Etymology
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midway (n.)

Old English mid-weg "the middle of a way or distance;" see mid (adj.) + way (n.). Meaning "central avenue of a fairground" is first recorded 1893, American English, in reference to the Midway Plaisance of the Worlds Columbian Exposition held that year in Chicago. The Pacific island group is so called for being midway between America and Asia. The great naval battle there was fought June 4-7, 1942. As an adverb from late Old English.

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Definitions of midway
1
midway (n.)
the place at a fair or carnival where sideshows and similar amusements are located;
2
midway (adv.)
at half the distance; at the middle;
Synonyms: halfway
3
midway (adj.)
equally distant from the extremes;
Synonyms: center / halfway / middle
4
Midway (n.)
naval battle of World War II (June 1942); American planes based on land and on carriers decisively defeated a Japanese fleet on its way to invade the Midway Islands;
Synonyms: Battle of Midway
From wordnet.princeton.edu