TL;DR
- Mode initiates the airdrop of its governance token.
- In the first phase, it will distribute 550 million tokens, equivalent to 5.5% of the total supply.
- The distribution will be based on points accumulated by users, granted for their active participation.
Mode, a Layer 2 network developed on OP Stack, has announced the start of the airdrop of its governance token. This anticipated event will contribute to the platform’s development and has generated significant interest in the community.
During the first phase, Mode plans to distribute a total of 550 million tokens, representing 5.5% of the total supply of 10 billion tokens. It will mark the beginning of a crucial process for the network and its users, as the governance token will play a fundamental role in decision-making within the platform.
Mode Season 2: Points Update 🟡
Up to 5x Rewards—Here's a guide to understand all the Mode Points Multipliers going forward.
Read all about it 👇https://t.co/TsAERJ7u2H pic.twitter.com/K3HeYnzALG
— Mode 🟡 (@modenetwork) May 7, 2024
Token distribution will be based on Mode points accumulated by users over time. The points were initially allocated during the “Sunrise” event in January, based on users’ past activities across various DeFi applications, NFTs, and other Layer 2 networks. This structure aims to reward active participation and engagement with the platform.
Once claims are initiated, the token is expected to be listed on various decentralized and centralized exchanges for trading. This will provide users with the opportunity to exchange the token and increase its liquidity in the market.
Second Phase of Mode’s Airdrop
Additionally, they have announced plans to continue token distribution in a second phase spanning from May 5 to September 6. During this second phase, another 500 million tokens will be allocated, aiming to build greater community participation in the platform.
Regarding the token’s economy, Mode has disclosed some details about its allocation. Of the total supply of 10 billion tokens, 38% will be allocated to investors and major contributors, while 27% will be reserved in the foundation treasury. The remaining 35% of the supply will be allocated to airdrops for the community and developers.
Mode is part of the Optimism Superchain ecosystem, along with other projects like OP Mainnet, Base, Zora, Aevo, and Fraxtal. Backing from such caliber projects provides a solid foundation for the network’s growth and expansion.
