Matrix x Theo Vaults and How They Work

Mitosis’s first Matrix campaign – Matrix Theo is a special vault that lets liquidity providers earn multiple rewards on top of their existing yields. This campaign is run in partnership with Theo Network, combining Mitosis’s cross-chain vault technology with Theo’s delta-neutral strategy. In simple terms, the Matrix Theo vault allows users who hold miweETH or weETH (Ether.Fi’s restaked ETH tokens) to deposit those tokens and unlock extra benefits. Participants continue earning their regular MITO Point rewards (in weETH) from Expedition, plus they gain Theo token rewards and additional “Straddle” yield from Theo’s strategy. It’s like stacking a new reward layer on an existing cake – more icing for the same slice of cake!

Vault Basics: miweETH, weETH, and maweETH (Theo)

miweETH and weETH are the two tokens you can deposit into the Theo vault. If you participated in Mitosis Expedition, you’re likely familiar with these:

• weETH is Ether.Fi’s liquid staking token (a yield-bearing ETH derivative). Holding weETH normally earns you staking rewards and other points (like EigenLayer points).
• miweETH is what you receive when you deposit weETH into Mitosis Expedition. It’s a Mitosis miAsset representing your liquidity position. Holding miweETH earns you MITO Points (weETH) – points tracked in weETH units that count toward future $MITO token airdrops.

The Matrix Theo vault accepts both tokens. If you deposit miweETH, the app will actually redeem it into weETH under the hood, then deposit the weETH. In both cases, your deposit goes into the Matrix vault strategy. Once deposited, the system will issue you a new vault token called maweETH (Theo). This is a maAsset representing your share in the Theo campaign vault. You can claim your maweETH (Theo) after a short waiting period (about 2 days, explained below). This maAsset will accrue the strategy yield over time. In fact, you might notice that the amount of maweETH (Theo) you receive is slightly less than what you deposited – that’s because it’s accounted in a way that reflects upcoming yield (so it compounds within the token’s value). Likewise, when you withdraw later, you’ll likely get back more weETH than the amount of maweETH you redeem, since your vault token accumulated yield while it was invested.

Supported Networks: The Theo Matrix vault is deployed across Ethereum, Arbitrum, and Linea. You can deposit your miweETH or weETH on any of these three chains (whichever chain you have them on) via the Mitosis Matrix front-end. The vault on each chain feeds into the same overall strategy. Keep in mind you cannot deposit assets from unsupported chains directly – for example, if you have miweETH on other networks like Scroll or Base, you’d need to redeem and bridge those to one of the campaign networks first.

Multiple Reward Streams: MITO Points, Theo Tokens, and Straddle Yield

One big appeal of Matrix Theo Vaults is the triple rewards structure. By participating, you are essentially stacking rewards from both Mitosis and Theo:

• MITO Points (weETH): These are the usual points you earn in Expedition for holding miweETH. The good news is that when you move miweETH into the Matrix vault, you continue earning MITO Points as if you still held it in Expedition. The vault is designed so that you don’t miss out on your ongoing airdrop points. You’ll keep accumulating points toward the future $MITO token distribution, with all your applicable Expedition boosts still in effect (more on boosts shortly).
• Theo Token Rewards: Theo Network has allocated a portion of its own token supply to reward participants of this campaign. Initially, about 0.07% of Theo’s total token supply was set aside as the base reward pool. What’s interesting is that this allocation can grow as more people join and the vault’s Total Value Locked increases. In other words, the more combined liquidity everyone deposits, the larger the Theo token reward pool becomes for all participants (it scales linearly with certain TVL milestones). By depositing in the vault, you start earning a share of these Theo tokens. They accrue over time (starting immediately once you deposit), but note that these tokens are typically claimable or distributed only after Theo’s Token Generation Event (TGE). Essentially, you’ll accumulate “points” for Theo tokens which get finalized and distributed later once the token launches.
• Straddle Vault Yield: This is the yield from Theo’s Straddle strategy, which the vault deploys your assets into. Theo’s straddle vault uses a delta-neutral strategy to generate yield from ETH market funding rates. In simple terms, the vault deposits the weETH as collateral into Aave and borrows stablecoins to short ETH on a partner exchange (Hyperliquid), capturing funding payments – all while remaining market-neutral (so it doesn’t matter if ETH’s price goes up or down). The result is a steady yield (interest) earned on your deposit. This Theo Straddle yield only begins accruing after your deposit has been actually deployed into the strategy at the start of a vault “Round.” Theo’s vault operates in rounds (periodic strategy cycles). When you first deposit, you have to wait until the next round starts on that chain for your funds to be deployed. That’s why after depositing, you wait ~2 days before you can claim your maweETH (Theo) – that waiting period aligns with the next round. Once your weETH is deployed in the strategy, you start earning this yield, which gets reflected by the growth in value of your maweETH (Theo) token.

All these rewards stack together, making the Matrix Theo vault quite attractive: you keep getting MITO points as usual, you earn Theo’s own tokens, and you gain extra yield from the straddle strategy simultaneously.

How to Participate in the Theo Campaign

Eligibility and Phases: The Matrix Theo campaign was rolled out in four phases. Each phase had its own deposit cap and certain eligibility requirements. Early phases were exclusive to community members who met specific criteria (for example, high Expedition tiers, Morse NFT holders, early Expedition participants, etc.), ensuring that the earliest benefits went to active supporters of Mitosis. Phase 1 started on March 13, 2025, and had relatively small caps on each chain (only a few hundred weETH worth). After one phase ended, the next phase opened with higher caps and broader eligibility. By Phase 4, the vault was opened to everyone with no cap – truly a public phase. This phased approach was designed to reward loyal community members first and then gradually include all users.

As of May 2025, the campaign is in its final phase, which means any DeFi beginner or new user can join without special requirements. In earlier phases you might have needed, say, a Platinum Expedition Tier or a certain number of miAssets to qualify, but now it’s open to all. If you’re just now learning about this, you can still participate (assuming the vault is still running or until Theo’s token launch). Simply head to the Mitosis app’s Matrix section and deposit your weETH or miweETH. The minimum deposit is quite small (only 0.001 weETH/miweETH), so even a tiny amount is enough to get started.

Deposit Process: Using the Matrix Theo vault is straightforward:

1. Prepare your asset on a supported chain – ensure you have miweETH or weETH on Ethereum, Arbitrum, or Linea. If you currently only have miweETH on an unsupported chain (for example, you provided liquidity on Scroll’s Expedition), you’d need to redeem it back to weETH and bridge that weETH to one of the supported networks first.
2. Use the Mitosis Matrix interface – on the app (app.mitosis.org), find the Theo Matrix campaign vault. Select the network and amount to deposit. If depositing miweETH, the UI will guide you through two transactions (one to redeem miweETH into weETH, and one to deposit that weETH into the vault). If depositing weETH directly, it’s just a single transaction.
3. Wait for confirmation – once your deposit transaction(s) confirm, your weETH is now held in the Matrix vault. Your deposit is effective immediately, meaning you start earning MITO points and Theo token rewards right away. However, your maweETH (Theo) vault token will become claimable only after the next strategy round starts (up to 48 hours). The app will display a countdown or status. When ready, you can claim the maweETH (Theo) token, which represents your position in the vault.

That’s it you’re now accruing three types of rewards!

Boosting Your Rewards: Expedition Boosts and New Theo Boosts

One important aspect for optimization is reward boosts. Mitosis Expedition has a system of Boosts that can multiply your MITO Point (weETH) earnings – for example, holding your miweETH for longer gives a Holding Duration boost, providing liquidity on certain networks gives a Chain boost, etc. The good news is that you don’t lose your Expedition Boosts when you join the Matrix vault, as long as you follow a couple of simple rules:

• Same-Day Deposit: If you are moving miweETH into the Matrix vault, you need to complete the two-step process (redeem + deposit) within the same UTC day. This ensures continuity so the system treats it as if you held the asset continuously that day.
• Maintain Minimum Holdings: You must continue to meet the requirements of your boosts. For instance, if an Expedition boost required you to hold at least 0.1 miweETH for a duration boost, you need to still have that equivalent amount between what remains in Expedition and what’s now in the Matrix (your miweETH + your new maweETH combined). During the period before you claim your maweETH, the system will count your deposit as if it’s there, so you don’t miss out.

If you satisfy these conditions, all your existing Expedition boosts (for MITO Points) carry over. That means your rate of earning MITO Points in the Matrix vault is just as high as it was in Expedition – you’re not penalized for moving into the new vault. Also, importantly, joining the vault does not trigger any Expedition “community redistribution” penalty. In Expedition, if you withdrew completely you might lose some points that get redistributed, but here since you’re effectively continuing the program, you avoid that. Mitosis designed it so active participants can stack new opportunities without resetting their progress.

On top of that, the Matrix Theo campaign introduced new boost opportunities specifically for the Theo token rewards. These are additional incentives to reward committed participants:

• Holding Duration Boost (Theo): Similar to Expedition’s, the longer you continuously hold at least 0.1 maweETH (Theo) in the vault, the higher a boost on your Theo token rewards. This boost increases your Theo token accrual by +0.05% for each day you remain in the vault without withdrawing. It rewards patience – staying for, say, 20 days would mean a +1% bonus on your Theo tokens earned.
• Bracket Boost: This is based on the size of your position. The vault defined certain tiers (brackets) of total maweETH (Theo) holdings. If your holdings across all chains fall into a higher bracket, you unlock an extra boost to Theo rewards. In practice, this means larger contributors get a bit more proportional reward, encouraging users to deposit more for more gain. (An image in the docs showed the exact brackets – for example, holding at least X weETH worth might give a certain % boost).
• Community Milestone Boosts: Reiterating the earlier point – as the community collectively deposits more (reaching TVL milestones), the overall Theo token reward pool grows. This isn’t an individual boost per se, but a collective bonus: everyone’s rewards scale up if the vault reaches certain TVL targets. It creates a positive-sum scenario where inviting more participants can benefit all (hence fostering community growth).

Additionally, there were a couple of one-time boosts:

• OKX Wallet Boost: Users who made their first deposit using the OKX Wallet got an extra +0.5% on both Theo and MITO point rewards. This was a promotional boost to encourage trying that wallet.
• Morse NFT Holder Boost: If you held a Morse NFT (a Mitosis community NFT), you automatically received a +1% bonus on both Theo token and MITO point rewards. This rewarded loyal community NFT holders.

With all these boosts, a savvy participant could maximize their reward rate significantly. For a beginner, the key takeaway is: keep your assets in the vault for the duration of the campaign, and don’t fall below key thresholds. That way, you’ll earn the maximum possible from both Mitosis and Theo.

Withdrawals and Forfeitures: How to Exit Smartly

No Lockups (But Time Your Exit): The Theo Matrix vault doesn’t hard-lock your funds you can request to withdraw at any time. However, withdrawals are processed on the same cycle as vault rounds (every two days). When you initiate a withdrawal, you will have to wait until the current round concludes (up to 48 hours) for your weETH to be released back to you. After that waiting period, you can claim your returned weETH. It’s important to note that if you have an unclaimed withdrawal from a previous round, you must claim it before initiating another, to avoid confusion in the system.

Forfeiting Rewards on Early Exit: To encourage long-term participation (and prevent gaming the system), the campaign applies a penalty if you withdraw before Theo’s TGE (i.e. while the campaign is still ongoing and before the Theo tokens are distributed). If you pull out funds early, you’ll forfeit up to 20% of the Theo tokens and MITO points that you had accumulated but not yet claimed. The exact percentage depends on how early you leave and is defined by the “Matrix Community Redistribution” policy. Essentially, a portion of your pending rewards is given back to those who remain in the vault. This mechanism is similar to Mitosis Expedition’s community redistribution: it rewards those who stick it out longer. For example, if you had earned a bunch of Theo tokens in the vault and decide to exit entirely, you might lose 20% of those pending tokens, which get redistributed among the continuing participants (based on their share of the vault). The same goes for your not-yet-credited MITO points from the vault – a portion is shaved off as a penalty. Tip: If you want to avoid this, the best strategy is to stay in the campaign until Theo’s token generation event or the official campaign end. That way, you can claim all your Theo rewards without any penalty once they’re distributed.

Importantly, withdrawing does not cause you to lose any of your principal or the yield that has already accrued into your maweETH (Theo). The penalty only affects the rewards. Also note that once you initiate a withdrawal, your rewards don’t immediately stop. MITO Points and Theo token accruals continue for 48 hours after your withdrawal transaction (since you still effectively remain in the vault until the round ends), whereas the straddle yield stops right when you withdraw because your funds are pulled from the strategy.

After Withdrawal – Keep Your Boosts: If you withdraw and get your weETH back, you might worry about your Expedition boosts (since you no longer hold miweETH or maweETH). To maintain your Expedition tier and boosts, you should consider redepositing that weETH back into Expedition on the same day you claim it. For example, say you exit the Theo vault and retrieve 1.0 weETH, and you still want to be eligible for $MITO airdrop points. If you promptly deposit that 1.0 weETH into an Expedition pool (to get miweETH again) on the same UTC day, you’ll keep your continuity (this avoids losing any holding-duration boosts and prevents missing out on points due to a gap). Essentially, you’re returning your liquidity to the base Mitosis program after the special campaign.

Conclusion: Making the Most of Matrix Theo

The Matrix Theo vault exemplifies Mitosis’s approach to programmable liquidity it allowed regular DeFi users to seamlessly layer a new yield opportunity (Theo’s strategy and token rewards) on top of their existing position. For a DeFi beginner, it might sound complex at first, but the flow is intuitive once you break it down: deposit an ETH-based token, get multiple rewards, and maintain flexibility to withdraw anytime (just mind the timing). By understanding the boosts and withdrawal conditions, participants can optimize their earnings and avoid pitfalls like forfeited rewards.

In summary, if you have been staking ETH and earning yields through Mitosis, the Theo campaign was a way to “boost your yield stack” without giving up your base rewards. It’s a win-win collaboration – Theo gets liquidity for its strategy, and users get more rewards for the same liquidity. As you continue your Mitosis journey, keep an eye out for similar Matrix vault campaigns in the future (for example, the upcoming Morph “Zootosis” vault on a new L2) these vaults are Mitosis’s way of bringing composable, cross-chain opportunities directly to the community. By participating wisely, even newcomers can safely earn layered rewards and actively engage in advanced DeFi strategies with minimal hassle. Happy yield hunting in the Mitosis Matrix!