The First Matrix Strategy - Matrix Theo Campaign Details

Introduction

The Matrix Straddle Vault is where users can deposit both miweETH and weETH on the campaign networks to access exclusive Theo Straddle Vault yields and Theo token rewards while keeping the existing miweETH yield stack, including MITO Points (weETH). The campaign starts with a base allocation of 0.07% of the total Theo token supply for rewards. This allocation will automatically increase as more users participate and the Total Value Locked (TVL) in the campaign grows. Higher TVL milestones will unlock larger percentages of Theo tokens for distribution among all participants.

The Matrix Theo campaign will begin at 4 PM UTC on March 13th and the specific date/time to conclude will be announced later.

Let’s learn more details about the campaign with our first-selected Matrix partner, Theo Network. We strongly recommend reviewing all campaign details thoroughly before participating to ensure you understand the rules and maximize your potential rewards.

How It Works

Users deposit miweETH or weETH to the Matrix Straddle Vault contracts on Ethereum, Arbitrum, or Linea. At the start of a new vault Round (Theo’s operation system for Straddle Vaults), deposits deploy into Straddle Vault. Deployment entails depositing weETH to the chain’s local Aave instance and borrowing USDC, which is bridged to Hyperliquid and used to put on the short leg of the trade, thus capturing the ETH funding rate. Collateral rebalances automatically as the ETH price fluctuates.

The strategy is entirely delta-neutral with conservative risk parameters. Users can initiate withdrawal at any time, with withdrawals processed every two days when the vault Round rolls.

How to Participate

TL;DR: Deposit your miweETH or weETH to the Matrix Straddle Vault on the campaign networks. Assets on other networks can’t be deposited. The minimum deposit amount is 0.001 miweETH or weETH.

You can directly deposit your miweETH or weETH on the campaign networks via the Matrix front-end. However, you can’t directly deposit your miweETH on Scroll, Mode, or Blast. If you want to participate in the campaign with your miweETH on these networks, you need to redeem your miweETH via Expedition, bridge them to (Ethereum, Arbitrum, and Linea), and then deposit weETH via the Matrix front-end. Getting more weETH on the campaign networks can also be the way if you want to deposit without the redeem and bridge process. Make sure you have miweETH or weETH on the correct campaign networks.

Participation Eligibility & Snapshot

The Matrix Theo campaign consists of 4 distinct Phases, each with its own deposit cap. A Phase concludes when either its deposit cap is reached, or its duration expires. The exact date and time to start subsequent Phases will be announced after each Phase concludes.

miweETH/weETH Deposit Caps by Network are as follows:
Phase 1: Ethereum 800 | Arbitrum 600 | Linea 1,600
Phase 2: Ethereum 1,600 | Arbitrum 1,200 | Linea 3,200
Phase 3: Ethereum 2,000 | Arbitrum 2,000 | Linea 8,000

All eligibility criteria are determined based on snapshots taken at a specific date and time. Users who meet the requirements for earlier Phases can also join all the subsequent Phases. “&”s in the above image means you should meet both requirements to be eligible for that Phase.

For complete information about when these snapshots are taken and how they affect your eligibility, click here.

Deposit and Withdrawal

Deposit and Claim maweETH (Theo)

Eligible users can deposit into the Matrix Straddle Vault at any time during their qualifying Phase. When you complete your deposit transactions, your weETH is immediately placed in the Matrix Straddle Vault. However, you'll need to wait approximately 2 days before your maweETH (Theo) becomes available to claim. This waiting period is necessary because the system needs to align with Straddle Vault's Round schedule (Theo’s operation system for Straddle Vaults - click here to learn more about how Rounds work). Once this waiting period ends, you can claim your maweETH (Theo).

How your rewards start accumulating differs for MITO Point (weETH), Theo token rewards, and Straddle Vault yields. Please carefully read the following details:

MITO Point (weETH) and Theo token rewards start accumulating once you complete the deposit transaction. However, Theo Straddle yields (generated via Aave and Hyperliquid through Straddle Vault) start accumulating only after your maweETH (Theo) becomes claimable. This happens when your deposited weETH is actually deployed into the strategy, which occurs at the beginning of the first new Straddle Vault Round following your deposit.

You may notice claimable maweETH (Theo) amounts are less than the amounts you deposited. This is because maweETH (Theo) is compounding Theo Straddle yields. Similarly, when withdrawing, you'll likely receive more weETH than the amount of maweETH (Theo) you choose to withdraw, as the additional weETH represents your accumulated yields.

Please note: You may experience only a portion of your miweETH/weETH getting deposited into Matrix. This is because the remaining deposit cap could have been updated due to other depositors during your deposit process. In this case, please redeposit your already redeemed weETH to Expedition. Also, if this results in losing your MITO Points (weETH) or Expedition (weETH) Boosts, please open a ticket in our Discord and provide your wallet address with the date of your deposit transaction. We’ll recover what you lost retroactively. Recovery will only be provided for cases caused by the deposit cap limitation.

Withdraw and Claim weETH

In the campaign, there’s no strict lockup imposed on your deposits. You can initiate withdrawal requests anytime. However, you’ll forfeit a maximum of 20% of accumulated Theo token rewards and MITO Points (weETH) by the Matrix Community Redistribution policy every time you initiate withdrawal for any amount before Theo’s TGE. The forfeited rewards are proportionally redistributed to other users who are still participating in the campaign, based on their Theo token shares. This Community Redistribution works similar to how Expedition Community Redistribution does (click here to see the calculation details).

Additionally, each withdrawal also takes ~2 days to complete due to the Round system (Theo’s operation system for Straddle Vaults). After this period, you’ll be able to claim your weETH back. Please note that you must claim your processed withdrawal from previous Rounds first to initiate another withdrawal request if there are any pending withdrawals that remain unclaimed.
Here's important information about when your different rewards will stop accumulating after you initiate a withdrawal:

• For MITO Point (weETH) and Theo token rewards: These will continue to accumulate for up to 48 hours after you successfully complete your withdrawal transaction, after which they will stop.
• For Theo Straddle yields (generated via Aave and Hyperliquid): These stop accumulating as soon as your withdrawal request is processed and your weETH becomes claimable. At this point, your funds are removed from the vault strategy and will no longer generate yields when the next Straddle Round begins.
• Quick withdrawal exception: If you initiate a withdrawal before your deposit is included in a new Straddle Vault Round, you'll be able to withdraw your weETH immediately without the standard approximate 2-day waiting period.

Reward Boosts

The campaign offers several ways to multiply your rewards through various Boosts.
It's important to understand that Expedition Boosts only enhance your MITO Point (weETH) rewards and do not affect your Theo token rewards. However, the Matrix Theo campaign introduces separate, additional Boosts specifically for increasing your Theo token rewards. Details on all available Boosts are provided in the sections below.

MITO Point (weETH)

You can keep all your Expedition Boosts for MITO Point (weETH) rewards when depositing miweETH to Matrix, regardless of the amount deposited. The only exception is the Chain Boost, which may change if you switch to a different blockchain. To maintain your boosts, you simply need to meet the conditions explained below.

Maintaining your MITO Point (weETH) Boosts when depositing miweETH to Matrix requires following two straightforward conditions:

First, you must complete both required deposit transactions on the same day. The Matrix deposit process involves 2 separate transactions that must both be completed before 11:55 PM UTC on the same day. This specific cutoff time exists because the system undergoes 5 minutes of daily maintenance before midnight UTC to ensure accurate reward calculations.

Secondly, you must continue to meet all existing MITO Point (weETH) Boost requirements (such as the 0.1 miweETH minimum for Holding Duration Boost). These requirements can be satisfied by combining your remaining miweETH and your new maweETH (Theo) balances. During the initial waiting period before maweETH (Theo) becomes claimable, the system automatically considers your deposited weETH amount for calculations, ensuring you don't lose your boosts during this transition period.

Importantly, if you meet the above two conditions, weETH Expedition's Community Redistribution Redemption will not affect your MITO Points.
For example:

• User A’s first transaction is completed at 11:00 PM UTC on Feb 20th, and the second transaction to deposit weETH to Matrix is completed at 11:50 PM on Feb 20th
• User B’s first transaction is completed at 11 PM UTC on Feb 20th, and the second transaction to deposit weETH is completed at 12:01 AM on Feb 21st

User A won’t lose any Expedition Boosts after depositing miweETH to Matrix as long as the sum of the remaining miweETH and maAsset amounts still meets the requirements for MITO Point (weETH) Boosts. On the other hand, User B’s eligibility for Expedition Boosts will be checked based on the sum of miweETH and maAsset amounts before the deposit.

Plan your transactions carefully to complete the 2-step deposit process on the same UTC day, keeping in mind the 5-minute system maintenance that occurs daily before midnight UTC. This timing is especially important if you're planning to redeem miweETH from networks like Scroll, Mode, or Blast through Expedition and then bridge the resulting weETH to campaign networks (Ethereum, Arbitrum, and Linea), as these additional steps require extra time. Even though you see the Expedition's Community Redistribution Redemption applied to you, you won't lose anything as long as you meet the stated conditions. The CR Redemption you see on the Expedition UI when redeeming miweETH is estimated values.

When withdrawing from Matrix, you'll always receive weETH regardless of which asset type you originally deposited. This could potentially cause you to lose your Expedition Boosts if the withdrawal significantly changes your total holdings of miweETH and maweETH (Theo). However, you can preserve your Boosts by depositing the withdrawn weETH back into Expedition on the same UTC day you claim it, as long as your total balance continues to meet the minimum requirements for your Boosts. Please note that you must complete redepositing to Expedition before 11:55 PM UTC on the same day that you claim weETH. Claiming weETH is disabled during 11:55 PM UTC - 12:00 AM UTC due to the same 5 minutes of daily maintenance just like how miweETH deposits work.

Theo Token Reward

The value of “Estimated Theo Token” you see on the campaign portfolio page UI is an estimate based on the TVL of that moment. The actual Theo token reward values will be calculated based on Time Weighted Average Balance (TWAB) value for 6 months. While this method might seem complicated, the key to earning more is to hold longer and deposit more.

Theo token rewards will be distributed by the Theo team after Theo’s TGE, based on the TWAB value for 6 months.

Now let’s explore new Boosts for your Theo token rewards. Check the details below.

Collective Growth Rewards - Community Milestone Bonuses
As more users participate in the Matrix Theo campaign, everyone benefits from increased token allocations. While the campaign begins with 0.07% of the total Theo token supply allocated for rewards, this percentage increases automatically as the campaign's Total Value Locked (TVL) reaches higher thresholds. When the community collectively reaches these TVL milestones, the reward pool grows larger for all participants.

Holding Duration Boost: Accumulated Boosts based on how many days you hold at least 0.1 maweETH (Theo) in a row. This is an additional item from the Expedition’s Holding Duration Boost. It increases by 0.05% per day.

Bracket Boost: maweETH (Theo) holders can unlock Bracket Boost if their total maweETH (Theo) balance across all the supported networks falls into any of the brackets below.

Additional Boosts Applied to Both Theo and MITO Point (weETH) Rewards

OKX Wallet Boost: You can earn an additional 0.5% multiplier on both your Theo token rewards and MITO Point (weETH) rewards by making your first deposit transaction in the Matrix campaign using the OKX Wallet. To activate this boost, simply follow the instructions here.

Morse Holder Boost: If you own at least one Morse NFT, you'll automatically receive a 1% boost on both your Theo token rewards and MITO Point (weETH) rewards.

Closing

Starting with Theo, more to come. Any suggestions for the next Matrix campaign candidates? Join our community and drop your thoughts to build the Network for Programmable Liquidity together.
Matrix awaits you.

Website / X / Discord / Telegram / Documentation / Mitosis University