OP Stack-based Mode to begin initial distribution of 550 million tokens today

Mode, a Layer 2 network developed on the OP -1.94% Stack, is set to initiate airdrop claims of its governance token at 7 a.m. ET today.

In this initial phase, Mode will distribute 550 million Mode tokens — representing 5.5% of its total supply of 10 billion tokens.

The distribution is designed to be based on the Mode points held by users, which were initially allocated during the “Mode Sunrise” event in January — based on users’ past activities across various DeFi applications, NFTs, and other Layer 2 networks.

Soon after the claims open, the Mode token is expected to be listed on various decentralized and centralized exchanges for trading.

Following the initial phase, Mode plans to continue its token distribution with a second phase spanning from May 5 to September 6, during which an additional 500 million tokens will be allocated.

The team has released other details regarding its tokenomics. Of the total 10 billion supply, investors and core contributors are set to receive 38% of the total Mode tokens. The foundation treasury will hold 27%, while the remaining 35% of the supply is earmarked for community and developer airdrops.

Since its launch in January, Mode has rapidly gained traction, attaining about $500 million in total value locked as well as over 400,000 users wallets — primarily from airdrop farmers.

Mode is part of the Superchain

The project first gained attention in January following a substantial grant of 2 million OP tokens ($5.4 million) from the Optimism Foundation to support its development.

Mode was developed using OP Stack and is part of the Optimism Superchain ecosystem, along with others like OP Mainnet, Base, Zora, Aevo and Fraxtal.

Mode will contribute a portion of its sequencer revenue to the Optimism Collective. Moreover, it has agreed to adopt the "law of chains," an open neutrality framework aimed at governing the Superchain network.

Mode’s token comes amid a flurry of recent token rollouts and distribution plans such as those from EigenLayer, FriendTech, LayerZero, Drift and others.