The recent unpleasant happenings in the market have led to the loss of users’ confidence and trust. Hence, many exchanges are becoming more transparent and updating their users to regain their trust. Lending and investment platform, Midas Investments, has joined numerous other exchanges to present its Proof of Liquidity to community users.
Announcing this in a Twitter post, the platform made it known that it had showcased its public liquid positions and liquidity reserves.
In the portfolio released by the platform, Midas revealed addresses for $91 million assets under management (AUM) out of its $145 million assets.
The founder of Midas, Iakov Levin, stated that the platform named it Proof of Liquidity because it believes Proof of Reserves is not the right word since the platform was legitimately generating yield with assets.
He noted that the portfolio shows other parts of Midas assets, such as the trading desks, private DeFi allocations, and operational wallets. They are all fully liquid and do not use any form of leverage.
In his statement, Trevor emphasized,
“The liquidity is our key standard for managing assets.”
Midas Investment also stated that the only illiquid position is Maple which still has short periods for getting liquidity.
Midas has been devising means to serve its customers better, and this move is one such way. The platform recently migrated its MIDAS native token from the Fantom blockchain to Ethereum. This was to increase its token utility across the crypto marketplace and enable token holders to utilize their holdings on over 3500 DApps.
The announcement by Midas was well received by its community, who appreciated the company’s efforts to be more transparent than they already were.
Finally, Midas stated it is exploring other DeFi models to have a fully transparent and liquid DeFi portfolio. It also aims to publish the company’s full third-party audit before the year ends.
