DeFi
Modular Liquidity Protocol Mitosis Kicks Off Next Phase of Airdrop Campaign
The Ethereum re-easing sector continues to grow, with EigenLayer’s TVL reaching an all-time high of 5.42 million ETH on June 17.
Mitosis, a Cosmos-based liquidity protocol that aims to improve capital efficiency in the modular blockchain ecosystem, has launched its Shipping Epoch 4 with expanded yield opportunities for Ethereum restakers.
Users can now deposit EtherFi’s eETH Liquid Replenishment Token (LRT) on Mitosis and earn MITO Points. According to the project’s website, its total value locked (TVL) is just over $40 million.
Mitosis Expedition Campaign
Expedition participants will unlock five different yield sources: APR Staking, APR Restyling, Eigenlayer Points, LRT Points, and Mitosis Points.
Currently, users can file their eETH on Ethereum (with 1.1x the points), Arbitration (1.2x), Blast (1.2x), Linea (1.2x) and Mode (1.2x).
The liquid restoration ecosystem is consolidating
The liquid restocking ecosystem has been marked by a meteoric rise in 2024.
According to DefiLlama, the sector’s total value locked (TVL) stands at $14.6 billion and has consolidated around this level since its last rise in early May, when TLRs had $10 billion in TVL.
EtherFi leads the pack with $6.1 billion, followed by Renzo ($3.7 billion), which announcement a $17 million funding round yesterday.
Tenth rank according to TVL with $34 million, Mitosis is looking to boost growth with its latest points program. While this number may seem low compared to the top players, it is still a 300% increase from May 15.
Mitosis calls itself the Modular Liquidity Protocol. Liquidity providers receive derivative tokens convertible 1:1 into their locked assets. The protocol then allows users to migrate them to other DeFi applications, opening up additional yield options beyond the default ones. cost sharing scheme implemented by Mitosis.
Meanwhile, EigenLayer, which accounts for the bulk of all re-staking, reached a TVL of $18 billion, despite a controversial drop this sparked widespread backlash regarding non-transferability and geographic exclusions.