Ethereum Layer 2 network Mode announced on Friday (May 3) that it will launch its native token $MODE on May 7 to decentralize the Mode network. User points from its Airdrop 1 event will be converted into MODE tokens, and users are expected to claim $MODE on the token claim page (which will be open that day) at 7 p.m. Taiwan time on May 7.
Mode stated that the top 2000 wallets in the points leaderboard will receive 50% of the airdropped $MODE tokens when they are released, with the other half distributed 90 days later. Users are required to keep their assets in the ecosystem during this period to receive the second batch of tokens (evaluated proportionally).
Mode’s Airdrop 1 event will end on May 5, and users are reminded that withdrawing assets from Mode may result in not receiving the full airdrop on May 7 as the snapshot is currently in progress. Airdrop 2 event will begin 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 four parts: 35% airdropped to users and developers, 19% allocated to investors, 19% 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, and 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, focusing on nurturing native interoperable DeFi applications and infrastructure.
The Mode Sunrise mainnet went live at the end of January this year. According to L2BEAT data, the network’s Total Value Locked (TVL) has reached $557 million, ranking 10th among all L2 networks.