What Is Mitosis and How to Earn Points for the Airdrop

How to Earn MITO Points for Mitosis Airdrop

Mitosis aims to deliver a novel liquidity model to newly created modular blockchains and decentralized applications (dApps), aiming to attract more TVL by leveraging community-owned liquidity. Users can earn MITO Points by taking part in Mitosis Expeditions and depositing into vaults.

Key Takeaways

• Mitosis is an innovative Layer 1 (L1) blockchain platform designed to unify liquidity provision across multiple blockchains through its unique Ecosystem Owned Liquidity (EOL) model.

• In May 2024, Mitosis secured $7 million in venture capital funding from prominent investors, including Amber Group and Foresight Ventures.

• Mitosis is closely partnered with Ether.fi with a significant portion of its liquidity denoted in Wrapped Ether.fi Ether (weETH) in Mitosis vaults.

About Mitosis

Mitosis is an upcoming Layer 1 (L1) blockchain focused on delivering Ecosystem Owned Liquidity (EOL), a novel liquidity model to newly created modular blockchains and decentralized applications (dApps). The platform aims to help these modular blockchains and dApps attract more Total Value Locked (TVL) by leveraging community-owned liquidity rather than relying on mercenary capital.

Mitosis is currently in development, with its vaults operational but the public testnet for the L1 is yet to launch. The platform has successfully raised $7 million in funding and has demonstrated remarkable growth, accumulating over $80 million in Total Value Locked (TVL) in just three months. The Mitosis team has formed close partnerships with notable dApps such as Ether.fi, Symbiotic, and Hyperlane.

EOL is still in development and promises several exciting benefits to all DeFi users. Most notably, EOL aims to simplify the decision-making process for retail liquidity providers. Retail users often experience choice overload when deciding where to allocate their liquidity. EOL addresses this challenge by unifying yields across different chains, allowing users to enjoy cross-chain yields while avoiding the hassle of comparing yields across multiple networks.

What Is Ecosystem Owned Liquidity (EOL)?

EOL is the flagship product of Mitosis; it is the pooling of liquidity across individual liquidity providers in a Decentralized Autonomous Organization (DAO) governance structure. This allows retail liquidity providers to replicate the capabilities of large financial institutions in providing institutional-level liquidity within decentralized finance (DeFi). This approach enhances the bargaining power of individual liquidity providers, allowing them to benefit from the economies of scale associated with larger liquidity pools.

Users will decide the allocation and terms of the liquidity provision through public governance votes and forum discussions.

Ecosystem Owned Liquidity Pools (EOL LP) are accessed through Mitosis vaults. To use the Mitosis vault, a user deposits for instance, weETH into the weETH Mitosis vault and receives miweETH in return. This miweETH provides the user with voting rights, allowing them to influence how the pooled liquidity is managed within the vault.

Mitosis vaults are created through extensive forum discussions at https://forum.mitosis.org/. In order to be an approved Mitosis vault, Protocols must first undergo forum discussion, followed by an initiation vote. If the proposal passes the vote, the vault is officially listed and added to the Mitosis platform. The earnings of the EOL accumulate in the Mitosis Vaults. Mitosis then distributes rewards to all Mitosis LPs, regardless of the network they chose for their deposits. This approach ensures that all LPs enjoy multi-chain yield exposure.

Airdrop Potential

To bootstrap liquidity, Mitosis introduces a campaign called “Mitosis Expeditions”, giving users points for liquidity deposited into their vaults. The team promised that “Accumulating MITO Points (weETH) grants eligibility for Mitosis governance token ($MITO) airdrops.”

Mitosis offers an appealing opportunity for airdrop farming, thanks to its broad network of partnerships. This enables users to potentially access multiple airdrops through the Mitosis platform. For example, the newly introduced ezETH Mitosis vault now allows users to simultaneously farm airdrops from Renzo Protocol, EigenLayer, Linea, and Mitosis with a single deposit.

If you're interested in this approach, I've detailed a similar strategy around farming the Linea airdrop for your reference.

How to Earn Mitosis Points

As of this writing, Mitosis features four live vaults. To start accruing MITO Points, you can deposit into any of these vaults. Here is a step-by-step guide for depositing into the most popular EigenLayer Ether.fi vault.

Step 1: Enter the Mitosis Expedition

Visit https://app.mitosis.org/ and connect your wallet.

Accept and sign the prompted message.

Step 2: Obtain weETH on Desired Network

After joining the Mitosis expedition, you’ll be prompted to deposit weETH. You can choose from one of six networks to make your deposit: Ethereum, Arbitrum, Blast, Linea, Mode, and Scroll. If you choose to deposit on Scroll, which currently offers a 1.3x multiplier on MITO Points, follow these steps to obtain weETH on Scroll using Jumper.

Visit https://jumper.exchange/ and connect your wallet then choose your source chain and funds you wish to swap, and select weETH on Scroll as your destination token.

Here I’m swapping USDC.e on Arbitrum to receive weETH on Scroll. Select your preferred bridge, sign the transactions and your weETH is on the way!

Step 3: Deposit your weETH

Next return to https://app.mitosis.org/ and deposit your Scroll weETH. Make sure that you’ve selected the correct vault which in this case is the first of the 3 vaults. Once you’ve deposited your funds you’re done!

Badges & Boosts

Now that you’ve deposited your funds, head over to the Mitosis dashboard, there are various badges and multipliers you can claim here for additional points. You will also see a breakdown of your points accrual each day over here as well as your leaderboard tier ranking.

Be sure to complete verification tasks, such as connecting your X (formerly Twitter) or Discord account, as failing to do so may result in your wallet being excluded from the airdrop due to anti-sybil measures.

Read here for a full breakdown of the various multipliers available in Mitosis!

NFT & dApp Collaborations

The Mitosis team endorses various popular dApps and NFT collections, offering users bonus points for owning certain NFTs or achieving specific milestones. For example, users who hold well-known NFT collections like Pudgy Penguins or reach particular milestones in Ether.fi may qualify for additional rewards.

To claim these bonuses you must first join the official Mitosis Discord as the verification process is conducted there. After completing the usual Discord verifications, head to the “#role-verify” channel.

Click “Let’s Go!”.

Then “Add a New Wallet”.

Follow the provided instructions and connect your wallet to the Discord bot. Once that’s done return to the Mitosis dashboard and click “Check Eligibility”.

You will be redirected to authorize Mitosis to connect to your Discord account. Simply click "Authorize" to complete the process. If your wallet qualifies for any bonuses, you will receive the points immediately, and the community tab will update from “Info” to “Claimed”.

Conclusion

While the Mitosis team has promised to do an airdrop, you should not rely solely on a single airdrop in your airdrop farming strategy. Mitosis presents a unique opportunity to farm multiple airdrops at once, giving you some diversification if you do this. However, as Mitosis is still a relatively new product with EOL not fully launching yet, I advise you to do your own research (DYOR) before following through on this as the Mitosis vault is not immune to smart contract exploits.