deducts any accrued fees, and then publishes each NAV.

Redemption works in two ways:

• Instant redemption (on-demand) draws from the Midas Staked Liquidity (MSL) pool or an Internal Liquidity Sleeve — a reserve of up to roughly 10% of total value held in USDC or mTBILL. This comes with a fixed instant redemption fee.
• Standard redemptions are fee-free, but they follow the natural settlement timeline of the underlying assets — typically T+2 to T+X days.

MSL liquidity providers earn a predictable yield generated entirely from those instant redemption fees. They have no exposure to the ups and downs of the underlying portfolios, and they hold seniority over other mToken investors.

Some products also plug into DeFi protocols like Morpho, Pendle, Curve, Euler, Gearbox, and Stargate, which can generate extra yield through lending, liquidity provision, or yield-tokenisation strategies. Any special rewards from those third-party protocols depend on their own conditions and are not guaranteed.

Midas lists a "Backed By The Best" section on both its homepage and About page displaying logos of numerous investors and partners. The identifiable backers/partners based on the image filenames include: Anchorage, Axelar, Strobe, Creandum, FJ Labs, Framework Ventures, GSR, Hack VC, HVC, Hyperithm, Lattice, Ledger, M1 Capital, Mouse, Peer, Ventures, Stake Capital, NIV, FE, Franklin, Coinbase, Legend, Myelin, Nolimit, Oasis, Sumcap, Theia, Sigil, and Bufficorn. Notably, co-founder Fabrice Grinda is also the Founding Partner of FJ Labs (one of the listed backers). No specific funding rounds, amounts raised, or investment dates are disclosed on any of the official Midas website pages or documentation. The company was founded in July 2024.