Mitosis is a revolutionary DeFi protocol aiming to redefine multi-chain bridging by addressing the centralization and security issues that plague traditional solutions. To showcase the potential of its network to users, Mitosis has launched an engaging testnet that allows participants to earn rewards upon the mainnet launch.
Designed to connect different blockchains quickly, securely, and cost-effectively, Mitosis offers a suite of tools based on cutting-edge technologies. With the goal of simplifying the transfer of digital assets across different networks, the protocol combines decentralization and scalability, ensuring transparency and flexibility for its users.
The main features of Mitosis are:
Advanced Security: Using a system based on decentralized validators, Mitosis eliminates risks associated with centralized bridges.
Reduced Speed and Costs: Cross-chain transactions are fast and cost-efficient, optimizing the user experience.
Multi-chain Integration: Supports numerous blockchains, including Base, Optimism, Ethereum, Linea, and Arbitrum, enabling users to interact with various ecosystems without technical barriers.
Integrated dApps Ecosystem: dApps such as Chromo, Telo, Clober, and DVX expand the range of user possibilities.
Mitosis represents not just a bridging solution but also a platform to build reliable cross-chain applications, focusing on DeFi and beyond.
Game of MITO: A Gamified Testnet
Game of MITO is a strategic competition designed to engage users with the Mitosis testnet, encouraging them to explore the protocol and its decentralized applications (dApps). This gamified experience allows participants to accumulate testnet assets, which will influence token distribution during the mainnet launch.
The objective of testnet participants, whose journey will end on December 22nd, is to gather as many MITO tokens and other testnet assets (e.g., LBTC, weETH) as possible to climb the leaderboard and secure future rewards and benefits. Users can obtain a range of assets from the faucet on various networks, including Optimism, Base, Ethereum, Arbitrum, and Linea (along with Mitosis, of course), which they can use to implement their strategies and earn XP.
How to participate
1. Register and Connect
First, register for the waitlist. Once you’re on the list, access the testnet website by connecting your wallet that has been waitlisted to get started.
2. Obtain Testnet Resources
Main Faucet: Provides daily basic distributions.
Bonus Faucet: Offers extra rewards based on your position on the Waitlist. These funds are notably more generous.
3. Interact with the Mitosis Ecosystem
Utilize all the dApps currently available on the testnet to earn XP and resources:
Chromo: Swap and liquidity provision. Here, among other things, you can swap your assets for WMITO, which can then be unwrapped back into MITO on the DEX.
Telo: Lend and borrow various assets in classic format (like USDT) or in Mitosis-native versions (e.g., miUSDT). The wrap function for MITO is also available here.
Clober: Trading via an order book on Mitosis with a wide range of tokens available.
YieldKingZ: An NFT marketplace and blockchain game allowing users to mint, trade, and rent their NFTs.
DVX: Perpetual trading on the Mitosis testnet.
5. Deposit Assets in EOL Vaults
The EOL Vaults (Ecosystem Owned Liquidity) of Mitosis enable the ecosystem to effectively and transparently secure liquidity for a variety of assets. Users can deposit their assets into these pools in exchange for attractive rewards. Additionally, by depositing assets into the EOL, users receive miTokens, liquid tokens that can be used across the dApps in the ecosystem (as seen in the Telo example).
You can deposit your assets directly into the EOL from any supported network, without needing to deposit them to the Mitosis network first.
6. Participate in Voting
Vote on proposals for introducing new liquidity management protocols and contribute to determining their weighting in overall liquidity management.
7. Craft and Upgrade Items
Use materials like Cells and Clusters to craft and upgrade items that provide XP multipliers. Each item can be enhanced up to Level 5, increasing the bonus it offers. Cells are distributed daily based on the player's current level and can also be obtained by completing quests related to the Game of Mitosis on Galxe.
There are 5 levels in GoM, each divided into three sub-levels: Bronze, Silver, Gold, Emerald, and Diamond, where Bronze 3 is the lowest level and Diamond 1 the highest. In addition to Cells, users also receive daily MITO tokens based on their current level. Your level is determined by the XP you accumulate relative to other players.
8. Crew System
Join a Crew to collaborate with other participants and earn collective bonuses. The system rewards active leaders and members with XP multipliers and strategic advantages.
Earn XP and Level Up
Your experience (XP) determines your level, which influences both daily rewards and future ones at the testnet launch. Gain XP through:
On-chain activities (deposits, swaps, governance voting).
Referrals and the use of Superpass.
Bonuses for verified roles on Discord.
Testnet Duration and Token Distribution
The testnet runs from November 27, 2024 (5:00 PM UTC) to December 22, 2024 (12:00 AM UTC), and the MITO distribution at the mainnet launch will be allocated as follows:
70% proportional to the accumulated testnet MITO tokens.
30% based on other testnet assets.
Beyond the rewards, the main incentive to participate, in my opinion, is the opportunity to explore the Mitosis ecosystem during the testnet. This hands-on experience allows you to grasp the full potential of this network before the mainnet launch. Cross-chain bridging has never been simpler or more cost-effective.
These are not financial advice! DYOR!
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