New account: @DennisMidas | Founder @MidasRWA | Previously investing at @GoldmanSachs & @CapitalGroup
Joined March 2024
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We started the year at @MidasRWA with an intense one-week workshop in the Austrian Alps.
2025 was a breakout year for Midas, in which we delivered a series of innovative onchain investment products that peaked at nearly $2 billion TVL.
Building on the momentum, we used the week to bring together financial, product, legal, and technical teams to align on the next stage of Midas’ growth. Spending time with the team in the mountains sets a high bar - literally and metaphorically - for what comes next.
Moments like these put everything into perspective: the past years at Midas have been an incredible journey and I am proud to build with an exceptional team - making unforgettable memories on and off the slopes along the way.
Decided it was time for a fresh start here on X. Moving my work related updates over to @DennisMidas. Excited to share some big updates soon!
Little bit of interval training to start the weekend. Norwegian 4x4 followed by a 5th sauna/cold plunge interval - recent favourite of mine.
Builds the resilience you need.
Privilege to work with @SteakhouseFi and @FasanaraCapital. As the market cycle is turning, this development will be ever more important.
But there is more to do. Back to building.
Congrats @marygooneratne! UK gilts were the first sovereign bonds to be issued (to fund the war) and the last ones to come on-chain.
RWA looping but make it U.K. government bonds.
stablecoins have been so USD-dominated that people forget there's $30T+ in foreign sovereign bonds waiting to come onchain
Excited to launch this novel credit product on @Loopscale enabling users to loop gilt yield by borrowing tGBP, the first GBP stablecoin issued by a FCA-registered firm.
Internet credit markets are global and they're happening on @Solana.
Margin lending against stocks is one of the biggest categories in TradFi. Expect this to grow as the market matures.
I’ve believed for a long time that DeFi shouldn’t stop at crypto-native assets.
Today we take a big step toward that future.
After working closely with our partners, tokenized stocks can now be used as a collateral on Euler - the first vaults of their kind on EVM. This gives users the ability to borrow against their assets and access liquidity without selling.
This turns static holdings into productive capital and adds much-needed diversification to DeFi collaterals.
Proud to ship this alongside @OndoFinance, @SentoraHQ and @Chainlink.
Real-world assets are joining DeFi - and Euler is built for it.
Excellent piece of innovation. Congrats to @ArkisXYZ, @sparkfinance & @hexonaut. Convergance of onchain and offchain capital markets!
Dennis Dinkelmeyer retweeted
Yesterday, mF-ONE posted a down-print of about ~2%, reflecting an update on the basis of official NAV valuations. This is well within the buffer that ensures lenders face no risk of bad debt and is a regular occurence in the asset class.
We hold a $1M position in mF-ONE in order to access investor factsheets and regular communications. This position is up 4% over the last 5 months.
Over the course of last week, @MidasRWA processed $400 million in redemptions as the market experienced liquidity constraints. Our infrastructure is operating as designed, even in times of market stress.
The events of last week highlight the critical distinction between a yield-bearing stablecoin and a tokenised asset. While stablecoins attempt to bring “yield” onchain, the $1 peg cannot coexist with assets that carry counterparty or duration risk. This becomes amplified as the last users in the redemption queue absorb all losses. Such a structure is inherently programmed for a run on the bank unless all collateral assets have zero risks on principal (no counterparty risk, liquidity mismatch risks etc.). Spoiler: nothing does, certainly not in crypto. And even if something comes close, it cannot compete on yield across key distribution channels.
At @MidasRWA , our core vision is to build tokenisation infrastructure that allows users to gain exposure to onchain investment products. Since mTokens are tokenised assets, they can carry investment risks and their price varies with performance of the underlying - but this is a feature, not a bug - as it prevents a liquidity trap for the last remaining users and ensures all investors are treated equally on both the upside and the downside.
mF-ONE and mHYPER have zero exposure to xUSD, yUSD, deUSD or the Balancer exploit.
DeFi doesn’t need more FUD today. Data speaks louder than words.
Withdraw first, analyze later.
Stream Finance:
Assets unclear of exposure to xUSD (direct or not):
- mHYPER, yUSD, rUSD, deUSD, mf-ONE, scUSD (and their respective derivatives)
Note: deUSD is collateral on Compound v3, although still trading at $1.
Balancer v2:
- USDX also reported losses (~$1m) due to the Balancer v2 hack, allegedly to be covered in full.
Moonwell:
- Moonwell oracle exploit affected Moonwell core market (Compound v2 fork), not the Moonwell Morpho vaults.
Block Analitica has no exposure to the above.
Stay safe, everyone.
“Only when the tide goes out do you discover who’s been swimming naked.” Warren Buffet
These are the times that test who built on strong foundations - and those who didn’t.
Following recent events in the market, we would like to outline how Midas infrastructure is designed and provide an update on our operations.
All Midas operations continue to function as designed. Redemptions are processed as requested, with all mTokens performing in accordance with their defined parameters.
Transparency, accountability, and integrity remain at the core of Midas’s infrastructure and vision for on-chain finance. Midas does not manage assets or risk. Instead, Midas provides the tokenisation infrastructure through which qualified asset managers can issue tokenised products providing exposure to underlying strategies. All on-chain assets are verifiable in the public domain, and off-chain assets are verified by independent agents, including @Ankura_Consult and @eoracle_network.
All asset managers on the platform are responsible for providing ongoing communication on risk management over the course of the market developments. Midas amplifies these updates through official channels to ensure visibility and transparency.
Dennis Dinkelmeyer retweeted
Following recent events in the market, we would like to outline how Midas infrastructure is designed and provide an update on our operations.
All Midas operations continue to function as designed. Redemptions are processed as requested, with all mTokens performing in accordance with their defined parameters.
Transparency, accountability, and integrity remain at the core of Midas’s infrastructure and vision for on-chain finance. Midas does not manage assets or risk. Instead, Midas provides the tokenisation infrastructure through which qualified asset managers can issue tokenised products providing exposure to underlying strategies. All on-chain assets are verifiable in the public domain, and off-chain assets are verified by independent agents, including @Ankura_Consult and @eoracle_network.
All asset managers on the platform are responsible for providing ongoing communication on risk management over the course of the market developments. Midas amplifies these updates through official channels to ensure visibility and transparency.
Since our last vault filled $200mn in less than 1 minute, we couldn't help but to deliver more!
Tripple M!
@maplefinance X @MidasRWA X
@M1Capital_
The Supercharged syrupUSD Vault is now live on @MidasRWA.
One-click access to the top syrupUSD strategies, fully managed by @M1Capital_.
Deposit now: midas.app/msyrupusd
We hit $1 billion TVL at @MidasRWA.
This is a big number when you consider that we launched our core products 6 months ago and shipped them with a team of 12.
Big updates coming soon!