Mitosis Monthly Recap - August 2024

Mitosis Monthly Recap - August 2024

Welcome to the Mitosis Monthly Recap for August 2024! This month has been packed with exciting developments, community growth, and a landmark event. Before we dive into the highlights of August, we're excited to share a milestone event that occurred in early September. Although outside our usual monthly time frame, this landmark event deserves special attention in our recap.

The Mitosis Liquidity Summit 2024: Shaping the Future of DeFi

The highlight of August was undoubtedly the Liquidity Summit 2024, co-hosted by Mitosis and Google Cloud on September 6th in Seoul, Korea at Peaches D8NE. This 2,300 square meter venue provided a perfect backdrop for discussing the future of DeFi.

The Liquidity Summit 2024 was a resounding success, bringing together industry leaders, innovators, and enthusiasts to discuss the future of decentralized finance.

Founder Luke's IRL Meeting with a Sensei in Vietnam

Our beloved Luke had the opportunity to meet one of our senseis IRL in Vietnam. This face-to-face interaction is a testament to the strong bonds formed within our community, transcending the digital boundaries of our Discord community.

The meeting provided Luke with valuable insights into the on-the-ground perspective of our community members and their vision for Mitosis. It was an excellent opportunity to discuss the future of decentralized finance, particularly in the context of emerging markets like Vietnam, where crypto adoption is rapidly growing and the potential for users to become contributors is immense.

Excited by the success of this meeting, Luke emphasized that moving forward, Mitosis team members will continue to meet with community members in person. This ongoing commitment to IRL interactions underscores our dedication to fostering strong, personal connections within our global ecosystem and accelerating the journey from users to contributors.

Mitosis x Renzo Twitter Space

We hosted an enlightening Twitter Space featuring key figures from both Mitosis and Renzo. The discussion brought together our very own Jake, co-founder of Mitosis, and Cameron Smith, BD Lead at Renzo, with Tex moderating the engaging conversation.

Key highlights of the space included:

• An in-depth exploration of the Mitosis ecosystem and its unique value proposition in the DeFi landscape
• Insights into Renzo's recent developments, including their impressive $20.2M investment round
• Detailed discussion of Renzo's Asset Support proposal for ezETH and its potential impact on the Mitosis ecosystem
• Exciting revelations about cross-chain native restaking collaborations and future expansion plans on the Solana network

This space not only strengthened the bonds between Mitosis and Renzo but has led to the integration of Renzo Protocol's ezETH into Mitosis Expedition!

Key highlights of the Renzo ezETH integration:

• Epoch 1 Launch: Users can now deposit ezETH into EOL to unlock additional Omni-Sourced Yields.
• Enhanced Rewards: Participants enjoy a 2x Renzo ezPoint boost and a 1.7x Epoch 1 MITO Point Boost.
• Multi-Network Support: A deposit cap of 3,670 ezETH is available across 5 networks, enhancing liquidity distribution.
• Seamless Bridging: Users can easily bridge ezETH to L2 networks using Renzo's Superbridge, powered by Hyperlane technology.

This integration not only expands the asset types available in Mitosis Expedition but also strengthens our yield stack, offering users more opportunities to enjoy Omni-Sourced Yields.

Mitosis' Integration of Babylon and Lombard Liquid Staking BTC

Our governance research Gia published an in-depth article exploring Mitosis' integration of Bitcoin liquid staking tokens (BTC LST). This piece delves into how Mitosis aims to enhance BTC LST's adoption and contribute to scaling network security in the multi-chain era.

Key Highlights

• A breakdown of how BTC, with its $1.1 trillion market cap, can significantly boost the security pool for Proof of Stake chains
• Introduction to Babylon, the leading project in BTC cross-chain staking, and its potential to revolutionize blockchain security
• Detailed analysis of how Mitosis' integration of BTC LSTs into its omni-chain liquidity marketplace will bring benefits such as:
  • Modular expansion across multiple networks
  • Increased utility for dApp builders
  • Enhanced liquidity activity and distribution
  • Improved exchangeability through Mitosis L1 as a value exchange layer

The article underscores Mitosis' commitment to resolving resource fragmentation in the multi-chain era, aligning with our support for Liquid Restaking Tokens (LRT) and now BTC LST.

Lombard's Asset Support Proposal (LBTC)

Lombard Finance's LBTC is another key player in the BTC liquid staking narrative. They have an active asset support proposal on the Mitosis Forum. Here are a few highlights of the proposal:

• LBTC is a liquid, yield-bearing representation of BTC designed to enhance liquidity provision to Babylon
• It has attracted $228M (3,927 BTC) in deposits during its closed beta phase
• The proposal aims to integrate LBTC into Mitosis EOL, allowing LBTC depositors to earn MITO Points, Lombard LUX, Babylon points, and staking yield
• LBTC's integration aligns with Mitosis' goal of advancing cross-chain asset utilization, potentially serving as the first BTC LST in EOL
• This move is expected to strengthen Mitosis' position in the Bitcoin staking ecosystem and boost TVL for protocols looking to leverage BTCFi

Mitosis_Eco Account Launch

We're excited to announce the launch of our official Mitosis Ecosystem Twitter account, @Mitosis_Eco. This verified account serves as a dedicated channel for all ecosystem-related updates and engagement.

Community Creativity Shines: Sticker and Emoji Bounty Winners

Our Sticker and Emoji Bounty produced six outstanding winning designs, with the Mitosis community playing a crucial role in the selection process. The winners were determined through a combination of community voting (70% weight) and Mitosis team evaluation (30% weight), ensuring a truly collaborative community based decision-making process.

Congratulations to @amax1002, @arbieee., @rob_inwoo, @nickymouse, @triple_line, and @duketalon for showcasing a delightful array of expressive Morse characters. The community's enthusiastic participation in both design submission and voting highlights the vibrant, engaged nature of the Mitosis ecosystem.

Emoji Bounty Winners:

1. 1st Place: @amax1002
2. 2nd Place: @arbieee.
3. 3rd Place: @rob_inwoo

Sticker Bounty Winners:

1. 1st Place: @nickymouse
2. 2nd Place: @triple_line
3. 3rd Place: @duketalon

We were so impressed with all of the high-quality entries that we're giving prizes to the following community members for their outstanding contributions: @notdracoeth, @nguyennguyen7, @atanifx, @t.dragon, @0xteddyz_, @chris_setra, and @podmaster.

New EOL Candidate Proposals

We're excited to announce new Ecosystem-Owned Liquidity (EOL) candidate proposals:

Synonym Finance

A natively multi-chain lending market allowing users to lend, borrow, and earn rewards across multiple chains. Powered by Wormhole tech stack and Circle CCTP, Synonym offers unique flexibility in DeFi operations, enabling users to deposit on one chain and borrow or repay on others. With a recent $1.5M funding round led by Borderless Capital, Synonym aligns closely with Mitosis' multi-chain focus and could significantly benefit from Mitosis EOL integration.

INIT Capital

A liquidity hook money market serving as a foundational liquidity layer for DeFi activities. INIT enables seamless access to unified liquidity and advanced yield strategies like looping, margin trading, and leveraged yield farming. Currently available on Mantle and Blast with a combined TVL of over $113 million. INIT recently raised $3.1M in a seed round led by Electric Capital and Mirana Ventures. Its multi-silo positions and flash borrow features offer high composability, potentially synergizing well with Mitosis' multi-chain ecosystem.

Both proposals present exciting opportunities for expanding Mitosis' EOL program, enhancing our multi-chain capabilities, and fostering new DeFi innovations within our ecosystem.

Looking Ahead

The future of Mitosis is brimming with potential, and we're thrilled to give you a glimpse of what's on the horizon:

• Mitosis Public Testnet: Mark your calendars for September 23, 2024! We're launching our public testnet waitlist, offering early adopters a unique opportunity to shape the future of DeFi.
• Game of MITO: An exciting initiative is in the works that will allow participants to earn real $MITO tokens while contributing to our ecosystem's growth.
• Superpass Program: We're introducing an exclusive access system that will reward our most engaged community members with enhanced benefits and early entry to upcoming features.
• Mitosis L1 Blockchain: Stay tuned for more information about our specialized L1 designed to revolutionize on-chain liquidity and yield sourcing.

We're keeping the details under wraps for now, but rest assured, these developments will significantly enhance the Mitosis ecosystem. Keep an eye out for a comprehensive announcement coming soon that will reveal the full scope of these exciting initiatives.

Closing Thoughts

August 2024 has been a landmark month for Mitosis, from our Liquidity Summit in Seoul to grassroots community engagement in Vietnam. These events underscore our commitment to bridging global DeFi communities.

Our ecosystem continues to expand with Renzo integration, new EOL proposals, and the launch of @Mitosis_Eco. The creativity in our Sticker Bounty and the depth of our BTC article showcase our community's diverse talents.

As we approach the Mitosis Public Testnet and Game of MITO, your engagement remains crucial. Thank you for being part of this journey. Together, we're actively shaping the future of DeFi.

Stay tuned for more innovations as we continue to revolutionize on-chain liquidity and yield sourcing!