Mode Network, a modular decentralized finance (DeFi) layer 2 solution built on the Optimism Stack, has launched its governance token, MODE.
At the same time, the network has launched a cryptocurrency airdrop season and the token claim site is now live for participants.
550 million cryptocurrency airdrop
MODE tokens have a dual function. 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. This stems from previous crypto airdrops and foundation and treasury allocations.
Regarding distribution, 35% of MODE tokens will be allocated for cryptocurrency airdrops to users and developers. And 5.5% of those will be released in the first quarter.
Additionally, 19% of tokens will be distributed 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 tokens to fund ecosystem incentives through governance mechanisms.
To mitigate early selling, top contributors will be subject to an initial claim limit, allowing them to claim 50% of their tokens immediately and the remaining 50% after 90 days if they retain their assets within the network.
Read more: Best airdrops of 2024
Mod Network is also collaborating with Optimism to develop a superchain. Integrates Celestia’s Data Availability (DA) solution and transforms it into Mode Flare, a unique Layer-3 network dedicated to DeFi services. This structure promotes improved collaboration between decentralized applications (Dapps) and users by sharing contract revenues.
The network’s total current value at constant (TVL) is $603 million, placing it among the top 10 Layer 2 networks and close to leaders like zkSync Era and Linea (about $200 million ahead).
As of Q1, the network supports more than 30 native and external applications, including The Graph and LayerZero, which focus on DeFi services. It also reports approximately 450,000 active addresses and nearly 20 million transactions.
disclaimer
In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.