News
Launching 550 million crypto airdrops on Optimism (OP)
Mode Network, a modular decentralized finance (DeFi) The Optimism Stack-based Layer-2 solution has launched its governance token, MODE.
At the same time, the network started its own launch of cryptocurrencies season, with the token request site now active for participants.
Airdrop of 550 million cryptocurrencies
The MODE token has a dual function. It serves as a governance mechanism and promotes ecological growth within the network. The total supply of MODE tokens is set at 10 billion, with an initial circulation of 1.3 billion tokens. This comes from previous encryption airdrops and allocations from the Foundation and the Treasury.
As for distribution, 35% of MODE tokens are assigned for cryptocurrency launches to users and developers. And 5.5% of these 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 selling, major contributors will be placed on initial claim restrictions, allowing them to claim 50% of their tokens immediately and the remaining 50% after 90 days, as long as they keep their assets within the network.
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MODE token release schedule. Source: Network Mode
Mode Network is also working with Optimism to develop the Superchain. Integrate Celestia’s data availability (DA) solution to transform it into Mode Flare, a single Layer-3 network dedicated to DeFi Services. This structure facilitates better collaboration between decentralized applications (Dapps) and users by sharing contract revenue.
Currently, the network’s total value locked (TVL) stands at $603 million, placing it among the best the 10 best Layer-2 networks and close to leaders like zkSync Era and Linea, which lead with around $200 million.
As of Q1, the network supports more than 30 native and external applications, including The graph AND LevelZero, focusing on DeFi services. It also reports approximately 450,000 active addresses and nearly 20 million transactions.
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