Mitosis Monthly Recap - July 2024

Introduction

Welcome to the inaugural Mitosis Monthly Recap! These articles are designed to keep our users updated on recent changes both at the protocol and community levels. We aim to provide you with a concise overview of significant developments and achievements over the past month. Let's dive into the latest happenings and future plans at Mitosis for the month of July.

Current State and Achievements

A Busy Month for Mitosis

July has been a monumental month for Mitosis. We've experienced tremendous growth and achieved significant milestones that set the stage for even more exciting developments.

• Potential Funding: We have core team members in Hong Kong and the United States proactively searching for a second round of investments. This is after Mitosis successfully raised $7 million in May of 2024.
• TVL Milestone: We crossed the $100 million Total Value Locked (TVL) mark on July 21, 2024, showcasing the trust and commitment our community has placed in us.
• Community Growth: Our Twitter followers have soared to 156,000, all organic with no bots, and our Discord community has grown to over 100,000 users. In late June/early July, we launched a community initiative that brought in 5,000 new members, fostering creativity and contributions in the form of artwork, articles, analytics tools, and more.
• Media Attention: Kairos recently posted a detailed research article about Mitosis, highlighting our unique value proposition and future potential. You can read the article here.

Recap of July

Morse Reveal and Expedition Boost

One of the most exciting announcements this month was the reveal of Morse, accompanied by an extra Expedition Boost for Morse token holders. It's been great to see the community’s positive reactions to Morse NFTs. We see all the Morse avatars on display in our Discord and we’re excited about the re-rolling phenomenon that has taken over our vibrant community.

Launch of the Mitosis Blog

We also launched our new blog in late June. The Mitosis blog serves as a dedicated platform for learning about the unique mechanisms and value propositions of the Mitosis protocol. Our researcher, Gia, has already posted six articles that discuss topics such as: the Mitosis flywheel effect, liquidity providers (LPs) in the current DeFi meta, and the Mitosis’s new strategy. We encourage everyone to check out these blog posts and stay tuned for the upcoming comment feature, allowing readers to directly interact with Gia and other authors from Mitosis.

New Expedition Epochs

In July, we kicked off new Expedition Epochs and reached around 26,000 LRT deposits. This is just the beginning, with more updates on the horizon. Our liquidity providers are curious about how Mitosis will utilize the liquidity gathered through Expedition, and we are excited to share more details in this regard very soon.

Candidate Proposals

Current Candidate Proposals

We have several exciting candidate proposals in the pipeline, each bringing unique opportunities for our community:

• Karak Protocol: A restaking protocol. Rewards include exclusive points boost and exposure to multi-chain and multi-asset restaking across L1s, L2s, sidechains, and other future networks.
• Sturdy: Allows users to leverage their assets through isolated lending silos. Current rewards include 3x Mode Points, Ether.fi points, and EigenLayer points for weETH depositors.
• Prime Protocol: Offers cross-chain borrowing backed by a user’s entire portfolio. Exclusive rewards for EOL participants include variable interest earnings and automatic participation in the Prime Points program.
• Ionic: Provides a +25% Ionic points boost for participants.
  Note: these are just some of the highlights from the early stage proposals. For a more detailed overview of each protocol's value proposition, be sure to check out the Mitosis forums.

Potential EOL Candidate Proposals

As Mitosis continues to grow and innovate, we're in talks with teams across the entire gamut of the DeFi space. We're potentially onboarding with other assets (think: LRT and stablecoin) but things are still up in the air at the moment. Stay tuned for some exciting announcements!

L1 Incentivized Testnet / Superpasses / Game of MITO

We're on the brink of launching our L1 incentivized public testnet, a significant milestone that promises to transform our ecosystem.

• Upcoming Launch: The public testnet waitlist will open around August 20–25. We aim to create an organic environment that is bot-free, prioritizes genuine user interactions, and rewards meaningful participation.
• Superpasses for Contributors: Superpasses will be awarded to active contributors, such as Discord members, Morse holders, and those who have reached certain Expedition tiers. This recognizes the ongoing support of our community.
• Details of Public Testnet - Game of MITO: Testnet $MITO tokens accumulated during the Game of MITO period will later convert to governance tokens. An article detailing Superpasses and the Game of MITO mechanics will be published on our blog soon, so keep an eye out!

Incentives and Rewards

We're committed to rewarding our community's active participation and engagement through various incentives:

• MITO Points Benefits: MITO points provide additional benefits in the testnet, offering tangible returns on your involvement.
• Expedition Tiers: Higher Expedition tiers offer extra advantages, including benefits for high-tier Morse NFT holders, further incentivizing engagement.
• Recognition of Genuine Contributors: We are dedicated to recognizing and rewarding genuine contributors whose involvement makes a significant impact on our journey.
  More details will be provided in our blog scheduled to be released in the next couple of weeks so keep your eyes peeled!

Future Plans

As we look to the future, here are some key developments and initiatives on the horizon:

Upcoming Investments and Events

• Funding Round Preparations: Our core team members are in Hong Kong, New York City, and San Francisco finding interesting opportunities with potential partners around the world! Let’s send them good vibes!
• Korea Blockchain Week (Sept 1-7): Google Cloud and Mitosis will co-host a major event featuring co-founders from Berachain, EigenLayer, Celestia, Initia, and Monad. A Luma event page will be provided for users who have an interest in attending.
• Guaranteed Access: Platinum and Diamond Tier members in the Mitosis Expedition Program will receive immediate invitations to Korea Blockchain Week, recognizing their past commitment and involvement in our community.
• Devcon Bangkok (November 9-17): Some Mitosis team members will be in attendance at Devcon 2024 in Bangkok, Thailand. If you’re in the area, please feel free to stop by, say hello, and grab some sweet Mitosis swag!

Governance Process

We're excited to share updates on our governance process, which continues to evolve with the community's input:

• Governance Documentation: New documentation provides an overview of the governance process, complete with templates and real-world examples.
• Revamped Governance Process Flow: The Mitosis governance process begins with Stage-0, where candidates submit a brief proposal for initial community feedback. In Stage-1, detailed discussions and feedback on EOL allocation terms occur, leading to Stage-2, where formal voting requires quorum and majority support. Once approved, Stage-3 involves weekly gauge snapshots for EOL supply, and in Stage-4, protocols provide regular updates if their actions diverge from the initial proposals. More details in this regard will be provided soon!

Closing Remarks

As we wrap up this monthly recap, we want to express our heartfelt gratitude for your patience and trust. Your support is invaluable, and we're committed to delivering a rewarding experience for all. Stay engaged in our Discord, follow our X, and keep an eye on our blog, and the forums, for the latest updates. Together, we'll make Mitosis’s Ecosystem-Owned Liquidity a reality.
Thank you for joining us on this exciting journey!