Binance, the world’s largest crypto exchange platform by trading volume, is announcing an airdrop for a new layer-1 altcoin focused on cross-chain liquidity pools.
In a new update, Binance says that it’s adding decentralized finance (DeFi) project Mitosis (MITO) to its HODLer Airdrops program, which rewards users based on their balance of BNB, the native asset of the crypto exchange.
“Binance is excited to announce the 34th project on the HODLer Airdrops page – Mitosis, a Layer 1 blockchain designed to unify fragmented crypto liquidity by enabling assets to be deployed across multiple chains simultaneously.”
News of the addition preceded a massive price increase for the asset, as it went from a price of $0.095 on August 28th to a peak of $0.308 just a day later. MITO has since stabilized and is trading for $0.25 at time of writing, a staggering 143% increase during the last 24 hours.
On its website, Mitosis says it is attempting to address two fundamental issues in DeFi protocols: static and illiquid positions and profitable opportunities that are exclusive to high-net-worth traders.
“Unlike conventional DeFi where liquidity remains locked in isolated pools, Mitosis position tokens can be traded, used as collateral, decomposed into principal and yield components, or combined to create new financial instruments…
The protocol’s design addresses market inefficiencies through collective bargaining power. By aggregating individual deposits, Mitosis gives all participants access to preferential yields previously reserved for large-scale providers.”
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