Exclusive

Mode to receive up to 2 million OP grant from the Optimism Foundation

Quick Take

  • Modular DeFi Layer 2 network Mode will receive a grant of up to 2 million OP tokens ($5.3 million) from the Optimism Foundation to support user growth incentives.
  • Mode will commit a percentage of its revenue to the Optimism Collective as part of the initiative.

Modular DeFi Layer 2 network Mode is set to receive up to 2 million OP +1.53% tokens — worth approximately $5.3 million at current prices — as a grant from the Optimism Foundation to support user growth incentives on the platform.

Mode, built using Optimism's OP Stack, will commit a portion of its sequencer revenue to the Optimism Collective and opt into the Law of Chains — an open neutrality framework designed to govern the Superchain network — as part of the initiative.

In Layer 2 networks, sequencers are responsible for ordering transactions before they are batched and submitted to the main chain, in this case, Ethereum. The Optimism Collective is a community designed to reward public goods for Ethereum, according to its website.

The Superchain is Optimism’s network of multiple Layer 2 blockchains, designed to scale Ethereum. Other chains that are part of the Superchain ecosystem include OP Mainnet itself, the Coinbase-incubated Base network, Zora Network and Manta Pacific.

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Mode’s objective is to become a DeFi hub for the Superchain, founder James Ross said in a statement — focusing on growing interoperable DeFi applications and infrastructure.

Mode said it will continue to develop open-source tools for the Superchain ecosystem, focusing on bringing native yield, smart treasuries and on-chain AI agents to the network, as well as committing resources to public goods.

Mode plans to launch its mainnet at the end of January.


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About Author

James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the immersive metaverse. You can get in touch with James on Twitter or Telegram via @humanjets or email him at [email protected].

Editor

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