Mitosis Secures $7M to Launch EOL-Driven Cross-Chain Liquidity Platform

Mitosis is an upcoming Layer 1 (L1) blockchain platform that aims to unify liquidity provision across multiple blockchains through its Ecosystem Owned Liquidity (EOL) model [1]. The platform is designed to help newly created modular blockchains and decentralized applications (dApps) attract more Total Value Locked (TVL) by leveraging community-owned liquidity rather than relying on mercenary capital. Mitosis has already secured $7 million in venture capital funding from prominent investors, including Amber Group and Foresight Ventures [1].

One of the key features of Mitosis is its EOL model, which pools liquidity from individual liquidity providers within a Decentralized Autonomous Organization (DAO) governance structure. This approach allows retail liquidity providers to replicate the capabilities of large financial institutions by providing institutional-level liquidity within decentralized finance (DeFi). Users can deposit assets such as Wrapped Ether.fi Ether (weETH) into Mitosis vaults and receive tokens such as miweETH in return, which grant them voting rights on how the pooled liquidity is managed [1].

To encourage participation and liquidity provision, Mitosis has launched a campaign called “Mitosis Expeditions,” which awards users MITO Points for depositing liquidity into their vaults. These points are necessary for eligibility for the Mitosis governance token ($MITO) airdrop. Users can earn these points by depositing tokens into one of the four live vaults available on the platform. For instance, depositing weETH into the weETH Mitosis vault is a popular method for earning points. The platform also offers multipliers for certain networks; for example, deposits made on the Scroll network offer a 1.3x multiplier [1].

In addition to liquidity deposits, users can earn bonus points by completing verification tasks such as connecting their X (formerly Twitter) or Discord accounts and by participating in the platform’s governance discussions. Furthermore, the Mitosis team collaborates with various dApps and NFT collections, offering additional rewards to users who hold certain NFTs or reach milestones in partnered platforms like Ether.fi [1].

To participate, users must first connect their wallets to the Mitosis platform, obtain weETH on their preferred network, and deposit the tokens into the appropriate vault. The process can be streamlined by using third-party platforms like Jumper to bridge assets between chains. After depositing, users can track their progress on the Mitosis dashboard, where they can also claim badges and other multipliers to boost their points. Anti-sybil measures are in place, and users who fail to complete verification tasks may be excluded from the airdrop [1].

The platform also emphasizes the importance of diversification in airdrop farming strategies. While Mitosis offers the potential to earn multiple airdrops at once—such as those from Renzo Protocol, EigenLayer, and Linea—users are advised to conduct their own research before participating, as the platform is still in development and not immune to smart contract risks [1].

Overall, Mitosis represents an innovative approach to liquidity provision in the DeFi space, aiming to empower retail users while fostering collaboration across multiple blockchain ecosystems. Its EOL model is still in development but shows promise in simplifying liquidity management and offering cross-chain yield opportunities.

Source: [1] What Is Mitosis and How to Earn Points for the Airdrop (https://www.coingecko.com/learn/what-is-mitosis-and-how-to-earn-points-for-the-airdrop)