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Modular Liquidity Protocol Mitosis Kicks Off Next Phase of Airdrop Campaign

Altszn.com by Altszn.com
June 19, 2024
in Blockchain, Crypto, DeFi, Web3
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Modular Liquidity Protocol Mitosis Kicks Off Next Phase of Airdrop Campaign
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The Ethereum restaking sector continues to grow, with EigenLayer’s TVL hitting an all-time high of 5.42 million ETH on June 17.

Mitosis, a Cosmos-based liquidity protocol that aims to improve capital efficiency across the modular blockchain ecosystem, has kicked off its Expedition Epoch 4 with expanded yield opportunities for Ethereum restakers.

Users can now deposit EtherFi’s eETH liquid restaking token (LRT) on Mitosis and earn MITO points. According to the project’s website, its total value locked (TVL) sits at just over $40 million.

Mitosis Expedition Campaign screenshot
Mitosis Expedition Campaign

Expedition participants will unlock five different sources of yield: staking APR, restaking APR, Eigenlayer points, LRT points, and Mitosis points.

At the moment, users can deposit their eETH on Ethereum (with 1.1x the points), Arbitrum (1.2x), Blast (1.2x), Linea (1.2x), and Mode (1.2x).

Liquid Restaking Ecosystem Consolidates

The liquid restaking ecosystem has been marked by a meteoric rise in 2024.

According to DefiLlama, the sector’s total value locked (TVL) sits at $14.6 billion and has consolidated around that level since its last leg up in early May when LRTs had $10 billion in TVL.

Liquid Restaking TVL chart
Liquid Restaking TVL

EtherFi leads the pack with $6.1 billion, followed by Renzo ($3.7 billion), which announced a $17 million funding round yesterday.

Ranking tenth by TVL with $34 million, Mitosis is looking to boost growth through its latest points program. While the number might seem low when compared to the top players, the figure is still a 300% increase from May 15.

Mitosis dubs itself the modular liquidity protocol. Liquidity providers receive derivative tokens that are 1:1 convertible to their locked assets. The protocol then allows users to migrate these to other DeFi applications, opening additional yield options on top of the default fee-sharing scheme implemented by Mitosis.

Meanwhile, EigenLayer, which comprises the bulk of all restaking, has reached a TVL of $18 billion, despite a controversial airdrop that spurred widespread backlash over non-transferability and geographical exclusions.



Read More: thedefiant.io

Tags: AirdropCampaignDeFiKicksLiquidityMitosismodularPhaseProtocol
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