Mode Network Unveils MODE Governance Token and Airdrop Initiative
DeFi platform Mode Network has introduced its MODE governance token and launched a crypto airdrop initiative concurrently, signaling a significant development for the project.
The MODE token, designed with dual functionality as a governance tool and an incentive for network growth, boasts a total supply of 10 billion tokens, with an initial circulation of 1.3 billion. This initial supply comprises tokens from past airdrops and allocations from the foundation and treasury.
In terms of distribution, 35% of the MODE tokens are allocated for crypto airdrops to users and developers, with an initial release of 5.5% slated for the first quarter. Investors and early contributors will receive 19% of the tokens, subject to a lock-up period of 12 months followed by a gradual release over 24 months. The foundation and treasury will hold 27% of the tokens to fund ecosystem incentives through governance activities.
To prevent sudden sell-offs, key contributors will face initial claim restrictions, allowing them to access only 50% of their tokens immediately, with the remaining 50% accessible after a 90-day period, contingent on continued participation in the network.
READ MORE: Whitelisted Wallets Earn Huge Returns with Base Altcoin
Mode Network is also collaborating with Optimism to develop the Superchain, which will evolve into Mode Flare, a Layer-3 network dedicated to DeFi services. This collaboration aims to enhance collaboration between dApps and users by sharing revenue generated from smart contracts.
With a total value locked (TVL) of $603 million, Mode Network has established itself among the top 10 Layer-2 networks, closely trailing leaders such as zkSync Era and Linea by approximately $200 million.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
