Hey folks, I’ve written about Mitosis a couple of times now, but if you haven’t been following along since then, currently they have an incentivized free testnet which I highly recommend taking a part of while there’s still time. In today’s article I’m going to be breaking down in a few simple steps in which you can maximize your gains with minimal effort before the final days are up.
But first, what is Mitosis?
In a nutshell, Mitosis is a cross-chain liquidity protocol for modular blockchains. Just as Celestia ($TIA) provides data availability for other blockchains, Mitosis is another EVM-compatible Cosmos chain that will act as a liquidity layer for different DeFi protocols — providing increased capital efficiency while at the time same accruing high yields. From what I’ve gathered, similar to bridges like Across, using an intents-based approach, Mitosis will essentially act as an orderbook relayer for different DeFi apps. Personally I’ve been farming points for Mitosis since last May, and if you’re interested in learning more about it, I highly recommend you check out my deep dive that I wrote at that time.
The actual testnet that launched last month, has a separate allocation of $MITO that will be distributed to its users, and unlike many different testnets, there’s a pretty clear and transparent distribution plan for exactly how many MITO points you’ll be able to accrue.
The Testnet
The testnet itself is primarily based on earning XP, which in turn will help you earn more $MITO. In order to maximize your gains from the get go, you can do so buy entering a referral code to get a 0.5% boost on all of your XP. Mine is OA6CES, but if you’re lucky to find someone else with a ‘Superpass” Code, you can be eligible for a 1.5% boost.
But enough of the schilling, let’s break down the ways to earn some $MITO…
The Mini Game (5XP per game)
A quick and easy way to earn 5XP is to play their mini-gram from the main page. (It’s a little unclear to me how many times you can play to get the 5XP, but personally the most I’ve been able to accrue in one day is 30.) With a game starting every few seconds, everyone needs to collaboratively flip tiles to form the word ‘MITO,’ or alternatively you can just be a d*ck and click outside the boxes which will reset the entire board.
Claiming the Faucet (10XP)
Both with a 24-hour cooldown period, Mitosis’ testnet has two different faucets — the main and the bonus faucet. You don’t get much from either one, but it’s imperative that you try to claim these both as often as possible, as the weight of the $MITO airdrop depends on exactly how many tokens in sum you’re able to amass until the end of the testnet period.
How much $MITO can you accrue? According to the ‘Guide’ which you can access at the top of the testnet website, the amount of tokens you will accrue will be split from a 70/30 split, where your $MITO tokens will get a 70% conversion rate and the rest (all other assets on the platform) will be converted via the remaining 30% allocation.
Therefore it behooves you to first and foremost accrue as much $MITO as possible, but in general you should try to be farming as much of all assets as possible.
Defi
The next section includes several steps which need to be done in a specific order in order to maximize your points. These include:
- Deposit
- EOL Opt-in
- Collecting Rewards
- DApps
Deposit:
As soon as you claim your faucets, the most time intensive and tedious process that you need to do is to deposit all the assets you received from the faucet onto the testnet itself so that you can participate in DeFi. This means that you need to manually deposit each and every asset which can mean roughly 20 different transactions across 4–5 different chains:
EOL Opt-in (Staking)
Once your funds are deposited, you want to then ‘EOL Opt-in’ to each one of your deposited assets to their corresponding pools so that you can begin to earn rewards. Staking your rewards into each of the vaults to my understanding is the greatest way to accrue a ton of XP points quickly:
Since you deposited all your assets from all the different chains onto Mitosis from the last step, this step should be slightly less tedious since you only have to do one EOL Opt-in for each token type.
Collecting rewards
Once your assets are EOL Opted-in, every day you can go back and claim rewards from your Rewards Dashboard. Claiming rewards also gains you more XP points, albeit a smaller amount:
DApps
The last DeFi task for you to do is using the connected 5 testnet DApps:
There are a total of 5 to choose from, Clober, Chromo, DVX, Telo, and YieldKingZ — all of which you can earn XP through their different types of engagement. Personally, what I’ve done is to periodically swap different assets into $WMITO on Chromo, and then use Telo to unwrap my $WMITO into $MITO, thereby accruing more $MITO, which has more weight once the testnet ends.
Voting
The last way in which you can earn a significant amount of XP is through voting:
The silver lining to the voting process is that you only need to vote once every Voting Period, which is approximately 3 days.
How XP and $MITO are connected
OK, so at this point you may have wondered how XP and assets are connected. In a nutshell, the more you can level/tier up with more XP, the more you can accrue your testnet $MITO. The tiers range from Bronze to Diamond, each which has 3 different grades. As you can see from the picture below, I’m currently sitting at Gold grade 3, which accrues 9.44 daily $MITO and 3.5 Cell rewards:
Obviously gaining the highest tier possible is greatly beneficial, for at a Diamond level Grade 3, you can currently earn approximately 37.1 $MITO daily.
Additional note: The tiers aren’t necessarily based on hitting thresholds of XP, but rather where you fall into the bigger picture and to how many XP everyone else owns in the testnet. Therefore, don’t be surprised if you get knocked down a tier/grade, because that means that there was a significant number of users that surpassed your total amount of XP since you last logged in.
Cells, Clusters and Items
In addition to the $MITO you can accrue, you’ll also be accruing ‘Cells.’ Cells can be crafted to become ‘Clusters,’ and then Clusters can be crafter to either become ‘Items,’ or used to upgrade existing items.
The ultimate goal is to get as many Items as possible, and then to have them upgraded as many times as possible, for each one can give you an increased XP boost.
Joining a Crew
The last, but newest edition to the Game of MITO is the crew feature, where members (capped at 10) are able to gain an additional XP boost depending on your Tier. I just made mine at time of writing, but feel free to join while there’s still slots open: https://testnet.mitosis.org/crew/4180
Conclusion
OK, so after reading all this you may be thinking that this is a LOT of work, and in all honesty, it is. I’ve been able to streamline the process but in order to get all the above steps done, it still takes me around 10–15 minutes depending on how glitchy the site wants to be. Yet it’s a bit rare especially for incentivized testnets to give a clear and transparent way in order to earn tokens, and seeing that Mitosis has been able to attract a lot of liquidity, in my opinion it’s worth the time. If you’re interested in checking Mitosis out, here are some referral links to help you get started, all of which can help you gain additional boosts:
Mitosis L1 Expedition: https://app.mitosis.org?referral=9UYGPC
Game of Mito: https://waitlist.mitosis.org/my-page?code=OA6CES
Mitosis Testnet: https://testnet.mitosis.org/mypage and enter “OA6CES”
My testnet crew: https://testnet.mitosis.org/crew/4180
And as always, thanks for taking the time to read this and be sure to follow me on twitter (https://twitter.com/CryptosWith) to get all my latest updates. Also, looking for a gift for your Crypto-loving/hating friend? Give them a REKT journal to cheer them up!
Disclaimer: And as a final reminder, this is not financial advice and this is for educational and entertainment purposes only. Please as always, do your own research and find what investments are best for you. Cheers everyone! allocation, but I’m also earning some pretty significant yields on my assets at the same time.