Mode Network, a modular decentralized finance (DeFi) Layer-2 solution built on the Optimism Stack, has launched its governance token, MODE.
Simultaneously, the network has initiated its crypto airdrop season, with the token claim site now active for participants.
550 Million Crypto Airdrop
The MODE token has dual functions. It serves as a governance mechanism and promotes ecological growth within the network. The total supply of MODE tokens is fixed at 10 billion, with an initial circulation of 1.3 billion tokens. This comes from previous crypto airdrops and the foundation and treasury allocations.
Regarding distribution, 35% of MODE tokens are allocated for crypto airdrops to users and developers. And 5.5% of those will be released in the first quarter.
Additionally, 19% of the tokens go to investors and early contributors, subject to a 12-month lock-up followed by a 24-month linear release. The foundation and treasury hold 27% of the tokens to fund ecosystem incentives through governance mechanisms.
To mitigate early sell-offs, top contributors will undergo initial claim restrictions, allowing them to claim 50% of their tokens immediately and the remaining 50% after 90 days, provided they maintain their assets within the network.
Read more: Best Upcoming Airdrops in 2024
Mode Network is also collaborating with Optimism to develop the Superchain. It integrates Celestia’s data availability (DA) solution to transform into Mode Flare, a unique Layer-3 network dedicated to DeFi services. This structure facilitates enhanced collaboration between decentralized applications (Dapps) and users by sharing contract revenue.
Currently, the network’s total value locked (TVL) stands at $603 million, positioning it among the top 10 Layer-2 networks and close to leaders like zkSync Era and Linea, which lead by approximately $200 million.
As of the first quarter, the network supports over 30 native and external applications, including The Graph and LayerZero, focusing on DeFi services. It also reports approximately 450,000 active addresses and nearly 20 million transactions.
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