MIDS: issuance, and the discipline around it
The token of Midas Chain, issued by Krysos. What exists, what is enforced in code rather than asserted in prose, and the pressures on the design that count against us.
Summary
MIDS is the native token of Midas Chain. It is issued by Krysos, an entity separate from the Midas exchange, so that token issuance and exchange operations do not sit on one balance sheet or one regulatory posture.
This paper is written to a rule: every claim in it is either enforced by code we can point at, or labelled as a decision not yet taken. Where a number is not set it is marked as unset, rather than estimated and presented as a fact.
- The supply cap is enforced against lifetime issuance, not circulating supply — so burning is permanent and a burned token cannot return as fresh headroom.
- Sales run against published ceilings, in tranches, with automatic pauses. The limit is stated before it is reached.
- There is no material non-circular demand sink today. That is stated here rather than omitted.
Supply and distribution
One billion MIDS across five allocations. This is the pre-burn figure, and it is the only supply number that exists.
| Allocation | Share | MIDS | Release |
|---|---|---|---|
| Token sales | 50% | 500,000,000 | Partner-programme emission budget, released against the phased ceilings in §2. |
| Treasury | 20% | 200,000,000 | Market-making inventory and protocol reserves. Market making runs on real inventory, never virtual. |
| Investors | 10% | 100,000,000 | 12-month cliff, then 24-month linear. |
| Core team | 10% | 100,000,000 | 12-month cliff, then 24-month linear. |
| Marketing | 10% | 100,000,000 | 50M as distributor rank grants vesting against sales delivered; 50M retained as company reserve. |
Why the cap is measured against issuance
The cap is checked against tokens ever minted, not tokens currently in circulation.
A cap measured against circulating supply, on a token that can be burned, means burning nine hundred million tokens hands the minter nine hundred million of fresh headroom. A deflationary claim is only true if burning is permanent.
Demand, stated honestly
This is the section most token papers write as a wish list. Here is the inventory, including the entries that are currently empty.
| Sink | Status | Assessment |
|---|---|---|
| Market listing bond | Built | The only structurally real sink. Deploying a market requires locking MIDS, scaled by leverage, asset class and open-interest cap, slashable for failure. Working tested code — parameters unset, and it requires on-chain MIDS to exist. |
| Chain gas | Designed | Real but immaterial. At fractions of a cent per transaction, a million daily transactions is roughly $1,000 of demand. It is rounding error and we will not present it otherwise. |
| Fee-discount staking | Not built | Retail trading fees are zero by design, so discounts cannot be the retail incentive. Staking can buy maker rebates, API tiers and reduced listing bonds. |
| Prediction-market stake | Not built | Does not exist. Market creation is admin-only and carries no bond in MIDS. |
| Game economy | Net negative | The game distributes tokens and has one cosmetic sink. It is a faucet, not a source of demand. |
| Revenue buyback | Gated | Formulaic and published, subordinate to the insurance fund — and immaterial relative to flow at any near-term revenue. |
The finding
As of today there is no non-circular demand sink of material size. The listing bond is the mechanism designed to become one, and it is genuine code rather than a diagram — but it has never been deployed, its parameters are unset, and the population of market operators it depends on does not yet exist.
Anyone evaluating this token should treat that as the central open question, and should treat a paper that does not say so as having omitted it.
The partner programme, and what it costs
Most of the token-sales allocation is distributed through a partner programme. That programme is also the largest single source of sell pressure on the token, and the two facts belong in the same section.
Participants purchase packages that release over 300 days. Releases accrue as a USD amount and convert to MIDS at the market price on the day a holder claims, less a published spread, subject to a daily conversion budget, a per-person cap, and a circuit breaker against abnormal price movement.
Because the obligation is denominated in USD and settled in MIDS, the dollar value reaching the market is independent of the token price. A lower price does not reduce the selling; it increases the number of tokens required to deliver the same dollars.
Why the ceilings are the mechanism
At the growth curve the programme is planned against, claim flow peaks at roughly $96.7M in a month. At 70% sell-through, a market maker standing as sole counterparty would need more capital in a year than the programme collects in total.
No market-making budget solves this, and the launch price cannot solve it either — the flow is price-independent. Capping cumulative sales is the only lever that reduces it.
Risks
The ones that matter, rather than the ones that are comfortable to list.
- Continuous emission against thin demand. If listing-bond demand does not materialise, the token has no material buyer other than the issuer.
- The issuer is short its own token. A USD-denominated obligation settled in MIDS means a falling price increases the tokens required to discharge it — creating an incentive to support the price that must be structurally resisted, not merely disclosed.
- No external audit. The contract layer is extensively tested and has had no external security audit. Its own readiness assessment states it must not custody real funds until that changes.
- Price is not yet market-set. Until MIDS trades against genuine third-party flow, any price is an issuer output.
- Concentration. Three allocations totalling 300M MIDS vest over time and sit above the claim flow.
- Regulatory. Availability depends on jurisdiction and identity verification, and access may be refused or withdrawn.
What is built
Separating shipped code from intention, because a roadmap presented as a product is the most common failure in this document class.
| Component | Status | Note |
|---|---|---|
| Token contract | Built | Capped, permissioned minting, permanent burns, lifetime-issuance accounting. |
| Perpetuals, options, cross-margin, oracle, vault | Built | ~12,000 lines of Solidity, 1,018 tests passing across 106 suites. |
| Market factory and listing bond | Built | Risk-scaled bonds, slashing, wind-down conditions. Parameters unset. |
| Compensation engine | Live | Full plan, dual-control payout runs, append-only liability ledger, proportional cap. |
| External audit | Not started | Two independent firms, sequential, plus re-audit of fixes and a funded bounty. |
| Chain deployment | Not started | No network provisioned. No contract deployed to any network, including testnet. |
| MIDS listing | Not started | Not active, not tradable, zero supply minted. |
| On-chain issuance and reconciliation | Not started | MIDS exists today only as an internal ledger balance. Bringing it on-chain is a distinct project with its own money-path rigour. |
Krysos issues a digital token. Nothing on this page is an offer, a solicitation, or investment advice, and nothing here is a promise or projection of any return. Digital assets are volatile and you may lose the entire amount you put in. Availability depends on your country and on identity verification, and access may be refused or withdrawn. Figures describing supply and issuance describe the design of the system; they are not forecasts of price or value.