Ethereum Layer 2 network Mode announced on Friday (May 3) that it will launch its native token $MODE on May 7 to achieve decentralization of the Mode network. The user points from Airdrop 1 activity will be converted into MODE tokens, and users are expected to claim $MODE on the token claim page (open on the same day) at 7 PM Taiwan time on May 7.
Mode stated that the top 2000 wallets in the points ranking will receive 50% of the airdropped $MODE tokens when they are launched, while the other half will be received after 90 days. Users must keep their assets in the ecosystem during this period to receive the second batch of tokens (evaluated proportionally).
Mode’s Airdrop 1 activity will end on May 5, and it is reminded that any user who moves their assets out of Mode may not receive the full airdrop on May 7 as the snapshot is in progress. Airdrop 2 activity will start on May 5 and last for 4 months.
The total supply of MODE tokens is 10 billion, with an initial circulating supply of 1.3 billion. The tokens will be distributed in 4 parts, with 35% airdropped to users and developers, 19% allocated to investors, 19% allocated to core contributors, and the remaining 27% allocated to the foundation and on-chain treasury.
Mode Network is an Optimistic Rollup based on the OP Stack, supported by Optimism. It is a member of the Superchain along with OP Mainnet, Zora, and Coinbase Exchange’s Base. Mode aims to become the DeFi hub in the Superchain and is dedicated to nurturing native interoperable DeFi applications and infrastructure.
Mode Sunrise Mainnet went live at the end of January this year. According to L2BEAT data, the total value locked (TVL) on the network has reached $557 million, ranking 10th among all L2 networks.
