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Mitosis Monthly Recap - September 2024

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Tex
October 04, 2024
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Blog

Mitosis Monthly Recap - September 2024

Welcome to the Mitosis Monthly Recap for September 2024! This month has been incredibly exciting, filled with significant developments, community growth, and the highly anticipated launch of our public testnet waitlist. Let's dive into the highlights of September and see how Mitosis is reshaping the future of DeFi.

Public Testnet Waitlist Launch: Game of MITO

The most significant event this month was undoubtedly the launch of our public testnet waitlist on September 23, 2024. This marks the beginning of the "Game of MITO," offering DeFi enthusiasts a unique opportunity to shape the future of decentralized finance and become eligible to receive $MITO tokens.

Key features of the Game of MITO include:

  • Ethereum-Level Security leveraging EigenLayer
  • Ecosystem-Wide Yield Optimization
  • miAsset: The core of collective yield

Participants can join by:

  1. Connecting their wallet to reserve a spot on the waitlist
  2. Obtaining a Superpass for exclusive testnet privileges

We've implemented a fair distribution system for Superpasses, rewarding our most engaged community members and partners. Notable allocations include:

  • Mitosis Expedition Participants (various tiers)
  • Morse Community NFT Holders
  • Community Contributors (based on Discord roles)
  • Specific NFT Holders (e.g., Pudgy Penguins, Milady, Azuki)
  • Jumper Loyalty Pass (JLP) Holders
  • Hyperlane Users
  • MilkyWay mPoint Holders
  • Various Events & Competitions in Mitosis Discord
Game of MITO Update

The excitement for the Game of MITO continues to build. While the public testnet waitlist launched on September 23rd, 2024, we're thrilled to announce that the official start of Game of MITO is scheduled for the Fourth Quarter of 2024. This gives our community members ample time to prepare and strategize for the upcoming challenges and opportunities. The detailed structure and components of Game of MITO will be disclosed through a series of articles over the course of the next several weeks.

Currently, the Game of MITO incentivized public testnet is showing impressive growth:

  • Approximately 120,000 wallets are actively participating
  • These wallets control about $420,000 in assets

This strong early adoption demonstrates our community's enthusiasm for Ecosystem-Owned Liquidity and optimized yields.

Ecosystem Synergy: Powerful Collaborations

This month, we unveiled a series of strategic partnerships that significantly enhance the Mitosis ecosystem:

  1. Asset Management and Transfers:

    • Capsule: Single interface for cross-chain asset management
    • Jumper: Seamless cross-chain functionality
    • Hyperlane: Interoperability solutions
    • Zerion: Comprehensive DeFi portfolio tracking
  2. Enhanced Security and Infrastructure:

    • DSRV: Robust node infrastructure
    • EigenLayer: Ethereum-level security
    • Ethos: Advanced security protocols
  3. User-Friendly Access:

    • OKX Web3 Wallet integration
    • Binance Web3 Wallet support
    • Routescan: Advanced blockchain explorer

These collaborations create a unified DeFi experience, positioning Mitosis as a leader in the evolving blockchain landscape.

Mitosis Evolve: Open Initiative for Builder Alignment

We introduced Mitosis Evolve, an open initiative to attract talented builders to our ecosystem. Key points include:

  • Allocation of 25% of Mitosis' total token supply to support this effort
  • Launch of Phase 0: Genesis Builders
  • Focus on creating innovative DeFi applications leveraging Ecosystem-Owned Liquidity (EOL)

Builders are encouraged to explore various areas, including:

  • DeFi Innovations (e.g., Yield Tokenization, Advanced AMMs)
  • Governance Tools
  • SocialFi Platforms
  • NFT Ecosystem enhancements
Bridging Liquidity for Collaborative Growth

We published an insightful article explaining how Mitosis acts as a liquidity marketplace, addressing the challenges of securing stable liquidity in the multi-chain era. Key benefits for connected chains and integrated asset protocols include:

  • Increased DeFi penetration
  • Enhanced efficiency in liquidity allocation
  • Simplified liquidity bootstrapping for new chains
  • Modular expansion of supported assets
  • Increased utility and activity for integrated assets
Cultivating Gratitude: Introduction of the Praise Program

A major development this month was the introduction of the Praise program, a community-driven incentive system designed to foster a culture of appreciation, collaboration, and growth within the Mitosis ecosystem.

Praise System Overview

The Praise system operates in four key steps:

  1. Giving Praise: Community members can praise others using a simple command (e.g., /praise @john), providing specific details about the contribution.

  2. Quantifying Praise: Trusted community members (initially Admins, Moderators, and Senseis) independently review and score praise statements based on their perceived impact and value.

  3. Rewarding Praise: Monthly rewards are distributed based on accumulated praise scores. Rewards may include $MORSE tokens, special roles, access to exclusive events, or NFTs.

  4. Fostering Positive Engagement: The system aims to nurture constructive behavior and mutual support across all spheres of community interaction.

Emphasis on High-Quality Praises

A crucial aspect of the Praise system is the quality of the praises given. The Mitosis team has emphasized the importance of specific, detailed praises. Here are examples to illustrate the difference:

Low-quality praise:

  • "Nice and Super TG bot"
  • "For keeping community up-to-date"

High-quality praise:

  • "Excellent work on creating the Telegram bot that automatically updates our community with the latest Mitosis network statistics every 6 hours. This has significantly improved our community's access to real-time information."
  • "For creating a comprehensive Twitter thread breaking down the latest Mitosis protocol upgrade, which received over 500 retweets and helped clarify complex changes for our community."
Current Status and Next Steps

As of September, the Praise system has entered its testing phase. Key updates include:

  • Senseis have been called upon to begin quantifying praises from the recent test period.
  • Quantifications are to be completed by October 11th, 2024.
  • A dedicated platform (https://mitosis.givepraise.xyz/) has been set up for the quantification process.
  • An upcoming Twitter Space in October will discuss insights and challenges from this process.

The Mitosis team has allocated 200 $MORSE to the Praise program for the month of October.

This initiative represents a significant step in Mitosis's commitment to building a supportive, engaged community. It aligns perfectly with our vision of creating a decentralized ecosystem where every contribution is valued and rewarded.

Community Growth and Engagement

Our community continues to expand rapidly across various platforms:

  • Discord: Our server has grown to an impressive 118,000 members, fostering vibrant discussions and collaborations.
  • Twitter: The Mitosis Twitter account now boasts about 165,000 followers, reflecting our growing influence in the DeFi space.

These numbers underscore the increasing interest in Mitosis and our vision for the future of decentralized finance.

Superpass Distribution Update

We're pleased to report that the initial round of Superpass distribution has been completed. These passes provide exclusive benefits and early access to our testnet. For those who missed out, don't worry – we'll be offering more opportunities to receive Superpasses in the future. Stay tuned to our community channels for announcements about upcoming Superpass events.

Initiation Proposal Results and The Liquidity Summit

We're thrilled to announce a significant achievement in our journey towards building a robust, community-driven ecosystem. The Initiation votes for our first batch of Candidate protocols have concluded with resounding success!

Key highlights:

  • All 6 proposals across 6 networks passed successfully
  • This marks our first step in expanding the Mitosis ecosystem with carefully selected protocols

Congratulations to our successful Candidate protocols:

  • Karak Network
  • Sturdy Finance
  • Init Capital
  • Synonym Finance
  • Mendi Finance

This community-driven decision represents a crucial milestone in Mitosis's development. It demonstrates the power of decentralized governance and sets the stage for the next phase of our ecosystem's growth.

What's Next?

The journey doesn't end here. Our next steps include:

  1. Reward Proposals: We'll be working on proposals to determine the appropriate rewards for these protocols.
  2. Gauge Vote: Following the reward proposals, we'll conduct a Gauge vote to allocate actual liquidity to these Candidate protocols.

These steps are vital in ensuring that our ecosystem grows in a sustainable and community-aligned manner. We encourage all community members to stay engaged and participate in these upcoming governance processes.

For more details on the voting results and to stay updated on future developments, visit: app.mitosis.org/eol/initiation

Liquidity Summit Highlights

For those who missed our Liquidity Summit, we've released a series of highlight clips on our Twitter. These clips showcase key moments and insights from the event, offering a glimpse into the future of DeFi as envisioned by industry leaders.

Looking Ahead

As we move into October, we're excited about:

  • The official launch of Game of MITO
  • Further details on the exciting challenges and rewards in Game of MITO
  • Continued expansion of our ecosystem partnerships
  • More opportunities for builders through the Mitosis Evolve program
  • Additional Superpass distribution events
Closing Thoughts

September 2024 has been a landmark month for Mitosis, from the launch of our public testnet waitlist to the unveiling of powerful ecosystem collaborations and the introduction of our innovative Praise program. These developments underscore our commitment to creating a revolutionary DeFi experience that values community contributions.

With our community growing rapidly – now over 118,000 strong on Discord and 165,000 on Twitter – and the Game of MITO set to launch in October, the momentum behind Mitosis is stronger than ever.

As we approach these exciting milestones, 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!

Join the Mitosis Community

Please follow our journey and provide your thoughts on our Discord and Forum. We'll run regular Community Call (MMCC: Mitosis Monthly Community Call) and provide other essential updates to keep you in the loop. Interested in how Mitosis works? Take a deeper dive into our technical documentation.

Forum | Discord | GM Waitlist | Expedition | Documentation

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