QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
UNKNOWN
JULY 2021
GLOBAL
MIDAS DOLLAR
DESCRIPTION OF EVENTS
"Decentralized Stablecoin with an Algorithmic Central Bank. Established team, non-anonymous. Ready & real use-cases for $MDO algo stablecoin with Midas.eco."
"Midas Dollar Protocol is designed by the Midas Protocol team as the algorithmic stablecoin on Binance Smart Chain. Midas Dollar is an innovative solution that can adjust its supply deterministically to move the price of the token in the direction of a target price to bring programmability and interoperability to DeFi. "
"Our Vision: To be one of the most completed, most profitable, billion $ marketcap blockchain technology companies in the world. Our Mission: To contribute to global adoption of blockchain technology by offering the most completed range of blockchain products and services for both corporate clients and global consumers. Values: Value creation through applications-focused innovation and customer-oriented creativity. Focus on building human capital and nuture innovative, empowering and inclusive working environment. Always reaching out to build highly creative partnerships for mutual benefits in order to invent and address to new demands/needs for and from the market. Being adoptable, flexible to navigate through everchanging technology landscape."
"Midas Dollar is an innovative solution that can adjust its supply deterministically to move the price of the token in the direction of a target price to bring programmability and interoperability to DeFi. One of the biggest issues of all current algorithmic stablecoins right now is utility. We are glad that MDO has use-cases right away."
"Inspired by Basis and its predecessors (Empty Set Dollar and bDollar), Midas Dollar is a multi-token protocol that consists of three tokens: MDO (the algorithmic stablecoin), Midas Dollar Shares (or MDS, which holders can claim MDO inflation when the network expands), and Midas Dollar Bonds (or MDB, which can be purchased at 1:1 rate when the network is in contraction and can be redeemed with premium for MDO the network returns to its inflationary state, above the $1 peg)."
"When MDO price is below the target price of $1, token holders can purchase Midas Dollar Bonds (MDB) by burning MDO to reduce the circulating supply with a 1:1 ratio, and Bonds will be burnt when users redeem MDO with a premium bonus. In case of redemption, an amount of MDO will be minted according to the TWAP at the beginning of the epoch (for example, if the MDO price is $1.1 then one Bond burnt will get back 1.1 MDO). Important to note is that Bonds have no expiry after purchase."
"When MDO price is above the 1$ peg, the token supply will have to expand to push it back down to 1$ and the contract will allow the redemption of the MDB. When the price of MDO continues trading above the $1 target price after bond redemption, the contract mints an appropriate amount of new MDO. This will be distributed to the Boardroom Stakers. This three token system creates incentives through seigniorage, always pushing MDO towards its peg. MDS is used to redistribute the seigniorage from inflating the asset, while MDB is used to establish a price floor while MDO is in its deflationary state."
"Midas Dollar is the latest product of the Midas Protocol ecosystem as we are strong supporters of algorithmic stablecoins in particular and DeFi in general. However, MDO is an experiment, and participants should take great caution and learn more about the seigniorage concept and supply expansion and contraction mechanism to avoid any potential loss."
"IMPORTANT! Migrate your $MDO to $MDOv2 before Jul 13, 20:00 GMT+6." "As previous announcement, the final deadline for MDO to MDOv2 migration is Jul 13, 20:00 GMT+6. Once the migration period is over, we will close the migration gateway — which means it is impossible to convert from MDO to MDOv2."
"Migrate to MDO V2.0. Migration has ended."
"Midas Dollar’s price [as of November 4th, 2022] is US$0.02252."
"IMPORTANT! Migrate your $MDO to $MDOv2 before Jul 13, 20:00 GMT+6." "We realized that there still are a large sum of MDOs not yet migrated to the MDOv2 version. Until the migration completes, we cannot proceed to upgrade the Midas Dollar protocol to a partial collateralization model."
"Midas Dollar’s upcoming plans and programs will use MDOv2 instead. Hence MDO tokens will no longer be valued in the future. We estimate there are still almost 2 million MDO unmigrated left."
"MDOv2 / BUSD Midas Dollar 2.0" "PRICE USD $0.003071 PRICE LIQUIDITY $2.9K"
Midas Dollar V2 was an algorithmic stablecoin which is designed to adjust the supply dynamically to maintain a price peg of $1 which was launched in May 2021, as a successor to the Midas Dollar. While a key part of the pitch was that the team was not anonymous, there were limited details available about who was behind the token. Midas Dollar holders had the opportunity to convert their Midas Dollar to Midas Dollar V2 using a migration contract.
The new Midas Dollar V2 coin does not appear to be monitored on most websites such as CoinMarketCap, DigitalCoinPrice, Messari, Binance, or Crypto.com. It has an even lower trading price around $0.003 according to DexScreener. No updates appeared on the team's Medium account since July 12th, and it appears to be subsequently deleted.
HOW COULD THIS HAVE BEEN PREVENTED?
Midas Dollar failed to back their token with sufficient collateral or insurance, and in addition should have employed a better plan for contract upgrades from the beginning. Had they maintained the same smart contract address, their token migration would have been more successful.
@ABettaMeta Twitter (Jul 13)
Midas Dollar (Nov 3)
Midas Dollar Price | MDO Price, USD converter, Charts | Crypto.com (Nov 4)
Midas Dollar Price - MDO Price Index, Live Chart and USD Converter - Binance (Nov 4)
https://www.coinbase.com/price/midas-dollar (Nov 4)
https://coinmooner.com/coin/midas-dollar-mdo (Nov 4)
https://digitalcoinprice.com/coins/midas-dollar (Nov 4)
Morioh (Nov 4)
Midas Dollar Historical Data, MDO Daily Open, Close & Volume Insights | Nomics (Nov 4)
@MidasDollar Twitter (Nov 4)
Midas Dollar (Nov 8)
Mdov2 Migration Ending And Gold Commission Re Implements Fees Structure (Nov 8)
Midas.eco – Medium (Nov 8)
Midas Dollar 2.0 (MDOv2) ERC20 Token Exchange volume | Binance Smart Chain Mainnet (Nov 8)
MDOv2 $0.003071 - Midas Dollar 2.0 / BUSD on BSC / Unknown DEX - DEX Screener (Nov 8)
Midas.eco – Medium (Nov 8)
Telegram: Contact @midasprotocolglobal (Nov 8)
Midas Protocol (Nov 8)
Midas Protocol (Nov 8)
Midas Dollar Protocol - Midas Dollar (Nov 8)
Tokens - Midas Dollar (Nov 8)
