Introducing $MODE - Mode

Dear Mode Community, Mode’s Airdrop 1 campaign will end on the 5th May. Thanks to the incredible community of users and developers, Airdrop 1 has achieved its mission to grow Mode from genesis into a leading L2 with:

Over $500m in TVL
20,000,000 onchain transactions
450,000 wallets
100+ ecosystem integrations such as The Graph, LayerZero, Pyth, Etherfi, OKX Wallet, Renzo, Safe and 30+ native applications including Ionic, KIM, Ironclad and many more
Mode Flare L3 ecosystem launching in partnership with Celestia

Mode is now sixth largest L2 DeFi ecosystem, larger than zkSync, Starknet and many others.

Mode’s growth is only getting started with blue-chip applications such as Velodrome and Balancer deploying, over 35 new native ecosystem projects and Mode Flare L3s launching in the coming weeks. To ensure continued growth, Mode will be running Airdrop 2 with 500,000,000 MODE to continue to reward users that grow the ecosystem.

In our mission to decentralize Mode we are pleased to announce that the native token of the Mode ecosystem, $MODE is scheduled to launch on 7th May.

Read on to learn more on:

Mode Airdrop 1 and Airdrop 2 Kick-off
The MODE Token and Claim Process
Mode Airdrop 2 with 500,000,000 MODE Incentives

Summary

Airdrop 1 will conclude on the 5th May
Airdrop 2 begin on the 5th May 2024 and run until 6th September 2024
Any user who moves assets off Mode may not receive their full airdrop on the 7th May – snapshots are ongoing
User points from Airdrop 1 will be converted to MODE tokens and claimable on the 7th May at approximately 11.00am UTC at claim.mode.network
The top 2,000 wallets by points will receive 50% MODE at launch and 50% MODE after 90 days. User assets must stay in the ecosystem through this period to earn the second tranche of tokens and this will be assessed on a pro-rata basis. For example if a vested user exits after 45 days they will receive 50% of the second tranche of tokens and 50% will be forfeited. Any tokens forfeited will be reallocated to other participants in Airdrop 2.
There will be a minimum amount of points required to qualify for the airdrop to reduce sybils.
Users will have 30 days to claim tokens from Airdrop 1 and unclaimed tokens will be allocated to future rewards for users and developers on Mode.
Users who participated in Airdrop 1 and continue to participate in Airdrop 2 will receive a significant multiplier.

MODE Token

Mode’s tokenomics have been designed to decentralize Mode and reward users and developers that contribute to growing the Mode ecosystem.

$MODE Tokenomics

Ticker: $MODE Total Supply: 10,000,000,000 Initial Circulating Supply: 1,300,000,000

Vesting Schedule

User and Developer Airdrops: 35%

Allocated to users and developers that contribute to growing the Mode ecosystem.

5.5% of the supply has been allocated to Mode users and developers for Airdrop 1
5% of the supply has been allocated to Mode users and developers for Airdrop 2
The remaining will be allocated to future airdrops

Investors: 19%

Mode investors from past and future investment rounds.

Investor allocations are subject to 12-month cliff from TGE followed by a 24-month linear vest

Core Contributors: 19%

Mode core contributors that contribute to developing the Mode ecosystem

Core contributor allocations are subject to 12-month cliff from TGE (7th May) followed by a 24-month linear vest

Foundation and Onchain Treasury: 27%

The Foundation allocation will be used to fund initiatives to grow MODE network
The Onchain Smart Treasury will be allocated MODE tokens by the Foundation on an ongoing basis decided by governance. The Onchain Smart Treasury will stream tokens to applications to be used as user incentives.

MODE Token Utility

MODE will be used to govern and grow the Mode protocol and ecosystem through:

Mode Governance
User and Developer Campaigns
DeFi Integration Grants
Community Grants
Growing the Mode ecosystem

Claiming MODE

Users can claim Mode by visiting claim.mode.network on May 7th at approximately 11.00am UTC. This link will be accessible on the day of launch and not before.

Mode Airdrop 2 - 500,000,000 MODE

Airdrop 2 is designed to reward users and developers that continue to grow the Mode ecosystem. Airdrop 2 has been allocated a maximum of 500,000,000 MODE tokens, in addition up to 1,000,000 OP tokens will be available through various incentive campaigns.

This campaign will align incentives with growing Mode into a leading L2 network and DeFi Hub for the Optimism Superchain and Ethereum ecosystem.

Airdrop 2 will add incentives to new product launches from leading DeFi protocols such as Velodrome and Mode native ecosystem applications. Current Mode users will automatically start earning points for Airdrop 2 on the 5th May and can track progress on the Mode Dashboard at https://app.mode.network/ Further details on Airdrop 2 and the new partners will be shared on https://www.mode.network/about-the-airdrop

Let’s continue to grow Mode into a leading ecosystem together!

FAQ

How do I claim MODE?

You will be able to claim MODE from claim.mode.network on the 7th May. Exact times will be shared closer to the launch date.

Please be vigilant and do not click on any links from 3rd parties. The official link will be posted on the Mode Dashboard.

How long do I have to claim my MODE tokens?

Users have 30 days to claim MODE tokens from the initial claim date.How do I know if I am in the top 2000 wallets and have 50% vested tokens?

Users with vested tokens can visit the Mode Dashboard on the 7th May and will see claiming instructions for the first 50% and instructions for the claiming the second vested 50% tranche will be released very soon.

**If I have vested MODE and I bridge off Mode will I forfeit all my MODE?**If a user has vested MODE tokens they will only receive the full amount for the vested tranche if they keep assets on Mode. Assets on Mode/TVL snapshots were taken on 29th April and 2nd May. If a user bridges off Mode during the vesting period they will receive a pro-rata amount of tokens based on the time and assets on Mode during the vesting period. Examples: A user that bridges off Mode at the start of Season 2 and does not bridge back will forfeit their vested tokens. The tokens forfeited will be added to the total tokens available for Airdrop 2.A user that keeps their assets on Mode for 45 days and then bridges off Mode will receive 50% of their vested tokens. A user that keeps their assets on Mode for 45 days and bridges off for 22.5 days, then bridges back their assets for 22.5 days will receive 75% of their vested tokens. If I have vested tokens and I bridged off Mode in Season 1 and now have a smaller amount of assets on Mode what will be the asset base for the vesting period? Ongoing Snapshots have been taken of the top wallets during Season 1. If a user bridged off Mode then they may not receive the full vested amount of tokens. Users can bridge back at anytime to be eligible through the vesting period on a pro-rata basis. If I have vested tokens are you tracking TVL in $ on Mode or the balance of assets in a wallet on Mode? For users with vesting we track the assets in a wallet overtime. If a user is active onchain and does not move assets to another wallet or bridge off Mode then they will receive their full vesting. If not they will receive a pro-rata amount.