Mode Begins Airdrop Claims for Its Governance Token
Today marks a significant milestone for Mode, a Layer 2 network developed on the OP Stack, as it begins the airdrop claims for its governance token at 7 a.m. ET. This event starts with a substantial initial distribution of 550 million tokens, which accounts for 5.5% of the total supply of 10 billion tokens.
Distribution Based on User Engagement
The distribution mechanism is uniquely designed around Mode points, which were allocated to users during the “Mode Sunrise” event earlier in January. These points were awarded based on the users’ engagement across various DeFi applications, NFT platforms, and other Layer 2 networks. This approach rewards active community members and incentivizes further participation.
Trading and Future Plans
Following the commencement of the airdrop claims, Mode tokens are expected to be listed on several decentralized and centralized exchanges for trading. This availability is anticipated to enhance liquidity and open up new opportunities for investors. Moreover, Mode has outlined a second phase of distribution scheduled from May 5 to September 6, planning to allocate an additional 500 million tokens.
Allocation Insights and Tokenomics
The Mode team has been transparent about the allocation of tokens. Investors and core contributors will receive 38% of the total Mode tokens, while the foundation treasury will retain 27%. The remaining 35% is earmarked for community and developer airdrops, supporting ongoing engagement and innovation.
Rapid Growth and Ecosystem Integration
Since its inception in January, Mode has witnessed rapid growth, achieving approximately $500 million in total value locked and attracting over 400,000 user wallets. Its integration into the Optimism Superchain ecosystem alongside other networks like OP Mainnet and Base further positions Mode as a pivotal player in the Layer 2 space.
Contributions and Collaborations
In addition to its economic activities, Mode contributes a portion of its sequencer revenue to the Optimism Collective and adheres to the “law of chains.” This framework promotes an open and neutral approach to governance within the Superchain network.
Contextualizing Mode’s Launch
Mode’s token rollout occurs amidst a flurry of recent token introductions and community airdrops from various projects across the blockchain space. Each new token launch adds layers of complexity and opportunity to the rapidly evolving DeFi landscape.
