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MidasDAO offers ~100,000% APY | Is MidasDAO Scam?

MidasDAO offers ~100,000% APY | Is MidasDAO Scam?

$CROWN is an OHM on steroids, according to the official Twitter handle Midas DAO , with a consistent stream of earnings from Metaverse, P2E games, and interest-bearing tokens.

What is MidasDAO (CROWN)?

MidasDAO is a fork of Olympus on the Avalanche Network. CROWN is a decentralised reserve currency built on Olympus DAO’s bonding and POL concepts, in which a community is formed when everyone bonds (mints) the underlying assets into common reserve money, resulting in a strong “bonding” for the entire community.

According to this concept, each CROWN token is backed by a portfolio of assets (MIM, CROWN-MIM LP, etc.) and other assets acquired throughout the project’s second stage, providing it intrinsic worth that it can not fall below.

However, the question to ask here is, how is the value of their treasury increasing every day (at least according to their website) if the assets in the treasury are backing CROWN. Further, if they have a unique profit generating strategy , where they might eventually be using the funds in the treasury; what is CROWN backed by then?



Due to its bond mechanism, Midas owns the majority of its liquidity . Advantages or Disadvantages?

They surely don’t need to bring in liquidity providers and reward them; but they also don’t need to ask anyone to rug the treasury. Promises of paradise; why is a project valued in the crypto economy? I believe because of it’s use case in scalability or security. What does MidasDAO do? Ask you to deposit funds in the treasury so they can use them to invest in something else. No?

One day, #MidasDAO will buy one of the @BoredApeYC #NFT with $CROWN What are your thoughts on #4066? #BoredApeYachtClub #BoredApeYC #AVAX #ohmfork #OHMforks $TIME $OHM $KLIMA $HEC — MidasDAO (@Midas_DAO) December 27, 2021
The question here will be, when this DAO goes down, who will own the APE? Guess we’ll never know…

CROWN can be backed with any POL (or another asset) (to increase intrinsic value). As a result, the value of CROWN tokens is at least equal to the overall value of assets stored in the treasury, even when future inflows from Midas unique profit-generating tactics are taken into account, causing the treasury’s worth to continuously increasing every day.

Okay, so are they saying that treasury would be using CROWN investors’ funds to invest in other things and then they might earn more profits and the CROWN’s price might increase. Although, I think they forgot to add the might word.

From the treasury, the protocol creates new CROWN tokens, the majority of which are handed to the stakers. As a result, stakers’ gains will come from their auto-compounding balances, while price exposure will still be a factor. Stakers will earn if the increase in token balance outpaces the possible decline in price (as for inflation).

“This is a free market, anyone is free to move on,” Midas says, and vows to reassure its users that the MidasDAO team is fully devoted to making this project as large and profitable as possible.

Even despite such claims, some people are sceptical; after all, the crypto sector has already witnessed plenty of scams this year.

None of these DAO APYs will last long term there’s no explanation why it dropped 75% all of a sudden! — mrdani.eth (3,3) (@spontaneousdani) December 22, 2021

Did you find any smart contract audits? We didn’t, in case our beliefs are not similar to yours or are wrong/ incomplete, please reach out to us with proper docs, we’d be happy to amend the article. shares this Contents always with License.

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