Anything midway between two points is halfway between them. A midway is also a place at a carnival where sideshow entertainment is located.
Being midway is being at a midpoint or the center. If you're halfway between home and school, you're midway between those two places. At the end of sophomore year, you're midway through high school. Another type of midway is part of a fair or carnival. On the midway, you'll find sideshow amusements such as a bearded lady, a snake charmer, or someone swallowing a sword.
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