IPA: /ˈmɪdˌweɪ/
KK: /mɪdˈweɪ/
In the middle of a distance or a process; at an equal distance from two points.
We stopped midway to take a break during our hike.
A place at a fair or carnival where games and entertainment are found, often filled with attractions and food stands.
The children ran excitedly to the midway to try all the games and rides.
Midway is formed from "mid" (from Old English "mid", meaning middle) and "way" (from Old English "weg", meaning path or road). The word "midway" refers to a point that is in the middle of a path or distance.
Think of being in the 'middle' ('mid') of a 'path' ('way') — that's what midway means.