Bounty
Difficulty
Medium
0
days
00
hours
00
min
00
sec
More about Mitosis Crypto Protocol
DrDrops
Dr.Drops 🔥 -> Updates on Hottest Crypto Events -> Join Community ✅ Ad
Mitosis logo

Mitosis Crypto Protocol
Testnet

Past 28 Nov - 22 Dec 2024

Mitosis is an L1 blockchain network powered by the ecosystem-owned liquidity model designed to give users power over the future developments of the DeFi apps within the chain. It allows users to contribute their assets into the network’s vaults to receive back a “staked” version of the asset, called miasset, and vote along with other stakers on where they should allocate deposited vaults across the Mitosis L1 ecosystem to earn the biggest yield. 

According to the platform docs, the native token of the Mitosis will be $MITO, but its utility hasn’t been fully clarified. Nevertheless, our team assumes it will be used as a main currency for paying fees, securing the network via staking, and DAO governance. 

It currently runs an incentivized testnet, allowing users to earn Mitosis XP via conducting various off-chain and on-chain tasks. 

CoinLaunch Score: Last update:
Medium 20 Dec 2024

Mitosis Crypto Protocol - Testnet Overview

start date: 28 Nov 2024
end date: 22 Dec 2024
Reward Distribution: TBA
More about Mitosis Crypto Protocol
Reward N/A
Winners: N/A

How to join Mitosis Crypto Protocol - Testnet?

To participate in the Mitosis testnet, first, you need to add the network to your wallet. As Mitosis docs explains, your main goal of participating in the testnet is to accumulate the testnet $MITO and other assets on its chain following two main faucets available:

  • Main Faucet: Default faucet of the network which will be daily distributing you assets;
  • Personal Faucet: Bonus faucet for testnet participants, which grants you additional tokens based on your score in the previously reviewed CoinLaunch Mitosis testnet waitlist. The higher the score you get, the more tokens you receive.

The assets, granted to you from faucets are distributed in the 70/30 proportion, where 70% belongs to $MITO testnet tokens and 30% to other testnet assets. Don’t forget to repeat the process every 24 to receive even more assets which you will be able to engage in the testnet with. 

Once the testnet funds are acquired, now you can farm Mitosis XP in multiple ways:

  • Engaging with Mitosis dapps

Engage with Mitosis native vaults supported by the network dapps, including:

  • Clober and Chromo: A classic DEXs on Mitosis. Swap your tokens on Clober or Chromo from one asset to another in order to increase your XP score. Furthermore, provides liquidity into LPs on Chromo to earn even more XP and potentially APR in testnet tokens.
  • DVX (Deprecated): A derivatives DEX on Mitosis testnet. Deposit your funds to the platform trade on derivatives to earn Mitosis testnet XP
  • Telo: Lending protocol on Mitosis testnet. Lend or borrow your assets on the platform to earn XP.
  • YieldKingZ: NFT marketplace on Mitosis, trade NFTs on YieldKingZ and earn Mitosis XP for your trading volume.
  • Mitosis native vaults
    Besides the testnet assets that can be acquired from faucets, you can also contribute the real funds into the Mitosis EOL vaults to collectively participate in the EOL votings, deciding where to allocate your funds. The best part is you have quite a diverse range of options to pick from, including stablecoins, $ETH, and $BTC LRTs:

    Most of them, such as Lombardfi’s $LBTC, Renzo’s $ezETH, Ether.fi’s $weETH, and Ethena’s USDe, we have been already reviewing in our platform. 
  • Discord roles
    Additionally, to engage with the network’s dApps, you can also acquire some verified Discord roles to earn a one-time fixed amount of Mitosis XP. The roles for which Mitosis grants an XP rewards are:
  • The Royal Gem
  • OG
  • Sensei
  • Guru
  • Various specialized roles (miArtist, miTuber, etc.)
  • Referral gains
    Invite other users to join the Mitosis testnet and passively earn 1,5% of the XP from users who joined the Waitlist via your Superpass code and 0,5% from users who were invited into the waitlist or testnet through your Waitlist referral code. 
  • Earn multipliers
    You can increase your MITO rewards by leveling up your Mitosis tier, which in turn will allow you to engage with Mito testnet more frequently and farm more XP. All you need to increase your Mitosis tier is simply earn more points, meaning the more you are getting involved in the Game of Mito, the more you earn:

  • Craft items
    Another way to increase your XP income is to acquire new items in the Mitosis is to collecting cells during the on-chain and off-chain quests and crafting new from them a new items which will grant you additional XP bonuses:
  • Joining crews
    Finally, you can join the crews, an analog of the clans in the games, to earn a crew XP and potentially qualify for the rewards that will be allocated for the crews separately once the event concludes. Find more info on how to participate in crews in Mitosis docs.  

Step-by-step Guide

  • Add Mitosis testnet to your web3 wallet;

  • Get familiar with the testnet rules;

  • Acquire testnet tokens in the faucet;

  • Engage with testnet dapps to earn XP;

  • Deposit supported assets into the Mitosis EOL vaults;

  • Increase your tiers, craft items, and invite friends to earn more Mitosis XP;

  • Continue to earn XP until the official announcement.

More about Mitosis Crypto Protocol
Share this event:
No Comments
No comments yet