On May 7, the Layer 2 solution Mode will launch its native coin, MODE, and initiate the airdrop claim.
Mode Season 1 has ended.
Mode Season 2 has started.— 500,000,000 MODE allocated
— $MODE ecosystem multipliers
— New leading DeFi applications launching
— New assets and pools
— New multipliers will be introducedRead about it below: https://t.co/hA99rCuJRy
— Mode ? (@modenetwork) May 5, 2024
In the initial phase, developers will distribute 550 million MODE, representing 5.5% of the total issuance of 10 billion tokens.
Rewards are calculated based on points awarded to users since January for early activity in the project’s applications. The minimum threshold to receive coins is 250 points.
During the second airdrop, scheduled for September 6, the Mode team will distribute an additional 500 million tokens and 1 million OP to the community.
According to the tokenomics of the L2 network, investors and key participants will receive 38% of the total MODE supply, 27% will be allocated to the treasury, and the remaining 35% is intended for distribution and developers.
Mode has also promised to launch new protocols such as Velodrome, Balancer, Ethena, and many others. The network will introduce new assets, including the synthetic stablecoin USDe, and offer MODE staking opportunities.
Launched in February, the Ethereum-based Layer 2 solution quickly garnered user attention. According to DeFi Llama, the total value locked in the protocol reached $497 million within three months.
Earlier, the modular blockchain Avail announced an airdrop of 600 million AVAIL tokens.
Back in late April, the restaking protocol EigenLayer announced its native coin EIGEN and a “stakedrop.” However, the community criticized the distribution rules and tokenomics of the project.