Unveiling Expedition: The Mitosis LRT Campaign
About Mitosis
Mitosis overcomes the scalability challenges of today’s liquidity networks by imbuing composability to cross-chain liquidity.
Our mission is to redefine cross-chain liquidity and propose modular liquidity for the modular era.
Read more about Mitosis in our previous posts:
Today, we’re excited to introduce our first step towards modular liquidity. Meet Expedition, the Mitosis LRT campaign.
LRT’s Multi-Chain Transition
After 3 months into existence, liquid restaking tokens (LRT) is now a ~$5Bn sector.
LRT maximizes the composable characteristics of crypto. On top of the $ETH staking reward from the underlying liquid staking tokens (LST), LRT holders can further utilize their restaked position to earn more yield. From a capital efficiency perspective, LRTs can be the new financial primitive of the next-generation DeFi.
Modular stack heralds the proliferation of rollups tailored for specific purposes. Transactions leveraging the superior economics and composability of multi-chain will become the new standard of on-chain activities. As cross-chain becomes the new norm, having a presence in and connectivity to upcoming modular chains becomes imperative for crypto assets like LRTs.
In the imminent modular landscape, LRT’s future lies in multi-chain. LRT will span multiple chains for optimal transaction economics and maximum composability (i.e., yield). LRTs must venture out to the hundreds, if not thousands, of the upcoming modular rollups.
Mitosis: LRT’s Partner for Multi-Chain Expansion
DeFi’s multi-chain expansion has already begun, and LRT is no exception. Mitosis is the next-generation cross-chain liquidity protocol to accompany LRT’s journey.
Mitosis imbues composability to its locked assets to redefine cross-chain liquidity. With Mitosis, LRT holders and protocols enjoy the following features and benefits:
1. Earn more with LRT
Mitosis provides LRTs with an additional use case of cross-chain yield. Liquidity providers (LP) depositing LRT into Mitosis share the protocol revenue of the Mitosis liquidity network. LPs expand their LRT yield stack while retaining the existing yields from $ETH staking, EigenLayer Points, and LRT points. LRT protocols secure another LP yield source that scales with the growing cross-chain sector.
All Mitosis LRT LPs receive $miLRT to stay liquid. $miLRTs are 1:1 convertible to locked LRT and exist on Mitosis-supported networks. LPs can participate in DeFi applications on these networks to further utilize their LRTs and earn more. They can also import $miLRTs to the Mitosis blockchain to explore the unified DeFi ecosystem built on the rest of $miAssets. Learn More.
2. Seamlessly expand across modular rollups
LRTs can leverage Mitosis’ versatile, efficient interoperability stack to venture out multi-chain. Mitosis maximizes Hyperlane’s permissionless interoperability to achieve uninhibited network expansion. The Mitosis liquidity network can instantly achieve chain connectivity by deploying its Hyperlane smart contracts. The process excludes the manual integration endeavors and wasted resources of legacy liquidity networks’ permissioned interoperability. With Mitosis, LRTs can seamlessly embark on their Expedition to the upcoming modular rollups.
Expedition: Kicking off With EtherFi
Mitosis partnered up with EtherFi to spearhead LRT’s multi-chain transition together.
EtherFi’s $eETH is the market leader commanding 38% of the $4.7Bn LRT space. EtherFi’s capable team has proven its unrivaled execution capabilities in solidifying its first-mover advantage in the competitive LRT landscape. The Mitosis x EtherFi partnership is a synergetic collaboration to reinforce $eETH by ushering in the new domain of cross-chain.
The Expedition campaign is the initial phase of equipping Mitosis with the cross-chain assets required to launch the modular liquidity protocol. The cross-chain transfer feature will not be fully functional during the initial part of the campaign. As Mitosis rolls out Testnets and the Mainnet, the Expedition participants will be entitled to various privileges and benefits as early contributors.
The Expedition $weETH LPs can earn MITO Points while earning the EigenLayer Points and EtherFi Loyalty Points. As Expedition’s first LRT participants, $weETH LPs are eligible for benefits and privileges such as exclusive MITO Point Boosts or inclusion in special whitelists for future Mitosis governance token airdrops.
MITO Point earnings span simple LPing, participating in $miweETH applications on different networks, and various bonus features such as friend referrals. MITO Point holders can receive privileges and benefits during the upcoming Mitosis Campaigns and Testnets. They are also subject to priority treatment during future Mainnet marketing campaigns like the Mitosis governance token airdrops.
Expedition establishes the first case of LRT entering the era of modular liquidity. Mitosis will soon support the other LRT assets and continue facilitating their multi-chain expansion.
Next Up: Expedition Testnet
Expedition will launch a 7-day pre-mainnet program on the Sepolia testnet.
Pre-registered Testnet users can be eligible for various benefits during the Expedition mainnet.
Expedition Testnet has 4 stages called Epochs. Each Epoch (except for Epoch 4) has an LRT deposit limit. The next Epoch begins when the previous deposit threshold is reached.
Testnet Details:
Pre-registration: Wallet registration on Expedition’s official website and via Mitosis Discord Server. Pre-registration closes at 14:00 UTC on March 8th, 2024
Testnet Period: 15:00 UTC on March 8th ~ 15:00 UTC on March 15th, 2024
LRT deposit thresholds:
- Epoch 1: 32,768
- Epoch 2: 65,536
- Epoch 3: 160,000
- Epoch 4: No cap
How to Pre-Register:
Website:
- Visit Expedition Testnet
- Join the whitelist by entering your Ethereum wallet address
Discord:
- Join the Mitosis Discord server
- Get verified, pick the “Evangelist” role, and access the “📜ㅣexpedition-pre-register” channel for pre-registration
- Join the whitelist by submitting your Ethereum wallet address on the panel
Note: Registration method does not impact the pre-registration benefits and rewards. Reward payout happens only once for an address registered twice via both methods.
Check the Mitosis community for updates on the Mitosis Testnet.
Mitosis Milestones
1. Expedition: Testnet — March 2024
2. Expedition: Mainnet — March 2024 onward
3. Mitosis chain: Testnet Phase — Q2 2024
- $miAsset-based gamified programs to earn Mitosis Mainnet governance tokens
4. Mitosis chain: Mainnet — Q3 2024
- Unified liquidity layer for the modular era
5. Security upgrade: restaked $ETH — Q4 2024
- Crypto-economics applied to protocol security (Hyperlane AVS ISM)
Join the Mitosis Community
Please follow our journey and provide your thoughts on our Discord and X. We’ll run regular AMAs & podcasts and provide other essential updates to keep you in the loop. For those interested in how Mitosis works, take a deeper dive with our technical documentation.
