Business News Report Technology
May 02, 2024

Mitosis Raises $7M In Funding From Amber Group And Foresight Ventures To Advance Its Modular Liquidity Protocol

In Brief

Mitosis raised $7 million in a recent funding round, led by Amber Group and Foresight Ventures, Big Brain Holdings, among other investors.

Mitosis Raises $7M In Funding From Amber Group And Foresight Ventures To Advance Its Modular Liquidity Protocol

Company behind the modular liquidity protocol Mitosis announced it has raised $7 million in a recent funding round, led by Amber Group and Foresight Ventures, with participation from Big Brain Holdings, Folius Ventures, Citizen X, GSR, Cogient Ventures, No Limit Holdings, and Digital Asset Capital Management, Everstake and witnessed contributions from angel investors including Zellic, XAI, ether.fi, Hyperlane, Osmosis, DefiLlama, Injective, Keplr, Puffer, Curve, Interchain, among others. The newly raised capital will be directed towards advancing the development of the project. 

The Ecosystem-Owned Liquidity (EOL) represents a novel approach to engaging with decentralized finance (DeFi), pioneered by Mitosis.

The project introduces a new paradigm to the existing liquidity provider (LP) protocol landscape by empowering its pooled liquidity with a competitive advantage. Within the EOL governance framework, LPs play a pivotal role in determining asset allocation strategies aimed at maximizing returns. Moreover, protocols actively engage with the EOL community to market their offerings and attract liquidity. 

EOL achieves an efficient market with symmetric and transparent information, thereby enhancing the scalability of the Mitosis protocol and delivering benefits to all participants.

Mitosis comprises two key components: the Mitosis Layer 1 ecosystem and Mitosis Vaults, operating across various networks. The Mitosis Ecosystem oversees the flow of liquidity from diverse networks via the Mitosis Vaults. Mitosis defines this liquidity as  EOL, while all ecosystem participants have the opportunity to engage in the decision-making process regarding liquidity allocation. The presence of EOL across multiple networks reshapes the DeFi LP experience.

Mitosis Launches Epoch 2 Of Its Expedition Campaign To Accelerate Expansion Of Liquid Restaking Tokens Across Blockchains

As outlined in its roadmap, Mitosis aims to introduce its public testnet during the second quarter of 2024, with the mainnet launch and Token Generation Event (TGE) expected to follow by the year’s end.

Furthermore, the project is also actively driving the expansion of liquid restaking tokens (LRT) across multiple blockchains through various campaigns, with Expedition being its first initiative. The initial Epoch of Expedition commenced at 15:00 UTC on April 25th and quickly reached its Total Value Locked (TVL) capitalization within an hour. Epoch 2 is scheduled to begin at 15:00 UTC on May 2nd, featuring an increased capitalization to accommodate more participants.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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