On Feb. 2,  Mode reported $52 million in total locked value (TVL).

According to Dune, this figure has already grown to $61.4 million just a few days later.

Growth Mode On

$51 Million TVL in 48 hours
31,544 users bridged to Mode
100k Followers on X

Boosted rewards are only available for the first 7 days.

Bridge to Mode ❯❯ https://t.co/PxyPkx0FYx pic.twitter.com/DPbMZFpZuf

— Mode (@modenetwork) February 2, 2024

Most deposits are in Ethereum (ETH) with 56%, amounting to around $34 million. In second place is USDC with 24.5%, totaling $15 million. Tether (USDT) holds the third position with 18.9%, equivalent to $11 million. A smaller share went to Wrapped Bitcoin (WBTC) with $666,377.

Cryptocurrencies in Mode. Source: Dune

Mode is a Layer 2 (L2) blockchain backed by Optimism (OP). As described in the project’s documentation, it aims to support developers, including hosting airdrops.

Mode developers will also be able to participate in Optimism’s $2 billion RPG Funding. This is a program to support those who contribute to the development of the network. 

We’ve previously covered an initiative by Optimism where the project distributed 30 million OP in the last round. At the current rate of $3, this equates to approximately $90 million.

The L2 chain is home to five tracked projects: Ionic Protocol, Kim Exchange, ModeSwap, DyorSwap, and Modsswap. Ionic Protocol accounts for the largest share, with $20.17 million. Moreover, the project’s performance increased by 300,167% during the week.

Overall, all protocols that work with Mode showed considerable TVL growth during the past 7 days. For example, Kim Exchange grew by 23,081%. Only Modswap lags with 1.16% growth. However, that venture has the smallest share of all.

Mode protocols and their TVL. Source: DefiLlama

The volume of Mode remains relatively small, fluctuating between $4 and $60. This modest figure can be attributed to the fact that the project has recently entered the decentralized finance (DeFi) space.

It is known that the first Mode airdrop has started. Initially, 550 million tokens will be distributed, 5.5% of the total supply. Users are expected to gain access to these tokens in April, when they are launched and made available for exchange. Currently referred to as points, they will be transitioned to tokens at launch.

Participation in the airdrop is open to those who have previously contributed to decentralized finance activity on the network. The criteria for eligibility involve activity in 150 protocols and projects across six categories: DeFi, NFT, Scaling, OG, Degen, and Yield.

Conditions for participation in Airdrop Mode. Source: mode.network

Mode is a recent addition to the DeFi scene, and it’s too early to predict the project’s future. Notably, the blockchain supporting Mode is Optimism. In 2023, OP claimed the top spot among other Layer 2 solutions in terms of total addresses, with an impressive 91 million.

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