Mode was developed based on Layer 2 networks. OP
-6.055%
Stack will begin claiming airdrops for governance tokens today at 7 AM ET.
In this initial phase, the mod will distribute 550 million Mod tokens, representing 5.5% of the total 10 billion token supply.
The distribution is designed based on the Mode Points held by users, which were initially allocated at the “Mode Sunrise” event in January based on users’ past activity in various DeFi applications, NFTs, and other layer 2 networks.
Immediately after the claims are made public, Mode tokens are expected to be listed on various decentralized and centralized exchanges for trading.
Following the initial phase, the mod plans to continue token distribution with a second phase from May 5 to September 6, during which an additional 500 million tokens will be allocated.
The team revealed other details related to token economics. Out of a total supply of 10 billion, investors and core contributors will receive 38% of all mod tokens. The foundation treasury will hold 27% and the remaining 35% of the supply will be allocated to community and developer airdrops.
The mod has quickly grown in popularity since its launch in January, securing a total value of around $500 million, mainly from airdrop farmers, and over 400,000 user wallets.
The project first gained attention in January after receiving a significant grant of 2 million OP tokens ($5.4 million) from the Optimism Foundation to support its development.
The mod was developed using the OP Stack and is part of the Optimism Superchain ecosystem along with other ecosystems such as OP Mainnet, Base, Zora, Aevo, and Fraxtal.
The mod will be donating a portion of its sequencer profits to Optimism Collective. They also agreed to adopt the ‘Law of the Chain’, an open neutrality framework to govern the Superchain network.
Mode’s tokens come amid a recent surge in token launches and community airdrop distributions from the likes of EigenLayer, FriendTech, LayerZero, Drift, and more.
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