Layer-2 Mode Network Announces First Phase Airdrop of MODE Tokens on May 7

Mode Network has revealed plans for at least two airdrop phases for users utilizing its Ethereum-based layer-2 solution.

Mode Network Announces First Phase Airdrop of MODE Tokens on May 7

On the morning of May 3, the Ethereum-based layer-2 Mode Network disclosed initial details about its upcoming MODE token airdrop event.

Mode Network reported significant achievements, including over $500 million in Total Value Locked (TVL), 20 million on-chain transactions from 450,000 wallets, and support for over 100 dApps within the Ethereum ecosystem.

Proudly asserting its position as the 6th largest layer-2 on Ethereum by TVL, Mode Network surpasses well-known names such as zkSync and Starknet.

MODE is an ERC-20 token issued on Ethereum, with a total supply of 10 billion tokens and an initial circulating supply of 1.3 billion tokens, accounting for 13% of the total supply.

The MODE token will be used for governance activities within the Mode Network, ecosystem development, and funding.

Specifically, 35% of the tokens are allocated for community and project-related airdrops, 19% for investors, 19% for the development team, and 27% for the operational budget of Mode.

Allocation of MODE tokens by Mode Network

Investor and project team tokens will be locked for one year and then vest monthly over the following two years.

Mode's first Airdrop program will conclude on May 5, with the airdrop scheduled for May 7. The amount of tokens users receive will depend on the points accumulated during the specified period.

Notably, Mode Network has announced multiple future airdrop phases, allocating 5.5% of the total supply to Airdrop 1, 5% to Airdrop 2, and the remaining 35% for subsequent airdrop phases.

The project has imposed certain requirements on users to maintain eligibility for the airdrop:

• Users must continue to hold assets on Mode until May 7 to qualify for Airdrop 1, even though the Airdrop 1 program concludes on May 5.
• The top 2,000 wallets with the highest points will receive only 50% of the token airdrop in phase 1, and withdrawing funds within 90 days thereafter will result in forfeiting the remaining 50%. These forfeited tokens will be distributed to other users in Airdrop 2.
• Users will have 30 days to claim their Airdrop starting from May 7, 2024, at claim.mode.network. Unclaimed tokens will roll over to Airdrop 2.
• Point accumulation for Airdrop 2 will take place from May 5 to September 6, 2024.

Mode Network is the fourth project to confirm an airdrop in May, following EigenLayer, friend.tech, and Blast. Additionally, LayerZero recently announced a snapshot, confirming its commitment to airdropping in the first half of 2024. Furthermore, there are speculations that zkSync will also conduct an airdrop in May.