- The governance token MODE is launched by Mode Network.
- The MODE token mixes tokenomics with governance duties.
- Network with $603 million TVL is in the top 10 Layer-2.
- Open up cross-chain opportunities in MetaMask Portfolio with simple bridging.
- Launching its governance token, MODE, Mode Network is a modular Decentralized Finance (DeFi) Layer-2 solution based on the Optimism Stack.
Concurrently, the network has launched its cryptocurrency airdrop season, and users can now access the token claim page.
The MODE token has two purposes. Both ecological growth and governance are facilitated by it within the network. With 1.3 billion tokens in circulation at launch, the total amount of MODE tokens is set at 10 billion. The foundation, treasury allocations, and prior cryptocurrency airdrops are the sources of this.
In terms of distribution, users and developers will receive 35% of the MODE tokens through cryptocurrency airdrops. Additionally, in the first quarter, 5.5% of those will be issued.
Additionally, investors and early contributors receive 19% of the tokens, which are subject to a 24-month linear release after a 12-month lock-up. To support ecosystem incentives through governance mechanisms, the foundation and treasury retain 27 percent of the tokens.
Top donors will be subject to initial claim limits in order to reduce early sell-offs. If they keep their assets in the network, they will be able to claim 50% of their tokens right away and the remaining 50% after 90 days.
Optimism and Mode Network are working together to construct the Superchain. In order to become Mode Flare, a special Layer-3 network devoted to DeFi services, it combines Celestia’s data availability (DA) technology. By sharing contract money, this structure enables improved user-decentralized application (Dapp) collaboration.
With its current total value locked (TVL) of $603 million, the network is ranked in the top 10 Layer-2 networks, not far behind leaders like zkSync Era and Linea, who lead by about $200 million.
The network supports more than thirty native and external applications as of the first quarter, with a concentration on DeFi services. Examples of these applications are LayerZero and The Graph. It also provides information on around 20 million transactions and about 450,000 active addresses.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
