Mode Launches Airdrop of Governance Token, Plans Token Distribution and Adoption of "Law of Chains" Framework

Mode, a Layer 2 network developed on the OP Stack, is launching an airdrop of its governance token. The airdrop will distribute 550 million Mode tokens, representing 5.5% of the total supply. The distribution will be based on users' Mode points, which were initially allocated during the "Mode Sunrise" event in January. After the claims open, the Mode token is expected to be listed on various decentralized and centralized exchanges for trading. Mode plans to continue its token distribution with a second phase from May 5 to September 6, allocating an additional 500 million tokens. The team has also shared details about its tokenomics, with investors and core contributors receiving 38% of the total tokens, the foundation treasury holding 27%, and the remaining 35% earmarked for community and developer airdrops. Since its launch, Mode has gained significant traction, with about $500 million in total value locked and over 400,000 user wallets. Mode is part of the Optimism Superchain ecosystem and will contribute a portion of its sequencer revenue to the Optimism Collective. It has also agreed to adopt the "law of chains" framework. This token launch comes amidst a wave of similar rollouts and distribution plans in the crypto space.

Sources :
- TheBlock