Midas, a protocol for issuing yield-bearing tokens backed by U.S. Treasuries and other assets, has introduced Liquid Yield Tokens (LYT) linked to actively managed
protocol Midas has introduced Liquid Yield Tokens (LYT) linked to actively managed decentralized finance (DeFi) funds.
The tokens will be backed by the performance of Edge Capital, RE7, and MEV Capital to start with.
The LYTs are designed to provide high yields, with an aim of up to 20%, said Midas CEO Dennis Dinkelmeyer.
The tokens will be available for one-click issue and redeem on the Midas platform.
The LYTs can also be used as collateral in Euler and Morpho.
The move comes as part of a strategy to adapt to changing market conditions.
Earlier, Midas launched a tokenized T-Bill product linked to a BlackRock money-market fund when interest rates were around 5% and DeFi markets were lower at about 2%.
Later, the firm introduced a cash and carry trade token that yielded over 20% last year, said Dinkelmeyer, but now the market trends are reversing.
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