While most DeFi certificates remain at the early stages of providing proof of income, Mitosis's miAssets have evolved from "asset mapping" to "ecosystem passports." miAssets, generated by users depositing assets like USDC and weETH, are not only certificates for cross-chain income distribution but also unlock multiple benefits, including governance voting, strategy participation, and alliance equity. This "one certificate, multiple functions" design completely breaks the functional limitations of traditional LP tokens, transforming a single liquidity position into a core entry point for leveraging the value of the entire ecosystem and redefining the value boundaries of DeFi certificates.
The value dilemma of traditional DeFi certificates lies in their fragmented functionality and limited use cases. Most LP tokens only prove a user's liquidity contribution, with functionality limited to redeeming principal and returns. Cross-chain use requires multiple conversions, with fees and slippage costs consuming significant returns. Certificates between different protocols are not interoperable. Users holding Uniswap LP tokens who wish to participate in Aave's lending strategies must first redeem their assets and then re-enter the transaction, resulting in extremely low capital efficiency. More importantly, the certificates are weakly connected to the ecosystem, making it difficult for users to gain additional benefits from holding them and lacking the incentive to hold them long-term. Although the LP tokens of a leading DEX offer an annualized return of 15%, due to their limited functionality, the average user holding period is less than one month.
miAssets' core breakthrough is upgrading a "single-yield certificate" into a "full-ecosystem equity carrier." As a core component of Mitosis's programmable liquidity system, miAssets' value permeates the entire ecosystem: At the asset transfer level, leveraging Hyperlane's cross-chain technology, certificates like mi-USDC and mi-weETH can be seamlessly transferred between over ten public chains, including Ethereum and Arbitrum, with fees as low as $0.03. At the income level, users holding miAssets automatically receive the benefits of multi-chain strategies without having to manually switch between on-chain scenarios. At the equity level, miAssets holdings directly determine governance voting weight and priority participation in new strategies, creating a positive cycle of "holding brings benefits, participation brings value."
The synergy with the Matrix framework exponentially increases the strategic value of miAssets. Users can further convert miAssets into maAssets and integrate them into structured strategies such as hedging and inter-period arbitrage, earning additional returns while maintaining base returns. For example, users holding mi-USDC can use Matrix to split it into a "principal protection share" and a "return rights share." The former can be staked for stable returns, while the latter can be used for trading to generate high returns, resulting in a 2-3x improvement in capital efficiency compared to a single certificate. This two-tiered structure of "base certificate + strategy certificate" meets the needs of users with varying risk appetites, enabling miAssets to cover the full spectrum of scenarios, from conservative financial management to aggressive trading.
The interoperability of the MLGA Alliance grants miAssets the "cross-protocol pass" attribute. All 15 protocols within the alliance support miAssets as core transactional credentials: in lending protocols, mi-weETH can be directly used as collateral to obtain excess loan limits; on DEXs, providing miAssets liquidity can enjoy fee discounts; and on derivatives platforms, miAssets can be used as margin for cross-chain contract trading. This "one certificate, all alliances" model allows users to participate in multiple scenarios without repeatedly staking assets, increasing the value utilization of a single asset by over 400%. A user used mi-USDC to complete lending, arbitrage, and liquidity provision within the alliance, achieving a 50% increase in overall returns compared to using a single protocol.
Ecosystem data confirms the attractive value of miAssets. To date, the Mitosis ecosystem has issued 12 miAssets, with a total locked-in value exceeding $320 million, representing 73% of the ecosystem's TVL. Users hold miAssets for an average of 4.5 months, far exceeding the industry average of one month. Data from protocols within the MLGA Alliance shows that user activity and transaction frequency have increased by over 30% after supporting miAssets. These data clearly demonstrate that multifunctional credential design has become a key driver of user attraction.
Mitosis uses miAssets to break through the functional limitations of credential design, leveraging ecosystem synergy to amplify asset value, and relying on strategic innovation to meet diverse needs, successfully transforming liquidity positions into a comprehensive equity vehicle. This not only addresses the pain points of traditional DeFi credentials, characterized by single functionality and fragmented value, but also establishes a new paradigm where "credentials serve as entry points to the ecosystem." When miAssets becomes the universal pass for multi-chain DeFi, the ecological value of programmable liquidity will be fully released. #Mitosis $MITO @MitosisOrg


