Nearly two years ago, we were struck by Jake’s compelling vision for Mitosis from the very first time we met him. He wanted to build something truly groundbreaking in DeFi. Since 2019, Jake has been focused on pushing the frontier of liquidity infrastructure, first pioneering liquid staking on Cosmos, and now with Mitosis - reimagining how capital moves across chains. At its core, DeFi has always promised to democratize access to financial opportunities. Yet as the industry has grown, structural inefficiencies have persisted: liquidity positions remain static and illiquid, and the most profitable opportunities often accrue to large players able to strike private deals. Mitosis is not just another L1, it introduces a protocol designed to fundamentally change and transform liquidity into programmable components while broadening access to yields across the entire market. Most new L1s compete on performance or cost, but rarely do they justify their existence with a fundamentally new design. It is not trying to replace Ethereum or Base but rather to complement them by turning their idle liquidity into programmable, yield-bearing assets making existing ecosystems more efficient.

Today, when users provide liquidity to a protocol, they face two major constraints:

1. Illiquidity of positions – once assets are deposited, they sit idle and cannot be repurposed elsewhere.

2. Concentration of yield – the most lucrative deals are closed-door agreements, reserved for institutional players.

Mitosis addresses both challenges by redesigning liquidity at its foundation.

When users deposit assets into Mitosis Vaults across supported blockchains, they receive Hub Assets on the Mitosis Chain that represent their deposits. These Hub Assets can then be deployed through two frameworks: Ecosystem-Owned Liquidity (EOL), where pooled assets are governed collectively by participants, and Matrix, which directs funds into curated liquidity campaigns with predefined terms. Each framework issues its own position tokens - miAssets for EOL and maAssets for Matrix.

miAssets are yield-bearing tokens that represent a user’s share of liquidity within Mitosis Vaults. Unlike conventional LP tokens that sit idle, miAssets automatically accrue rewards from staking, restaking, and cross-chain liquidity provisioning, while also allowing holders to participate in governance and influence allocation strategies. They remain fully composable across DeFi, meaning they can be traded, used as collateral, or deployed in lending, trading, and yield-farming protocols, all while continuing to generate rewards. In effect, miAssets turn liquidity into a dynamic, programmable financial primitive.

maAssets, by contrast, represent a user’s participation in specific Matrix campaigns. They provide targeted exposure to structured opportunities, such as incentivized liquidity pools or cross-chain trading initiatives, with transparent terms around duration and rewards. While campaign-specific, maAssets retain tradability and composability, allowing users to enter, exit, or repurpose their positions without waiting for the campaign to conclude.

Together, miAssets and maAssets create a dual-token system that balances flexibility with focus: miAssets optimize long-term, governance-driven liquidity flows, while maAssets enable curated, campaign-based strategies. This duality makes Mitosis uniquely positioned to serve both general liquidity markets and specialized opportunities, establishing a robust foundation for programmable, composable DeFi liquidity.

On the Mitosis L1, those assets can be continuously rehypothecated across a diverse range of applications, ensuring that capital remains productive while retaining liquidity and governance power.

Within the Mitosis ecosystem, miAssets find immediate utility. On Chromo Exchange, they can be paired in a native AMM, with plugins that allow strategy builders to design and automate liquidity provision. Kingdomly extends this utility into the NFT economy, using miAssets as a base currency for launching and trading NFT collections. Mikado Hub incubates mini dApps that can integrate miAssets into new use cases, while Morse_404, the community NFT collection, creates cultural and social layers where miAssets can back NFT-native liquidity or community-driven utilities.

On the trading and identity side, Nautilus Exchange leverages miAssets within its aggregator of trade routes, while SpaceID allows holders to tie miAssets to decentralized identity, deepening integration between financial assets and on-chain identity. Spindle takes programmability further by issuing tokenized, tradable yield positions derived from miAssets, unlocking secondary markets for yield.

DeFi primitives are equally extended: Telo Money integrates miAssets as novel forms of collateral in its money market, while Zygo Finance builds perpetual contracts on top of programmable miAsset positions. Yarm AI transforms liquidity into social capital, enabling communities to coordinate and deploy miAssets in collective strategies. Meanwhile, Yieldkingz experiments with GameFi by introducing miAssets into a social casino environment, where liquidity underpins gaming activity.

Through these integrations, miAssets become more than receipts, they evolve into a core currency of programmable liquidity across Mitosis. Every deposit, rather than being locked away, is continuously recycled into new opportunities, from DeFi to NFTs, identity to gaming. This composability ensures that the Mitosis L1 operates as a living marketplace of liquidity, where idle assets are constantly put to work, multiplying utility and yield across the ecosystem.

As investors, we are excited to back top-tier founders like Jake who have the conviction and capability to reshape how DeFi works at its core. Mitosis is not another competing L1, but the connective tissue between existing ecosystems, designed to unify and mobilize fragmented liquidity. By making idle assets productive across chains, it creates a win-win where every ecosystem gains deeper liquidity, greater efficiency, and new opportunities for growth. What began nearly two years ago as a bold vision has now taken form with the launch of Mitosis mainnet, yet this milestone is only the beginning. The work ahead lies in scaling adoption, expanding integrations, and realizing the full potential of programmable liquidity across ecosystems. We look forward to continuing to work closely with Jake and the Mitosis team as they grow, refine, and expand the protocol into a foundational layer for the next generation of decentralized finance.

Nearly two years ago, we were struck by Jake’s compelling vision for Mitosis from the very first time we met him. He wanted to build something truly groundbreaking in DeFi. Since 2019, Jake has been focused on pushing the frontier of liquidity infrastructure, first pioneering liquid staking on Cosmos, and now with Mitosis - reimagining how capital moves across chains. At its core, DeFi has always promised to democratize access to financial opportunities. Yet as the industry has grown, structural inefficiencies have persisted: liquidity positions remain static and illiquid, and the most profitable opportunities often accrue to large players able to strike private deals. Mitosis is not just another L1, it introduces a protocol designed to fundamentally change and transform liquidity into programmable components while broadening access to yields across the entire market. Most new L1s compete on performance or cost, but rarely do they justify their existence with a fundamentally new design. It is not trying to replace Ethereum or Base but rather to complement them by turning their idle liquidity into programmable, yield-bearing assets making existing ecosystems more efficient.

Today, when users provide liquidity to a protocol, they face two major constraints:

1. Illiquidity of positions – once assets are deposited, they sit idle and cannot be repurposed elsewhere.

2. Concentration of yield – the most lucrative deals are closed-door agreements, reserved for institutional players.

Mitosis addresses both challenges by redesigning liquidity at its foundation.

When users deposit assets into Mitosis Vaults across supported blockchains, they receive Hub Assets on the Mitosis Chain that represent their deposits. These Hub Assets can then be deployed through two frameworks: Ecosystem-Owned Liquidity (EOL), where pooled assets are governed collectively by participants, and Matrix, which directs funds into curated liquidity campaigns with predefined terms. Each framework issues its own position tokens - miAssets for EOL and maAssets for Matrix.

miAssets are yield-bearing tokens that represent a user’s share of liquidity within Mitosis Vaults. Unlike conventional LP tokens that sit idle, miAssets automatically accrue rewards from staking, restaking, and cross-chain liquidity provisioning, while also allowing holders to participate in governance and influence allocation strategies. They remain fully composable across DeFi, meaning they can be traded, used as collateral, or deployed in lending, trading, and yield-farming protocols, all while continuing to generate rewards. In effect, miAssets turn liquidity into a dynamic, programmable financial primitive.

maAssets, by contrast, represent a user’s participation in specific Matrix campaigns. They provide targeted exposure to structured opportunities, such as incentivized liquidity pools or cross-chain trading initiatives, with transparent terms around duration and rewards. While campaign-specific, maAssets retain tradability and composability, allowing users to enter, exit, or repurpose their positions without waiting for the campaign to conclude.

Together, miAssets and maAssets create a dual-token system that balances flexibility with focus: miAssets optimize long-term, governance-driven liquidity flows, while maAssets enable curated, campaign-based strategies. This duality makes Mitosis uniquely positioned to serve both general liquidity markets and specialized opportunities, establishing a robust foundation for programmable, composable DeFi liquidity.

On the Mitosis L1, those assets can be continuously rehypothecated across a diverse range of applications, ensuring that capital remains productive while retaining liquidity and governance power.

Within the Mitosis ecosystem, miAssets find immediate utility. On Chromo Exchange, they can be paired in a native AMM, with plugins that allow strategy builders to design and automate liquidity provision. Kingdomly extends this utility into the NFT economy, using miAssets as a base currency for launching and trading NFT collections. Mikado Hub incubates mini dApps that can integrate miAssets into new use cases, while Morse_404, the community NFT collection, creates cultural and social layers where miAssets can back NFT-native liquidity or community-driven utilities.

On the trading and identity side, Nautilus Exchange leverages miAssets within its aggregator of trade routes, while SpaceID allows holders to tie miAssets to decentralized identity, deepening integration between financial assets and on-chain identity. Spindle takes programmability further by issuing tokenized, tradable yield positions derived from miAssets, unlocking secondary markets for yield.

DeFi primitives are equally extended: Telo Money integrates miAssets as novel forms of collateral in its money market, while Zygo Finance builds perpetual contracts on top of programmable miAsset positions. Yarm AI transforms liquidity into social capital, enabling communities to coordinate and deploy miAssets in collective strategies. Meanwhile, Yieldkingz experiments with GameFi by introducing miAssets into a social casino environment, where liquidity underpins gaming activity.

Through these integrations, miAssets become more than receipts, they evolve into a core currency of programmable liquidity across Mitosis. Every deposit, rather than being locked away, is continuously recycled into new opportunities, from DeFi to NFTs, identity to gaming. This composability ensures that the Mitosis L1 operates as a living marketplace of liquidity, where idle assets are constantly put to work, multiplying utility and yield across the ecosystem.

As investors, we are excited to back top-tier founders like Jake who have the conviction and capability to reshape how DeFi works at its core. Mitosis is not another competing L1, but the connective tissue between existing ecosystems, designed to unify and mobilize fragmented liquidity. By making idle assets productive across chains, it creates a win-win where every ecosystem gains deeper liquidity, greater efficiency, and new opportunities for growth. What began nearly two years ago as a bold vision has now taken form with the launch of Mitosis mainnet, yet this milestone is only the beginning. The work ahead lies in scaling adoption, expanding integrations, and realizing the full potential of programmable liquidity across ecosystems. We look forward to continuing to work closely with Jake and the Mitosis team as they grow, refine, and expand the protocol into a foundational layer for the next generation of decentralized finance.