“Launching of Ethereum L2 Network Mode and MODE Token Airdrop Scheduled for Next Week”

"Launching of Ethereum L2 Network Mode and MODE Token Airdrop Scheduled for Next Week"

"Launching of Ethereum L2 Network Mode and MODE Token Airdrop Scheduled for Next Week"

Ethereum Layer 2 network Mode announced on Friday, May 3rd, that it will launch its native token $MODE on May 7th to achieve decentralization of the Mode network. Users’ points from Airdrop 1 activity will be converted into MODE tokens, and users are expected to claim $MODE on the token claim page (open on the same day) at 7 pm Taiwan time on May 7th.

Mode stated that the top 2000 wallets in the points ranking will receive 50% of the airdrop when the tokens are launched, and the remaining 50% will be received after 90 days. Users must keep their assets in the ecosystem during this period to receive the second batch of tokens (evaluated proportionally).

Mode’s Airdrop 1 activity will end on May 5th, and the official reminder is that any user who moves their assets out of Mode may not receive the full airdrop on May 7th as the snapshot is in progress. Airdrop 2 activity will start on May 5th 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 4 parts, with 35% airdropped to users and developers, 19% allocated to investors, 19% allocated 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. It 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.

Mode Sunrise mainnet went live at the end of January this year. According to L2BEAT data, the total value locked (TVL) on the network has reached $557 million, ranking 10th among all L2 networks.