Mode Community, a modular decentralized finance (DeFi) Layer-2 resolution constructed on the Optimism Stack, has launched its governance token, MODE.
Concurrently, the community has initiated its crypto airdrop season, with the token declare web site now lively for members.
550 Million Crypto Airdrop
The MODE token has twin features. It serves as a governance mechanism and promotes ecological development inside the community. The full provide of MODE tokens is fastened at 10 billion, with an preliminary circulation of 1.3 billion tokens. This comes from earlier crypto airdrops and the inspiration and treasury allocations.
Concerning distribution, 35% of MODE tokens are allotted for crypto airdrops to customers and builders. And 5.5% of these will likely be launched within the first quarter.
Moreover, 19% of the tokens go to buyers and early contributors, topic to a 12-month lock-up adopted by a 24-month linear launch. The muse and treasury maintain 27% of the tokens to fund ecosystem incentives via governance mechanisms.
To mitigate early sell-offs, high contributors will bear preliminary declare restrictions, permitting them to assert 50% of their tokens instantly and the remaining 50% after 90 days, offered they preserve their property inside the community.
MODE Token Launch Schedule. Supply: Mode Community
Mode Community can be collaborating with Optimism to develop the Superchain. It integrates Celestia’s knowledge availability (DA) resolution to remodel into Mode Flare, a singular Layer-3 community devoted to DeFi companies. This construction facilitates enhanced collaboration between decentralized purposes (Dapps) and customers by sharing contract income.
Presently, the community’s complete worth locked (TVL) stands at $603 million, positioning it among the many high 10 Layer-2 networks and near leaders like zkSync Period and Linea, which lead by roughly $200 million.
As of the primary quarter, the community helps over 30 native and exterior purposes, together with The Graph and LayerZero, specializing in DeFi companies. It additionally reviews roughly 450,000 lively addresses and almost 20 million transactions.
