The Layer 2 will distribute points to early network adopters and Ethereum ecosystem users.<\/p>\n
Mode is the latest Ethereum Layer 2 network to boast surging growth after announcing incentives for early adopters.<\/p>\n
On Jan. 31, Mode\u00a0announced<\/a>\u00a0it will airdrop 550M MODE or 5.5% of the upcoming token\u2019s supply to early users in its first airdrop campaign. The event will reward users for bridging assets onto the network, using Mode-native decentralized applications, referrals, participating in future quests, and previous activity on networks and dApps within the Ethereum ecosystem.<\/p>\n The announcement has quickly driven up Mode adoption as airdrop hunters race to collect points qualifying them for the upcoming token drop. <\/p>\n More than $64M worth of assets have already been bridged onto the network, according to L2beat, with five native DeFi dApps amassing $24.4M, according to DeFi Llama. Roughly $21M has been deposited to Ionic Protocol, a Mode-native money market protocol, followed by $3.3M taken in by the Kim decentralized exchange.<\/p>\n <\/p>\n Mode is built on top of Optimism\u2019s OP Stack, an open-source codebase for launching Ethereum Layer 2s. The project was supported by a 2M OP ($6M) grant from the Optimism Foundation.<\/p>\n Mode\u2019s growth is the latest example of a successful airdrop campaign allocating\u00a0points<\/a>\u00a0to early users. Airdrops have become a popular method for distributing tokens that is unlikely to attract regulatory scrutiny as retail users do not purchase the tokens from issuers in exchange for other assets.<\/p>\n Points campaigns have proliferated as a popular mechanism for formalizing airdrop qualification. While past airdrops such as those from\u00a0Arbitrum<\/a>\u00a0and\u00a0Optimism<\/a>\u00a0were revealed in surprise announcements following long-term speculation, points campaigns give early adopters confidence that they will qualify for future token drops and rewards for contributing to the growth of a network or protocol.<\/p>\n Recent examples include\u00a0Manta<\/a>\u00a0\u2014 which now ranks as the third-largest Layer 2 network with a $1.5B total value locked (TVL) following its points campaign and airdrop,\u00a0Blast<\/a>\u00a0\u2014 which boasts a $1.4B TVL as it continues to distribute points to early depositors, and\u00a0EtherFi<\/a>\u00a0\u2014 the leading liquid restaking token provider currently distributing points for both itself and the\u00a0EigenLayer<\/a>\u00a0restaking protocol.<\/p>\n Mode\u2019s airdrop will progressively distribute tokens to users, with 400M MODE tokens unlocking in April. Two allotments of 50M MODE will also be unlocked when the network\u2019s TVL tags $100M and $200M respectively. Finally, a third sum of 50M MODE will be shared among 500 of the network’s top 20% most active campaign participants through a lottery mechanism.<\/p>\n <\/p>\nAirdrop season rages on<\/h2>\n
MODE airdrop<\/h2>\n