What Is Mitosis and How to Earn Points for the Airdrop

What if I told you that there is a promising new venture in the realm of decentralized finance that unifies liquidity across multiple blockchains? Understanding this innovation could not only enhance your knowledge of the blockchain landscape but also offer exciting opportunities to earn rewards. The blockchain in discussion is called Mitosis, and it introduces a unique liquidity model. In this article, I will provide a thorough insight into Mitosis, its functionalities, and how one can earn MITO points for its forthcoming airdrop—a venture that may pique the interest of both experienced participants and newcomers in the decentralized finance ecosystem.

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What Is Mitosis?

Mitosis is an innovative Layer 1 (L1) blockchain network designed to facilitate Ecosystem Owned Liquidity (EOL) for modular blockchains and decentralized applications (dApps). The core philosophy of Mitosis is to attract more Total Value Locked (TVL) by leveraging liquidity that is owned by the community, as opposed to relying on transient capital that may only yield temporary benefits.

The Mitosis platform is in active development, with its vaults already operational, while the public testnet for this Layer 1 blockchain is yet to be unveiled. Demonstrating significant traction, Mitosis has successfully raised $7 million in funding and reported an impressive accumulation of over $80 million in TVL in just three months. Furthermore, they have established strong partnerships with prominent dApps such as Ether.fi, Symbiotic, and Hyperlane, illustrating the network’s growing influence.

Ecosystem Owned Liquidity (EOL)

EOL is a pivotal component of Mitosis, representing a collaboration of liquidity pooled from individual providers organized under a Decentralized Autonomous Organization (DAO) governance model. This allows retail liquidity providers to gain access to institutional-level liquidity within the decentralized finance framework. By consolidating liquidity, smaller contributors can leverage economies of scale that typically characterize larger liquidity pools. Public governance votes and community discussions serve as the foundation upon which users make decisions regarding liquidity allocation and management, enhancing a sense of ownership and collective responsibility.

Mitosis vaults allow users to participate in EOL by depositing tokens like Wrapped Ether(fi) (weETH) and receiving a governance token in return, such as miweETH. This approach adds an additional layer of engagement, as users can influence the management and allocation of pooled liquidity.

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How to Earn MITO Points for Mitosis Airdrop

As Mitosis aims to bootstrap liquidity, a campaign called “Mitosis Expeditions” has been launched. This program rewards participants with points for the liquidity they deposit into Mitosis vaults. Users accumulating these MITO Points will be eligible for governance token ($MITO) airdrops, which may present enticing opportunities for further engagement and reward farming.

Mitosis extends an appealing landscape for users interested in airdrop farming. Thanks to a broad network of partnerships, users could potentially qualify for multiple airdrops through the Mitosis platform. Newly launched vaults allow participants to simultaneously gain access to various airdrops, maximizing their potential rewards through a single deposit.

Airdrop Potential

Within the Mitosis structure, the “Mitosis Expeditions” campaign enables users to earn valuable points by depositing their liquidity into a designated vault. This strategic positioning ensures that users are not merely passive participants but instead engaged stakeholders in the system. For instance, the recent incorporation of the ezETH Mitosis vault positions users perfectly to farm airdrops from diverse protocols simultaneously, enhancing the return on their initial investments.

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Step-by-Step Guide to Earn MITO Points

Gaining MITO Points through deposits in Mitosis vaults is a seamless process. As of now, Mitosis features several live vaults, including the coveted EigenLayer Ether.fi vault, which stands out for its utility.

Step 1: Enter the Mitosis Expedition

To begin my journey towards earning MITO Points, I connect to the Mitosis platform by visiting the application at app.mitosis.org. Once I arrive, I can easily connect my wallet to create an interactive experience with the system.

Following the connection, I accept the prompted message that signifies my agreement to engage with the platform.

Step 2: Obtain weETH on Desired Network

Next, I choose one of the six supported networks for depositing weETH. These networks include Ethereum, Arbitrum, Blast, Linea, Mode, and Scroll, each offering intriguing opportunities for liquidity provisioning. In this example, I opt for depositing on Scroll, which currently provides a multiplier on MITO Points.

To acquire weETH on Scroll, I visit jumper.exchange and connect my wallet. The user interface guides me to select the source chain and the tokens I wish to swap, culminating in weETH as my desired destination token. I choose to swap USDC.e from Arbitrum to weETH on Scroll, sign the transaction and prepare for my liquidity deposit.

Step 3: Deposit Your weETH

Upon successfully obtaining the weETH, I return to the Mitosis dashboard to proceed with my deposit. It is important to select the correct vault to align with my liquidity choices. After depositing the weETH, I have officially completed the initial requirements to earn MITO Points.

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Badges & Boosts

Having planted the seeds of my investment, I check the Mitosis dashboard for additional rewards and multipliers I can claim. Various badges are available, providing opportunities for earning extra points based on engagement levels. Keeping a close eye on my points accumulation and leaderboard ranking can provide motivation and enhance my overall experience within the ecosystem.

Completing verification tasks, such as linking my social media accounts or Discord profile, can yield further incentives. It’s crucial to note that any lapses in the verification process may disqualify wallet addresses from participating in potential airdrops, emphasizing the importance of thorough engagement.

NFT & dApp Collaborations

Mitosis not only rewards liquidity providers but also acknowledges the contributions of NFT holders or those reaching specific milestones in affiliated dApps. Users can benefit from bonus points by demonstrating their engagement with popular NFT collections or successfully meeting certain protocol criteria.

To access these rewarding opportunities, joining the official Mitosis Discord is essential. Following verification steps within the community provides the pathway for claiming these bonuses. By completing the necessary processes, I can effectively maximize my points and capitalize on the expansive offerings of Mitosis.

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Conclusion

As Mitosis stands poised to reshape the decentralized finance landscape through EOL and user engagement, I recognize the significance of not placing all my aspirations on a single airdrop. While the team has promised rewards, I value diversification in my airdrop farming strategy. Mitosis outlines a promising framework that allows participants to accumulate multiple airdrops, ensuring broader exposure and reduced risks.

Yet, as with any emerging product, especially in the blockchain sector, it is imperative to conduct thorough research before committing resources. While Mitosis offers exciting prospects, the platform has yet to fully launch its EOL features, and inherent risks remain, including the potential for smart contract vulnerabilities. A meticulous approach to research and risk assessment ensures that I can effectively navigate this rapidly evolving landscape.

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