550 million crypto airdrop has started with OP

Mode Network, a governance token built on the modular decentralized finance (DeFi) Layer-2 Optimum stack, has launched MODE.

At the same time, the network started the crypto airdrop season, with the token claim site now active for participants.

550 Million Crypto Airdrop

The MODE simulator has dual functions. It serves as a management mechanism and promotes the development of the ecosystem in the network. The total supply of MODE tokens has been fixed at 10 billion, with an initial distribution of 1.3 billion tokens. This comes from previous crypto airdrops and foundation and treasury placements.

Regarding distribution, 35% of MODE tokens are allocated for crypto airdrops to users and developers. And 5.5% of them will be released in the first quarter.

Additionally, 19% of tokens will go to investors and early contributors, subject to a 12-month lockup and a 24-month direct release. The foundation and treasury will hold 27% of tokens for ecological incentives through management strategies.

To mitigate early sales, top contributors are subject to initial claim limits that allow them to claim 50% of their tokens immediately and the remaining 50% after 90 days as long as they maintain their assets in the network.

Read More: Best Upcoming Airdrops of 2024

Mod Network is partnering with Optimism to develop Superchain. It integrates Celestia's Data Availability (DA) solution to switch to Mode Flare, a dedicated Layer-3 network for DeFi services. This framework facilitates improved collaboration between decentralized applications (Dapps) and users sharing contract revenue.

Currently, the network's Total Value Locked (TVL) is $603 million, placing it among the top 10 Layer-2 networks and close to leaders such as zkSync Era and Linea, which command approximately $200 million.

As of the first quarter, the network supports more than 30 native and external applications, including The Graph and LayerZero, with a focus on DeFi services. It reports about 450,000 addresses and about 20 million transactions.